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While Hong Kong law firms are suffering from the consequences of the regional financial crisis, the less affected Chinese legal market continues its evolution. Barbara Galli reports

One year after its enactment, Decree-Law 70/97 of April 3 (Netting Law) has fulfilled many of its expectations. A formidable increase in derivative documentation efforts clearly shows the renewed interest of derivatives transaction agents dealing with Portuguese residents to make use of the advantages arising from Portugal's entry in the netting jurisdictions' league.

Confidentiality issues can affect not only how you issue project bonds but whether a deal is even possible. Richard Forster reports on the disclosure issues facing sponsors and bankers

Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

The example of a recent case involving PERLS shows the dangers for financial institutions of new investment products. Particular care should be taken to manage the legal and regulatory risks. By Jonathan Kelly of Simmons & Simmons, London

The principle of banking confidentiality has traditionally also protected the fraudsters. The strong confidentiality jurisdictions have taken measures to discriminate. By Franco Taisch of Liechtensteinische Landesbank, Vaduz

Hong Kong market regulators have acted to promote Hong Kong as an international financial centre while protecting the interests of local retail investors. By Richard A Drucker and Timothy A Steinert of Davis Polk & Wardwell, Hong Kong*

A New York Court of Appeals case in May suggested that the US may introduce a system like the UK Mareva injunction to protect assets in insolvency. By Ronald L Cohen of Seward & Kissel, New York

The Singapore Law Society has issued a new code of conduct for lawyers in an attempt to provide greater transparency. The code, which came into force on June 1, formalizes the Society's existing Practice Directions, a series of guidelines for lawyers covering ethics, client-lawyer and lawyer-lawyer relationships, and conduct of business. Lawyers must now ensure clients are aware how much they will be charged, and on what basis, before work is started. They must also keep clients 'reasonably informed', making sure they see all relevant documents, and are now expected to respond promptly to telephone calls from clients and keep appointments unless they have good reasons. Lawyers found guilty of misconduct can be fined up to $5000, reprimanded, suspended or even struck off.

Freshfields and Baker & McKenzie advised on more privatization deals than any other firms in 1997. In what was a record year both firms advised on 117 transactions; more than double that of third-placed firm Linklaters & Paines. Last year the total value of privatizations topped US$160 billion, according to league tables published in Privatisation International. Freshfields, which heads the table because of the higher value of its transactions, benefited from a bumper year in Asia, despite the slowdown towards the end of the year.