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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.

Henri Wagner of Beghin & Feider, in association with Allen & Overy, looks at how Luxembourg’s regulator is trying to encourage wider participation in its financial markets

Since introducing the International Collective Investment Schemes concept last May, Cyprus has been active in refining the regulations governing their use. Constantinos Adamides, Adamos K Adamides & Co examines the latest developments

The use of commercial paper as an alternative way to raise capital is becoming increasingly popular in Poland. The first Polish commercial paper was issued in 1992 under the name "commercial coupons". Since that time a growing number of entities have decided to take advantage of this financial instrument.

A significant reorganization of the regulatory provisions applicable to Italian investment firms (SIMs) is in the process of being implemented. Under a decree, dated August 4, issued by the governor of the Bank of Italy a unified text of rules has been approved to govern SIMs. The new regulation ties together EU and national regulatory provisions on investment firms, taking into consideration their most up-to-date operational requirements.

New foreign exchange regulations were recently introduced in Colombia and a regulation project intended to facilitate foreign investment in the country is pending.

In the past, registered shares have only been issued by a very limited number of German stock corporations. Instead, the vast majority of listed companies in Germany used to issue bearer shares. It was only in 1998/99 that the issuance of registered shares began in earnest, when modern information technology enabled the central Germany clearing house, Clearstream Banking, to overcome difficulties in handling registered shares. Since then, a number of big DAX-listed corporations have changed from issuing bearer shares to registered shares. In doing so they intend to get a better picture of their shareholders, improve their investor relationships and obtain an acquisition currency for takeovers of US companies by directly listing the shares on US stock markets without having to implement an American depositary receipt program.

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.

Loeff Claeys to advise on Belgian telecoms auction

Germany signs up for e-commerce bill