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Michael Taylor, Norton Rose

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.

In the second part of their review of Canada’s new financial legislation, Robert McDowell and Robert Elliott of Fasken Martineau DuMoulin, Toronto, look at how the law will affect foreign banks seeking to open branches or run operations in Canada

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 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.

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

Markus Affentranger of Baker & McKenzie, Zurich, looks at the regulations governing Swiss export risk guarantees and examines the coverage they can offer to international project financings

Kazakhstan's new law on financial leasing (the Lease Law) became effective on July 13. It regulates tripartite transactions involving a sale of assets from a supplier to a lessor, followed by the lessor's lease of those assets to a lessee. Although this type of transaction was first recognized by the special part of the Civil Code in July 1999, it has remained relatively rare due to the lack of clarifying legislation.

The German government has been quick to respond to Vodafone’s ground-breaking hostile bid for Mannesmann. In June, it introduced proposals to regulate takeovers for the first time. Hartmut Krause of Allen & Overy, Frankfurt, explains the proposed rules

Loeff Claeys to advise on Belgian telecoms auction