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Mark Daley of Berwin Leighton, London and Francesco Seassaro of Carnelutti, London reports on legislation which may mean the demise of a convenient cross-border borrowing structure

The Swedish Supreme Court has recently had to pass judgment in an interesting case (NJA 1996 s52) regarding the perfection of pledges under Swedish law.

US firm Morgan, Lewis & Bockius may be planning an office in the Russian federation. The firm recently entered into a mutual referral agreement with Rothstein & Shaw, which has offices in Moscow and Almaty, Kazakhstan. Rothstein & Shaw's practice is focused in the areas of corporate and commercial law, securities, real estate and joint ventures. In return, Morgan Lewis has the expertise of its Russian and CIS practice group, which was recently strengthened by four lawyers who joined from Coudert Brothers. Partners Jake Redway and Jan DuBois have experience in providing advice to clients on transactions in the Russian Federation and are supported by associates Adam Deery and Michael Pekowsky. Pekowsky will be resident in the Moscow office of Rothstein & Shaw.

Global harmonization of over-the-counter derivatives regulation is an idea whose time has not yet come, argues Schuyler K Henderson of Baker & McKenzie, London

UK firm Ashurst Morris Crisp is opening an office in Singapore. Headed by corporate partner Richard Gubbins and project finance partner Scott Brodsky, it will concentrate on international transactions and project finance. Three associates, Clive Tucker, Shaun Lascelles and Tom Whelan, will also be based in the office, opening in October.

Lovell White Durrant partner Robert Lee is leaving the firm's Tokyo practice in Tokyo to set up his own practice. He joined the firm from his Hong Kong practice, Robert Lee & Fong, two years ago, and had been working from Lovell's Tokyo office for the last year. Andrew Baker, resident partner, says: "He finds operating independently more attractive than working for a large firm. There is more freedom to do what you want to do."

International firms are continuing to formalize their operations in the Italian market. Minnesota-based firm Oppenheimer Wolff & Donnelly has formed an association with Italian firm, Pisano De Vito Maiano & Catucci. Pisano has offices in both Rome and Milan.

• US firm Cleary, Gottlieb, Steen & Hamilton has hired corporate lawyer Andrew Curran from UK firm Lovell White Durrant. Curran, who specializes in mergers and acquisitions, will join Cleary's London office on January 1. Curran will advise Cleary's lawyers in London and throughout Europe on English law (see article on page 15 for comment on this move).

Lenders always seek to protect their interests over their loans or security when borrowers go into liquidation. However, it has increasingly been of interest to borrowers to know what happens to the loans or security when lenders go into liquidation. The statutory right of set-off in liquidation in Hong Kong in these circumstances was dealt with by the Judicial Committee of the Privy Council in Tam Wing Chuen & Anor v Bank of Credit & Commerce Hong Kong Ltd (in Liquidation) [1996] 1 HKC 692.

Various amended pieces of Canadian legislation now recognize and protect the enforceability of close-out netting for derivatives deals. By Margaret Grottenthaler of Stikeman, Elliott, Toronto