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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.

A draft EU Directive which would increase the freedom of qualified EU lawyers to establish themselves and offer legal services in any member state has taken another step towards legislation. The proposed Directive would allow lawyers to practise permanently and without restriction, under their original professional title, in any EU member state, on the same basis as the host country's own lawyers. All that would be required would be registration with the bar or other relevant authority in the host state, on the same basis as in the home country. In addition, the Directive aims to make it easier to acquire the relevant professional title in the host country. Member states will have to acknowledge the professional experience foreign lawyers have gained in their jurisdiction.

Section 6 of Singapore's Civil Law Act nullifies gaming contracts and prohibits the recovery of any wagering prize. It remains unclear as to whether a swap agreement is a gaming contact within the meaning of the Act and hence invalid under Singapore law.

Dutch firm Houthoff has joined law firm association the Conference of European Lawyers. The firm is thereby linked with Liedekerke Wolters Waelbroeck & Kirkpatrick in Brussels, France's Siméon & Associés and German firm Wessing Berenberg-Gossler Zimmermann Lange. According to Houthoff's chairman, Jan-Mark Dingemans,there were a number of motives for the move. "The main one was the long-standing wish to have our own office in Brussels. We had one there 15 years ago, but we closed it down," he says. Houthoff left the Denton International group of firms last December. Dingemans says: "The Denton Hall concept did not work. There was no quarrel; we left on friendly terms."

A few recent securitization transactions have shown the benefits of this financing method. Recent reforms make it more attractive. By Sandrine Hirsch and Koen Byttebier of Stibbe Simont Monahan Duhot, Brussels

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.

The government of Dubai recently issued Regulation No. 2 of 1997, setting forth guidelines to be used by branches of foreign banks in calculating income tax due to the government of Dubai from taxable income arising from the conduct of business in the Emirate of Dubai.

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.

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