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The release of draft recommendations for best practice in cross-border legal services at an IBA showcase session highlighted divisions within the profession.

In July 2003 the Austrian parliament enacted the Real Estate Investment Fund Act (Immobilien-Investmentfondsgesetz - ImmoInvFG), which came into force on September 1 2003. This new legislation aims, in particular, to encourage private investments in real estate. Previously, Austrian law had only contained rules concerning investment funds in securities.

Over 3,000 lawyers collected in San Francisco in mid-September at the International Bar Association's annual conference. Reporting by Emma Barraclough, Michael Evans, Andrew Crooke and Ben Maiden

Europe's Prospectus Directive is meant to create a securities market to rival the US. Jim Bartos of Shearman & Sterling LLP compares the two regimes, and finds each still has something to learn from the other

Stock Exchange organization Euronext has eliminated the so-called all-or-nothing order as of September 1 2003, whereby investors and traders can ensure that a stock exchange order is either completely executed out or not executed at all. According to the stock exchange, this type of order confuses investors and too little use is made of it. This is particularly important with stocks that are rarely traded. Because of a lack of counterparties, an ordinary stock exchange order often leads to partial execution of the order. This results in high costs. Sometimes partial execution is inadequate for the acquisition of the necessary number of parts. According to Euronext, the all-or-nothing order leads to a lack of clarity among investors. "Confusion exists if the share price conforms to the limit set, but the order is not performed due to the number of parts not corresponding," it said. According to Euronext, too little use is made of the order in The Netherlands. "Less than 1% of the turnover in the order book is a result of all-or-nothing orders," the exchange said. In France and Belgium, the order is used particularly by private investors.

The Irish Supreme Court recently published its decision in the case of In the matter of Bula Limited (in Receivership) Supreme Court, 11 April 2003 (unreported). The case arose from the sale by a receiver of the assets of Bula Mines and confirms the obligations to be discharged by a receiver upon the sale of property.

After much review and discussion, on June 6 2003, the parliament of Georgia adopted the Law on the Prevention of the Legalization of Illegal Revenues. The law is expected to assist the Georgian government in fighting two of the country's most problematic economic issues - money laundering and tax evasion. The legislation creates mechanisms to prevent the legalization of illegal revenues and the financing of terrorism. It will apply equally to both residents and non-residents of Georgia, as well as to their representatives, representative offices and branches.

Shearman & Sterling and Slaughter and May are advising on a telecoms deal valued at €7.1 billion ($7.6 billion) that should see France Telecom take full control of mobile phone operator Orange.

The success of self-referenced credit-linked notes as a new investment tool depends on whether lawyers can overcome concerns that their redemption is in fraud of bankruptcy laws. Scott Farrell of Mallesons Stephen Jaques considers how this can be done

Under Swiss law, the distribution of an investment fund requires authorization as soon as the fund is publicly offered to investors in Switzerland through public solicitation. The term public solicitation has been the subject of wide interpretation. Consequently, the Federal Banking Commission (FBC) has stated in a circular in effect since July 1 2003 that solicitation is considered to be public if addressed to more than 20 individuals within a business year.