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English law recognizes both legal interests (eg the interest of a registered holder of shares) and equitable interests (eg the interest of a beneficiary in shares held on his behalf under a trust). Although the High Court has had jurisdiction to enforce rules of both common law and equity for over 120 years, whether a rule has its origins in law or equity may be significant now. Two recent decisions of the Court of Appeal demonstrate this.

Nearly five years ago, Italian pension schemes were reorganized (Legislative Decree No. 124/93) and subsequently modified by the general reform on pension law (Law No. 335/95). The reforms were intended to reduce state social security costs, saving resources for a pension system that would be competitive in Europe. Unfortunately they have been partially delayed in the system.

After the 1992 enactment of the regulatory scheme for the securitization of mortgage assets, the government prepared a draft Royal Decree to regulate securitization funds for non-mortgage assets. Approval of this Royal Decree is expected in the next few months.

Despite some growing pains, Russia is still the world’s favourite emerging market. Moscow is the place to be thanks to a wealth of large potential clients and a market still short of lawyers. Nick Ferguson reports

The Act on real estate funds has been ratified to enter into force on March 1 1998. The Act provides a more secure and regulated means for the public to invest in real estate.

A rule of the Copenhagen Stock Exchange (CSE) required any shareholder who attained legal or de facto control over a listed company to offer to buy the other shareholders' shares on the same conditions that the controlling shareholder bought the shares to gain control of the company. The initial proposal for the Securities Trading Act (STA) also contained this rule, but when it was adopted by Parliament in 1995, the control necessary to trigger the requirement to make a purchase offer to other shareholders was limited to control obtained through a majority of votes in the company.

Argos, the UK catalogue retailer, is fighting a £1.6 billion (US$2.6 billion) hostile takeover bid from rival UK company Great Universal Stores (GUS). Disappointing Christmas sales led to a sharp drop inArgos's share value and to the takeover attempt from GUS. Argos, saying the move is "opportunistic", has appointed a new chief executive to fight the hostile bid.

The Spanish Government is selling the remaining tranche of its holding in Argentaria (Corporacion Bancaria de Espana), one of Spain's four leading banking groups, in an international public offering. The stock is valued at approximately US$2.1 billion. Representing Argentaria is US firm Davis Polk & Wardwell, New York. Coordinating the lawyers is the head of Davis Polk's securities practice, Jeffrey Small. Also involved is financial institutions partner Margaret Tahyar in the London office. Advising Argentaria in Spain is Garrigues & Andersen.

Three UK firms, Linklaters & Paines, Allen & Overy and Clifford Chance continue their dominance in MTNs. But Allen & Overy has leapt ahead of its competitors in the drawdown market. By Richard Forster and Barbara Galli

Royal Bank of Canada and Bank of Montreal have agreed to merge. In response to consolidation in the international banking sector the two banks will join to create North America's tenth largest bank by market capitalization (US$26.6 billion). Royal Bank's shareholders will own 54.9% of the new bank and Bank of Montreal's shareholders will own 45.1%. The transaction is being lawyered by three Canadian firms, two US and one UK. On the Canadian side McMillan Binch and Ogilvy Renault advise Royal Bank. Osler, Hoskin & Harcourt advise Bank of Montreal. US firms Sullivan & Cromwell and Simpson Thacher & Bartlett represent Royal Bank on US regulatory law. UK firm's Allen & Overy advise both sides on EU regulatory matters.