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UK firms have ambitious plans for US law capability and expansion. But they are facing competition from US, regional and big six-linked firms. Samantha Wigham reports

Grimaldi & Clifford Chance has opened an office in Padua. This is the third office in Italy the firm has established since the association between Grimaldi e Associati and UK law firm Clifford Chance began in 1993. The office will initially have five lawyers led by two partners, Paolo Rulli and Gianandrea Rizzieri. Rulli has moved from the firm's Rome office and Rizzieri joins from local partnership Studio Rizzieri. Both specialize in corporate and international trade law, with Rizzieri providing experience in litigation and arbitration. Associates Federica Greggio and Susanna Rizzieri specialize in international transactions, contracts and litigation.

The recent law implementing EU financial services policy in France has introduced ‘regulated markets’, ‘market enterprises’ and other new concepts. By Antoine Maffei of De Pardieu Brocas Maffei & Associés, Paris

Privatization of mining group

In the January 1997 briefing we noted that a parliamentary committee was expected to propose amendments to the Companies Act of1975, one of which would permit Swedish companies to repurchase their own shares. This proposal has now been published (SOU 1997: 22).

Treasury Ministry Decree No. 703 of November 21 1996 setting out the criteria to be followed by the management of pension funds with regard to investments and the limits on investments and derivatives transactions has been published in the Official Gazette and is now in force.

Ken Mildwaters, group legal and trade marks director of Guinness PLC, talks to Diana Bentley

In response to the sluggishness of the Czech capital markets, the government has launched a series of legislative initiatives with the aim of creating a more stable and transparent environment for investors. Accordingly, the Czech capital markets have been undergoing major changes. However, whether the hoped-for results will materialize remains to be seen.

Foreign investments

The Hong Kong Monetary Authority (HKMA) has proposed guidelines for the establishment of a government-owned Hong Kong Mortgage Corporation (HKMC) that will purchase residential mortgage loans from banks in Hong Kong. The objective of this new corporation will be to provide necessary mortgage funding for an anticipated shortfall of HK$788 billion (US$102 billion) by 2005. The HKMC will be structured as a limited liability company with a financial secretary as the chairman of the Board of Directors responsible for appointing other directors of the Board.