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Sweden

Under present Swedish legislation a company is prohibited from signing for, acquiring or taking as security shares issued by the company itself or by a parent company. This rule, originally justified by the need to protect the creditors of a company, was introduced in 1895 and has been restated in subsequent legislation for a variety of reasons.

January 01 1997

Switzerland

At present the Swiss criminal code (SCC) does not contain an express provision making the manipulation of stock prices a criminal offence. However, this will change with a new provision, Article 161bis SCC, scheduled to come into force in the course of 1997. This sets out the kinds of manipulation of stock prices punishable by law and reads as follows:

January 01 1997

Finland gives mezzanine instruments substance

Proposed legislative changes in Finland will further facilitate the use of mezzanine finance instruments, whose relatively high yields make for an attractive investment option. By Kari Lautjärvi and Jukka Muhonen of Heikki Haapaniemi, Attorneys-at-Law, Helsinki

January 01 1997

Blockbusters boost final months of record year

IFLRev identifies and discusses the most interesting deals of 1996. By Paul Lee, Richard Forster, Alexandra Lennane and Samantha Wigham

January 01 1997

New Zealand revamps issuing rules

New Zealand is about to undergo its most significant securities law reform in over a decade. Lloyd Kavanagh and Gregg Dell of Russell McVeagh McKenzie Bartleet & Co, Wellington, discuss the changes

January 01 1997

Britannia buys £1.1 billion Citibank mortgage book

The UK's Britannia Building Society has bought a £1.1 billion (US$1.8 billion) mortgage book from Citibank International. The book consists of about 30,000 residential mortgages in the UK. On the same day, Britannia issued £100 million step-up subordinated notes under its MTN programme.

January 01 1997

China

Shanghai has promulgated the New Regulations of Shanghai on the Examination and Approval of Foreign Investment Enterprises (the New Regulation), effective from October 1 1996. The New Regulation is significant in that it provides that the Shanghai Municipal People's Government shall, in accordance with state guidelines and the actual situation of Shanghai, formulate guidelines on foreign investment and the guiding directory of foreign investment enterprises for Shanghai.

January 01 1997

Fund management merger

UK fund manager Invesco is buying US competitor AIM Management Group for US$1.6 billion. The deal creates a top five independent fund manager with more than US$150 billion under management.

January 01 1997

Merger activity in Germany

German law firms Droste and Boesebeck Barz & Partners are to merge. The new firm will be called Boesebeck Droste. The merger will be effective from January 1 1997.

January 01 1997

Finland

A committee appointed by the Finnish Ministry of Finance has issued a proposal concerning amendments to the deposit guarantee scheme.

January 01 1997

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