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The equities markets have seen some interesting deals despite the cold Russian winds spreading the Asian flu across the emerging markets. Nick Ferguson reports

Though the word privatization is still not in the official lexicon, China’s latest moves to retreat from state-owned enterprise and invite private investment offer privatization opportunities to brave foreign investors. By Jingzhou Tao of Coudert Brothers, Beijing

The Monetary Authority of Singapore (MAS) has announced measures to relax the restrictions on the use of the Singapore dollar while adhering to its basic policy of not encouraging the internationalization of the Singapore dollar.

In a second article on the Financial Services and Markets Bill, Charles Abrams of S J Berwin & Co, London discusses the proposed authorization requirements for UK and non-UK activities and the proposed restrictions on marketing investments and investment services

Though the country’s equitization process in theory dates to 1987, Vietnam is only now passing some of the necessary framework legislation. The process should begin to accelerate. By Damian Clowes and Eric Sedlak of Deacons Graham & James, Ho Chi Minh City and Singapore

Wilde Sapte, the UK firm that intended to link with Arthur Andersen, is encountering further problems after the failure of its merger in June. Lawyers are continuing to leave, including Paris partner Thomas McDonald and assistant Matthieu de Varax. The New York office has closed and the resident partner Diarmuid Brennan and his assistant have left. McDonald, who specializes in asset finance, is to join White & Case's Paris office with two assistants. De Varax is moving to Simmons & Simmons' Paris office with two other lawyers. He will be made up to partner. The moves leave the Paris office with two remaining partners.

The Ohada Treaty marks an ambitious project by 16 central and west African countries to harmonize their commercial law. They hope to extend the project across the continent and so help boost economic growth. By Rebecca Major of Herbert Smith, Paris

In the second part of a round table on high-yield issues in Europe, practitioners, investors and bankers discuss due diligence and the disclosure requirements for companies coming to the market.

Faced with a severe economic crisis, Indonesia has heeded western calls for tighter bankruptcy regulation. It may be the first step to serious systemic reform. By Robert Cartwright of Baker & McKenzie, New York and Catherine Boggs, Baker & McKenzie Consultants, Jakarta

In the last of three articles considering possible changes to bond documentation to ease debt problems, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York, considers collective representation clauses