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The Ontario Securities Commission is attempting to dispel the uncertainties surrounding the status of over-the-counter derivatives trades. By Philip Henderson and Ron Schlumpf of Stikeman, Elliott, London and Toronto

UK firm Freshfields has lost out to rival Linklaters & Paines in a ranking of firms advising on public takeovers in the UK. The table, published by Acquisitions Monthly, places Freshfields third in its top 20 survey. In 1995 Freshfields advised on 31 deals worth a total of £32.2 billion (US$51 billion), while in 1996, it advised on 17 deals amounting to only £9.5 billion. However, the table reveals that in 1996 both the value and number of deals decreased significantly overall. The results put Linklaters & Paines top with £19 billion-worth of deals. Slaughter and May remained in second place, with deals worth £16.3 billion, although it had advised in six more deals than Linklaters. Ashurst Morris Crisp leapt from 13th place to fourth, advising on 15 deals worth nearly US$9 billion. Other big changes in the rankings came from Macfarlanes, which jumped from 14th place to seventh and Simmons & Simmons which slipped four places.

The Amsterdam Stock Exchange has been looking at corporate governance and its relation to shareholder power and the functioning of the market. Anti-takeover devices are also in question. By Martin Brink of Derks . Star Busmann . Hanotiau, Utrecht

UK firm Herbert Smith leads UK firms in Private Finance Initiative (PFI) transactions with 38 deals, according to a new league table published by PFI Report. The table lists Linklaters & Paines second with 35. Dibb Lupton Alsop, in third place, leads Freshfields by seven deals. Allen & Overy comes fifth, with 21 deals.

UK firm Lovell White Durrant has expanded its Chicago practice with the appointment of six lawyers over the last three months. Anne Fortney is the latest to join the niche reinsurance practice, becoming of counsel. She leaves the Washington DC office of Carlsmith Ball Wichman Case & Ichiki, where she was a partner. "Anne is clearly quite a catch," says a Lovell spokesperson. Neal Moglin has also joined the firm as of counsel from rival Kaplan & Begy. Linda Dublow joins from Streich Lang in Chicago; James Chareq from Stuart & Branigin in Indiana; Markus Heyder from Latham & Watkins in Chicago; and Philip Bock from Chicago firm Lord, Bissel & Brook.

International Trade and Legal Services

US firm White & Case is setting up a trade finance and commodity practice in London. Nicholas Budd, partner at the firm's Paris office, will head the group, which was first launched in France.

On January 1 1997 a number of amendments to the Federal Act on Debt Collection and Insolvency of 1889 entered into force. The amendments are aimed at updating and clarifying the Act, without changing its structure. In the field of injunctions to freeze assets as a provisional remedy, three major modifications have been enacted with a view to improve the protection for the debtor and the third party holder of assets:

With less than five months to go before it returns to Chinese control, Hong Kong is enjoying a surge in the property and securities markets as well as in the overall economy. Confidence is running high. Paul Lee reports

Garrett & Co, the UK firm linked to big six accountant Arthur Andersen, is continuing its expansion by opening a new office in Cambridge. Gerry Fitzsimmons is managing partner. He joins from rival Taylor Vinters's Cambridge office, where he headed the commercial department. The office is hoping to recruit five lawyers who specialize in corporate finance, intellectual property or employment law. "Cambridge is an increasingly exciting place to practise these areas," explains Fitzsimmons. "There is scope here for a quality national practice. There are a lot of science companies which are growing very fast in the local marketplace." He dismisses the competition, saying: "There aren't any national firms here, and we are recruiting aggressively." The firm now has six offices in the UK.