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Christophe Caffard in conjunction with Philip Boys, Lovells, Paris, describes the legal and regulatory environment for online brokers in France

Like Deutsche Börse, France’s COB is looking to help stablize stock prices by tightening its rules governing initial public offerings. Laurence Mitrovic, Skadden, Arps, Slate, Meagher & Flom, Paris, looks at the regulators plans and the unfavourable response to them

The Bills of Exchange Act (the Act), which regulates the law on bills of exchange, cheques and promissory notes was enacted in 1964. The Bills of Exchange Amendment Act of 2000 amends the Act, mainly for the protection of consumers and also to keep in step with the times.

Banks know that losses due to operational risk will cost them. But how much capital should they assign to cover those costs? Richard Bethell-Jones of Denton Wilde Sapte, London, assesses the Basle Committee’s attempts to develop guidelines

Electronic banking is becoming more and more fashionable in Switzerland. A great number of established banks now also offer their services on the internet. And so far five banks have been licensed to do exclusively e-banking. The Federal Banking Commission takes a liberal approach to this new form of banking. This supervisory authority considers the availability of e-banking in existing banks as a mere extension of sales channels which is not subject to an additional permit and must not even be notified to the FBC.

In December last year, the European Parliament approved several amendments to the 13th Directive on Company Law concerning Takeover Bids. The amendments include allowing the board to increase the share capital of the company during the period of acceptance, as long as shareholder authorization was received at a general meeting held not earlier than 18 months before the acceptance period began, and extending the duties of the directors to consider employment when giving their opinion on a bid. It is unlikely that either the European Commission or EU governments generally will accept these amendments. At present, the European Council has until April 2001 to finish its second reading of the Takeover Directive. If the amendments are not approved, the process of conciliation will begin, by which the Commission will attempt to broker a compromise. If no compromise is reached, the European Commission will have to start the process again with a new draft.

The Polish Parliament is working on changes to the Banking Law Act of 29 August 1997 (Journal of Laws of 1997, No 140, item 939 with subsequent amendments). The aim of the proposed amendments is to harmonize the Polish legal system with EU regulations. The main references in this process are the provisions of Directive No 2000/12, relating to the taking up and pursuit of the business of credit institutions and regulations, regarding consumer credits and electronic money.

Allen & Overy has poached the senior partners of two US law firms in a bid to boost the firm's ability to offer transatlantic advice on US law for European and US clients.

Commissioner Laura Unger has been appointed acting head of the Securities and Exchange Commission (SEC) until President George W Bush makes a final decision on a permanent appointment.

Shearman & Sterling has become the first major Wall Street firm to formally agree a joint venture with a firm in Asia. The firm's Singapore office is founding a joint law venture with local Singaporean firm Stamford.