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The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

Due to a production error, the article that appeared in November's IFLR on page 11 (Heidelberger's acquisition of majority stake in Indocement, by Philip Rapp and Lee Taylor of Clifford Chance (Singapore) and Vincent Mignon of Heidelberger Zement) was combined with a separate article. We apologise to readers and to Clifford Chance and Heidelberger Zement for any confusion this may have caused. A corrected version of the article can be viewed at http://www.legalmediagroup.com/IFLR/default.asp?Page=1&cIndex=3&SID=3215&M=11&Y=2001.

Shareholders of German companies have had their right to say how hostile takeover bids should be dealt with curtailed. Last minute changes to the controversial takeover bill last month will allow board directors to take some form of poison pill defensive action against hostile bids as soon as they obtain the consent of the company's supervisory board.

The promulgation of a new Trust Law, effective October 1 2001, represents an important step forward for China and its legal development. The Trust Law will have implications for many aspects of structuring investments and financings (including the taking of security) within China. The new law applies to civil, business and charitable trusts and is intended to pave the way for a new investment funds law to further stimulate the Chinese economy.

A tough year for capital markets lawyers in Belgium and The Netherlands, and the effects of disasters such as Sabena’s bankruptcy, have overshadowed the Euronext merger. With firms taking a hard look at their practices, what are the prospects for lawyers? Thomas Williams reports from Amsterdam and Brussels

While the US and its allies send armed forces to Afghanistan in a bid to win the so-called “war on terrorism”, governments and international bodies such as the IMF and OECD are developing plans for a less visible but equally important war on terrorist funding. Herbert Morais of Dewey Ballantine’s Washington, DC office, who attended the OECD’s Financial Action Task Force emergency meeting last month, reveals the Task Force’s tactics and the challenges ahead for governments and financial institutions

Singapore's first listing of a real estate investment trust (Reit), one of its most eagerly awaited deals, has collapsed. The decision to pull the initial public offering (IPO) of SingMall Property was taken in an effort to prevent poisoning the future of the Reit market.

US firm Cleary Gottlieb Steen & Hamilton advised Euronext on its successful $807 million bid for the London International Financial Futures and Options Exchange (Liffe) last month. Euronext successfully beat rival bids for the derivatives exchange by Deutsche Börse and the London Stock Exchange.

Mergers and acquisitions (M&A) specialists are hoping that Emerson Electric's acquisition of one of China's most profitable private companies may signal a change of attitude from the government.

Danaharta, Malaysia's state-owned asset management company, has finally completed its first asset-backed securitization (ABS). Allen & Overy won the mandate against inevitable competition from Clifford Chance and Freshfields, the two firms that have traditionally dominated the Asian securitization market.