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"It's ludicrous that Europe can agree a single currency but cannot agree a common takeover law"

BBLP, Europe's continental alliance of European law firms, was in danger of breaking up last month after a further four partners resigned from the group's German member firm Beiten Burkhart Mittel & Wegener (BBMW). Coming barely a month after the defection of all but one of the firm's Frankfurt-based partners, the resignations have forced BBMW to accelerate its search for a UK partner and plug the gap in the alliance's European coverage. Mergers and acquisitions partner Christian von Sydow has been moved from the firm's Munich office to Frankfurt. BBMW is reported to be in merger negotiations with the UK firm Simmons & Simmons, but both Simmons and BBMW have so far refused to comment. However, Martin Aman, managing partner of BBLP's Swiss member firm Meyer Lustenberger, said in July that his firm had been informed of merger talks between the German and UK firms, although he refused to comment further.

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.

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.

Clark Randt, a Shearman & Sterling partner, has resigned from his firm to take up one the toughest diplomatic posts in the world. US president George W Bush announced his intention to appoint "Sandy" as US ambassador to China at the end of April, but his official appointment did not take place until July. Randt and Bush met as students at Yale University and have remained friends since then. "Sandy Randt has spent most of his professional career working with China in the foreign service and in business matters," says the president. "His expertise in the Chinese language and culture, international business, and foreign affairs will help us strengthen our important relationship with China as he serves as our next US ambassador."

Following Telecom Italia’s securitization of fixed-line telephone bills, Thomas Williams reports on how a new market is opening up for European telecommunications companies, and their legal advisers, who are struggling to raise finance now the TMT bubble has burst

Lovells has pressed ahead with its European expansion plans and announced a merger with French corporate law firm Siméon & Associés. 12-partner Siméon will merge with the UK firm on November 1, boosting Lovells in Paris to 25 partners working with 80 other lawyers. The merger will almost double the UK firm's corporate and tax department just as evidence emerges that many European clients have made severe cuts in their mergers and acquisitions (M&A) and capital markets activities. Six M&A specialists will join Lovells from the French firm, bringing the strength of its Paris office to 13.

The Australian government has taken an active and progressive view on financial legislation, this year introducing a series of significant reforms. Don Harding of Freehills, Sydney, assesses the new Corporations Act and the progress being made towards reform of financial services provision

In the wake of the collapse in dot.com shares, regulators in the US are attempting to promote increased independence among analysts and greater openness about their interests. Diane Mage Roberts of O’Melveny & Myers, London, looks at the new guidelines and argues that it is time for analysts to assert their neutrality or lose relevance in the market

On April 10 2001 the Securities and Futures Commission (SFC) published a consultation paper reviewing the Codes on Takeovers and Mergers and Share Repurchases relating to public companies.