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By Enrique Sanz and Patricia Manca of Landwell Abogados y Asesores, Madrid

By Carlos de Sousa e Brito and Filipe Falcao Oliveira of Carlos de Sousa e Brito & Associados, Lisbon.

Luís M S Oliveira and Pedro Patrício Amorim og Oliveira, Martins, Moura, Esteves e Associados - Sociedade de Advogados

By Duarte Abecasis and Francisco Santos Costa of Luiz Gomez & Associados, Lisbon

By Carlos Costa Andrade of Vasconcelos, F. Sá Carneiro, Fontes & Associados, Lisbon

A report prepared by Fernando Vives of Garrigues & Andersen, Madrid

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."

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.

The Securities Act of Chile prohibits insider trading and the misuse of privileged information. It states that all people who have access to privileged information, resulting from their office, position, activity or relationship, must keep it confidential and may not use it for their own benefit or that of a third party. Nor may they acquire securities for themselves or for a third party, directly or indirectly, based on such privileged information. Tipping privileged information is also prohibited, and those who handle privileged information have the obligation to control and supervise that their employees and related third parties abide by this rule.