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Thomas Reid, one of Davis Polk's London partners, has left the firm in favour of long term client Morgan Stanley Dean Witter. Reid has become managing director in the corporate finance services department of the bank, and will continue to focus on initial public offerings and other capital markets products. Unlike many lawyers who move in-house Reid has left legal practice behind, but says he is not aware of missing his old profession just yet.

Henri Wagner of Beghin & Feider, in association with Allen & Overy, looks at how Luxembourg’s regulator is trying to encourage wider participation in its financial markets

In July, following an investigation by the European Commission merger authority, Industri Kapital, a Scandinavian venture capital group, was given clearance to continue with its acquisition of Dyno, a Norwegian chemicals and explosives company. Although, outside the industry, this may not be considered newsworthy in itself, what is interesting is that Industri Kapital was only given the go-ahead subject to divestiture, which is unusual for venture capital groups. The principal concern of the the timber processing industry in Finland was that, as Industri Kapital was already dominant in the supply of formaldehyde and production of resin in Finland, the acquisition of Dyno would lead to a virtual monopoly in these areas.

The Securities and Exchange Commission has hired the managing partner of Pillsbury, Madison & Sutro's Washington, DC office.

A former chairman of Baker & McKenzie is betting on a new internet business that aims to change the way law firms pitch for business.

Law firms in Germany are rubbing their hands at the prospect of the London and Frankfurt iX merger, and many have been limbering up over the last six months with a host of landmark deals. Rufus Jones reports from Frankfurt

Since introducing the International Collective Investment Schemes concept last May, Cyprus has been active in refining the regulations governing their use. Constantinos Adamides, Adamos K Adamides & Co examines the latest developments

The use of commercial paper as an alternative way to raise capital is becoming increasingly popular in Poland. The first Polish commercial paper was issued in 1992 under the name "commercial coupons". Since that time a growing number of entities have decided to take advantage of this financial instrument.

New foreign exchange regulations were recently introduced in Colombia and a regulation project intended to facilitate foreign investment in the country is pending.

A significant reorganization of the regulatory provisions applicable to Italian investment firms (SIMs) is in the process of being implemented. Under a decree, dated August 4, issued by the governor of the Bank of Italy a unified text of rules has been approved to govern SIMs. The new regulation ties together EU and national regulatory provisions on investment firms, taking into consideration their most up-to-date operational requirements.