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China’s securities market has never been clearly market-oriented or under the firm rule of law. However, Kaili’s court case against the China Securities Regulatory Commission resulted in a landmark decision in favour of the plaintiff. Jingzhou Tao, managing partner of Coudert Brothers’ Beijing office, explains the importance of the ruling

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.

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.

The new Belgian Company Code, the law of January 23 2001, and the Royal Decree of January 30 2001 which sets out the details of various general provisions in the Company Code, all came into effect on February 6 2001.

On January 31 2001, the Finnish Ministry of Finance appointed a working group to develop legislation applicable to the book-entry securities system and book-entry accounts. The task of the working group is to propose amendments to the legislation, in order to create a multi-level ownership system.

Securitization is an expanding market in Portugal, involving a variety of assets as well as various types of originator.

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.

"This should not be seen as a move to take on the best of Wall Street"

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.