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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.

After High Court decision No. 14899/2000, the Italian Council of Ministers issued, on December 29 2000, Law Decree No. 394, on the subject of usurious loans. It aims to avoid the negative consequences that the Bank of Italy and the Italian Banking Association had anticipated would be produced by the Court's decision on the stability of the entire credit system.

The federal government recently passed the Financial Sector Legislation Amendment (No.1) Act (FSLA) which continues the government's financial sector reform agenda. It builds on the financial sector legislation already implemented by the government in response to the recommendations of the 1997 Financial System Inquiry.

A three-way merger in Europe could create the world's largest steel group. French company Usinor is merging with Luxembourg's Arbed and Aceralia in Spain to form an as yet unnnamed combined steemaker, which will be based in Luxembourg. The merger is expected to complete in autumn 2001. Aceralia shareholders will hold 20% of the company, while Arbed shareholders will control 23%. Usinor investors will hold the biggest share, with 57%. The company, which will list on Euronext, Luxembourg and Madrid, should be able to produce 46 million tons a year. It will have a market capitalization of $4.5 billion.

For the first time in five years Linklaters & Alliance has been toppled from its top spot on stand alone bond work. Its successor is the firm who has played the bridesmaid for so long – Allen & Overy. Ben Maiden reports on the surprise results of this year’s IFLR international bond survey

KPMG Consulting gave a much-needed shot in the arm to the Nasdaq market with its $2 billion initial public offering (IPO) in February. The issue was the biggest seen from a US company in almost a year. It was also the first time a big five accountancy firm's consultancy business had been floated.

Clifford Chance has advised Gulf Indonesia on its $9 billion gas deal with Singapore Power. Lawyers from the firm's oil and gas team in Singapore advised Gulf Indonesia and Santa Fe Energy Resources on the gas supply, transportation and sale arrangements between Pertamina, Indonesia's state-owned oil and gas company, and Singapore Power.