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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."

The central bank's circular 2.785 of November 27 1997 limited the total amount of margins and premiums paid by foreign capital vehicles to 5% (or 20% or 50%) of their respective net assets, when equivalent total investments in derivatives are the same as (or up to three or more than three times) their net assets.

UK firm Sinclair Roche & Temperley is to form an alliance with Singapore firm Colin Ng & Partners. Sinclair Roche, which specializes in shipping law, is to cooperate as closely with the Asian banking firm as it can without breaking strict bar regulations. A merger is forbidden by the Singapore law society.

Price Waterhouse has linked with new Polish law firm Krzysztof Wierzbowski into its international network. In addition, the big six professional services firm has organized a close relationship with new Belgian firm Bogaert & Vandemeulebroeke. Both law firms were formed by lawyers leaving leading practices in their own country, and will maintain a degree of independence to avoid offending their local bar associations.

Denton Hall has opened a New York office and appointed two insurance partners from Dibb Lupton Alsop. The new office will specialize in insurance and reinsurance, both contentious and non-contentious, as well as developing its commercial litigation and arbitration practice.

In a very hard year for the Czech economy, the former overly-optimistic comments about the economy have been replaced by more realism and pessimism. But many of the remaining law firms continue to prosper. Paul Lee reports

A number of foreign firms have left and are likely to leave Hungary, pushed out more by a change in the work on offer than by the planned amendments to the bar rules for foreign lawyers. Richard Forster reports

In December 1996, the Austrian legislature adopted the Securities Supervision Act (Wertpapieraufsichtsgesetz), which provides for the formation of the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht). On January 1 1998, a substantial part of the law's provisions concerning notification requirements entered into force. At the same time, an ordinance issued by the Ministry of Finance for implementation of the Securities Supervision Act became effective (Wertpapier-Meldeverordnung).

Republic Act No. 8366 (Act) was made law on October 21 1997 and took effect on November 14 1997. The law aims to liberalize the Philippine investment industry by amending certain sections of Presidential Decree No. 129 (Decree), known as the Investment House Law.