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For the second time, the Swedish Bar Association has forced Wahlin Adokatbyra to dismantle its links with big six firm KPMG. Wahlin, a firm created in 1997 as an associate law firm of the professional services giant, must abandon the cooperation agreements between the two firms or face being disbarred with immediate effect. Name partner Tryggve Wahlin says: "The Bar came to the conclusion that these agreements were not consistent with the independence of the professional lawyers in Sweden. I can accept that reason because I think that is important too, but I don't think our agreements were in conflict with it."

Hungarian lawyers are reacting furiously to accusations from foreign firms in the country that new proposals will restrict Hungary's legal market. Local lawyers claim instead that the proposals, which are expected to become law next week, will liberalize the market. They also claim that the reforms will enable foreign law firms to work in Hungary within the law–something they feel has not been the case so far.

US firm Steel Hector & Davis, based in Florida, is to form an association with Brazilian firm Moreira Lima & Royster. The move highlights foreign firms' growing interest in establishing a presence in Brazil. Moreira Lima has offices in São Paulo and Rio de Janeiro. Moreira Lima was created in late 1997 after two lawyers, Eduardo Moreira Lima and Michael Royster, left Brazilian firm Garcia & Keener Advogados. Joseph Pallot, partner at Steel Hector, says it provides his firm with an opportunity. "We had been looking at entering the Brazilian market since late 1996," he says. "Brazil is Florida's number one trading partner."

After an initial slow take-up, National Policy 53, easing international equity offerings into Canada, has become standard for large issues. New standards have been set by five issues in 1997. By Robert T Stuart of Osler, Hoskin & Harcourt, London

Changes to financial regulation in the UK bring into focus the challange of boundaries in the legal framework. By Andrew Marsh of Sidley & Austin, London

UK firm Freshfields and German firm Deringer Tessin Herrmann & Sedemund have formed an alliance which is expected to lead to a cross-border merger in around two year's time. The alliance was announced on January 26 1998 and the full merger is proposed for late 1999. The first phase of the alliance will begin in May, with the merger of the firms' operations in Germany. Freshfields' only office in Germany is Frankfurt. The Brussels and Moscow offices of each firm will also combine and operate as joint offices. These were the two cities outside Germany where Deringer had offices, in addition to its four German offices.

As predicted in the December 1997 issue of IFLRev, New York's Debevoise & Plimpton is opening an office in Moscow. For further information see the country survey.

The new Star trusts offer useful new opportunities for structuring financial transactions through the Cayman Islands. They will be particularly useful in complex loans or securitization deals. By Chris Narborough of Truman Bodden & Co, Cayman Islands

Recent delegation of powers from the CFTC to the NFA should lead to faster approval of non-US entities to engage in futures trades with US customers. By Michael S Sackheim of Brown & Wood LLP, New York

In the aftermath of the Asian financial crisis, the government can claim two major achievements in reforms to reduce public deficit: