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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.

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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

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.

Although China has operated stock exchanges for a decade, it has never delisted a company. Now the Chinese regulator is tightening its rules to prevent unprofitable companies from continuing to have their shares traded. Liu Haili of Richards Butler, Hong Kong, explains

The Hong Kong and English courts of appeal have been trying to disentangle their respective company laws to identity classes of creditors for schemes of arrangement. Joe Bannister of Lovells, Hong Kong looks at two recent judgments and asks if progress has been made

The Resolution of the Governor of the Bank of Italy dated November 28 2000 has introduced new provisions on the drafting of the fund rules of common investment funds, established in Italy pursuant to the European Communities Regulation 1989 (undertakings for collective investment in transferable securities – so-called harmonized funds).

The EU Committee of Wise Men chaired by Alexandre Lamfalussy has issued its final report on the regulation of European securities markets.

Gilles Thieffry of Andersen Legal, London, looks at the controversial Lamfalussy Report and argues that more needs to be done to promote a pan-European securities regulator if the authorities are to keep up with market realities