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  • Act No 95-277 of March 25 1997 gives French employees the statutory right to participate in private pension fund schemes. By Bernard Carrez of Siméon & Associés, Paris
  • International commercial arbitration in China and Hong Kong after July 1997 remains an area of law full of uncertainties. Simon G Zinger of Graham & James LLP, San Francisco, looks at the options for parties to disputes
  • Lloyd's litigation
  • Hitherto neglected areas of Islamic commercial law can be used to create an Islamic structure for project finance deals. By Mansoor H Khan of Khan & Associates, Lahore, Pakistan
  • Legislative reform of the German financial markets continues with the publication in April of the long-awaited draft of the Third Financial Markets Promotion Act. The bill is expected to come into force on January 1 1998.
  • The new law on pledges in Poland should give project finance and other asset-backed lenders the protection they have lacked in the past. By Tomasz Dabrowski and George Macdonald of Salans Hertzfeld & Heilbronn, Warsaw and London
  • US government bonds are at last being integrated with other major government bonds and Eurobonds into the international clearing system. By Kathleen Tyson-Quah of KTQ Consulting, London, and Seth Weinberger of Mayer Brown & Platt, Chicago
  • The Basle Committee’s Tier 3 capital rules enable banks to hold capital against market risks. Here is how US banks can take advantage. By Edward G Eisert, Isaac B Lustgarten and Lynn S Kaplan, Schulte Roth & Zabel LLP, New York
  • The Commission has adopted a proposal modifying the Capital Adequacy Directive (93/6) to reflect the 1996 amendment to the Basle Capital Accord, which comes into force at the end of 1997.
  • Two recent changes to Vietnam's banking laws have been heavily criticized by foreign bankers. Circular No. 07/TT-NH1 dated December 27 1996 concerning bank cheques, which came into force on April 1 1997, imposes tight restrictions on the use of cheques within Vietnam.