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Simmons & Simmons has continued the expansion of its Asian services with the recruitment Masons' Hong Kong litigation team. The move comes just one month after the firm secured a joint venture in Tokyo with mid-size Japanese firm TMI Associates.

Gianni Origoni Grippo & Partners is planning to strengthen both its banking and finance, and antitrust practices, as Linklaters & Alliance's Italian ally tries to become more widely known as a full service firm.

In order to meet the objectives of the Financial Services Action Plan, on March 27 2001 the European Commission introduced a proposal for a Directive on financial collateral arrangements. The Belgian presidency wishes the definitive text to be put on paper by the end of 2001.

A new Financial Markets Control Act (Finanzmarktaufsichtsgesetz) establishes a financial regulator with comprehensive competence, supervising all types of banks, insurance companies, and other financial services companies. The idea of having the concentration within one authority is primarily motivated by the international trend towards all-finance groups. It also looks to the potential synergies to be realized by consolidating separate supervisory authorities for the various branches of financial services in Austria. The new authority will have the status of an independent agency.

Following its severed alliance with Hong Kong's Johnson Stokes & Master and subsequent three-year exile from the territory, Norton Rose is preparing to reopen its doors for business on April 2 2002. Between viewings of available office space in Hong Kong's central district Paul Giles, Norton Rose's managing partner for Asia, discusses plans for the new office, China and Norton Rose's strategy for further growth in Asia.

Commissioner Laura Unger, who this October announced plans to leave the US Securities and Exchange Commission (SEC) by the end of 2001, says she is prepared to stay on until new commissioners are appointed.

Morrison & Foerster (MoFo) has advised the Chinese authorities on the creation of a framework for venture capital investment inside China. The Californian firm approached the Ministry of Foreign Trade and Economic Cooperation (Moftec), one of three agencies involved in drafting the new rules, when it learned that plans were afoot to allow Chinese companies to more easily solicit venture investment from foreign funds.

US legislators have granted the Securities and Exchange Commission (SEC) increased powers to respond to terrorist attacks or other emergencies. On October 12 the House Financial Services Committee voted to increase the length of time the Commission can waive regulations in response to a crisis.

The Australian Stock Exchange (ASX) is proposing to amend the provisions in its listing rules related to foreign exempt companies. The advantage of foreign exempt status is that companies that satisfy the requirements are not subject to most of the ASX's listing rules. The proposed changes will dramatically raise the threshold for admission into the foreign exempt category. This will have serious consequences for a number of New Zealand companies that are already listed on the ASX as foreign exempt.

Since gaining independence, Ukraine’s court system has struggled to modernize against the obstacles of old Soviet procedures and structures. Vladimir Zakhvataev of Salans Hertzfeld & Heilbronn, Kiev, explains the radical reforms introduced this summer