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Last month commissioner Laura Unger announced plans to step down from the SEC. Her departure will leave a massive gap in an already under-staffed Commission, and not just in terms of numbers. Tom Nicholson meets the woman who led the SEC for most of a crucial year in its history, and discusses how she has fought Regulation FD, tried to narrow the digital divide and championed human rights through financial regulation

Houston, Texas energy trading company Enron's $1.9 billion sale of utility Portland General Electric to Northwest Natural Gas this October provided a welcome slice of acquisition work for three firms.

The nations of central Europe are queuing up to join the EU’s rich club. But in their haste they risk tripping over themselves and catching the west’s economic cold. Ben Maiden and Thomas Williams report from Prague, Warsaw and Budapest on how laws firms are coping

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.

The Product Liability Act (PLA) is expected to come into force in July 2002. However, a recent court ruling should alert consumer product manufacturers and distributors in Korea about product liability risks even before the PLA comes into force. The case concerned a tort claim for injuries from a sudden acceleration incident involving an automatic transmission automobile. The burden of proof on the alleged defect of the automobile in this case was shifted to the manufacturer, for the reason that the manufacturer has more detailed technical knowledge while the consumer is not expected to have the high level technology to test such product and would purely rely on the manufacturer. Until last year, in several similar reported cases, courts had ruled that the burden is on the claimants to prove alleged defects on the products.

Jerome Jakubik of Baker & McKenzie, Chicago, discusses the structures and bidding procedures used by Asian financial institutions trying to dump burdensome non-performing loans

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

Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.