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On March 29 2001, the Swiss Federal Banking Commission (FBC) decided to establish specific minimum standards for the account opening and monitoring of exclusively internet-based banks and securities traders. These standards are intended to assure the quality of client identification and monitoring at internet-based banks until the revised provisions of the agreement on the Swiss Banks' Code of Conduct with regard to the exercise of due diligence (CDB 98) are presented. The specific minimal standards apply by way of a supplement to the already existing provisions concerning account opening and monitoring, which continue to be fully applicable.

The Limited Liability Partnerships Act 2001 came into force on April 6 2001, enabling limited liability partnerships (LLPs) to be incorporated from that date. These partnerships have many of the characteristics of limited liability companies and adopt some of the principles of partnership law. This article discusses some of the important distinctions between LLPs and: (i) limited partnerships under the Limited Partnerships Act 1907; and (ii) limited liability companies incorporated under the Companies Act 1985.

Political chaos in the Philippines has left firms struggling for deals and finding project finance and restructuring still the best bets. Nick Ferguson reports

Ashurst Morris Crisp in Tokyo is advising Japan Bank for International Cooperation (JBIC) on a $1 billion project to expand an aluminium smelter in Mozambique, which is expected to reach financial close in June.

Many foreign firms in Japan are trying to beef up their joint enterprise offices and hire bengoshi. Although demand often outstrips supply, the big Japanese firms are beginning to feel the heat. Nick Ferguson reports from Tokyo

Changes in Italy’s legislation and government have done much to increase the work-load of firms in Italy. But as Thomas Williams reports from Milan and Rome, a second wave of competition from across the Atlantic is forcing Italian firms to reevaluate their strategies

Allen & Overy is advising on the construction of a $4 billion petrochemical plant in Guangdong Province, southern China. The firm is acting on the deal as counsel to Shell and a joint venture between Shell, China National Offshore Oil Corporation (CNOOC) and two Chinese companies

Orrick, Herrington & Sutcliffe has acted on a mortgage-backed securitization that has enabled an Australian originator to access US money markets for the first time.

A year ago Austria seemed about to experience the fusionsfieber seen in neighbouring Germany during the nineties. Instead, many people have gone cold on the idea of making international links. Ben Maiden reports on why the revolution has been put on hold