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Last month IFLR celebrated law firms' achievements of 2001 when it hosted its annual awards ceremonies in London and Hong Kong. Among the top honours, Linklaters & Alliance was crowned European capital markets law firm of the year while Freshfields Bruckhaus Deringer won international law firm for Asia. Ben Maiden and Nick Ferguson present the winners of this year's awards and look at how, with the capital markets struggling to keep up the pace of the boom years, firms have found exciting new ways to serve clients

In late March the European Parliament passed laws recognizing a pan-European prospectus, clamping down on insider trading and introducing tougher rules for bank insurance.

Under the terms of its entry to the WTO, China is committed to allowing greater access to its banking sector. Despite the slow inroads being made by foreign institutions, however, rules remain in place that will slow their progress, as Lester Ross of Paul, Weiss, Rifkind, Wharton & Garrison, Beijing, explains

In a recent decision regarding the battle for Australia’s Normandy Mining, the Takeovers Panel made its first decision on break fees and has released its reasoning. Baden Furphy and Tony Damian of Freehills’ Melbourne and Sydney offices discuss the ruling and its implications

Cadwalader, Wickersham & Taft has hired former Shearman & Sterling partner Stephen Mostyn-Williams to build a dedicated banking and finance practice in Europe.

Growth in the Canadian securitization slowed dramatically last year but there are grounds for optimism in favourable treatment by the courts and the growth of products such as extendable commercial paper as a liquidity substitute. Martin Fingerhut of Blake, Cassels & Graydon, Toronto, looks at the market’s future

The New Zealand government is in the process of a major reform of the country's securities law. The reform is a three-stage process, consisting of the enactment of a Takeovers Code, the introduction of a Securities Markets and Institutions Bill and a review of securities trading law. The first stage of the law reform package, the introduction of a Takeovers Code, was completed in July 2001 and the second, the introduction of the Securities Markets and Institutions Bill, is underway. (Buddle Findlay has commented on each of these developments in previous issues of IFLR.) The third of the trinity of reforms will be a comprehensive review of securities trading law. In a speech to a commercial law conference, the Minister of Commerce, Paul Swain, recently outlined the scope of the review and reiterated the direction of future securities law reform.

The UK's equity market showed the first sign of returning health last month as the biggest initial public offering (IPO) launched in London since July 2001. Things are looking so good that a technology company is planning to list in June – the first technology IPO for over a year.

Jersey off tax haven list

The International Accounting Standards Board is examining a compromise over rules to make companies account for stock options on their balance sheets. At a meeting in Tokyo last month, the board considered US-style rules to allow companies to choose between including options in their profit and loss accounts or adding a note to the accounts dealing with them. The Board has previously suggested requiring companies to disclose share options fully.