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Chadbourne & Parke has lost its only UK-qualified partner in its London project finance department. Martin Stewart-Smith has left the office after less than six months to join Cameron McKenna.

The planned merger between Dutch firms Loeff Claeys Verbeke, of Amsterdam and Rotterdam, and the Hague's Buruma Maris, will not go ahead. Announced in July 1997, it would have taken effect from January 1 1998 (see International Financial Law Review, August 1997, page 3). According to figures compiled for the International Financial Law Review 1000 Directory, the merger would have created Holland's largest firm, and the 29th largest firm in the world. The move reflects events three years ago, when Buruma Maris rebuffed the possibility of merger with Loeff Claeys.

We are living at a time when electronic commerce is becoming an increasingly important factor in the world of business and finance. Yet the law has only begun to formulate principles and rules to govern these new methods of communication.

China may be ready to relax restrictions on foreign law firms in preparation for entry to the WTO. Under proposals supposedly included in a document presented to the WTO in Geneva, China's foreign firms may eventually be granted some of the freedom they enjoy in neighbouring Hong Kong, where most international firms base their China operations.

"Where there is no vision people perish" quotes Clifford Chance's Vision of the Future from the Book of Proverbs. While one of their banking partners might be forgiven for not reading the good book, he clearly applied biblical zeal to his handling of relations with a UK financial services client, informing its in-house head that they would be more suited to another, mid-sized firm and even being so kind as to name an alternative.

• Geoffrey Howe, managing partner of UK firm Clifford Chance, is stepping down later this year to take up his new position of general counsel at merchant bank Robert Fleming.

Following requests from the fund managers' professional association, the Hong Kong SFC has proposed a detailed regulatory backdrop for fund management operations. By Sara Or of Johnson Stokes & Master, Hong Kong

A challenge to state guarantees for German Landesbanks by the European Commission need not worry creditors, who have acted in reliance on their protection. By Michael Gruson, Shearman & Sterling, New York/Frankfurt

The use of securities held by clearing bodies as security for transactions is increasing. This can cut credit risk but the conflict of law and practical difficulties need care. By Paul Avanzato of Wilde Sapte, London

The Act was approved in parliament on May 1997 (Act no. 385/1997), extending an existing scheme regarding the new building of small ships. It is not yet determined when it will come into force.