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Clifford Chance will soon offer one-stop legal advice in Tokyo thanks to a joint venture with a local Japanese firm. Just over one year after mergers with US firm Roger & Wells and German firm Pünder, Volhard, Weber & Axster, Clifford Chance is tying up with Japan's Tanaka & Akita. However, this latest deal is hardly likely to overshadow the firm's landmark mergers in the US and Germany. When Tanaka & Akita goes ahead with the joint venture on May 1 it will add 10 lawyers to the 28 Clifford Chance already has in its existing Tokyo office. The joint venture will operate from the existing offices of Clifford Chance and will be known as Clifford Chance and Tanaka & Akita (T&A). Never let it be said that lawyers are afraid of change.

Like Deutsche Börse, France’s COB is looking to help stablize stock prices by tightening its rules governing initial public offerings. Laurence Mitrovic, Skadden, Arps, Slate, Meagher & Flom, Paris, looks at the regulators plans and the unfavourable response to them

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

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.

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.

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.