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  • Corporate governance rules play an important role for (institutional) investors and the good functioning of the stock markets. The main set of existing Belgian rules on corporate governance in the modern sense is to be found in voluntary codes of conduct, but today this is considered to be insufficient.
  • The issuance of a guidance note by the Securities and Futures Commission (SFC) in May 2001 clarifying regulatory requirements concerning online marketing and offering of Collective Investment Schemes (CIS) will help to regulate activities that are targeted at Hong Kong investors or are detrimental to the interests of the investing public or market integrity of Hong Kong.
  • Cadwalader, Wickersham & Taft 55 Gracechurch Street
  • China’s membership of WTO may not be the answer to foreign law firms’ sluggish Asian practices. While 1.3 billion people represents an exciting potential, there is a long way to go before China proves capable of winning the full confidence of major-league investors. Nick Ferguson reports
  • Sullivan & Cromwell has moved one of its senior partners to Frankfurt in a bid to strengthen its financial institutions practice in Europe and expand its local team.
  • French lawyers have given a mixed response to radical plans to change the procedure for listing companies in Paris. The French stock market regulator, the Commission des Opérations de Bourse (COB) launched a consultative document at the end of July proposing rules that overhaul listing procedures and which some local lawyers argue will change the legal position of banks underwriting new offerings on the Paris market.
  • O'Melveny & Myers is recruiting three lawyers to bolster the US firm's presence in Hong Kong this autumn.
  • Milbank, Tweed, Hadley & McCloy has structured Latin America's largest telecoms financing so far this year, using templates of documents drafted by the firm for the financing for Brazil's BCP last year.
  • The classification of debt and equity for taxation purposes in Australia is about to undergo significant change if the provisions of the New Business Tax System (Debt & Equity) Bill 2001 are enacted.
  • 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.