IFLR Search

Finland

A bill on the legislative framework for the National Securities Centre was recently published by the Finnish government. Under the proposal, legislation on the book-entry securities system would also be amended.

December 01 1996

Colombia

Decree 1295 of 1996, enacted by the Colombian Government on July 24, approved several modifications to the international investment regime. The decree simplifies and expedites procedures and requirements in this area.

December 01 1996

New York and London firms square up for global competition

Comparing the growth of the main foreign offices of the New York and London firms, Richard Forster identifies strategies that work and examines the prospects for a merged, truly global law firm

December 01 1996

US$255 million Shanghai gas turbine project

A joint venture, Shanghai Zhadian Gas Turbine Power Generation, formed between Shanghai Municipal Electric Power and GE Capital, is the project company in a US$255 million 4x100Mw gas turbine power plant. It is said to be the first truly limited recourse project financing in the Chinese power sector.

December 01 1996

Arthur Andersen extends its scope

Accounting firm Arthur Andersen has added two new scalps to its rapidly expanding law firm association. Even though the firm has yet to decide what the office will be called, the planned Andersen-associated Hong Kong office has poached Julia Charlton, formerly a Hong Kong-based partner at UK firm Simmons & Simmons. She joins Justin Ede, who has moved from Garrett & Co in London.

December 01 1996

Shearman wins English law capability; Milbank regroups

Milbank, Tweed, Hadley & McCloy has reacted strongly to the loss of the leading names in its English law practice to rival firm Shearman & Sterling. "We are out in the lateral hire market for partners, to help our English law capability," says managing partner and chairman Mel Immergut. Reiterating the firm's commitment to an English law practice, he says he is hopeful it will not take long to rebuild the practice: "The timing has been somewhat set back, but we are optimistic it is not by very much."

December 01 1996

Fed offers relief on acquisitions and nonbanking activities

Glass-Steagall has not been reformed. But the Federal Reserve's proposed reforms to Regulation Y and the rules for Section 20 companies could side-step the limits. By Robert Bostrom and George Seeberger of Winston & Strawn, New York

December 01 1996

Switzerland

Performance bonds are contracts of guarantee commonly used in international trade. Their commercial purpose is to secure the performance of a primary obligation through assured and prompt payment in case of default. No dispute arising out of the underlying agreement between the principal and the beneficiary of the guarantee ought to interfere with the independent undertaking of the guarantor. Hence, performance bonds invariably include an absolute undertaking by the guarantor to pay 'on first demand'.

December 01 1996

Norway

In a referendum, Norway voted against membership of the EU. However, because Norway is a member of the EEA, EU legislation on finance and commerce must also be implemented as domestic Norwegian law. Not only does this open up Norway for business from the EU; it opens up the EU for business from Norway.

December 01 1996

Cyprus

A recent change in policy by the Central Bank of Cyprus means it is now possible to establish Administered Banking Units (ABUs) on the island. Applicant banks should be licensed in jurisdictions which exercise proper licensing and banking supervision. In addition, the prospective applicant banks must be institutions enjoying a good reputation internationally and which have an established track record of growth and profitable operation.

December 01 1996

Search results for