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  • Canadian firm opens in Singapore
    Toronto-based Goodman Phillips & Vineberg has launched its third office in Asia, opening in Singapore in December. Goodman Phillips has had an office in Hong Kong for some 25 years and is the only Canadian firm with an office in Beijing.
    January 01 1997
  • Foreign influence pushes German lawyers into new mergers
    The new presence of foreign law firms aggressively staking out territory in Germany is putting pressure on local firms. A second wave of mergers seems to be beginning. Samantha Wigham reports
    January 01 1997
  • Cyprus
    The Central Bank of Cyprus has drafted a bill containing provisions for the harmonization of the Cyprus banking system with that of the EU, and the establishment of a unified framework for the effective operation of banking transactions. It is expected that the bill will be passed by the Cyprus parliament in early 1997.
    January 01 1997
  • Australia
    A general exemption under Section 66 of the Banking Act 1959 of Australia announced on September 23 1996 by the then Assistant Treasurer of Australia, senator Jim Short, has opened up the door for the first time for foreign banks wanting to issue securities on Australia's wholesale capital markets in their own time.
    January 01 1997
  • European law firm cooperation
    Belgian firm Liedekerke Wolters Waelbroeck & Kirkpatrick, France's Siméon & Associés and Wessing Berenberg-Gossler Zimmerman Lange of Germany have entered into a cooperation agreement. The firms will establish a European Economic Interest Grouping, called the Conference of European Lawyers. This will form the basis of future cooperation in all fields of law.
    January 01 1997
  • Italy
    On July 25 1996 the Bank of Italy introduced a number of amendments to the Regulations enacted on May 20 1994 to implement Law No. 86/1994 on real estate closed investment funds.
    January 01 1997
  • Hong Kong
    The Law Reform Commission has announced a plan that will give financially distressed companies the chance of avoiding insolvency proceedings by providing the company with a court-sanctioned moratorium from creditors while a provisional supervisor takes control of the company to restructure its debt.
    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
  • Asian litigation
    It has generally been the practice of the Inland Revenue of Hong Kong to disallow payments made on the closure of a business as being non-deductible expenses for the purpose of a profits tax computation. The Hong Kong Court of Appeal recently examined this practice in the context of severance (ie redundancy) payments in The Commissioner of Inland Revenue v Cosmotron Manufacturing (Civil Appeal No. 75 of 1996).
    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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