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Andrew Carmichael, a partner with Linklaters & Paines capital markets group in London, has moved to Hong Kong to oversee the regional securities practice. The firm, with offices in Singapore and Tokyo, has a total of nine partners and a 40-lawyer team doing capital markets work. "It is important the offices work together," comments Carmichael. "We have similar clients and sometimes deals can be done out of any of the offices, so it is important that we run the operation in a unified fashion." Carmichael said that it was not an official role but as one of the long-standing capital markets partners he had been selected for the job.

Despite press reports, US firm Baker & McKenzie has denied that it is to close its second Vietnamese office in Hanoi after failing to secure a new branch licence. The office had been operating as a representative office under the old practice rules while the application for a branch licence was processed. Most foreign firms have already received licences for their first office, with Baker & McKenzie setting up in Ho Chi Minh City.

UK firm Freshfields has taken on Kent Rowey, a US qualified lawyer, as partner in the International Project Finance Group. He joins from the London office of US firm Perkins Coie.

The US's Republic Industries will bolster its electronic security business with the $5 billion acquisition of ADT, the largest electronic systems provider in the US.

José Fernandez has joined US firm O'Melveny & Myers as partner in charge of the firm's Latin America group. He will be resident in the New York and Los Angeles offices. Fernandez comes from the New York office of Baker & McKenzie, where he gained experience in Latin American mergers, infrastructure projects, and privatization work, including as adviser to the governments of Bolivia, Peru and Uruguay.

The EU Investment Services Directive (ISD) is finally to be enacted into French law. Jean-Guillaume d'Hérouville and Pierre Gissinger of Gide Loyrette Nouel, Paris, discuss the changes to the regulatory regime

Inco, the North American nickel company, has acquired Diamond Field Resources, the Canadian metals company, in a US$4.3 billion agreed takeover, the largest in Canadian history.

G L Bustin and A V Krylov of Cleary, Gottlieb, Steen & Hamilton, Brussels, look at the implications of the partnership and cooperation agreement between the EU and Russia and its impact on bilateral financial law

The Central Bank of Chile has been requiring for a number of years that all loans to Chilean residents from abroad as well as most foreign equity investments be subject to the obligation to deposit with the Central Bank, on an interest-free basis, 30% of the amount involved for a period of one year or, alternatively, to pay an equivalent fee.

Ros Wright, general counsel and director of policy, the Securities and Futures Authority, talks to Richard Forster