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The Finance Ministry has recently revised its policy relating to the issue of Foreign Currency Convertible Bonds (FCCBs) and ordinary shares (through the Depositary Receipt mechanism). It has substantially relaxed its policy on Euro-issues including clearance to non-bank finance companies to access the European market. Under the revised guidelines, non-bank financial companies registered with the Reserve Bank of India have been permitted to float Euro-issues. The new guidelines are expected to promote greater flexibility.

What is the relationship between a participant in a secured loan and the debtor when the debtor becomes bankrupt? This question has troubled many participants concerned that they may not be able to assert rights in the collateral during the course of the bankruptcy proceeding.

In this, the first ever survey of the legal advisers on international equity issues, International Financial Law Review identifies the leading firms in the field and discovers why they head the tables. Richard Forster reports

The Prevention of Terrorism (Jersey) Law 1996 came into force in Jersey (with the exception of certain provisions thereof) on July 1 1996. The Law proscribes organizations involved in terrorism, contains powers to exclude certain persons from Jersey, includes offences of providing financial assistance for terrorism and provides for the investigation of terrorist activities.

Since the establishment of the official Cyprus Stock Exchange in March 1996, large financial institutions have launched investment funds whose public offerings were oversubscribed almost by a factor of eight.

Australian firm Feez Ruthning, Brisbane, is to merge with Allen Allen Hemsley in Sydney. Both firms are part of the Allens Arthur Robinson Group, share clients and have a tradition of working closely together. Managing partner of Feez Ruthning, Howard Stack, says: "It was a hard commercial decision, but this way we will provide a seamless provision of services." The merger will add 30 partners to Allen Allen Hemsley's 60 partners in Sydney and will mean the firm has 440 lawyers altogether. Stack says: "I've been spelling out the name for 27 years -- I won't be sorry to stop that."

UK firm Ashurst Morris Crisp is opening an office in Singapore. Headed by corporate partner Richard Gubbins and project finance partner Scott Brodsky, it will concentrate on international transactions and project finance. Three associates, Clive Tucker, Shaun Lascelles and Tom Whelan, will also be based in the office, opening in October.

Global harmonization of over-the-counter derivatives regulation is an idea whose time has not yet come, argues Schuyler K Henderson of Baker & McKenzie, London

Lovell White Durrant partner Robert Lee is leaving the firm's Tokyo practice in Tokyo to set up his own practice. He joined the firm from his Hong Kong practice, Robert Lee & Fong, two years ago, and had been working from Lovell's Tokyo office for the last year. Andrew Baker, resident partner, says: "He finds operating independently more attractive than working for a large firm. There is more freedom to do what you want to do."

US firm Morgan, Lewis & Bockius may be planning an office in the Russian federation. The firm recently entered into a mutual referral agreement with Rothstein & Shaw, which has offices in Moscow and Almaty, Kazakhstan. Rothstein & Shaw's practice is focused in the areas of corporate and commercial law, securities, real estate and joint ventures. In return, Morgan Lewis has the expertise of its Russian and CIS practice group, which was recently strengthened by four lawyers who joined from Coudert Brothers. Partners Jake Redway and Jan DuBois have experience in providing advice to clients on transactions in the Russian Federation and are supported by associates Adam Deery and Michael Pekowsky. Pekowsky will be resident in the Moscow office of Rothstein & Shaw.