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  • Glen Scarcliffe, Cleary Gottlieb
  • Andersen Legal has created Brazil's first combined legal and auditing practice. Thiollier, Pinheiro e Branco Advogados formally started operations on August 4 with the merger of Andersen Legal firm Branco Advogados Associados and local firm Thiollier e Pinheiro Advogados. The merger had been opposed by some Brazilian firms, which argued that a combined accountancy and legal practice would cause client conflict and referral problems.
  • Thomas Reid, one of Davis Polk's London partners, has left the firm in favour of long term client Morgan Stanley Dean Witter. Reid has become managing director in the corporate finance services department of the bank, and will continue to focus on initial public offerings and other capital markets products. Unlike many lawyers who move in-house Reid has left legal practice behind, but says he is not aware of missing his old profession just yet.
  • Kazakhstan's new law on financial leasing (the Lease Law) became effective on July 13. It regulates tripartite transactions involving a sale of assets from a supplier to a lessor, followed by the lessor's lease of those assets to a lessee. Although this type of transaction was first recognized by the special part of the Civil Code in July 1999, it has remained relatively rare due to the lack of clarifying legislation.
  • Japanese lawyers are opposed to the outcome of a government-commissioned legal report, which recommends partnerships with foreign firms for the sake of the economy. The Corporate Legal System Study Group, set up under the Japanese Ministry of International Trade and Industry, has identified areas for legal services reform. Highlighting the globalization of the economy, the report said: "The current judicial system is incapable of adequately supporting the activities of enterprises."
  • Baker & McKenzie has advised on the latest stage in the privatization of Poland's Telekomunikacja Polska (TPSA). The deal is the second round in the sell-off of the company, under which a 35% stake was bought by a consortium of France Telecom and Kulczyk Holding. At $4.3 billion, the deal is eastern Europe's largest privatization and mergers and acquisitions transaction to date.
  • Duane Quiani
  • The German government has been quick to respond to Vodafone’s ground-breaking hostile bid for Mannesmann. In June, it introduced proposals to regulate takeovers for the first time. Hartmut Krause of Allen & Overy, Frankfurt, explains the proposed rules
  • Rodrigo Nascimbeni of Pinheiro Neto - Advogados reviews the new rules and prospects for the BDR market