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  • Italy
    The cabinet has recently approved a draft Bill, which will now go before parliament, enabling the government to adopt the necessary provisions for the replacement of the lira by the Euro.
    June 30 1997
  • Finland
    The Finnish government recently proposed changes to the regulation of the subscription and purchase of shares in real estate funds aimed at creating a more secure and better regulated means of investing in real property. The new legislation would apply to public limited liability companies (referred to in the proposal as 'real estate funds') through which the public can participate in a fund primarily investing in real estate and shares in real estate companies.
    June 30 1997
  • Conducting the legal team
    Mireille Quirina, chief counsel Europe for Du Pont, talks to Diana Bentley
    June 30 1997
  • Second flotation for Avis Europe
    Avis Europe, the leading car rental company in Europe, has floated for the second time on the London Stock Exchange, at 124 pence a share. The company first listed in 1986, after which it was bought by a consortium led by Belgian group D'Ieteren.
    June 30 1997
  • News Corp to acquire Heritage Media
    Media multinational The News Corporation is to acquire Dallas marketing company Heritage Media. The tax-free merger will cost News Corporation about US$754 million. News Corporation intends to keep Heritage's marketing services operations, but to sell its radio and television broadcasters.
    June 30 1997
  • Gallaher demerger from American Brands
    Gallaher Group, the UK's largest manufacturer of tobacco products, which manufactures Benson and Hedges, Silk Cut, Hamlet cigars and Condor pipe tobacco, has demerged from American Brands and listed on the London Stock Exchange.
    June 30 1997
  • Brazil improves arbitration law
    Brazil’s unsatisfactory arbitration law has been updated to make this form of dispute resolution more attractive. By Walter Douglas Stuber and Noemia Mayumi Fukugauti of Amaro, Stuber e Advogados Associados, São Paulo
    June 30 1997
  • SIB unable to pierce the corporate veil
    In spite of the decision in the Scandex case, the liability of directors of foreign-based financial services companies selling into the UK in contravention of FSA rules remains unclear. By David Greene of Edwin Coe, London
    June 30 1997
  • Argentina
    The National Securities Commission (Comisión Nacional de Valores or CNV) has enacted its General Resolution No. 288, which aims to prevent money-laundering. The Resolution sets out general rules associated with the information to be provided by the following entities:
    June 30 1997
  • Allen & Overy expands in Prague
    The Prague office of UK firm Allen & Overy is adding five Czech and UK-qualified lawyers in the next few months. This will bring the total number of lawyers in the office to 12: four Czech advokats and four junior Czech lawyers and four UK-qualifieds. Graham Donnell, managing partner of the office, explains that the growth is in response to an increased workload, particularly in banking and finance.
    June 30 1997
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