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Derivatives have traditionally been viewed as forbidden territory to insurance companies. But is this always true? Maria Ross and Charlotte Davies of Norton Rose, London, ask if the two can be reconciled

The Polish government, when implementing the "Principles of Operation of the Energy Market in Poland in 2000 and Subsequent Years", which determes the agenda of actions to be taken towards liberalizing and privatizing Poland's energy sector, organized the creation of the Polish Power Exchange. Its founding act was signed in November 1999 and the first market transactions were concluded in June 2000.

The European Company Statute (ECS) continues its tortuous progress towards implementation. On December 20 2000, political agreement was reached by the EU's Council of Ministers to establish the Statute, and on the related Directive concerning worker involvement in European companies. However, the question remains as to whether the compromise reached, which is still to be endorsed by the European Parliament, will in practice be palatable to countries such as the UK with less of a tradition of worker involvement, than other countries.

In December 2000, Kazakhstan took another major step to reform its financial sector by adopting a modern insurance law. In a region where the concept of insurance and the need for it are still widely misunderstood, Kazakhstan's Law on Insurance Activity aims to create the type of domestic insurance industry that is necessary for any market economy to function smoothly.

Cleary, Gottlieb, Steen & Hamilton and US rival Brown & Wood have acted on the euro 17.5 billion ($15.7 billion) multi-currency bond offering by France Telecom, the largest corporate bond offering to date. Clearys, led by John Brinitzer, advised lead managers BNP Paribas, Credit Suisse First Boston, Morgan Stanley Dean Witter and Schroder Salomon Smith Barney. Brown & Wood advised France Telecom. Representing France Telecom out of Brown & Wood's New York office were partners Jack Kantrowitz and Nicholas Brown. Partner John Russell was advising from the firm's London office.

Davis Polk & Wardwell and Allen & Gledhill have advised on Asia's first hybrid tier-one financing. The deal, for the Development Bank of Singapore (DBS), was welcomed by investors despite launching into fragile markets. Davis Polk, advising Morgan Stanley and Goldman Sachs on the international tranche, and Allen & Gledhill, advising DBS on the domestic tranche, are the first firms to work on such a deal in Asia and worked closely with the Monetary Authority of Singapore to establish the regulatory structure.

A poor year for capital markets work and the prospect of a slowing economy are adding to the pressures on Portuguese law firms to define their strategies. Thomas Williams reports from Lisbon on what firms are looking to do next

On February 21 2001, Uruguay enacted Law No. 17,296 which, among other things, puts an end to the state monopoly over telecommunications services and creates a regulatory entity over telecommunications operations. A summary of the main aspects of the Act follows below.

Brigette Baillie at South African firm Webber Wentzel Bowens has been advising a group of South African construction companies and foreign investors on a project to build the country's third road under the government's privatization programme. The Platinum Toll Road (N4W) deal will reach financial closure during April. Dan Reynell, a banking and finance partner at Clifford Chance in London is advising the lending syndicate comprising two South African lead arrangers: Investec Merchant bank and Nedcor investment bank. The other lenders are Asba Bank, Nedcor Bank and Standard Bank.

The Singapore joint law venture between Lovells and Lee & Lee, approved by the attorney general in August 2000, took effect on March 1. The joint venture is structured as a limited company with six directors each from Lovells and Lee & Lee. An executive committee has responsibility for day-to-day management. The joint venture comprises 17 partners and 32 other lawyers all based in Singapore, covering corporate and commercial law, banking, project finance, intellectual property and information technology, as well as business reconstruction, debt rescheduling and insolvency.