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Provisional Measure 1541 allowing the federal government to give financial support to state governments willing to privatize state banks or to liquidate or transform them into non-financing institutions was enacted on September 5 1996. The programme will be funded by a federal government bond issue, but the public debt is expected to fall after the privatization of state assets.

A question frequently raised both among members of the offshore community and the authorities in Cyprus is whether the existing favourable offshore tax regime will be affected in any way by the proposed accession to the EU.

Publication of a draft Third Financial Markets Promotion Act (Drittes Finanzmarktförderungsgesetz) aimed at further enhancing the economic and legal framework for the operation of the German capital markets is now imminent. A number of the key changes to be introduced by the proposed Act are:

The recently enacted Decree 627/96 has provided a new set of rules in connection with leasing transactions. The Decree applies to leases governed by Argentine Law 24,441, in which the lessor is:

Accompanying the International Financial Law Review 50 table of the world’s largest law firms are new tables on the financial health of the most and least international firms. Paul Lee provides comfort to those fighting to become more international

Austria enacted a major revision of corporate law on July 1. The aim of the EU Company Law Amendment Act is to complete the harmonization of Austrian corporate law with EU company law. The Act applies to all corporate entities, but some changes are of particular importance to the Austrian banking sector. They relate to a bank's acquisition of its own stock, reasons for the exclusion of certain auditors of banks, financial reporting of banks and creditors' protection in the case of mergers of financial institutions.

The tax consequences of a modification to US debt instruments have now been clarified by the US Internal Revenue Service (IRS). Richard Andersen of Jones, Day, Reavis & Pogue, New York, looks at the implications

The following is a summary of recent developments:

The Bankruptcy (Désastre) (Jersey) Law, 1990 contains provisions on disqualifying directors of a company which has been declared 'en désastre' (bankrupt).

Dr Berthold Kusserow and Dr Eva Reudelhuber discuss how own funds requirements for banks and investment services firms in Germany will change when the draft sixth amendment to the German Banking Act comes into force in 1997