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  • • US firm Winthrop, Stimson, Putnam & Roberts has made Christine Pallares partner. Pallares, who specializes in corporate and capital markets, is based in New York.
  • A few recent securitization transactions have shown the benefits of this financing method. Recent reforms make it more attractive. By Sandrine Hirsch and Koen Byttebier of Stibbe Simont Monahan Duhot, Brussels
  • The benefits of the US Foreign Sovereign Immunities Act may not be available to ‘second tier’ state companies. By Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York
  • The Financial System Statute lays down that leasing services can only be offered by certain companies known as Commercial Financing Companies (CFCs). CFCs require prior authorization from the Banking Superintendency, and are subject to a special regime. CFCs must be organized as stock companies. They cannot be branches of foreign companies, but they may be subsidiaries. CFCs may effect active credit transactions up to the equivalent of 35% of total assets.
  • Swiss banking secrecy is based on the bank's duty of confidentiality towards the customer, the customer's privacy rights, and the Federal Banking Code, which makes any breach of banking secrecy a criminal offence. These legal bases are as undisputed as the fact that banking secrecy is by no means absolute.
  • Argentine Law 24597 (the Registration Law), published in the Official Gazette on November 22 1995, established that all securities issued by Argentine private sector issuers should be converted to non-endorsable registered form and that no bearer securities should be issued by Argentine private issuers thereafter.
  • On April 16 the Czech government announced a package of measures to cut growing budget and trade deficits, stimulate the sluggish economy, dampen demand for imports and add confidence to the Czech capital markets. The package consists of monetary and fiscal measures, policies on privatization and capital markets and the protection of the domestic market, and measures aimed at tackling white collar crime.
  • The stamp duty on loans from Finnish banks and their branches abroad, now charged at 1.5%, would, under a plan initiated by the second minister of finance, be abolished. It has been claimed that stamp duties on loans, which in Europe are charged only in Finland and Denmark, discriminate against Finnish banks when compared with foreign banks active in Finland (other than Finnish branches of foreign banks, loans from which are also subject to 1.5% stamp duty).
  • UAE
    The government of Dubai recently issued Regulation No. 2 of 1997, setting forth guidelines to be used by branches of foreign banks in calculating income tax due to the government of Dubai from taxable income arising from the conduct of business in the Emirate of Dubai.
  • The Supreme Court has been working with the Singapore Academy of Law to promote the resolution of disputes by way of mediation. Cases considered suitable for mediation have been identified by the Supreme Court and, with the parties' consent, referred to the Commercial Mediation Service of the Singapore Academy of Law. The promotion of the use of mediation is another extension of the judiciary's efforts to encourage litigants to settle their disputes amicably.