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Observers believe that new legislation in Ukraine will help give the country’s banking system progressive, international standards to adhere to. Myron Rabij of Salans Hertzfeld & Heilbronn, Kiev, assesses the reforms

Ian Garth McGill and Tom Poulton Allen Allen & Helmsley and Arthur Robinson & Hedderwicks have agreed to merge. After a 15-year courtship the two firms have finally agreed to formalise its relationship.

The referral of powers from states to the federal government is a necessary prelude to the enactment of Australia’s corporations legislation. Don Harding, a partner of Freehills in Sydney, explains how the Corporations (Commonwealth Powers) Bill 2001 of New South Wales provides a model for juggling constitutional concerns

One of Clifford Chance's most senior asset finance partners has left the UK firm to become a director in the leasing and tax-based finance group of ANZ Investment Bank in London. The departure has forced the UK firm to rejig the lawyers in its asset finance team.

Derivatives have traditionally been viewed as forbidden territory to insurance companies. But is this always true? Maria Ross and Charlotte Davies of Norton Rose, London, ask if the two can be reconciled

Many senior Canadian issuers access the Canadian capital markets through the shelf prospectus system, which allows an issuer which meets certain criteria to issue securities over a two-year period. A shelf prospectus is filed qualifying the total amount of securities which the issuer expects to issue over a two-year period and the issuer then issues securities in tranches depending on market conditions and its needs.

Tender offers have been coming to the attention of the public more and more due to the increase in mergers and acquisitions of publicly-owned companies. The Communiqué Serial IV, No 8 issued by Turkey's Capital Markets Board sets forth the principles relating to tender offers. According to the Communiqué, tender offers fall into two categories: voluntary and mandatory tender offers.

Law No. 724 of October 29 1984 introduced the regime of the Tesoreria Unica with respect to regions and other public entities. According to this regime, and prior to the coming into force of the recent amendments, regions, which were included in Table B of Law No. 724, had to deposit the majority of their available funds and revenues with the Central State Treasury.

The law in New Zealand governing security over personal property is soon to undergo significant reform with the implementation of the Personal Property Securities Act 1999 (PPSA). As previously reported (IFLR, December 1999) the PPSA, which was passed by parliament in October 1999, will introduce a regulatory regime for all security interests taken in personal property (which covers property including goods, motor vehicles, livestock and shares and other investment products, but not land and buildings). Holders of security interests in personal property will need to register prescribed details of their interests on the Personal Property Securities Register (PPSR) to perfect those interests. Registration will usually ensure priority for a security over another security that is not registered.

In March IFLR held ceremonies in London and Hong Kong to celebrate the achievements of the international legal market’s top firms. In this issue we present the winners and runners up in this year’s awards, with analysis of what it took to win the deal and team awards. Leading the pack were Sullivan & Cromwell who won IFLR Team of the Year, and Linklaters & Alliance who won International Law Firm of the Year for Asia