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Legislative reform of the German financial markets continues with the publication in April of the long-awaited draft of the Third Financial Markets Promotion Act. The bill is expected to come into force on January 1 1998.

The Board of the Central Bank of Chile in its meeting of April 5 1997 resolved to open access to the Formal Exchange Market (made up of banks and authorized foreign exchange brokerage firms) for purchases of foreign exchange to make investments or pay expenses in Chile or abroad in foreign currency, to eliminate other restrictions on investment abroad and to renew the effectiveness of the rest of the foreign exchange restrictions on the entry of capital into Chile.

Microsoft, the largest computer software company, is buying WebTV Networks of Palo Alto for around US$425 million in stock and cash. WebTV, which will become a Microsoft subsidiary, has developed technology enabling consumers to surf the internet using their television sets.

The second-largest computer networking company, 3Com, is acquiring modem maker US Robotics in a US$6.6 billion stock swap, in an attempt to seize market share from market leader Cisco Systems.

The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.

Irish firm Matheson Ormsby Prentice has formally opened its first US office in Palo Alto, California. The office opened quietly at the start of 1997 and so far, says head of financial services David McGeogh, Dublin, the response has been promising: "As no other Irish firms have an office on the west coast, and as our focus is US inward investment into Ireland, we are not competing directly with anyone." The firm decided on Palo Alto, he says, for a number of reasons: the number of the firm's existing clients on the US west coast; the abundance of US electronics and computer companies in the region; and the relatively low set-up costs. The office is permanently staffed by senior associate Deirdre Dunne and another corporate associate, and will be supported by McGeogh and tax partner Liam Quirke from Dublin, who between them will spend around 10 weeks a year in the US. McGeogh says: "We are starting small, but within two to three months we will have a much better idea of how we need to expand."

Road Administration Adviser: Veikko Palotie & Co

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."

• US firm Winthrop, Stimson, Putnam & Roberts has made Christine Pallares partner. Pallares, who specializes in corporate and capital markets, is based in New York.

The benefits of the US Foreign Sovereign Immunities Act may not be available to ‘second tier’ state companies. By Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York