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Poland began 1997 by implementing a unique mass privatization programme (MPP) through special purpose investment funds. The legal basis of this programme is the Law on National Investment Funds and their Privatization (the Law), dated April 30 1993 (Dz U No 44, 202, 1993 as modified).

Under a Ministry of Justice proposal yet to be formally released, Finland would legislate to clarify the regulatory regime for netting in the securities and currency markets. The present uncertainty surrounding the legality of netting under Finnish insolvency laws would be largely dispelled by making netting (including close-out netting and multi-party netting) and certain related procedures expressly enforceable if based on terms, such as those of the ISDA master agreement, widely used in securities and currency trading.

In November 1996, the Consumer Council published a Competition Policy Report urging the government to enact competition laws on collusive agreements, abuse of dominant position, abuse of collective dominance and control of markets through mergers and acquisitions. The report was the first of its kind in Hong Kong, which at present does not have any laws governing monopolies, cartel-like supply structures and other anti-competitive practices.

From November 1 1996, the Ghana Stock Exchange adopted new rules establishing the Securities Clearing and Settlement House (SCSH), which serves as a centralized clearing and settlement facility for stock exchange trades. The SCSH is run on a day-to-day basis by the managing director of the stock exchange. Policy for the SCSH is set by the Stock Exchange Council.

US buy-out specialist Kohlberg Kravis Roberts (KKR) agreed to pay US$1.05 billion for about 90% of the shares of US electrical equipment company Amphenol.

In the first survey to consider the Medium-Term Note (MTN) market for law firms, IFLRev has identified the leading firms in establishing new programmes and in making drawdowns. The same three names keep coming up. By Richard Forster and Samantha Wigham

The regulations which recently came into force in China have created problems in the area of foreign-sourced financing but their effects have been offset by other measures. By Brian Hansen and Guanxi Zheng of Stikeman, Elliott, Hong Kong

Piero Luongo, legal counsel of Istituto Mobiliare Italiano, talks to Samantha Wigham

The House of Lords has delivered an important decision on the measure of damages for fraudulent misrepresentation. In Smith New Court Securities v Citibank, Smith New Court (SNC) was induced by a Citibank employee's fraudulent misrepresentation to buy shares in Ferranti from Citibank. It was subsequently discovered that a separate fraud involving fictitious contracts had been perpetrated on Ferranti designed to bolster its apparent profitability. On discovery of the second fraud, Ferranti's share price crashed and SNC eventually sold the shares at a heavy loss.

The Danish rules on insider trading are contained in the Securities Trading Act (STA) of December 20 1995 which entered into force on May 1 1996 and are basically the same as the rules contained in the earlier Securities Market Act, which implemented Directive 89/592 of November 13 1989 coordinating regulations on insider dealing. The Directive is a Minimum Directive and the provisions of the STA are more stringent than those laid down by the Directive.