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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.

Resolution No. 58/3/96 of the Board of Directors of the Central Bank concerning the regulation of finance companies (Resolution 58) was promulgated under the authority set forth in Articles 114 to 119 of the Central Bank Law, which pertain to Financial Corporations (mu'assasat maliyyah). Article 114 of the Central Bank Law defines Financial Corporations as those institutions whose principal functions are to extend credit, to carry out financial transactions, to take part in the financing of existing or planned projects, to invest in movable property and such other functions as may be specified by the Central Bank. Financial Corporations may not accept funds in the form of deposits but may borrow from their head offices, from local and foreign banks, or from financial markets.

A recent bill published by the Brazilian authorities is set to make money-laundering in Latin America's largest country a specific criminal offence for the first time. By Bruno Balduccini of Pinheiro Neto Advogados, São Paulo

Switzerland has amended its rules to compete with the attractive Luxembourg regime. By Filippo Beck of Wenger Mathys Plattner, Zurich and Basle, with the assistance of Christina Amgwerd-Sheaff and Jlona Caduff

New York-based Chadbourne & Parke, a general practice firm with a strong energy and projects practice, has poached Ian Johnson from Ashurst Morris Crisp. Johnson, head of Ashurst's energy and major projects group, will be the first English solicitor to be a partner at Chadbourne. He starts at the firm on March 1 1997.

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

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 firms are increasing their ambitions in Italy. At the same time, Italian firms are looking to expand abroad.

Denton Hall has pulled out of the reported discussions between three London firms on a possible three-way merger. The two other firms, McKenna & Co and Cameron Markby Hewitt, are reported to be continuing their discussions, but other plans may intervene.

For the first time, Austria's bar association rules are being called into question and competition is likely to arrive soon. Austrian firms are preparing for mergers to face that competition. By Samantha Wigham