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A number of governmental and international bodies have begun to take action in the so-called "war against terrorism". The IMF, the OECD (through its Financial Action Task Force, or FATF) and the US government have all set down plans to cut off the flow of legitimate and illegitimate to organizations supporting terrorist activities around the world.

Since legislation was first introduced in 1995, the Brazilian tax authorities have been developing their legislation in relation to the taxation of profits earned by Brazilian subsidiaries and associated companies abroad.

The Takeover Panel’s ruling on WPP’s bid for Tempus could spell the end for material adverse change conditions. Tunde Ogowewo of King’s College London’s School of Law reviews the case

The New Zealand government has recently tabled the Securities Markets and Institutions Bill, in the first major revamp of New Zealand's securities and markets legislation since 1988. The Bill aims to increase both domestic and international confidence in New Zealand's securities markets and institutions by strengthening monitoring and the enforcement of securities law, requiring greater disclosure and providing for more effective enforcement of breaches. It will also bring New Zealand law into line with Australia, particularly in the areas of continuous disclosure and the enforcement of insider trading.

The promulgation of a new Trust Law, effective October 1 2001, represents an important step forward for China and its legal development. The Trust Law will have implications for many aspects of structuring investments and financings (including the taking of security) within China. The new law applies to civil, business and charitable trusts and is intended to pave the way for a new investment funds law to further stimulate the Chinese economy.

A tough year for capital markets lawyers in Belgium and The Netherlands, and the effects of disasters such as Sabena’s bankruptcy, have overshadowed the Euronext merger. With firms taking a hard look at their practices, what are the prospects for lawyers? Thomas Williams reports from Amsterdam and Brussels

The development of cross-border securitization deals with new asset streams offers the prospect of rich pickings. Sara Ver-Bruggen reports from Seoul on some of the latest transactions and the prospects for the liberalization in the legal market

US firm Cleary Gottlieb Steen & Hamilton advised Euronext on its successful $807 million bid for the London International Financial Futures and Options Exchange (Liffe) last month. Euronext successfully beat rival bids for the derivatives exchange by Deutsche Börse and the London Stock Exchange.

Mergers and acquisitions (M&A) specialists are hoping that Emerson Electric's acquisition of one of China's most profitable private companies may signal a change of attitude from the government.

Danaharta, Malaysia's state-owned asset management company, has finally completed its first asset-backed securitization (ABS). Allen & Overy won the mandate against inevitable competition from Clifford Chance and Freshfields, the two firms that have traditionally dominated the Asian securitization market.