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  • Brazil
    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.
    February 01 1998
  • UK shipping lawyers ally with Singapore banking firm
    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.
    February 01 1998
  • Price Waterhouse adds Polish and Belgian law firms
    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.
    February 01 1998
  • Denton extends reach to New York
    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.
    February 01 1998
  • Czech lawyers survive in tough market
    In a very hard year for the Czech economy, the former overly-optimistic comments about the economy have been replaced by more realism and pessimism.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
    February 01 1998
  • Hungarian legal market faces contraction
    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
    February 01 1998
  • Austria
    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).
    February 01 1998
  • Philippines
    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.
    February 01 1998
  • Denmark
    In 1992, the Faroe Islands, controlled by Denmark under a home rule arrangement, were hit by financial problems. At the time, Den Danske Bank owned the majority shareholding of Føroya Bank, a major Faroe Islands Bank.
    February 01 1998
  • Singapore
    Tender bids for Singapore's second fixed-line licence and third mobile phone licence closed on December 31 1997.
    February 01 1998
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