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Competition between the offshore centres is increasing, especially in the Caribbean. Most are very keen to prove their credentials against money-laundering and cut the risk of scandals. Clare Hepburn reports

The Cyprus Stock Exchange (CSE) is preparing the market for a 'big bang' by implementing a major deregulation which will free the fixed trading brokerage commissions and allow stockbrokers to offer and set their fees according to supply and demand. The shake-up could be implemented by July 1997, two years after Cyprus Stock Exchange Law was passed. At present, investors pay a 1% brokerage commission when buying securities, plus 0.15% stamp duty levied by the government, and a further 1% brokerage commission when selling their positions. The fee paid by the brokers to the CSE was most recently reduced to 1 per thousand or 10% of the amount the brokers collect from investors for both inside and outside transactions.

Act No 95-277 of March 25 1997 gives French employees the statutory right to participate in private pension fund schemes. By Bernard Carrez of Siméon & Associés, Paris

Hitherto neglected areas of Islamic commercial law can be used to create an Islamic structure for project finance deals. By Mansoor H Khan of Khan & Associates, Lahore, Pakistan

The Treasury Ministry has recently enacted, by Decree No. 87 of January 24 1997, published in the Official Gazette on April 2 1997, new provisions amending the terms, conditions and timing of state subsidies for export credits and credit in the execution of works abroad under Law No. 227 of May 24 1977.

The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.

The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.

Advanced Micro Devices, one of the largest US manufacturers of microchips, has concluded the financing of a microchip plant in Dresden. This is one of the largest project financings to take place in the former East Germany. Arranger and lead manager Dresdner Bank helped complete syndicated debt finance totalling Dm1.65 billion.

Irish firm Matheson Ormsby Prentice has formally opened its first US office in Palo Alto, California. The office opened quietly at the start of 1997 and so far, says head of financial services David McGeogh, Dublin, the response has been promising: "As no other Irish firms have an office on the west coast, and as our focus is US inward investment into Ireland, we are not competing directly with anyone." The firm decided on Palo Alto, he says, for a number of reasons: the number of the firm's existing clients on the US west coast; the abundance of US electronics and computer companies in the region; and the relatively low set-up costs. The office is permanently staffed by senior associate Deirdre Dunne and another corporate associate, and will be supported by McGeogh and tax partner Liam Quirke from Dublin, who between them will spend around 10 weeks a year in the US. McGeogh says: "We are starting small, but within two to three months we will have a much better idea of how we need to expand."

Allen & Overy has announced further appointments in eastern Europe with three Hungarian lawyers joining associate Kinga Sugar in the Budapest office. The firm's Budapest strategy has been under consideration since August 1996 when the firm reviewed its association with local practice Déri & Co. "When we came into the region we thought the best way to operate was to associate with another firm," says Ian Elder, the London partner responsible for Hungary. "But after a while you get tensions on whether to expand or make certain investments and we decided it was better to be in control of our own destiny." Last month the firm added nine lawyers in Warsaw and Elder says that the right model for the region is shown by Poland where the firm had no local practice to associate with.