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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

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

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

Easdaq market opens for business

Michael Olislaegers and Axel Haelterman of Loeff Claeys Verbeke, Antwerp and Brussels, provide a detailed overview of the structure and functioning of Europe’s new screen-based securities market for growth companies

January 01 1997

CalEnergy bids for Northern Electricity

US power producer CalEnergy has made a hostile bid of £659 million (US$990 million) for UK regional electricity company Northern Electric.

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

Finland

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

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

Asian countries ease rules for listing infrastucture projects

Public equity markets are beginning to play an important role in infrastructure finance. Roger Dyer and Ian Harvey-Samuel of Freshfields, Singapore, discuss the guidelines for listing infrastructure project companies in Hong Kong, Singapore, Malaysia and Thailand

January 01 1997

Heard at the bar

• UK firm Linklaters & Paines has added two partners. On December 1, US-qualified Cecil Quillen was promoted from senior associate to partner in the firm's US securities team in New York. The firm has also attracted the services of Fiona Rice, a local partner in the Singapore office of rival Allen & Overy.

January 01 1997

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