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Part II of the New Zealand Securities Amendment Act 1988 requires substantial security holders in a public issuer to disclose relevant interests, and changes in such interests, to the public issuer and any stock exchange on which the securities are listed. The disclosure regime was enacted to ensure that market participants know the identity of persons in a position to control a public issuer.

Despite their frequent use in Canada, US lawyers are often puzzled by bankers' acceptances. Lisa Boulton of Tory Tory DesLauriers & Binnington, Toronto, explains why they are so popular in Canada's money markets

Arbitration is an increasingly popular form of dispute resolution. The recent Act for England and Wales boosts London's position. By David Wyld and Simon Nurney of Macfarlanes, London

Uncertainty over the Brazilian's state's right to control the domestic insurance industry appears to have been temporarily resolved – to the advantage of foreign insurance firms. By Manoel Ignácio Torres Monteiro of Amaro, Stuber e Advogados Associados, São Paulo

Since UK firm Allen & Overy announced the appointment of David Slade as a project finance partner in the New York office (see Insides, IFLRev, October), three other lawyers have joined Slade at Allen & Overy, effectively wiping out the Russian practice of US firm Milbank, Tweed, Hadley & McCloy.

Charles Toy, vice president and general counsel of the Overseas Private Investment Corporation, Washington DC, talks to Richard Forster

Following the debate launched earlier this year by the Commission's Green Paper on the review of the Merger Regulation, the Commission has published two proposals for revision of the Regulation, which it has submitted to the Council of Ministers for discussion. One of these, containing the Commission's more controversial proposals concerning reduction of the 'Community dimension' thresholds, is capable of adoption by qualified majority, as envisaged in the existing Regulation. The other proposal, which requires the unanimous agreement of the member states, contains a number of improvements to the Regulation which are likely to be less controversial.

The Securities and Futures Commission (SFC) is reviewing comments from brokers, practitioners and other members of the public on its Draft for a Composite Securities and Futures Bill (Draft Bill) issued in April 1996. The Draft Bill aims to consolidate the present regulatory regime, embodied in not less than 11 Ordinances governing the securities industry, into a single user-friendly composite bill. After reviewing comments and suggestions from the public, the SFC is expected to redraft the Draft Bill and submit it to the Legislative Council for consideration in this legislative session.

The state reinsurance monopoly has now been lifted with the enactment of Constitutional Amendment No. 13 of August 21 1996. In accordance with the new wording of Article 192, II of the Constitution, licensing requirements and other conditions applicable to reinsurance shall be regulated in a complementary law. There are at present two bills on the subject being examined in Congress.

The UK government has agreed to sell the Married Quarters Estate of the Armed Forces to the Annington Group for £1.6 billion (US$2.5 billion). The transaction, one of the largest ever UK conveyancing deals, requires the sale of 2400 properties to Annington and a sale and leaseback of 55,000 properties under 999-year head leases.