Search results for

Recently approved measures allow the separation of principal and coupons of certain issues of Spanish government debt, as well as their subsequent reunification. These measures provide greater liquidity for the government debt market, as well as increasing the supply of this type of securities, allowing each investor to better tailor his or her investment portfolio to his or her needs in terms of principal, maturity and yield. Both individuals and corporate bodies can own these separated securities.

Two new Acts of Parliament have introduced far-reaching reforms to the rules governing the privatization of state-owned companies in Poland. The first Act, of August 8 1996, abolished the Ministry of Privatizations, and, as of October 1 1996, transferred its functions to the Treasury Ministry. The second Act, of August 30 1996, amended the terms and conditions of the sale and privatization of state-owned companies. It came into force on April 8 1997.

No sign of money-laundering activity was found in Cyprus's banking system during the recent investigation by a team of international banking specialists from the Financial Action Task Force (FATF).

Since November 1993, Brazilian financial institutions have been allowed to acquire non-financial asset-backed securities (non-financial ABSs) issued by Brazilian Special Purposes Companies (SPCs). These domestic non-financial securitizations have been successfully done under the terms of the National Monetary Council's Resolution 2,026 of 1993. The non-financial assets have been transferred by Brazilian originators to the SPC and used to guarantee ABSs issued by the SPC. Even in cases where the Brazilian originators were subject to bankruptcy proceedings, the credit rights of the ABS holders were not affected.

The merger of J&A Garrigues and Andersen ALT has accelerated the process of change in Spain. Defensive reactions have already begun and nothing will be the same again. Nick Ferguson reports

Fasken Martineau, London and Toronto

McDonald & Hayden, Toronto

Deeth Williams Wall, Toronto

Bennett Jones Verchere, Calgary

Until now, investments made by Spanish Collective Investment Institutions (IICs) in derivatives were regulated by the provisions of the Order of July 6 1992. This rule allowed such institutions to invest in derivatives traded on organized secondary markets both in Spain and in other countries.