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Gary Spiess, general counsel at BankBoston, Boston, talks to Shane Sorenson

In the second part of a round table on high-yield issues in Europe, practitioners, investors and bankers discuss due diligence and the disclosure requirements for companies coming to the market.

The American Bar Association (ABA) is recommending measures to restrict lawyers making political contributions to get government work. The ABA wants to prevent corruption and uphold judicial independence and integrity. The measures were laid out in a report published by its task force on political contributions at the end of July. Lawyers are alleged to have made political contributions to secure more government contracts, particularly municipal bond offerings. This problem, referred to as 'pay for play', usually occurs at the state and local level. Nancy Cowger Slonim of the ABA says: "We want law firms to get government work on the basis of their experience, expertise and qualifications."

US firms have maintained their lead in European equities, particularly in the privatization issues. But those UK firms which have invested are beginning to reap the benefit and close the gap. Richard Forster reports

On July 29 1998 the sale of Brazil's giant telecoms company, Telebrás, raised R$22 billion (US$19 billion), between U$4 billion and U$5 billion more than expected in the financial markets and representing a premium of 63.74% over the minimum price. The sale demonstrated the enthusiasm that multinational companies have for Latin America, and confirmed that international companies are willing to commit large resources into the emerging markets.

Faced with a severe economic crisis, Indonesia has heeded western calls for tighter bankruptcy regulation. It may be the first step to serious systemic reform. By Robert Cartwright of Baker & McKenzie, New York and Catherine Boggs, Baker & McKenzie Consultants, Jakarta

Dennis Block and Bruce Zirinsky, former partners of Weil Gotshal & Manges in New York, have made independent moves to Cadwalader Wickersham & Taft. Shortly after, partner Jonathan Hoff also followed. Block, a corporate, M&A, and securities litigation specialist, was one of Weil Gotshal's highest earners with estimated billings of US$3 million a year. He announced his plans to leave the firm three months ago and had been considering his next move. It is understood he was unhappy with the increasingly international focus of Weil Gotshal, particularly with the opening of its European offices. However Block says: "I had a problem of philosophy with one of the partners. We had a different management style and view and that is my main reason for moving."

In a recent case in Ontario, a judge ruled that comfort letters are in general not contractually enforceable. However, liability could run for negligent or fraudulent misrepresentation. By Michael Stephenson of Blake, Cassels & Graydon, Toronto

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

In the last of three articles considering possible changes to bond documentation to ease debt problems, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York, considers collective representation clauses