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Yusaku Ono of Hamada & Matsumoto, Tokyo discusses the new tax laws for Japanese issues and the IPMA operating manual which aims to ease market compliance

The negotiations between Denton Hall, Richards Butler and Theodore Goddard over a possible three-way merger have been called off. The merger would have created the seventh largest law firm based in the UK, according to statistics gathered for the recently published 1999 edition of the International Financial Law Review 1000 directory. While the firms found they had a very good fit in London, that situation was not reflected overseas. Although the press release mentions "difficulties in merging the Hong Kong offices of Denton Hall and Richards Butler", sources close to the talks indicate that it proved impossible to reconcile the Asian aims of Denton Hall with the independence insisted on by the Hong Kong office of Richards Butler.

AT&T has announced its intention to acquire Vanguard Cellular Systems. The acquisition package is worth US$1.5 billion in cash, stock and US$600 million of debt. The deal is due to be completed in the first quarter of 1999, subject to approval by shareholders and the regulatory authorities.

Globalization has finally hit legal services with a series of cross-border mergers and alliances in 1998. Paul Lee analyzes this year’s gathering of statistics on the world’s 50 largest law firms – the IFLR 50 – and identifies the firms spearheading international growth

Stephen Mulrenan reports from Tokyo where the changes to the permitted activities for registered lawyers have left foreign lawyers frustrated

The Stock Exchange of Singapore (SES) recently introduced its Best Practices Guide to provide guiding principles on corporate governance for listed issuers.

The Danish parliament has adopted an act harmonizing rules regarding investments made by certain financial institutions (Act No. 490/1998) such as life insurance companies, pension funds and LD pensions. Financial institutions will be subject to limitations with regard to the proportion of their investment assets placed in certain securities. Before the act, investments in shares were limited to 35-40% of the total assets of the institutions. The purpose of the act is to attract venture capital to Danish businesses and to increase the proportion of foreign shares held by the institutions.

The long-awaited promulgation of the new Chinese Contract Law approaches. On September 7 1998, the People's Daily published the draft of a Contract Law containing 441 articles, another step towards unification of domestic and foreign-related legislation in China. The draft contains general provisions on formation, validity, performance and termination of contracts, as well as special provisions on certain types of contracts (eg sales contracts, loan contracts, lease and financial lease contracts, construction contracts and transportation contracts).

The task force on the future of the Canadian financial services sector was established by the Canadian government in December 1996 to undertake a careful, independent and objective analysis of the broad trends affecting the Canadian financial services industry, and to provide advice on public policy issues to help the government develop a framework for the industry in the 21st century. The task force was comprised of an independent and diverse group of individuals under the chairmanship of lawyer Harold MacKay.

In a highly significant case under the US bankruptcy laws, Hong Kong and Shanghai Banking Corporation v Simon [9th Cir 1998], the US Court of Appeals for the Ninth Circuit ruled that a foreign creditor may not bring a foreign collection proceeding against a debtor that has obtained a discharge under the bankruptcy law. In so doing, the Ninth Circuit has affirmed the extraterritorial effect of the US Bankruptcy Code.