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Changes in Italy’s legislation and government have done much to increase the work-load of firms in Italy. But as Thomas Williams reports from Milan and Rome, a second wave of competition from across the Atlantic is forcing Italian firms to reevaluate their strategies

A year ago Austria seemed about to experience the fusionsfieber seen in neighbouring Germany during the nineties. Instead, many people have gone cold on the idea of making international links. Ben Maiden reports on why the revolution has been put on hold

Insiders face many legal obstacles to trading their company’s stock, but Rule 10b5-1(c) can provide a solution in the form of advance trading plans. Steven Bochner and Leslie Hakala of Wilson Sonsini Goodrich & Rosati reveal how this often overlooked regulation can help

In the second of a two-part series, Ellen Hayes and Amy Cummings of Freshfields Bruckhaus Deringer, Washington DC, look at how recent developments in the use of multilateral agencies and political risk insurance can help investors gain confidence in project finance

According to article 758 of Poland's Civil Code, as amended by the Law on Amendment of the Civil Code Act of July 26 2000, agency is based on a contract by means of which the person accepting the mandate (agent) assumes the obligation to mediate permanently, within the scope of the activity of his or her enterprise, for a financial consideration, in the conclusion of contracts with clients for the benefit of the entrepreneur being the principal, or in the conclusion of such contracts in the prinicipal's name.

Further to the recent entry into force of CONSOB Resolution No 13086 of April 18 2001 amending CONSOB Resolution No 11971 of May 14 1999, the listing of covered warrants and structured notes of banks and supra-national entities is now allowed on the basis of programmes as an alternative to the previous regime.

The Turkish parliament passed a new law amending the law of the Turkish Central Bank on April 25. This Law is designed to free the Turkish Central Bank from political influence and authorizes it to streamline monetary policy as a completely autonomous body.

The proposal (COM (2001) 168 final) for a Directive on Financial Collateral Arrangements (the PD) was given on March 27 2001. The Finnish government has officially notified the Finnish parliament of the contents of the PD and attached a brief memorandum to the notification giving a general picture of the views of the Ministry of Finance in respect of the implementation of the PD.

By a decision published in the Official Gazette on April 25 2001, the president of Brazil confirmed that the competition authority (CADE) is not the governmental body responsible for judging the cases of mergers, incorporations or acquisitions involving financial institutions authorized to operate by the Central Bank of Brazil.

Peter Voisey of Clifford Chance, London, examines last month’s groundbreaking multi-jurisdictional real estate securitization