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The Central Bank of Brazil established, in its Circular No. 3.039 of June 8 2001, the 2001 Census of Foreign Capital in Brazil. This was due to the increase of foreign capital which has been invested in the country over the last five years.

Companies around the world have cut back on consolidation this year, according to a survey by international accountancy firm KPMG. In what is a worrying report for international mergers and acquisitions (M&A) lawyers, the accountancy firm's corporate finance group reported that the number of deals in the first half of 2001 were down 32% on the same period in 2000 marking a 54% drop in activity.

Norton Rose is preparing to increase its Chinese practice in 2002. The UK firm has just applied to the Chinese ministry of justice for a licence to practice in Beijing and also plans to return to Hong Kong next year, after its three-year exile comes to an end.

The European Securitization Forum (ESF) has outlined the need for regulatory harmonization to bring greater efficiency to the market. Speaking at the annual meeting of the International Council of Securities Associations, Tamara Adler, chair of the ESF, highlighted the goals of the group's proposed Framework for European Securitization.

Citigroup’s latest buy signals closer integration between the US and Mexico. With a new ruling party and a raft of pro-business reform measures in the pipeline, Mexico is attracting attention from growth-minded international corporations. Yet the legal market remains dominated by domestic firms. For now. Tom Nicholson reports

Hendrik Haag of Hengeler Mueller, Frankfurt, and David Brownwood of Cravath, Swaine & Moore, London, explain the structure of Deutsche Börse’s marketing leading IPO

The Australian attorney general is on a mission to force greater liberalization of Singapore's legal market. Singapore's reform efforts so far, says Daryl Williams, have favoured the UK and US firms far more than the Australians. In the context of a free trade deal between Australia and Singapore, this hardly seems fair. Williams took his case to the Singaporeans at the beginning of June with a legal services mission to the city state, comprising representatives of the International Legal Services Advisory Council, the Law Council of Australia, law firms, law schools and arbitration and mediation specialists.

A number of firms in the Asia-Pacific region were making important strategic appointments last month as lawyers seek to optimize their positioning to take advantage of the active capital markets in the region.

The Argentine government recently announced a $29.48 billion debt swap of short term bonds for securities with longer-term maturities, deferring debt service costs by approximately $17 billion through the end of 2005. The "mega" exchange reduces financial needs at a time when it is crucial to make room to restore growth and ease fears of a default. The transaction was approved by Decree No. 648 dated May 16 2001.

The Forum of European Securitization Commissions (FESCO) has called for common European standards for alternative trading systems (ATSs). At present alternative systems are treated as full exchanges in some member states but not in others, which can lead to an inadequate supply of information to investors, the regulators have said.