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Following a series of crises in the country’s banking sector, and various attempts at reform, the Turkish government has at last made significant amendments to its banking law. Mehmet Irmak Canevi and Halide Çetinkaya of Derman Ortak Avukat Bürosu, Istanbul, examine the changes and ask if the government has finally got things right?

US firms act on Egyptian bond first The London offices of White & Case and Dewey Ballantine have advised on Egypt's first international bond issue.

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 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.

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.

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.

On July 16 2001 the Argentine Commercial Court No. 15 ruled on the opening of preventive proceedings (concurso preventivo) to restructure over $900 million in debt of the flag-carrier Aerolíneas Argentinas and the appointment of receivers following a voluntary petition filed by the company to avoid a declaration of bankruptcy. Aerolíneas Argentinas is owned by the Spanish state holding company SEPI, which has been negotiating with the Argentine government over the airline's future.

The Privy Council (with judgment delivered by Lord Millett) has overruled the Court of Appeal decision of In re New Bullas Trading Limited [1994] I BCLC 449 by stating that it is not possible to obtain a fixed charge on uncollected book debts by treating the uncollected debts and their proceeds as two separate assets and creating a fixed charge over the uncollected debts with a floating charge over the proceeds.