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US law firm Dechert Price & Rhoads has brought in four new lawyers to strengthen its Brussels office. International litigation and arbitration partner Melvin Schwarz has relocated from New York. "Our office has two divisions: the international division and the Belgian corporate and commercial practice," explains Brussels managing partner Richard Temko. "Melvin will be concentrating on litigation outside Belgium, in particular arbitration panels in London and Paris."

A new regulation permits the establishment of Sino-foreign joint ventures to engage in the business of foreign trading in the People's Republic of China. At present, state-run import-export enterprises controlled by the Ministry of Foreign Trade and Economic Cooperation dominate all Sino-foreign trade.

On October 1 1996 a fully revised set of rules on the listing of securities on the Swiss Stock Exchange (the New Listing Regulations) came into effect. The primary goal of the revision was to anticipate the guidelines of the Federal Code on Stock Exchanges and Securities Trading, expected to be enacted by January 1 1997 and to assimilate the listing rules to 'international standards', ie, in particular, the EU directives on the reporting duties of issuers.

Christopher Lewis of Simmons & Simmons considers the rise and rise of the asset repackaging phenomenon and takes a detailed look at how deals are structured and what are the main vehicles on offer

US petroleum refiner Diamond Shamrock is to merge with rival Ultramar in a US$2.35 billion deal. The transaction is structured as a stock swap, attracted the attention of regulators regarding Diamond Shamrock's call options after large purchases were reported a week before the announcement of the merger.

Volker Potthoff, general counsel to the Deutsche Börse, Frankfurt, talks to Graham Field

• US firm Weil Gotshal & Manges has hired senior corporate associate Andrew Harting from the New York office of UK firm Freshfields. He will join the London office of Weil Gotshal & Manges.

US Supreme Court limits punitive damages

The Commission published a preliminary draft Notice on September 10 on cooperation between national competition authorities and the Commission in cases falling within Articles 85 and 86 of the EU Treaty.

In June 1996, the Securities Committee of China's State Council issued a notice on the recommendation of the fourth batch of mainland enterprises for overseas listings. What is new is the degree of participation it allows foreign investment bankers in selecting prospective listing candidates. The submission of an analytical report prepared by the underwriter on the reorganization and listing prospects of the recommended enterprise is now required. Thus foreign investment bankers will be involved in the early stages of the screening process.