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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.

US and UK firms have joined forces to advise on the creation of the biggest luxury cruise company in the world. Working with lawyers at London firm Slaughter and May, partners at "best friend" firm Davis Polk & Wardwell are advising Florida-based Royal Caribbean Cruises on its $6.1 billion merger with UK company P&O Princess Cruises. Sullivan & Cromwell is advising P&O Princess, whose UK counsel is Freshfields Bruckhaus Deringer.

"It has become a self-fulfiling momentum as issuers try to take advantage of low interest rates and the recovery of the stock markets".

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.

The Security by means of Movable Property Act 1993 commenced on May 7 1993 and regulates the legal consequences of a special notarial bond over movable property described in the notarial bond. The effect of registration of such a bond is that the bondholder is placed in the same position as a pledgee and acquires a so-called "real right" to the movable property described in the bond, which means that the rights to the bonded property are not affected, even where the bonded property is alienated to third parties. A real right is distinguishable from a personal right, in that a real right is enforceable against third parties and not just against the person(s) privy to the security arrangements (as is the case with the personal rights).

"I am much happier that we now have a single regulator instead of what we had before which was frankly pretty ineffective"

The US securities regulator must consider revising key parts of the year-old fair disclosure regime, according to one of its own most senior figures. A report on the impact of Regulation Fair Disclosure by Laura Unger, a commissioner at the Securities and Exchange Commission (SEC), is calling for further clarity on the controversial rule.

"This alliance is defined more by what it is not" - Allard Metzelaar, Stibbe Dutch firm Stibbe insisted it would maintain its independence and position in the market after announcing in December that it is to join the Anglo-German alliance between Herbert Smith and Gleiss Lutz Hootz Hirsch.

LeBoeuf loses London head to US rival

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.