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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.

On September 11 the Bankruptcy Legislation Amendment Bill 1996 passed the House of Representatives in amended form. Key provisions contained in the Bill include:

US petroleum refiner Diamond Shamrock is to merge with rival Ultramar in a US$2.35 billion deal. The transaction is structured as a stock swap, attracted the attention of regulators regarding Diamond Shamrock's call options after large purchases were reported a week before the announcement of the merger.

• US firm Milbank, Tweed, Hadley & McCloy has appointed partner Douglas Tanner as head of the firm's Hong Kong office. Tanner, who leaves the Los Angeles office to take up the post, specializes in international capital market transactions, acquisitions, joint ventures and investment in Asia. He also has experience in asset securitization transactions and derivative products. He replaces Glenn Gerstell, who returns to the Washington DC office.

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.

Christopher Lewis of Simmons & Simmons considers the rise and rise of the asset repackaging phenomenon and takes a detailed look at how deals are structured and what are the main vehicles on offer