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The combination of telecommunication companies Oi and PT has taught Brazilian investors the downside of public M&A. A more thorough review of disclosures is likely to occur in future deals.

The International Capital Market Association (ICMA) has given another boost to pan-European private placements (PEPP) by publishing a market guide. But obstacles to the market's development remain, in the form of Solvency II capital charges across Europe.

The Hong Kong Monetary Authority's (HKMA) bank resolution consultation included the International Swaps and Derivatives Association's (Isda) protocol on temporary stays. Other Asian jurisdictions must follow.

Avril Cole John McDonald Adele Hogan Victor Tsao

Institutional investors don't like activism, they like openness. Articles on the topic, including some by IFLR, cite statistics that suggest activist tactics are growing in popularity among institutional investors. A recent study by FTI Consulting, for example, found that 76% support activism, seeing it as an important catalyst for change.

House of Representatives Democrat Elijah Cummings has told IFLR why he wants US banks to explain how they will benefit from the roll-back of swaps regulations in Dodd-Frank. The call from Cummings follows a letter he and US Senator Elizabeth Warren sent to banks on January 29, asking them to outline the scope of their swaps businesses, following a roll-back of the push-out rules, called section 630, released in December.

Far-reaching regulatory reforms have a mixed track record in taking into account developed and emerging markets' different needs – often, they lean towards the latter.

Last month Standard & Poor's (S&P) downgraded banks in Austria, Germany, Switzerland and the UK. Banks in Asia may be similarly affected.

Christoph Enderstein Antti Ihamuotila Oliver Felsenstein Burc Hesse

John Elliott Joseph Bauerschmidt The new year kicked off with a potential watershed moment in China's rapidly developing legal market. DENTONS and Chinese firm DACHENG LAW OFFICES sealed a deal that will see the two firms combining to form a new 6,500 lawyer outfit under a Swiss verein structure–a form of voluntary association which is a popular entry strategy for international firms into domestic markets. The merger will create the world's largest firm by headcount. On top of that, Dacheng then brought in a team of six equity partners from local firm Haworth & Lexon to strengthen its presence in Shanghai. In Australia corporate partner, John Elliott, joined rival global firm NORTON ROSE FULBRIGHT in Sydney from independent Clayton Utz. Norton Rose Fulbright was in the news again, relocating its Asia Pacific energy head, Vincent Dwyer, from Sydney to Singapore. Also in Singapore KING & WOOD MALLESONS has been granted a foreign law practice licence by the Attorney General's Chambers in Singapore. Its practice will focus on international funds, energy and resources, and China inbound-outbound work.