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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

Two sets of rules came into force in January to provide a legal and regulatory framework for a new collective investment vehicle. Tim Cornick of Macfarlanes, London, looks at the issues

The Turkish government has completed a US$630 million project financing of a power plant. The Marmara Ereglisi plant will supply power to utility Turkiye Elektrik Uretim ve Ticaret, under a 20-year agreement. The state gas company will supply natural gas. Financing is sponsored by a consortium of Enron Corporation and Wing International, the UK's Midlands Electricity, and Turkey's GAMA Endustri. Eximbank, the Overseas Private Investment Corporation (OPIC) and the Republic of Turkey are arranging the financing with a consortium of international commercial banks. Bankers Trust Company, ABNAmro and Bayerische Landesbank Girozentrale were lead lenders for the project.

The Income Tax (Amendment) Act 1996 and the Stamp Duties (Amendment) Act 1996 were passed to curb speculation in Singapore's real estate market. The amendments, which became effective on May 15 1996, apply to certain real property and related share transactions. Gains from disposal of any real property and shares in a private company with specified real estate assets occurring within three years from the date of acquisition of such interests are now automatically subject to income tax. The gain that is subject to tax depends on the holding period of the interest after acquisition.

The People's Bank of China (PBOC) promulgated the new Provisional Measures of the Administration of Foreign-Funded Financial Institutions in Shanghai-Pudong Conducting Renminbi Business Pilot Scheme (the Measures) on December 2 1996. About a month later, the PBOC granted licences to Citibank, Bank of Tokyo-Mitsubishi, Hongkong Bank and Industrial Bank of Japan to conduct Renminbi (Rmb) business.

Under the Exchange Law Statute, an external credit should comply with the following requirements: