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In autumn 1996, the ministry of finance appointed a working group to assess the need for securities legislation and to propose amendments. The working group prepared a memorandum called Securities Markets 2000 on the Finnish securities markets and securities legislation. The memorandum was published in February 1998.

In February 1998 amendments to acts regarding the financial sector were proposed. They included the following:

US newsprint company Bowater announced on March 9 it is to pay C$3.5 billion (US$2.4 billion) for Canadian forest products company Avenor. The offer comprises C$2.5 billion in shares and C$1 billion in assumed debt, and sees off rival Abitibi-Consolidated, which also bid for Avenor last month. The deal means Bowater will become the world's largest newsprint producer after Abitibi. Bowater's Canadian counsel is Fraser & Beatty, Toronto, and the lead partner is Jamie Plant. US counsel is Cravath, Swaine & Moore, New York, and the lawyers are coordinated by Allen Finkelson. Local advice is provided by Wyche Burgess Freeman & Parham, in Greenville, South Carolina.

The pressures of internationalization are driving Benelux firms to look beyond their own borders for potential allies in the global market of the future. Nick Ferguson reports

As capital markets, project finance and securities work dry up in Asia some law firms are concerned. Most are compensating by changing the emphasis of the work they offer. Some are even expanding. By Mairi MacLean of Baines Gwinner, London

After two introductory articles, covering cross-border financing and project financing transactions, the insolvency rules in four of the countries most hard hit by the financial crisis are discussed in detail Does the crisis bring default under MAC clauses? After currency devaluation in Asia, lenders and borrowers are scrutinizing material adverse change (MAC) clauses to determine their respective positions. By Richard M Gray of Milbank, Tweed, Hadley & McCloy, Singapore How to arrange workouts in project financing The crisis in Asia has boosted the existing dangers of failures in project finance transactions. This article outlines the ways to find a solution to failures. By Troy Alexander of White & Case LLP, New York Indonesian bankruptcy law protects creditors Indonesia offers two options to creditors: bankruptcy and moratorium law. The bankruptcy law is more attractive and designed for their benefit. By Robert N Hornick of Morgan, Lewis & Bockius LLP, New York Japan offers debtors and creditors greater options Japan's legal system has a range of alternatives for insolvency proceedings. Bankruptcy is by far the most common. By Naoaki Eguchi and Yoshiaki Muto of Tokyo Aoyama Law Office and Jeremy Pitts of Baker & McKenzie, Toyko Korean insolvency laws protect foreign investors Creditors and shareholders of insolvent Korean companies have three main attractive systems to protect their interests. The courts are showing increasing flexibility. By YS Oh and Keun Byung Lee of Bae, Kim & Lee, Korea New Bankruptcy Act to boost Thai economy Thailand's new Bankruptcy Act should protect insolvent companies while providing incentives to foreign creditors to inject funds to reorganize businesses. By Kitipong Urapeepatanapong, Sawanee Sethsathira and Chirachai Okanurak of Baker & McKenzie, Bangkok Law firms adjust to Asian economic troubles As capital markets, project finance and securities work dry up in Asia some law firms are concerned. Most are compensating by changing the emphasis of the work they offer. Some are even expanding. By Mairi MacLean of Baines Gwinner, London

UK firm Freshfields is starting a joint venture with a Japanese lawyer, or bengoshi. The joint venture is the closest form of cooperation allowed by Japanese bar rules between bengoshi and foreign firms. Freshfields will become the fifth law firm to form a joint venture, after French firm Gide Loyrette Nouel and US firms Baker & McKenzie, Sullivan & Cromwell and White & Case. Restrictive legal rules mean foreign law firms in Tokyo are forbidden from employing bengoshi, or offering them partnerships. The joint venture allows firms to share offices and other expenses, but they must keep all income separate. There are many foreign law firms in Japan but joint ventures are rare because foreign lawyers think the system is flawed. Ruth Markland, Freshfields' managing partner in Asia agrees to a point. "It is unsatisfactory because it would be ideal to be able to offer full partnership," she says. "But we feel the time is right to have a Japanese capability and this is the structure that is allowed." Markland expects the planned economic reform will lead to greater demand for legal services in Tokyo.

Taking of evidence in Switzerland for a trial abroad is governed by three different bodies of law:

Compagnie Générale des Eaux (CGE), the French utilities conglomerate, is to acquire the French media group Havas, in a Ffr40 billion (US$6.5 billion) deal. CGE was already, since last year, the dominant shareholder in the media group. Jean-François Prat, name partner at Bredin Prat, Paris, advises CGE.

On February 19, the Bank of Botswana liberalized exchange controls. The liberalization falls short of a complete abolition of exchange controls, although this may occur in the next six to eight months.