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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

An increasingly global derivatives market, in which crises always have international effects, requires a global, comprehensive regulatory regime. Eric Bettelheim of Mayer, Brown & Platt, London reports on the first steps

Jane M Freeberg of Watson, Farley & Williams, New York, considers the controversial Iran and Libya Sanctions Act of 1996, which is viewed by the EU as an American attempt to dictate foreign policy

The latest gradual steps to a free foreign exchange regime in China will be of significant benefit to foreign investment enterprises there. By Guanxi Zheng of Stikeman, Elliott, Hong Kong

The Zhuhai power project in China is the first project financing to reach financial close without guarantees from the government or any financial institution. The US$1.2 billion financing for the 2 x 660 MW coal-fired plant closed in September.

German bio-chemical company SKW Trostberg is to acquire Swiss company Master Builders Technology Division from Sandoz in a Sw fr1.3 billion (US$1.1 billion) deal. Subject to antitrust clearances the sale will close in November.