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The Danish government is to submit the Amsterdam Treaty to a public referendum. Under the Danish constitution, a public referendum is required in all cases where 'sovereignty' (as the term is used in the constitution) is or could be transferred from the Danish state to another body. At the opening of the Danish parliamentary session in the first week of October, the referendum was scheduled for May 28 1998. The latest polls indicate that most voters are in favour of the Treaty. If the public votes for the Treaty, it will subsequently be ratified by the Danish parliament.

Although the Cyprus Stock Exchange (CSE) has reported a surplus of C£650,000 (US$1.24 million) for the year 1996, there has been an alarming drop in share prices and the volume of trade. Interested parties have thus realized the urgent need for immediate measures to help the CSE become a strong capital market.

Law firms from the UK, US and Hong Kong have advised on the first ever Chinese GDRs listed on the London Stock Exchange. Zhejiang Southeast Electric Power Company's dual listing on the London and Shanghai exchanges will also be China's largest B-share offering. The company's total market capitalization will be more than US$200 million.

For the first time, the decision of a regulator relating to modifications of a utility's licence has been successfully challenged on the basis that the regulator acted irrationally.

The Federal Banking Commission (FBC) plans to approve the first hedge fund domiciled in Switzerland in its November 1997 session. Since the FBC approved in its February session this year the first two foreign hedge funds for public marketing and distribution in and from Switzerland, it appears the Swiss investment fund market has gained momentum. The new hedge fund scheduled to be approved is a fund of funds, predominantly investing its assets in offshore hedge funds, whereas the first two foreign hedge funds already approved were Irish investment funds using alternative investment techniques and instruments.

Because Swedish statutory provisions on guarantees date from 1734, court practice has a decisive influence on guarantees under Swedish law.

New and important amendments to the Portuguese Companies Law were enacted at the beginning of this year through Decree-Law 257/96 of December 31. One of the most important changes is that from now on it is possible to set up a limited liability company (sociedade por quotas) with a sole shareholder, individual or corporation owning the entire share capital. Hitherto one-person limited liability companies have only been permitted offshore in Madeira and the Azores.

The Insolvency Law Reform Act 1997 (effective as of October 1 1997) introduces a new procedure, designed to facilitate the rescue of financially troubled companies. The reorganization procedure (Unternehmensreorganisation) can be initiated by any business entity (with the exception of banks, pension funds and insurance and securities companies) which are in need of reorganization but which are not yet insolvent.

The extent to which foreign debtors and foreign creditors are subject to the US Bankruptcy Code is one of the grey areas in this field of law. A recent case decided by a US bankruptcy court in Houston, Texas, In re Jacobo Xacur (96-48538), sheds some light on this troublesome area.

Ford Credit's asset-backed programme issuer Globaldrive, has completed its debut issue, a Dm1 billion (US$566 million) securitization of US originated dealer floorplan loans. Globaldrive is the first corporate securitization vehicle in Europe which will allow for the issue of separately rated notes backed by discrete asset pools from different countries.