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New Zealand revamps issuing rules

New Zealand is about to undergo its most significant securities law reform in over a decade. Lloyd Kavanagh and Gregg Dell of Russell McVeagh McKenzie Bartleet & Co, Wellington, discuss the changes

January 01 1997

Britannia buys £1.1 billion Citibank mortgage book

The UK's Britannia Building Society has bought a £1.1 billion (US$1.8 billion) mortgage book from Citibank International. The book consists of about 30,000 residential mortgages in the UK. On the same day, Britannia issued £100 million step-up subordinated notes under its MTN programme.

January 01 1997

China

Shanghai has promulgated the New Regulations of Shanghai on the Examination and Approval of Foreign Investment Enterprises (the New Regulation), effective from October 1 1996. The New Regulation is significant in that it provides that the Shanghai Municipal People's Government shall, in accordance with state guidelines and the actual situation of Shanghai, formulate guidelines on foreign investment and the guiding directory of foreign investment enterprises for Shanghai.

January 01 1997

Fund management merger

UK fund manager Invesco is buying US competitor AIM Management Group for US$1.6 billion. The deal creates a top five independent fund manager with more than US$150 billion under management.

January 01 1997

Merger activity in Germany

German law firms Droste and Boesebeck Barz & Partners are to merge. The new firm will be called Boesebeck Droste. The merger will be effective from January 1 1997.

January 01 1997

Finland

A committee appointed by the Finnish Ministry of Finance has issued a proposal concerning amendments to the deposit guarantee scheme.

January 01 1997

United News & Media wins Blenheim

Media group United News & Media, recently merged with MAI, has bought conference organizer Blenheim Group. The offer is worth about £590 million (US$970 million).

January 01 1997

Asian litigation

It has generally been the practice of the Inland Revenue of Hong Kong to disallow payments made on the closure of a business as being non-deductible expenses for the purpose of a profits tax computation. The Hong Kong Court of Appeal recently examined this practice in the context of severance (ie redundancy) payments in The Commissioner of Inland Revenue v Cosmotron Manufacturing (Civil Appeal No. 75 of 1996).

January 01 1997

Italy

On July 25 1996 the Bank of Italy introduced a number of amendments to the Regulations enacted on May 20 1994 to implement Law No. 86/1994 on real estate closed investment funds.

January 01 1997

Hong Kong

The Law Reform Commission has announced a plan that will give financially distressed companies the chance of avoiding insolvency proceedings by providing the company with a court-sanctioned moratorium from creditors while a provisional supervisor takes control of the company to restructure its debt.

January 01 1997

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