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It may not have the highest headline value for a deal this year, but the sale of Rover car group to the UK's Phoenix consortium for a symbolic £10 by BMW has certainly generated a great deal of publicity. The transaction was notable both for the enormous public and political pressure on participants to close a deal that would save thousands of jobs in the UK and the complexity of putting together a package that could work.

Howard Davies, chairman of the Financial Services Authority, explained the rationale behind the changes to the UK listing authority during a speech at this month's annual IOSCO conference in Sydney (for a more detailed conference commentary see page 6).

Japan’s lawyers have never had it so good. The market for their services is booming as overseas investors pump money into the country and Japanese companies look to the international markets for funds. But there aren’t enough lawyers to do the job. And foreign practitioners say they can’t offer the service their clients want. Things need to change. Ralph Cunningham reports from Tokyo

South Africa introduces capital gains tax Just when several countries are considering dismantling or reducing the impact of their capital gains tax legislation, South Africa's minister of finance has given notice in his annual budget speech of the intention to introduce the tax in South Africa. Capital gains tax will take effect from April 1 2001, and it is understood that the amending legislation will be available early in 2001. In the interim, the tax authorities have issued a guide relating to the tax and its application.

Right to receive customer deposits to be extended In September 1999, Finland's Ministry of Finance appointed a working group to assess, among other things, the need to amend the legislation concerning the right to receive customer deposits. The working group presented its preliminary findings in an interim report published in April 2000.

By Antonio Fazio, Governor of Bank of Italy

By Luca Picone of Brosio, Casati e Associati in association with Allen & Overy, Milan

By Franco Vigliano Chiomenti Studio Legale, Milan

By Alberto Toffoletto, Stefano Padovani and Lukas Plattner of Negri-Clementi, Toffoletto, Montironi & Soci

By Alessandro Bossi and Paolo Grondona Graham & James LLP, Milan Office