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Although the system being used by the Hong Kong Law Society for approving foreign lawyers was not what was contemplated by the legislation, the Hong Kong Court of Final Appeal has accepted its validity. The Legal Practitioners Ordinance clearly contemplates that the Law Society should assess whether an applicant to be admitted as a solicitor in Hong Kong has the necessary qualifications (largely practical experience) before issuing a certificate stating which further examinations the applicant must pass before being admitted. However, the Law Society had begun a system, which it deemed to be more flexible because the exams were only carried out once a year, whereby it issued a certificate relating to exams before assessing whether the applicant had the requisite practical experience. The Court held that though this was contrary to the intention of the Ordinance, the Law Society's "flexible" procedures were acceptable.

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

The slump in issuance since October 1997 has affected all firms with Asian equities practices with the biggest offerings bringing more comfort to US rather than UK firms. Nick Ferguson reports

Richard Parolai and Michael Elland-Goldsmith of Clifford Chance, Paris, advisers to CSFB

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

Two recent cases have considered the scope of two types of provision commonly found in loan agreements, bond and other debt instruments.

Goldman Sachs’ strategy for Shell — to obtain funding at the lowest cost through currency swaps — has failed so far before the Canadian courts. Ron Schlumpf of CIBC Wood Gundy, Toronto explains the regulatory risks of derivatives

On October 1 1998, the Spanish parliament passed a law amending the Securities' Market Law and modifying various other aspects of Spanish securities market-related laws. Among the main features of this new law are the following:

Banking confidentiality in Poland is regulated by the Banking Act of 1997. Generally it is based on the rather restrictive French model, however, the legislators have used their own construction in the wording of the legislation. Polish confidentiality regulations are within the bounds of the EU's legal framework and the requirements set for OECD members.

Stock exchange equity transactions are settled through a complex procedure, the first stage taking place within the relevant regulated market, and the second stage performed by the clearing houses managed by the Bank of Italy.