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Before they can be listed on a Spanish exchange, the shares of investment companies and holdings in investment funds must meet a minimum diffusion requirement which stipulates that they must have at least 100 shareholders or unitholders, whose participations must not exceed 25%.

The Colombian government, recognizing the importance of an efficient telecommunications infrastructure, has taken steps in the last few years to liberalize Colombia's regulatory framework. These changes have created significant investment opportunities in a number of areas, including local telephone services.

UK supermarket chain Tesco has expanded into Ireland with its £630 million (US$1 billion) acquisition of Associated British Food's Irish supermarket interests. These include market leaders Quinnsworth, in Ireland, and Stewarts, in Northern Ireland. The deal, which has yet to be cleared by the European Commission, is Tesco's second attempt to enter the Irish market. It is the largest transaction to take place in Ireland.

Third Annual In-House Counsel Event

Former special counsel at the US Securities and Exchange Commission (SEC), Walter Van Dorn, is to join the London office of US firm Rogers & Wells. Based for a transition period in the firm's Washington DC office, he expects to be permanently resident in the UK by around October. Van Dorn expects to work on ADR offerings and listing of non-US companies on US exchanges. "London is really the hub for trans-national and international work. With the fall of the communist bloc that demand increased," he says. "Rogers & Wells was looking for US lawyers as are a lot of US firms. European companies need this sort of advice, and it is convenient to have the skills on offer in London so clients can cut right to the chase."

The Bank of Italy has recently amended Chapter LXI of the Istruzioni di Vigilanza (Supervisory Rules) which govern capital adequacy in relation to market risk and apply to all banks and banking groups with the exception of Italian branches of non-EU banks whose registered offices are in countries belonging to the Group of Ten.

The last 12 months have seen big changes in the Swedish legal market. Mid-sized firms in particular are taking strategic decisions to merge or make international links. Samantha Wigham reports

Robert Mooney, general counsel and deputy chief administrative officer, Asia Pacific region, Merrill Lynch, talks to Richard Forster

First Bank System of Minnesota is making an agreed US$8.7 billion all-share bid for US Bancorp. The merged bank will be known as US Bancorp, and will be the eighth-largest US bank by market capitalization. The deal highlights the trend towards geographic consolidation among US banks.