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Tony Williams, who has been Clifford Chance's Moscow head for the last two years, will shortly relocate to London to begin the transition to managing partner. Williams beat off the challenge of London partner Peter Charlton in the second ballot of the whole partnership and has been given an extended mandate of five years compared to the three year terms served by Geoffrey Howe. "It was decided to change it to five years as it was felt that five years for an initial term was more appropriate for what is now a quite complex job," comments Williams.

The Euro NM network of markets, offering a less demanding listing regime for young high-risk companies, has been extended to the Netherlands. By Pieter Riemer of Trenité Van Doorne, London

A new raft of financial services reforms opens the way for more competition from abroad, among other significant reforms. By Paul Belanger of Blake, Cassels & Graydon, Toronto

Avoiding censure from the European Commission, France has dropped its restrictive practices on Eurofranc management and listings. By Gilles Endréo of Linklaters & Paines, Paris

Two recent Court of Appeal decisions in Hong Kong each touched on an issue of concern to banks in their dealings with customers and third parties: first, whether a mortgagee is bound by a Mareva injunction, and secondly whether a trust can be impressed on deposits secured by contract.

The Financial Transactions Reporting Act 1996 seeks to combat money-laundering through financial institutions in New Zealand. The Act imposes various obligations on 'financial institutions' (defined widely), including the obligation to report suspicious transactions to the police.

In April 1997, the Response of the Securities and Futures Commission to the Public Consultation on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Response) to the Consultation Paper on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Consultation Paper) was released by the Securities and Futures Commission (the SFC).

Third Annual In-House Counsel Event

China promulgated the PRC Anti-dumping and Anti-subsidy Regulations on March 25 1997. The Regulations aim to maintain fair competition in foreign trade and protect the relevant Chinese domestic industries in the event dumped and subsidized 'imported products' cause substantial damage to the established domestic industries, pose a substantial threat of damage, or create substantial obstacles to the establishment of domestic industries.

Former special counsel at the US Securities and Exchange Commission (SEC), Walter Van Dorn, is to join the London office of US firm Rogers & Wells. Based for a transition period in the firm's Washington DC office, he expects to be permanently resident in the UK by around October. Van Dorn expects to work on ADR offerings and listing of non-US companies on US exchanges. "London is really the hub for trans-national and international work. With the fall of the communist bloc that demand increased," he says. "Rogers & Wells was looking for US lawyers as are a lot of US firms. European companies need this sort of advice, and it is convenient to have the skills on offer in London so clients can cut right to the chase."