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Rafael Maradei of Barbosa, Müssnich & Aragão Advogados, São Paulo, reviews the Brazilian government’s new attempt to reform clearing and settlement systems

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).

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

Before the enactment of Azerbaijan's new Civil Code, the paper-based Azerbaijani payment system was a major contributing factor to the slowness and complexity of inter-bank transfers. Since the establishment of a commercial banking system in the country, the demand for electronic banking services has grown constantly. This demand was first recognized in law when Azerbaijan's new Civil Code was adopted, which authorized electronic banking and electronic signatures for the first time. That initial legislative step has set the stage for electronic banking that had previously been limited to the introduction of automated teller machines. Fortunately, the National Bank of Azerbaijan (the NBA) has used this new legislative basis to bring innovative technologies to Azerbaijan's banking sector.

Pursuant to the Royal Decree of December 5 2000, the Belgian Law on Commercial Practices and the Protection of Consumers (LCP) of July 14 1991 became, as from May 1 2001, applicable to almost all financial instruments and securities. The general purpose of the Royal Decree was:

On March 8 2001, the Bank of Thailand, by virtue of section 9 bis of the Commercial Banking Act BE 2505 (1962), issued Letter No Tor Por Tor Sor Nor Sor (11) Wor 514/2544 on Permission for Commercial Banks to Undertake Escrow Accounts Business. This permits a commercial bank to render escrow account services to clients who have entered into either a buy and sell agreement, or sale agreement of various properties with the seller; the commercial bank will allow the withdrawal of money from the said account only if the purchaser and seller have fulfilled the terms and conditions as set out in the escrow account agreement.

The US water infrastructure needs billions of dollars of investment. As concern mounts that many towns and cities may struggle in the not-too-distant future to provide citizens with clean, safe water, IFLR invited a panel of industry specialists to discuss the obstacles and opportunities created by what may be the US’s next great infrastructure challenge

Singapore's DBS hired Freshfields and Allen & Gledhill to advise on its S$10 billion ($5.5billion) acquisition of Hong Kong's Dao Heng, which was advised by Slaughter and May. DBS's $782 million hybrid tier one financing in March prompted speculation that an acquisition was likely. Negotiations are rumoured to have begun in October 2000. DBS is controlled by the Singapore government, while Dao Heng was owned by the Guoco Group, which is controlled by the Kwek family, one of Malaysia's shrewdest business families.

Wall Street firm Cravath, Swain & Moore had a bumper start to the Spring season in March, successful negotiating two deals totalling $15.5 billion. Also involved in the transactions were Paul, Weiss, Rifkind, Wharton & Garrison and Californian firm Heller Ehrman White & McAuliffe. Cravath, Swaine & Moore acted for healthcare product maker Johnson & Johnson in April on its agreed a $10.5 billion merger with research-based pharmaceuticals company ALZA. Heller Ehrman White & McAuliffe acted for ALZA in a transaction which saw ALZA shareholders receive a fixed exchange ratio of 0.49 shares of Johnson & Johnson common stock for each share of ALZA in a tax-free transaction.

Lucent Technologies, advised by Cravath, Swaine &Moore, finally pulled off a $3.6 billion initial public offering (IPO) of its optoelectronics division, Agere Systems, in late March, bringing a welcome boost to equity work for some lawyers in the US.