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Following requests from the fund managers' professional association, the Hong Kong SFC has proposed a detailed regulatory backdrop for fund management operations. By Sara Or of Johnson Stokes & Master, Hong Kong

A challenge to state guarantees for German Landesbanks by the European Commission need not worry creditors, who have acted in reliance on their protection. By Michael Gruson, Shearman & Sterling, New York/Frankfurt

The use of securities held by clearing bodies as security for transactions is increasing. This can cut credit risk but the conflict of law and practical difficulties need care. By Paul Avanzato of Wilde Sapte, London

The Act was approved in parliament on May 1997 (Act no. 385/1997), extending an existing scheme regarding the new building of small ships. It is not yet determined when it will come into force.

The Royal Decree expected to implement the important modifications contained in the Law of December 12 1996 (see International Financial Law Review, June 1997, page 43) was adopted on July 8 1997. Since then, a public and private scheme for securitizing receivables can be distinguished, depending on whether or not the financial instruments issued by the securitization vehicle are themselves subject to a public transaction.

Gazprom has arranged a US$3 billion loan to finance its investments in the Yamal pipeline project and to refinance a US$1.2 billion bridge loan. The eight-year facility will be secured against revenues from Gaz de France supply contracts.

Lazio will be the first region in Europe to launch a global MTN programme. The programme has approval for US$1 billion of international debt issues.

San Francisco-based Orrick, Herrington & Sutcliffe is set to join the influx of US firms entering the London market. New York managing partner Michael Volstad says: "Sometime relatively early next year we should have an office in London; we are actively looking to get involved there." The firm, which is focusing on structured finance, has advertised for English lawyers and intends to have an English team in London and Tokyo. An advertisement, believed to be for Orrick Herrington, appeared recently in the legal press. It offered between US$500,000 and US$1 million for English-law qualified partners in the structured and project finance fields. It claims to be "an exceptional start-up opportunity".

New York's Simpson Thacher & Bartlett is opening a full office in Los Angeles after promoting associate Dan Clinver to partnership. The firm has had a presence in Los Angeles for some time, primarily to service key client Seagram, the acquisitive Canadian entertainment and drinks group. New partner Dan Clinver will head the office focusing on corporate matters.

Dutch firm Trenité van Doorne is the first foreign law firm to open in Cuba. It officially opened the Havana office on November 12, with two Dutch lawyers, Jan Willem Bitter and Sebastiaan Berger, and one Cuban, Alejandro Cruz Román. Bitter explains the firm has had links in Cuba since the early 1990s, with lawyers frequently handling business there. Clients of the firm's Curaçao office began to be active in Cuba in the late 1980s. For the firm, the office is just a natural extension of these operations.