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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.

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.

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.

Despite a slowing economy, the turf war in New York between established firms and new entrants continues to grow ever more aggressive, with mid-size firms coming under the greatest pressure.

Corporations will have to endure mounting legal bills and poorer service unless the rules governing lawyers are changed, a US antitrust organization has warned.

Freehills is hiring Joe Longo, the chief enforcer for the Australian Securities and Investments Commission (ASIC), who will move to the firm's Sydney office as special counsel in May. Longo has coordinated action for the Commission on financial services and products, markets regulation, takeovers, managed investments and accounting issues. He has also worked closely with international regulators on enforcement activities.

Stephen Mostyn-Williams Stephen Mostyn-Williams has left his post as head of European acquisition finance at Shearman & Sterling to become director of business development at Landwell. Though Mostyn-Williams is credited with the success of Shearmans' acquisition finance practice in Europe, he says that he is not moving over to PricewaterhouseCoopers' correspondent law firm as a rainmaker. "This is absolutely not, 'Oh, Stephen's leaving Shearmans and he's going to start an acquisition finance practice at Landwell'," says Mostyn-Williams.

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