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The Stock Exchange of Hong Kong Limited (the HKSE) recently granted the first waiver under the guidelines issued in January 1996 for infrastructure companies which do not meet the general three-year profit requirements. The waiver was granted to Road King Infrastructure Limited whose shares were listed on July 4 1996.

As China enters its ninth five-year plan this year, the BOT (build-operate-transfer) method of infrastructure financing has been receiving keen interest. In particular, power plant project financings are moving closer to the international model of BOT investments.

A communiqué issued by the Undersecretariat of Treasury has amended some sections of the previous communiqué on foreign investment. The main points are as follows:

Fifteen years ago, a partial revision of the Swiss Federal Constitution anchored womens' rights to equal treatment in respect of family, education and work, guaranteeing them in Article 4(2) the right to equal pay for equal work. The Swiss Federal Parliament has now enacted an Equality Act (Gleichstellungsgesetz) which came into effect on July 1 1996. The main focus of the Act is on furthering the equal treatment of men and women at work. The following are the most important changes.

A draft Investment Business (Jersey) Law is expected to be submitted to the States of Jersey towards the end of this year. The Investment Business Law would be Jersey's equivalent to the UK Financial Services Act and would provide for the supervision of investment business and matters related thereto.

In the Decree-law for the Restoration of the Public Debt No. 323 dated June 20 1996, as amended on July 11 1996, (the Decree-law), the Italian government introduced the principle that any payment of capital income made from Italy by an Italian company (other than a bank) to a foreign financial institution is subject to a flat rate withholding tax of 15% if made to a foreign bank and to a withholding of 15% on account of taxes if made to foreign branches of Italian banks. The withholding of the 15% will apply to payments made to foreign branches of Italian banks even where the branch has not arranged for its funding from other banks.

As an alternative to bankruptcy, a Swedish business in financial trouble can enter into a composition (ackord) with its creditors. While seeking a composition, the debtor has nevertheless had no protection against its creditors. To solve this problem, new legislation (the Business Reconstruction Act, SFS 1996:764) has been enacted, effective from September 1 1996.

The Finnish Council of State has recently published a bill to implement the EU Directive on company law into the Finnish Companies Act. The bill also contains several amendments that fulfil specific Finnish concerns.

The Central Bank of Ireland is the regulator for both UCITS and non-UCITS funds in Ireland. The investment industry has been lobbying for more flexibility with regard to high net worth investors on the basis that they do not need the same level of protection as is generally desirable. The Central Bank of Ireland has now issued a special derogation from the general rules in relation to investment objectives, investment policies and the level of leverage employed where non-UCITS schemes are marketed solely to 'qualifying investors'.

The implementation of the EU Directive on investment services has been the ideal opportunity to reform Italy's securities regime. By Susanna Beltramo and Sabrina Bruno of Studio Legale Beltramo, Rome