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  • US government bonds are at last being integrated with other major government bonds and Eurobonds into the international clearing system. By Kathleen Tyson-Quah of KTQ Consulting, London, and Seth Weinberger of Mayer Brown & Platt, Chicago
  • 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
  • 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.
  • In the largest ever leveraged buyout effected on the European continent, Doughty Hanson & Co Ltd acquired the Geberit Group. Doughty Hanson, acting as general partner of various limited partnerships, controls Geberit International SA which purchased the shares of the Group's parent company, Geberit Holding AG, from certain members of the Geberit family who had held all of the shares in Geberit Holding AG either directly or through four personal holding companies.
  • As mentioned in last month's International Financial Law Review (see page 56) a parliamentary committee has suggested a wide-ranging reform of the Companies Act, in particular proposing rules allowing companies to repurchase their own shares.
  • The long-awaited Mergers and Acquisitions (M&A) Law was finally passed by parliament in April 1997. The M&A Law is based on EU Directives and is fully harmonized with EU rules.
  • The Euro NM network of markets, offering a less demanding listing regime for young high-risk companies, has been extended to the Netherlands. By Pieter Riemer of Trenité Van Doorne, London
  • Avoiding censure from the European Commission, France has dropped its restrictive practices on Eurofranc management and listings. By Gilles Endréo of Linklaters & Paines, Paris
  • The Financial Transactions Reporting Act 1996 seeks to combat money-laundering through financial institutions in New Zealand. The Act imposes various obligations on 'financial institutions' (defined widely), including the obligation to report suspicious transactions to the police.
  • Two recent Court of Appeal decisions in Hong Kong each touched on an issue of concern to banks in their dealings with customers and third parties: first, whether a mortgagee is bound by a Mareva injunction, and secondly whether a trust can be impressed on deposits secured by contract.