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The new managing partner of UK firm Ashurst Morris Crisp has set an agenda for European expansion. London partner Ian Nisse, elected by secret ballot of the partnership to the new role, says the firm is set to open one or two new offices within the EU. "It is no secret that Frankfurt is very high on our agenda as Germany is a very big focus of ours," says Nisse. "We are also looking at Italy and Spain." Nisse adds the firm will at the same time seek to expand its existing Brussels and Paris offices.

The Financial System Statute lays down that leasing services can only be offered by certain companies known as Commercial Financing Companies (CFCs). CFCs require prior authorization from the Banking Superintendency, and are subject to a special regime. CFCs must be organized as stock companies. They cannot be branches of foreign companies, but they may be subsidiaries. CFCs may effect active credit transactions up to the equivalent of 35% of total assets.

Argentine Law 24597 (the Registration Law), published in the Official Gazette on November 22 1995, established that all securities issued by Argentine private sector issuers should be converted to non-endorsable registered form and that no bearer securities should be issued by Argentine private issuers thereafter.

Dr Leopold Pfaffel, head of the legal department at Bank Austria, talks to Graham Field

Dallas-based Akin, Gump, Strauss, Hauer & Feld, LLP opened an office in London at the end of April. At the moment staffed by four lawyers, including former Linklaters & Paines senior partner John Edwards, the office will concentrate on capital markets work. According to office managing partner Keith Hughes, this is not a new development for the firm. "We were already here, we are only adding the office to complement our existing presence. We have been doing capital markets transactions in London for several years now," he says.

Anglo-Dutch multinational Unilever is selling its four chemicals businesses to ICI, the UK's largest chemicals company, for £4.9 billion (US$7.9 billion). The companies to be sold are National Starch, which makes industrial adhesives and starches, Quest, a manufacturer of food flavours and fragrances, Unichema, which turns natural fats into chemicals and Crosfield, which specializes in detergent ingredients.

Coudert Brothers in Moscow has added six lawyers, including one poached from French firm Gide Loyrette Nouel. Hugues de Pommereau was at Gide in Moscow for 2 years. He will work on direct investment into Russia by French clients. Bruce Bean, managing partner of the office, says: "Around 10% of our business is for French-speaking companies, and although we have lawyers fluent in French here, Hugues is the first Frenchman." Also joining the firm as associates are: Christian Moore, James Christiansen, Pavel Bakoulev, Igor Marmalidi and Jennifer Brenner. The appointments bring the total number of lawyers in the office to 16. "Business is up tremendously since last November," says Bean. "Last year the Russian equity markets left the Dow in the dust, and this year they are doing it again. Investors have got over their shyness." Bean expects to expand to 30 lawyers by the end of the year.

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