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A bill on the legislative framework for the National Securities Centre was recently published by the Finnish government. Under the proposal, legislation on the book-entry securities system would also be amended.

A recent change in policy by the Central Bank of Cyprus means it is now possible to establish Administered Banking Units (ABUs) on the island. Applicant banks should be licensed in jurisdictions which exercise proper licensing and banking supervision. In addition, the prospective applicant banks must be institutions enjoying a good reputation internationally and which have an established track record of growth and profitable operation.

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.

The lack of an international insolvency regime is a glaring anachronism in the era of global markets. While regulators are getting their act together, private initiatives offer the best alternative. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

A joint venture, Shanghai Zhadian Gas Turbine Power Generation, formed between Shanghai Municipal Electric Power and GE Capital, is the project company in a US$255 million 4x100Mw gas turbine power plant. It is said to be the first truly limited recourse project financing in the Chinese power sector.

The UN Compensation Commission set up to investigate Gulf War claims must make sure that pre-invasion Iraqi debts are given the same importance as war damage, argue Anthony Gardner, Roger Alford and Richard Weiner, of Hogan & Hartson LLP, Brussels and Washington

Accounting firm Arthur Andersen has added two new scalps to its rapidly expanding law firm association. Even though the firm has yet to decide what the office will be called, the planned Andersen-associated Hong Kong office has poached Julia Charlton, formerly a Hong Kong-based partner at UK firm Simmons & Simmons. She joins Justin Ede, who has moved from Garrett & Co in London.

US firm White & Case is providing advice to the South African government on restructuring the telecommunications sector in the country. The firm is also advising the local telecoms monopoly, Telkom SA, in preparation for the sale of 30% of its equity to a foreign company.

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.

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