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The downward slide of technology stock prices worldwide continues to concern companies wishing to list shares on Hong Kong's Growth Enterprise Market (GEM). With a view to maintaining Hong Kong's prime competitive position, a joint announcement by the Securities and Futures Commission and the Stock Exchange of Hong Kong on proposed amendments to the GEM Listing Rules was issued on July 27 2001 with the following notable highlights:

The biggest change to New Zealand's dairy industry nears completion with the imminent passing of the Dairy Industry Restructuring Bill which, by early October, ought to have had its final reading in the House. The Bill clears the final hurdle for the merger of New Zealand's two largest dairy companies and the integration of the statutory dairy marketing board into one new huge company, Fonterra Cooperative Group. Fonterra will account for 96% of New Zealand's dairy industry, nearly 25% of all New Zealand export earnings and 7% of gross domestic product, and be the world's largest exporter of dairy products.

On August 29 2001, the Australian government announced several amendments to its interest withholding tax (IWT) exemption regime which are intended to enhance Australia's development as a centre for financial services in the Asia-Pacific region.

On May 31 2001, China's MOFTEC promulgated the Supplemental Provisions (2) to the Establishment of Companies with an Investment Nature by Foreign Investors Tentative Provisions relaxing earlier restrictions on the activities of foreign investment companies (FICs).

By means of the Circular Letter No 10 of August 6 2001, the Superintendency of Industry and Trade (Colombian Competition Authority) stated new terms and conditions for the approval of integrations, mergers and acquisitions.

National Monetary Council Resolution No 2,878, recently issued by the Brazilian Central Bank, rules on relations between banks and their clients with regard to the services and products offered to the latter.

Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

The new regime under the Financial Services and Markets Act 2000 will come into force at midnight on November 30 2001 (N2). With this in mind, authorized firms and individuals will need to be familiar and prepare for the grandfathering and transitional provisions that will be effective as of that date.

Since the beginning of 2001, the diverse nature of the structured finance transactions carried out both in and through Ireland has increased dramatically. Many of these transactions are notable for the cutting edge nature of the structures implemented.

RWE chooses Cravath for $7.6 billion US deal