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UK law firm Allen & Overy advised Citibank Credit Structures on the launch of new secured debt programmes with a total value of $20 billion.

The City firm Kennedys has formed an association with Dublin firm O’Connor Walshe as part of a strategy to provide legal advice throughout Ireland.

US law firm Morgan, Lewis & Bockius has promoted Zoë Ashcroft to partner. Ashcroft is the tenth partner at the firm’s London office, and its first female partner. Her practice focuses on corporate and banking finance, with particular emphasis on transatlantic mergers and acquisitions transaction.

Transparency requirements

Lord Irvine, the Lord Chancellor, has appointed a new chairman for the UK Law Commission, the body responsible for examining possible reforms to legislation. Justice Robert Carnwath will take up his position in February.

Netting laws to be extended to payment systems

The European Commission has approved Bertelsmann's sale of its BMG Music Publishing business to Universal under the EC Merger Regulation.

The government has announced the merger of the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (Simex).

Under what circumstances may a US plaintiff obtain jurisdiction over a foreign corporation merely because the foreign corporation has a subsidiary incorporated and doing business in the US? This question was recently before the US Court of Appeals for the Second Circuit in Jazini v Nissan Motor Company (2nd Cir. 1998).

New Personal Property Securities legislation will soon be introduced to parliament. It has been described as New Zealand's most significant commercial law reform since the 1993 Companies legislation, and the change is long overdue; New Zealand's existing securities law is a confusing mixture of common law and various statutory rules. It is likely that the new legislation will be based largely on North American precedents and that it will replace not only the various existing statutes, but also the equitable and common law rules regulating the priorities of competing securities. The overriding intention is that all forms of security should be regulated in the same manner, and that the same rules should apply whether the debtor is an individual or a company. Further details regarding this important change will be reported on in a later edition.