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So far, branches have been the most popular way for banks and finance companies to enter the Chinese market. But joint ventures offer an attractive alternative. By Philip Gilligan and Steven Blayney of White & Case, Hong Kong

Nearly five years ago, Italian pension schemes were reorganized (Legislative Decree No. 124/93) and subsequently modified by the general reform on pension law (Law No. 335/95). The reforms were intended to reduce state social security costs, saving resources for a pension system that would be competitive in Europe. Unfortunately they have been partially delayed in the system.

The government has accepted most of the proposals for reform of the financial sector put up by the government-appointed private sector committee on financial sector competitiveness made public its report offering detailed proposals to promote Singapore as Asia's premier financial centre.

In the aftermath of the Asian financial crisis, the government can claim two major achievements in reforms to reduce public deficit:

The US's principal federal anti-discrimination law – Title VII of the Civil Rights Act of 1964 – has a long extraterritorial reach. Not only does it apply to employees of US and foreign employers working within the US, but it also covers US employees working abroad if the company for whom they work is controlled by a US entity. However, Title VII does not apply to foreign nationals working outside the US.

After the 1992 enactment of the regulatory scheme for the securitization of mortgage assets, the government prepared a draft Royal Decree to regulate securitization funds for non-mortgage assets. Approval of this Royal Decree is expected in the next few months.

The Act on real estate funds has been ratified to enter into force on March 1 1998. The Act provides a more secure and regulated means for the public to invest in real estate.

A rule of the Copenhagen Stock Exchange (CSE) required any shareholder who attained legal or de facto control over a listed company to offer to buy the other shareholders' shares on the same conditions that the controlling shareholder bought the shares to gain control of the company. The initial proposal for the Securities Trading Act (STA) also contained this rule, but when it was adopted by Parliament in 1995, the control necessary to trigger the requirement to make a purchase offer to other shareholders was limited to control obtained through a majority of votes in the company.

Compaq, the US computer manufacturer, is set to pay approximately US$9.6 billion for Digital Equipment Corporation, the supplier of networked computer systems, software and services. Upon completion, Digital will become a wholly owned subsidiary of Compaq. The transaction is the computer industry's largest to date. Skadden, Arps, Slate, Meagher & Flom represent Digital and Davis, Polk & Wardwell represent Compaq. Skadden Arps's team is headed by mergers and acquisitions specialist Joseph Flom and includes fellow mergers and acquisitions partners Roger Aaron, Louis Goodman and Howard Ellin; antitrust partners Benjamin Crisman, Michael Weiner and Barry Hawk; tax partner David Rievman and Stuart Alperin, a partner specializing in employee benefits and executive compensation.

The UK's system of distinguishing levels of barristers should be disbanded, according to a report published by free market think-tank, the Adam Smith Institute. Its author, Peter Reeves, criticizes the system of Queen's Counsels (QCs or silks) as being costly and misleading. The radical proposal follows recent criticism made by the Lord Chancellor, Lord Irvine, about top commercial barristers charging excessive fees.