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  • New procedure for UCIT authorizations
  • On January 1, the government of Victoria in Australia changed its regulations on law firms. The government felt public confidence was being undermined, for three reasons: the lack of independent regulation, limited information on billing and the restrictive nature of professional practices.
  • On January 1 1997 a number of amendments to the Federal Act on Debt Collection and Insolvency of 1889 entered into force. The amendments are aimed at updating and clarifying the Act, without changing its structure. In the field of injunctions to freeze assets as a provisional remedy, three major modifications have been enacted with a view to improve the protection for the debtor and the third party holder of assets:
  • A provisionary measure on money-laundering came into force in September 1996 and a comprehensive law came into force in November. Turkey entered into agreements with Kazakstan, Poland, Egypt, Malaysia, China, India, Algeria and Mongolia for the avoidance of double taxation with respect to taxes on income. The Council of Ministers approved the entry of Turkey to the Cotton Advisory Committee.
  • With less than five months to go before it returns to Chinese control, Hong Kong is enjoying a surge in the property and securities markets as well as in the overall economy. Confidence is running high. Paul Lee reports
  • In December 1996, the Main Proposed Revisions to the Draft for the Composite Securities and Futures Bill were released by the Securities and Future Commission (SFC).
  • For the first time, International Financial Law Review has identified the leading firms in the Yankee bond market. Meanwhile, Linklaters continues to dominate the Eurobond market. Richard Forster and Samantha Wigham report
  • US utility Entergy Corporation has bid £1.26 billion (US$2.11 billion) for the UK's London Electricity.
  • Jane M Freeberg of Watson, Farley & Williams, New York, reports on the EU Regulation blocking compliance with US sanctions against firms trading with Cuba, Iran and Libya
  • Peter Erwe and Peter Waltz of Oppenhoff & Rädler, Frankfurt, report that investment firms from other EU member states can now take advantage of the single passport under the Investment Services Directive in spite of delays in its implementation into German law