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Banks know that losses due to operational risk will cost them. But how much capital should they assign to cover those costs? Richard Bethell-Jones of Denton Wilde Sapte, London, assesses the Basle Committee’s attempts to develop guidelines

In December last year, the European Parliament approved several amendments to the 13th Directive on Company Law concerning Takeover Bids. The amendments include allowing the board to increase the share capital of the company during the period of acceptance, as long as shareholder authorization was received at a general meeting held not earlier than 18 months before the acceptance period began, and extending the duties of the directors to consider employment when giving their opinion on a bid. It is unlikely that either the European Commission or EU governments generally will accept these amendments. At present, the European Council has until April 2001 to finish its second reading of the Takeover Directive. If the amendments are not approved, the process of conciliation will begin, by which the Commission will attempt to broker a compromise. If no compromise is reached, the European Commission will have to start the process again with a new draft.

Allan Leung has replaced Roddy McKean as managing partner of Lovells' Hong Kong office. McKean has returned to the London office, where a group of key partners are plotting to cool Lovells' global expansion.

It was revealed in December that the Neuer Markt is tightening its rules on initial public offerings in response to collapsing technology stocks. This month Markus Pfüller and Christiane Ehrich of Clifford Chance Pünder, Frankfurt, explain the details of the reforms

Proposed multilateral instrument 72-101Smith Lyons Toronto

Alessandro Varrenti White & Case has become the latest international firm to open up offices in Italy. The US firm has set up shop in Rome and Milan through a merger with Italian firm Varrenti e Associati. The combined firm will advise under the hefty title, Studio Legale White & Case Varrenti e Associati. It will have 20 lawyers and three equity partners. Alessandro Varrenti, name partner of the original Italian entity, becomes a White & Case partner, and is joined by two other partners from White & Case's international network. Ken Lee arrives from the firm's Mexico office, while Anthony Giustini is moving over from Paris.

Simmons & Simmons has become the latest UK firm to add a German office to its European network. The City firm has decided that Kaiser, a mergers and acquisitions (M&A) boutique with seven lawyers, will give it the foothold it needs in the German market.

The Amsterdam office of Freshfields Bruckhaus Deringer has tempted over a finance partner from The Netherlands' leading independent firm, Nauta Dutilh.

Liberalization of the Uruguayan telecommunications marketGomez Pinzon & Asociados Bogota

Orrick, Herrington & Sutcliffe and Clifford Chance have acted on a landmark UK asset-backed transaction, completing a £434 million ($641 million) securitization of the government's military aircraft leasing payments. The deal is believed to be the first securitization of military equipment in the UK, and one of the first aircraft securitizations to be governed by English law.