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China has announced its intention to relax the strict rules governing the operation of foreign law firms. In its latest round of licences, issued to five Hong Kong firms, Deacons has become the first partnership to be awarded a licence to open a second office in mainland China. The Ministry of Justice has given Deacons the go-ahead to set up in Beijing, eight years after the firm opened its first office in Guangzhou. It is expected that the next round of licences will extend the opportunity to open second offices to foreign firms, many of which had previously been forced to make a difficult choice between opening in Shanghai or Beijing.

In this final article in a series of three, Philip Gilligan and Alastair Timblick of Lovells consider the routes a distressed bank may take to survive

In line with its commitments to the World Trade Organization, China is opening more businesses to foreign investment. Andreas Lauffs and Andrew Tan of Baker & McKenzie look at the new regime

With a firm commitment to renovation, Vietnam is set to strengthen its banking industry. Tony Foster, of Freshfields Bruckhaus Deringer, Hanoi, explains the latest changes

Germany's latest financial reforms will affect everything from listing shares to trading derivatives to storing information about bank customers. Gabriele Apfelbacher of Cleary, Gottlieb, Steen & Hamilton summarizes the most important changes

French regulators aim to increase the liability of banks in tender offers. But new rules leave questions unanswered. By Eric Cafritz and Omer Tene of Fried Frank Harris Shriver & Jacobson

Jennifer Marshall of Allen & Overy explains what Europe's new rules mean for companies and investors

Significant legislation in Mexico sets out to protect the process of competition, through the prevention and elimination of monopolies and monopolistic practices and any other restraints of trade. It is applicable to all economic participants involved in the Mexican economy and commercial banks, financial institutions and foreign corporations should be aware that some commercial practices, formerly tolerated in Mexico, might now be illegal under these rules and regulations. The legislation was first enacted on December 24 1992 in the form of the Mexican Antitrust Act (Ley Federal de Competencia Económica, the MAA). Additional procedural regulations were published on March 1998, with the enactment of the Regulations to the Mexican Antitrust Act (Reglamento de la Ley de Competencia Económica, the RMAA).

When KPNQwest bought parts of troubled Global TeleSystems the companies agreed bankruptcy terms with creditors before the deal closed. Steven C Planchard of Cleary Gottlieb Steen & Hamilton explains how

On April 3 2002, it was announced that the government of the British Virgin Islands (BVI) has reached an agreement with the Organization of Economic Corporation and Development (OECD) concerning the OECD's initiative on Harmful Tax Competition and Tax Havens.