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Under recent changes introduced by the Spanish government, venture capital companies and funds (SCRs) are redefined as those whose main purpose is the promotion, through the acquisition of temporary shareholdings, of non-financial unlisted companies which are not more than 25% owned by companies listed on the Stock Exchange or companies considered to be 'financial entities' (qualifying companies). Under the new rules, qualifying companies are no longer required to be small or medium-sized companies or to be involved in technological or other innovative fields.

The Mémorial, the official journal of the Grand Duchy of Luxembourg, in its edition dated May 29 1996, published the law of May 9 1996 on netting of claims in the financial sector (loi du 9 mai 1996 relative à la compensation de créances dans le secteur financier, portant modification de la loi modifiée du 5 avril 1993 relative au secteur financier).

US financial regulators have given a cautious welcome to certain uses of new technology. However, the Securities and Exchange Commission (SEC) still insists that existing regulation must be followed. Anne-Louise Childs reports

John Worthy and Duncan Calow of Denton Hall, London, examine the implications of digital technologies for the regulation of banking and financial services in the UK

Dutch firm Nauta Dutilh has opened a office in London. Resident partner Diederik van Wassenaer has moved from the New York office to head the practice assisted by two Dutch associates. "In New York I did mainly banking and structured and corporate finance," says Van Wassenaer. "Here I will do the same with more reorganizations and mergers and acquisitions."

Australia's third largest firm, Freehill Hollingdale & Page, has announced the closure of its London office from August 31. Resident partner Kevin Lewis says: "Australia is getting smaller and smaller vis-à-vis the rest of the world. Investors prefer newer markets such as South America or South-East Asia, where they get higher returns."

US venture capital firm Forstmann Little has acquired Tennessee hospital management company Community Health Systems in a $1.4 billion transaction.

When the second wave of sell-offs is completed, international law firms will have to compete for a niche in Budapest's financial markets. By Richard Forster

The Czech Republic's economy is into a second phase of development. Privatization is almost over and reforms are now stiffening regulation. The lawyers that are left must prepare for long-term work, not brief transactions. Paul Lee reports

• The Ministry of Justice in China has awarded 16 licences to foreign firms wishing to operate branch offices. The following received licences for Beijing: Birendelli Castellani (Italy), Brown & Wood (US), Freshfields (UK), Haythe & Curley (US), Komatsu Koma & Nishikawa (Japan), Nassir & Partners (Amman), Richards Butler (UK) and W K To & Co (Hong Kong).