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Allen & Overy is gaining an office in Bangkok as a result of its merger with local firm MPS & Associates. The firm already has regional offices in Beijing, Hong Kong, Singapore & Tokyo. MPS & Associates is a 18 lawyer corporate firm, working with international as well as domestic clients. It is well regarded for its banking and capital markets work. The three existing partners of MPS & Associates – Pises Sethsathira, Simon Makinson and Surapon Satimanont – will become partners in Allen & Overy on November 1.

• US law firm White & Case has announced the appointement of five new partners. Michael Bühler, who specializes in international commercial arbitration and international business transactions, has been named partner at the firm's Paris office. International tax partner Barrye Wall has joined the Los Angeles office. Mark Powell, a specialist in European competition and trade law, has been named a partner at the Brussels office. Partner James McGuire has been hired by the New York office as a specialist in white collar crime, complex civil litigation and corporate internal investigations. John Sarchio has joined the New York office as partner. He is head of the firm's Insurance Industry Practice Group. • Paul Gonson, attorney for the Securities and Exchange Commission (SEC), has announced that he will retire at the end of the year. Mr Gonson became SECs counsel in 1979 and has argued more than 100 appellate cases on behalf of the Commission, including cases before the Supreme Court and all US Courts of Appeal. He will continue to act as part-time consultant to the Commission following his retirement.

Although the system being used by the Hong Kong Law Society for approving foreign lawyers was not what was contemplated by the legislation, the Hong Kong Court of Final Appeal has accepted its validity. The Legal Practitioners Ordinance clearly contemplates that the Law Society should assess whether an applicant to be admitted as a solicitor in Hong Kong has the necessary qualifications (largely practical experience) before issuing a certificate stating which further examinations the applicant must pass before being admitted. However, the Law Society had begun a system, which it deemed to be more flexible because the exams were only carried out once a year, whereby it issued a certificate relating to exams before assessing whether the applicant had the requisite practical experience. The Court held that though this was contrary to the intention of the Ordinance, the Law Society's "flexible" procedures were acceptable.

Peter Langley, CEO at IP consulting firm Origin and consultant to Sidley & Austin, argues that in the future the owners of patents to financial products will control financial services

Stephen Mulrenan reports from Tokyo where the changes to the permitted activities for registered lawyers have left foreign lawyers frustrated

The government has now published its Bill on the UK’s new financial regulatory system, but only time will tell whether the new hybrid will function effectively. By Simon Gleeson of Richards Butler, London

The Castagnede Report produced by the Commission this month recommends that the EU should begin a gradual reconciliation of the member states' VAT rates, ie turnover tax, and it should harmonize reduced rates by widening their field of application. The report comments that the level of VAT rates in member states still varies considerably with the normal rate lying somewhere between 15% and 25% and reduced rates lying between 5% and 17%. The report states that there are a number of substantial differences between the member states in their application of VAT. Denmark does not apply any reduced rates; Austria, Portugal, Finland and Sweden apply two reduced rates; the other member states apply a single reduced rate but also apply special rates, including a zero rate on some products. At the moment these differences do not cause distortions in competition or affect trade flows. However, the Commission is concerned that with the continuation of market integration, the arrival of the single currency and the increased use of electronic commerce, competition will increase, creating the need to harmonize VAT.

As a participating member state in the first group of countries to adopt the single currency in 1999, Portugal must ensure a smooth and effective transition to the euro in respect of the securities market.

Under Article 22 of Legislative Decree No. 58 of February 24 1998, securities and cash belonging to third parties and held for whatever purpose by investment firms or by financial intermediaries and banks, constitute an autonomous patrimony separate from that of the intermediary and from those of other clients. No attachment by or on behalf of creditors of the intermediary, as well as by or on behalf of creditors of a possible depository or sub-depository, can be levied on the patrimony.

Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in our December 1997 issue to the most frequently asked legal questions