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  • In August a government committee published its report on the proposed reorganization of Finnish government financing institutions.
  • In 1994, the Danish Consumer Ombudsman, after consultations with the Bankers' Association, issued ethical guidelines for financial institutions' advice to individual customers.
  • The Securities and Exchange Commission of Argentina (the CNV) enacted General Resolution No. 291/97. This authorizes the trading in Argentina of depositary receipts representing securities issued by foreign entities not qualified by the CNV to offer their securities directly to the general public in Argentina. The new regime — which comes into force on September 1 1997 — attempts to introduce new financial products in the local markets and to attract foreign investors.
  • The modest Korean legal market looks unlikely to have to face competition from abroad just yet, despite the government’s public commitment to globalizing the economy. Nick Ferguson reports
  • Royal Caribbean Cruises has bought Celebrity Cruise Lines in an amicable takeover worth US$1.3 billion. This deal makes the company the second largest US- based cruise line.
  • New guidelines for market participants on management and internal control have been welcomed but the Securities and Futures Commission has also published suggested control techniques which have been less well received. By James Walker and Kenneth Leung of Clifford Chance, Hong Kong
  • International independent power producer Calenergy failed in its US$1.92 billion bid for regional electricity and gas supplier New York State Electric and Gas Corp.
  • Credit Suisse Group, one of Switzerland's biggest banks, has merged with Winterthur, Switzerland's third biggest insurer. The SFr14.3 billion (US$9.3 billion) merger will make the new group Europe's fifth largest financial services group.
  • A team of lawyers has left German firm Hölters & Elsing, Dusseldorf, to set up their own firm. Corporate partner Rainer Velten and Christian Franz, Bernd Mayer and Markus Jakoby have formed Velten Franz Mayer & Jakoby, with offices in Dusseldorf and Berlin. The firm will specialize in corporate and real estate transactions, and plans to open an office in Frankfurt shortly.
  • Mid-sized Singapore firm Colin Ng & Partners is adding to its international links. The firm already has a foreign office in Shanghai, and is soon to add offices in both Jakarta, Indonesia and one in Beijing.