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In the past, registered shares have only been issued by a very limited number of German stock corporations. Instead, the vast majority of listed companies in Germany used to issue bearer shares. It was only in 1998/99 that the issuance of registered shares began in earnest, when modern information technology enabled the central Germany clearing house, Clearstream Banking, to overcome difficulties in handling registered shares. Since then, a number of big DAX-listed corporations have changed from issuing bearer shares to registered shares. In doing so they intend to get a better picture of their shareholders, improve their investor relationships and obtain an acquisition currency for takeovers of US companies by directly listing the shares on US stock markets without having to implement an American depositary receipt program.

Kazakhstan's new law on financial leasing (the Lease Law) became effective on July 13. It regulates tripartite transactions involving a sale of assets from a supplier to a lessor, followed by the lessor's lease of those assets to a lessee. Although this type of transaction was first recognized by the special part of the Civil Code in July 1999, it has remained relatively rare due to the lack of clarifying legislation.

Loeff Claeys to advise on Belgian telecoms auction

Germany signs up for e-commerce bill

White & Case has helped the Slovak government to complete the privatization of the Slovak Republic's state monopoly telecommunications company. The deal was signed on August 4 when Deutsche Telekom bought a 51% stake in the company, Slovak Telekom, for euro 1 billion ($900 million).

Andersen Legal has created Brazil's first combined legal and auditing practice. Thiollier, Pinheiro e Branco Advogados formally started operations on August 4 with the merger of Andersen Legal firm Branco Advogados Associados and local firm Thiollier e Pinheiro Advogados. The merger had been opposed by some Brazilian firms, which argued that a combined accountancy and legal practice would cause client conflict and referral problems.

Angela Clist, Allen & Overy

Bill Tudor John

The Securities and Exchange Commission has hired the managing partner of Pillsbury, Madison & Sutro's Washington, DC office.

Lon Bouknight, Steptoe