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  • Varied fortunes for the South African bond market
  • Brazil commits to lifting exchange controls
  • UBS, the Swiss financial group and world's largest private bank, is buying PaineWebber, the fourth largest private client bank in the US, for $10.8 billion. The deal gives UBS access to PaineWebber's $475 billion worth of client assets.
  • Late June and early July saw a flurry of equity issues closing as bankers, lawyers and corporate chiefs alike tried to clear their desks before a well-earned summer reprieve. Among the offerings for those picking up investments before picking up the suntan lotion were two technology flotations - Zen Research and Orchestream – which took place in London under Chapter 25 of the listing rules of the UK Listing Authority. Allen & Overy, was involved in both through its relationship with UBS Warburg.
  • Leanne Tilbrook and Helen Anderson of Freshfields, London, report on new EU regulations governing insolvency proceedings and their implications for creditors
  • Uzbekistan continues cautious liberalization of currency regime
  • Money laundering reporting
  • New code of conduct for Italian banks regarding corporate restructurings
  • Electronic transactions bill
  • New rules for reverse convertible or exchangeable notes