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Clifford Chance has advised on Hong Kong's biggest ever merger. The merger of Bank of China with 10 financial institutions in Hong Kong required legal advice in 45 jurisdictions around the world. Clifford Chance claims the deal is unprecedented, not just in Hong Kong, but worldwide.

Deutsche Bank's Moscow head has cast doubt on legal and administrative moves to reform Russia's ailing banking system. Speaking at a conference on the Russian banking sector in London early last month, Hubert Panzda, the chief executive of the bank in Russia, questioned whether plans to make Russian banks more competitive and transparent could be carried out in an increasingly uncertain economic climate.

The events of September 11 have shown how a law passed two years ago could expose the owners, operators and financiers of airlines flying in Australia to unlimited liability. Nicholas Creed and Justin Mereine of Mallesons Stephen Jaques explain the risks they face

On October 1 2001, the Australian parliament enacted in-substance rules for distinguishing between debt and equity instruments for tax purposes as well as a revised, wide sweeping thin capitalization regime. These measures represent key aspects of a broader, but still incomplete, business tax reform programme.

The Financial Services and Markets Act 2000 (FSMA) came into force at midnight on November 30 2001, and includes new provisions controlling banking business transfer schemes.

virt-x, a trading platform launched on June 25 2001, offers trading facilities in the blue chip equities of the FTSE Eurotop 3000, MSCI Europe, S&P 350 and STOXX Europe. While virt-x is a recognized investment exchange under the UK Financial Services Act 1986 and supervised by the Financial Services Authority, the issuers of shares admitted to trading on virt-x remain listed in their chosen jurisdiction (ie Switzerland).

The financial crisis that hit Turkey recently has demonstrated how the country must strengthen its banking system in order to have a robust economy. As part of its efforts to create a sound and stable banking system and to achieve international banking standards, Turkey has been undergoing a fundamental restructuring. After the introduction of the amendments to the Banks Act No 4389 in May 2001, the necessary complementary regulations were also passed. On June 27 2001, the Regulation on the Mergers and Acquisitions of Banks and the Regulation on the Establishment and Activities of Banks were approved, and on June 30 2001, the Provisioning Regulation was introduced. Although the effects of the financial crisis can still be seen, these regulations have demonstrated to foreign investors interested in entering the Turkish banking sector that Turkey is taking the necessary steps for rapid progress.

On November 29 2001, the National Monetary Council approved Resolution 2.907, authorizing investment funds in receivables and investment funds in shares of the funds in receivables.

The Canadian Securities Administrators have adopted National Policy 46-201 (Escrow for Initial Public Offerings) setting out uniform terms of escrow applicable to IPOs when an issuer files its first prospectus in: (i) an initial distribution; (ii) a secondary offering (eg a corporate spin-off); or (iii) a distribution where no escrow has been previously imposed in connection with its existing business.

Clifford Chance and Simmons & Simmons have closed the second whole-business securitization of a shopping centre in Europe. The Meadowhall Shopping Centre near Sheffield, UK, which has around 132, 000 square metres of space including 230 shops and kiosks and 27 restaurants to let, has raised £875 million ($1.3 billion) against rent receipts. The deal is larger than Europe's first shopping centre deal, the £610 million securitization of the Trafford Centre in Manchester last year.