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The regulatory reforms to the economic and tax regime of the Canary Islands are still awaiting approval by the Spanish authorities. When the process, which started in 1991, is finally completed, the Canary Islands Special Zone will take effect within the framework of the EU, and will remain operative until at least the year 2024. One of its objectives is the creation and development of a Canary Islands financial market.

The Limited Liability Partnerships (Jersey) Law is expected to come into force in the spring of 1997. The UK government has announced its intention to introduce similar legislation in Britain, thus demonstrating that it recognizes the liability issues now facing professional services organizations, and lending its support to the proponents of such legislation. The deputy vice-president of the Law Society, Michael Matthews, has stated that there is no policy reason why solicitors should not take advantage of Jersey's proposed limited liability partnerships.

The Central Bank of Chile has for sometime imposed a requirement to deposit with it on a non-interest earning basis (or to pay as an alternative a fee) an amount equal to 30% of almost all equity investments made under Chapter XIV of the Compendium of Foreign Exchange Regulations and of loans registered under that Chapter and under Decree Law 600.

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

Simon Firth of Linklaters & Paines, London, looks at the growth of a trend that has contributed significantly to the reduction of credit risk in the financial markets, and a proposal to boost it further

The Capital Markets Efficiency Act is a pale shadow of the originally proposed reforms to end the federal/state dual regulation of securities issues and cut litigation by large institutions. By David Bernstein of Rogers & Wells, New York

Philex Gold Inc, the gold mining subsidiary of Philippines mining company Philex Mining Corporation, recently made its trading debut on the Toronto Stock Exchange, on completion of Philex Gold's initial public offering in Canada. Philex Mining's choice of Canada for this offering is consistent with Canada's growing reputation as one of the world's preeminent markets for mining shares, its pool of knowledgeable investors and experienced mining stock analysts being the product of Canada's long mining history. The Philex Gold offering structure addressed a number of issues in an innovative way, including the 'foreign property' limitations applicable to certain Canadian investors under Canadian tax legislation.

New York firms offer poor value for money and are arrogant, according to a new survey. Of the in-house counsel consulted outside New York, 58% said New York firms offer less value for money than other firms. Of all the in-house counsel, 20% expected to use New York firms less; under 3% expected to use them more.

International firm Baker & McKenzie opened an office in Japan on November 1. The firm previously operated in Tokyo through an association with Tokyo Aoyama Law Office, but the two have now formed a qualified joint venture.

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