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Switzerland

Swiss banking secrecy is based on the bank's duty of confidentiality towards the customer, the customer's privacy rights, and the Federal Banking Code, which makes any breach of banking secrecy a criminal offence. These legal bases are as undisputed as the fact that banking secrecy is by no means absolute.

May 31 1997

Finland

The stamp duty on loans from Finnish banks and their branches abroad, now charged at 1.5%, would, under a plan initiated by the second minister of finance, be abolished. It has been claimed that stamp duties on loans, which in Europe are charged only in Finland and Denmark, discriminate against Finnish banks when compared with foreign banks active in Finland (other than Finnish branches of foreign banks, loans from which are also subject to 1.5% stamp duty).

May 31 1997

Unilever spins off chemicals division to ICI

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.

May 31 1997

French pension funds expected to boost investment

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

May 31 1997

European Union

On April 2 1, the European Council of Industry Ministers reached agreement on important changes to the existing EU merger control regime under Council Regulation 4064/89 (the Merger Regulation). The principal amendments relate to:

May 31 1997

Italy

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.

May 31 1997

Ashurst to open in Frankfurt?

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.

May 31 1997

How to issue subordinated debt under the new Tier 3 capital rules

The Basle Committee’s Tier 3 capital rules enable banks to hold capital against market risks. Here is how US banks can take advantage. By Edward G Eisert, Isaac B Lustgarten and Lynn S Kaplan, Schulte Roth & Zabel LLP, New York

April 30 1997

Vietnam

Two recent changes to Vietnam's banking laws have been heavily criticized by foreign bankers. Circular No. 07/TT-NH1 dated December 27 1996 concerning bank cheques, which came into force on April 1 1997, imposes tight restrictions on the use of cheques within Vietnam.

April 30 1997

Singapore

Electronic Filing System

April 30 1997

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