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The Telecoms Authority of Singapore Act 1992 has been amended to give the Telecoms Authority additional powers to carry out its functions in a liberalized multi-operator environment, bring the Act up to date on changes in technology and new offences, and provide adequate penalties and enforcement measures to regulate telecom and postal licensees.

On May 14, the National/New Zealand First coalition government delivered its second budget. A NZ$2.8 billion (US$1.5 billion) government surplus was announced (well above the NZ$1.5 billion 1997-1998 forecast). However, the surplus for 1998-1999 is forecast to fall to NZ$1.3 billion. Other features of the budget were:

The development of a well organized bond market depends on the controls guaranteeing the stability and correct functioning of the competitive mechanisms, the transparency of the determination of the prices and the protection of the saver-investor, among other things.

The minister of economic affairs has proposed the establishment of a guarantee fund for contributors and investors in credit institutions. The proposed act, amending the 1995 act, incorporates the EU directive on investor guarantee funds. It will establish a joint regulation of guarantee schemes for contributors and investors in credit institutions including banks, mortgage credit institutions and stockbrokers. If any institution covered by the act becomes bankrupt, any cash deposits will consequently be covered up to Dkr300,000 (US$42,000) and security deposits will be covered up to Dkr150,000.

The new Act on Venture Capital Investments, Venture Capital Companies and Risk Investment Funds will come into force on June 16 1998.

On March 1 1998, an amendment of the Austrian Investment Fund Act (Investmentfondsgesetz) entered into force. New types of investment funds and provisions dealing with fund management and marketing activities were introduced.

While Hong Kong law firms are suffering from the consequences of the regional financial crisis, the less affected Chinese legal market continues its evolution. Barbara Galli reports

Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

UK city firm Frere Cholmeley Bischoff agreed to merge with national firm Eversheds' London office on April 30. The new office will have 70 partners and 200 other fee earners. The merger, effectively a takeover, will take effect from August 1 when the firms completely integrate in London operations. However 11 Frere Cholmeley partners, including the firm's entire property and private client practices, are unhappy with the arrangement. They are leaving, with their associates, to form Forsters, a new law firm with a total of 55 lawyers. David Willis will become the senior partner.

In September 1997, ABN AMRO launched a Fls2 billion securitization transaction. It was the first securitization originated by ABN AMRO and one of the first securitizations completed in the Netherlands. A portfolio of ABN AMRO-originated mortgage receivables was assigned to a special purpose vehicle named European Mortgage Securities IBV (EMS 1), established in the Netherlands. The shares in EMS 1 are held by Stichting European Mortgage Securities, also established in the Netherlands. EMS 1 issued four tranches of senior notes for an aggregate sum of Fls1.9 million and junior notes for an amount of Fls100 million. The senior notes were rated AAA by Moody's, AAA by Standard & Poor's and AAA by Fitch, and the junior notes A2 by Moody's, A by Standard & Poor's and A by Fitch.