Bankers claim a regulatory blunder in the offing will force securities trading activity out of the EU if it goes ahead, writes Emma Barraclough

UK brokers and fund managers are confronted bold new plans drawn up by regulator, the Financial Services Authority, to force them to separate trading and non-trading costs when they charge clients. Thomas Williams talks to Christina Sinclair, head of the FSA’s business standards department, about the proposals

Marconi’s restructuring is troubling the derivatives market. The banks that have bought protection against the company are unsure whether its agreement with lenders counts as a credit event. Could banks find their credit swaps against other companies are similarly vague?

US and UK law firms are collaborating and competing with domestic peers to reap the benefits of the Japanese securitization boom.

Recent post-Enron SEC statements confirm that public companies in the US will soon have to undergo far greater scrutiny than ever before.

There is huge potential in business-method patents, and the financial sector in the US has begun to realize this. As in so many other areas of intellectual property, Europe is being needlessly left behind.

A rash of European high-yield defaults has pointed up the skills of specialist law firms practised in pursuing the interests of bondholders.

Introduction of euro notes and coins involves complex decisions on the part of bankers on how to deal with legacy currencies in contracts.

In the wake of recent events, bankers and their lawyers need to be much more aware of the need to balance effective legal compliance with a respect for client confidentiality.

UK proposals on the reform of insolvency procedures take account of the special needs of securitizations. There is, though, uncertainty that all types of such deals are covered.

In an economic downturn, law firms specializing in financial business can ease the pain by establishing relations with their clients that are not strictly based on individual deals. The clients may also benefit.

Aspects of the proposed EC Prospectuses Directive could upset the smooth running of the Eurobond markets.

European banks risk finding themselves outpaced by US competitors in the bid to protect and exploit their intellectual property.

The European market for collateralized debt obligations is set to grow significantly this year. This promises to be an area of intense interest for US and UK structured finance lawyers.

Economic and competitive pressures facing telecoms operators in Europe and internationally could, in turn, expose the equipment suppliers to heightened credit and legal risk.

Despite investor demands for tighter dot com management controls, B2B and B2C companies still have little awareness of their exposure to legal risk By Nigel Page

The restructuring of the Paris legal scene took an unexpected turn late last year, when one of the city’s leading French M&A partners finally gave up on his old firm and did what his colleagues had spent the last two years avoiding – he joined an Anglo-Saxon firm.

The Financial Services Authority will set up a new market abuse regime next year, but with the proposals on the table, City lawyers doubt that it will make their lives, and those of their clients, any easier. By Richard Tyler

The Financial Services Authority will set up a new market abuse regime next year, but withthe proposals on the table, City lawyers doubt that it will make their lives, and those of their clients, any easier.

The financing of the Julietta goldmine project in Russia's far east has been handled by commercial banks thanks to careful work by law firms

Capital markets in the Gulf are rich with potential. The markets are developing rapidly, especially in the UAE, but international investors will only get involved once the requisite legal framework is in place. By Nigel Page

The prolonged corporate finance spree is offering law firms a rich source of premium deals. However, winning the business places a heavy burden on staff. By Nigel Page

The explosion in M&A and restructuring activity across Europe has triggered a transformation in the types of financing structures employed. Law firms are already restructuring themselves to take advantage of the shift. By Nigel Page

Powerful international task forces charged by G7 governments with fighting money laundering have long pressured banks into taking responsibility for the activities of their customers. Now lawyers may come under the same kind of scrutiny By Nigel Page

The nature of sovereign debt reschedulings is changing as private sector bail-ins of diverse groups of bondholders replace the Brady-style deals that used to be negotiated between borrowers and tight groups of creditors. Lawyers have their work cut out.

The Securities & Exchange Commission wants to impose new responsibilities on audit committees, but the potential liability might put off the highly qualified people companies need to attract. By Mark Kessel

Online offerings present new challenges to financial lawyers, not least issues of security, jurisdiction and accuracy.

Electronic information exchange and speedily created documentation are crucial ways in which lawyers can add value to their products. By Nigel Page

Lawyers invest for EU expansionLaw firms move now to win future business in central and eastern Europe. By Nigel Page