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• Clifford Chance's London office has lost its head of corporate finance, Peter Brooks. Brooks has left to become general counsel for one of his clients, Deutsche Morgan Grenfell. He has worked at Clifford Chance for 28 years.

John Taylor, general counsel at the European Bank for Reconstruction and Development, London, talks to Diana Bentley

The contract for Laibin B, China's first 100% wholly foreign-owned build-operate-transfer (BOT) power plant, was formally agreed in Beijing on November 11 1996. Under the HK$4.57 billion (US$600 million) contract, GEC Alsthom, an Anglo-French engineering group, and Electricite de France (EDF) will jointly control the company undertaking the contract. EDF will hold a 60% stake and GEC, 40%. The project is scheduled to be completed sometime after 1999, whereupon EDF and GEC will operate the power plant to recoup their investment before the power plant reverts to the Guanxi government at the end of the term.

The single market has promoted growth, employment and competition, but the EU still has some way to go towards meeting the target of creating a set of truly common rules. This is the theme of a major new report to be presented by the Commission at the next European Council meeting in December. The report took two years to complete and gives an overview of the impact and effectiveness of the single market since its inception nearly four years ago.

Recent developments in the legal field in Turkey include the following:

Performance bonds are contracts of guarantee commonly used in international trade. Their commercial purpose is to secure the performance of a primary obligation through assured and prompt payment in case of default. No dispute arising out of the underlying agreement between the principal and the beneficiary of the guarantee ought to interfere with the independent undertaking of the guarantor. Hence, performance bonds invariably include an absolute undertaking by the guarantor to pay 'on first demand'.

The regulatory reforms to the economic and tax regime of the Canary Islands are still awaiting approval by the Spanish authorities. When the process, which started in 1991, is finally completed, the Canary Islands Special Zone will take effect within the framework of the EU, and will remain operative until at least the year 2024. One of its objectives is the creation and development of a Canary Islands financial market.

The concept of lending money is relevant to a number of pieces of legislation in Australia and can be either the trigger for the imposition of restrictions or the basis of exemptions.

In a referendum, Norway voted against membership of the EU. However, because Norway is a member of the EEA, EU legislation on finance and commerce must also be implemented as domestic Norwegian law. Not only does this open up Norway for business from the EU; it opens up the EU for business from Norway.

A bill on the legislative framework for the National Securities Centre was recently published by the Finnish government. Under the proposal, legislation on the book-entry securities system would also be amended.