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On April 29 1999, the Securities and Exchange Commission (SEC) proposed once again rule amendments and a new proposed rule governing the custody of mutual fund assets outside the US. At the same time, it extended the date for complying with the amendments to the foreign custody rules until May 1 2000. The proposed new rule would govern the use of foreign securities depositories and in recognition that the previous standard of care was unworkable, the proposal drops the requirement that a fund’s board, adviser or domestic custodian find that fund assets will be subject to reasonable care if held by a foreign depository.

Europe-Increasing control on concentrations

North America-Court of Appeal rules on dissenting shareholder rights on compulsory squeeze out – equal treatment prevails over equal opportunity

Latin America-Development plan approved by Congress

Italy enacts new law on securitization

Europe-Draft ordinance bans cold calling

Middle East & Africa-Recovery of loan Interest

Europe-Finnish book-entry securities system to be revised

The Capital Markets: Irish and International Laws and Regulations By Agnes Foy (Round Hall Sweet & Maxwell, 1998) Reviewed By Mark Walsh, Partner, Brown & Wood, London and New York*

Swiss pharmaceuticals company Novartis is selling its Wasa crispbread unit to Italy’s Barilla Alimentare. The Italian food company is paying Sfr475 million ($315 million) including debt. The deal is part of Novartis’s move to refocus its consumer health division.