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LeBoeuf loses London head to US rival

"The feeling is that the Takeover Panel has lost its edge and become a little limp" - Chris Bright, Shearman & Sterling The Financial Services Authority (FSA), has indicated that it will not use its sweeping new powers to interfere with the role of the UK's Panel on Takeover and Mergers.

The first IPO by a foreign company in China may be just around the corner. Stefanie Tetz, Amy Lo and Ralph Koppitz of Clifford Chance explain how closer cooperation between the regulators and increased clarity of the rules could open the door to a new equity market

The events of September 11 have shown how a law passed two years ago could expose the owners, operators and financiers of airlines flying in Australia to unlimited liability. Nicholas Creed and Justin Mereine of Mallesons Stephen Jaques explain the risks they face

Securitization is an important tool in helping financial systems and capital markets to evolve and expand, but so far the world’s richest nations have had a competitive advantage over their less developed neighbours. Lakshman Alles of Australia’s Curtin University discusses the challenges of bringing securitization to the developing world

Thomas Williams talks to Axel Miller, general counsel of Dexia Group, about life after Clifford Chance

The corporatization and privatization of state enterprises has been an objective of Thai government policy makers for several years. In December 1999, the Capital of State Enterprise Act (also know as the Corporatization Act) was published, providing the regulatory framework for the conversion of state enterprises to private or public limited companies, to be initially 100%-owned by the Ministry of Finance.

On October 1 2001, the Australian parliament enacted in-substance rules for distinguishing between debt and equity instruments for tax purposes as well as a revised, wide sweeping thin capitalization regime. These measures represent key aspects of a broader, but still incomplete, business tax reform programme.

Employee share trusts (EST) of listed companies established with the purchase of shares, unlike employee share option schemes (ESOP), were not subject to shareholder or Colombo Stock Exchange (CSE) approval until May 2001. The rationale for this was that an ESOP would require an increase in the issued capital of the company, whereas an EST, established by the purchase of shares, does not dilute an existing shareholder's holding. If, however, the company was issuing new shares for the purpose of establishing an EST, then the approval of shareholders and the CSE was required. Under the Companies Act (1982), paragraph (b) of the proviso to §55, a company is expressly empowered to give financial assistance towards the purchase of shares to be held by or for the benefit of employees of the company.

The Financial Services and Markets Act 2000 (FSMA) came into force at midnight on November 30 2001, and includes new provisions controlling banking business transfer schemes.