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Since introducing the International Collective Investment Schemes concept last May, Cyprus has been active in refining the regulations governing their use. Constantinos Adamides, Adamos K Adamides & Co examines the latest developments

Japanese lawyers are opposed to the outcome of a government-commissioned legal report, which recommends partnerships with foreign firms for the sake of the economy. The Corporate Legal System Study Group, set up under the Japanese Ministry of International Trade and Industry, has identified areas for legal services reform. Highlighting the globalization of the economy, the report said: "The current judicial system is incapable of adequately supporting the activities of enterprises."

US financial institutions fear they will be exposed to more lawsuits following the adoption of new disclosure rules by the Securities and Exchange Commission (SEC).

Although the privatization process began in Turkey in the early 1980s, it has accelerated recently as a result of the IMF and World Bank-sponsored economic reform program. Within the framework of this program, a decree (the decree) was enacted in July to start the privatization of Türkiye Vakiflar Bankasi (Vakif Bank). This privatization is the first step in what is expected to be a radical restructuring of the public banks in Turkey.

The Central Bank of Ireland recently approved what is believed to be one of the first regulated exchange-traded funds in Europe. Exchange-traded funds have become an extremely popular investment vehicle in the US and it is anticipated that European investors will also be attracted to the product's benefits. An exchange-traded fund permits investors to effectively purchase a correctly weighted basket of stocks to accurately track an index. It is structured to reduce costs at the fund level by providing that subscriptions and redemptions for shares in the fund take place by way of an in specie transfer of large blocks of securities of the type in which the fund is established to invest. This transfer obviates the need for the fund to purchase the securities directly in the market and thereby reduces transaction costs at the fund level. Generally, exchange-traded funds make use of equity derivatives to ensure compliance with concentration restrictions. Facilities are also generally provided for smaller investors to purchase shares on the secondary market through an accepted clearing system.

On August 10 2000, within the space of two hours, Brazil sold $9.3 billion in stocks and bonds, mostly to foreign investors. This represents the strongest sign yet that investors have regained confidence in Brazil after last year's currency devaluation.

Brazilian oil company Petroleo Brasileiro, known as Petrobras, has completed the country's largest ever international equity issue. The deal, one of the biggest ever stock sales in Latin America, was a coup for Mattos Filho, Veiga Filho, Marrey Jr, Moherdaui e Quiroga Advogados, the only national firm involved in the deal.

Duane Quiani

Leading multinationals are lobbying the Chinese government in an attempt to create positive Internet rules for the development of China's e-commerce industry. The coalition of companies hopes to prevent stringent legislation from hampering e-commerce growth.

The head of Cameron McKenna's Hong Kong corporate finance practice, along with several of his team, is heading for Brown & Wood. According to Cameron McKenna, the firm is refocusing its corporate practice in an attempt to win more lucrative cross-border M&A and securities deals.