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Richard Walker, director of enforcement for the US Securities and Exchange Commission (SEC), has quit the regulator after 10 years of service in another blow to the Commission's recruitment needs. Walker's decision to leave the regulator for more lucrative rewards in industry mirrors increasingly frequent moves by the SEC's lawyers, accountants and examiners. Acting SEC chairman Laura Unger has been reported as stating that high-level departures at the watchdog have created a "staffing crisis".

Linklaters in Brazilian joint venture

In December 2000, the Ministry of Finance and the Ministry of Social and Health Affairs appointed a working group to prepare legislative amendments that could be implemented urgently. The report of the working group was delivered to the two ministries in June 2001. Under the existing provisions, the supervisory duty divided between the Finnish Financial Supervision Authority (FSA) and the Finnish Insurance Supervision Authority (ISA) is not clearly determined. It is possible that newly created banking and insurance groups could operate in the Finnish market without belonging to the area of responsibility of either of the above supervisory authorities.

Regulation No. 13086 of April 18 2001 of the Commissione Nazionale delle Società e della Borsa (CONSOB) has amended Regulation No. 11971 of May 14 1999. The aim of the amendment is to provide an alternative instrument for listing admissions of programmes for covered warrants with the clear benefit of simplifying listing procedures.

French boutique firm Bredin Prat has poached a senior partner from the breakaway Paris arm of Dutch firm Stibbe. Stibbe Paris is in merger talks with US firm Latham & Watkins. Competition specialist Hughes Calvet is to join the French mergers and acquisitions boutique in September, ending a seven-year tenancy at Stibbe. Calvet says his decision was not connected to Stibbe's talks with Latham & Watkins and that Bredin Prat was simply better suited to his area of practice. "Joining a firm like Bredin Prat would be a positive prospect for any lawyer in Paris," he says. "I think there is room for a boutique firm that focuses on top end work."

Freshfields Bruckhaus Deringer and Allen & Overy last month secured the services of a combined six new partners from US competitors. The new arrivals will boost the UK firms' New York offices and are another warning to US firms that the magic circle mean business. Allen & Overy has launched a mergers and acquisitions (M&A) practice in New York after raiding US rivals to hire four partners and a senior associate.

On July 4 2001, the People's Bank of China (PBOC) took another significant step in reforming China's banking sector by issuing the Tentative Provisions on Commercial Banks' Other Businesses. The Provisions broaden the activities of Chinese banks to cover businesses that are investment in nature, a landmark development in the Chinese banking industry. With China's WTO entry imminent, Chinese commercial banks will face fierce competition from their foreign counterparts operating in China and the Provisions will help to create a level playing field.

On May 21 2001 the Indian government revised existing sectoral guidelines and equity caps on foreign direct investment (FDI) including investment by non-resident Indians (NRIs) and overseas corporate bodies (OCBs). FDI of up to 26% of a company's share capital is permissible, subject to licensing in the defence industry where foreign investment was previously not permitted. Similarly, in banking, FDI of up to 49% of a company's share capital from all sources, including investments by NRIs and OCBs, is permitted under the automatic route without requiring prior approval of the Foreign Investment Promotion Board (FIPB) subject to conforming with guidelines issued by the Reserve Bank of India from time to time.

French company law has for a long time been the source of some confusion over the differing roles of management groups. The New Economic Regulations Law has now been passed with the intention of clearing up the mess and giving greater rights to works councils. Olivier de Précigout of Lovells, Paris, and Arnaud Latscha of Siméon & Associés look at the reforms

The latest legislative change prompting discussion is the Financial Services Reform Bill 2001 (FSRB) which is at present before the Federal Parliament. Now that the new federal Corporations Act 2001 has come into force, as of July 15 2001, the way has been paved for the FSRB to commence on October 1 2001.