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Recent delegation of powers from the CFTC to the NFA should lead to faster approval of non-US entities to engage in futures trades with US customers. By Michael S Sackheim of Brown & Wood LLP, New York

The Fed has proposed changes to Regulation K which liberalize the rules governing expansion in the US for international banks. By Connie Friesen and David Nissenbaum of Richards & O’Neil LLP, New York

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.

Republic Act No. 8183, approved on June 11 1996, repealed Republic Act No. 529. The old act was entitled the Act to Assure the Uniform Value of Philippines Coin and Currency, or more simply, the Uniform Currency Law. The Uniform currency law, in effect since June 16 1950, declared as "against public policy, and null, void, and of no effect" any provision pertaining to any domestic obligation which "purports to give to the obligee the right to require payment in gold or in a particular kind of coin or currency other than Philippine currency or in an amount of money of the Philippines measured thereby".

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.

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.

English law recognizes both legal interests (eg the interest of a registered holder of shares) and equitable interests (eg the interest of a beneficiary in shares held on his behalf under a trust). Although the High Court has had jurisdiction to enforce rules of both common law and equity for over 120 years, whether a rule has its origins in law or equity may be significant now. Two recent decisions of the Court of Appeal demonstrate this.

Despite some growing pains, Russia is still the world’s favourite emerging market. Moscow is the place to be thanks to a wealth of large potential clients and a market still short of lawyers. Nick Ferguson reports

Argos, the UK catalogue retailer, is fighting a £1.6 billion (US$2.6 billion) hostile takeover bid from rival UK company Great Universal Stores (GUS). Disappointing Christmas sales led to a sharp drop inArgos's share value and to the takeover attempt from GUS. Argos, saying the move is "opportunistic", has appointed a new chief executive to fight the hostile bid.

Three UK firms, Linklaters & Paines, Allen & Overy and Clifford Chance continue their dominance in MTNs. But Allen & Overy has leapt ahead of its competitors in the drawdown market. By Richard Forster and Barbara Galli