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Incoporating the EU Second Banking Directive into Spanish national law, Law 3/1994 regulates the basic aspects of Financial Credit Establishments (Esteblacimientos Financieros de Crédito, or EFCs), which have been further developed by recently-approved regulations. As a result, certain Spanish credit institutions have until the end of the year to comply with the new requirements.

A question frequently raised both among members of the offshore community and the authorities in Cyprus is whether the existing favourable offshore tax regime will be affected in any way by the proposed accession to the EU.

The Bank of Italy has introduced changes to Chapter XII of its Regulations concerning the issue of bonds by Italian banks. These have the effect that the existing distinctions made between different types of issuing banks according to their capital base have been abolished. As a consequence, banks with a capital base of less than L50 billion (US$ 196 million) are now allowed to issue bonds with a denomination of at least L5 million provided that the issue has 'market characteristics'.

Jane M Freeberg of Watson, Farley & Williams, New York, considers the controversial Iran and Libya Sanctions Act of 1996, which is viewed by the EU as an American attempt to dictate foreign policy

The latest gradual steps to a free foreign exchange regime in China will be of significant benefit to foreign investment enterprises there. By Guanxi Zheng of Stikeman, Elliott, Hong Kong

German bio-chemical company SKW Trostberg is to acquire Swiss company Master Builders Technology Division from Sandoz in a Sw fr1.3 billion (US$1.1 billion) deal. Subject to antitrust clearances the sale will close in November.

UK law firms Dibb Lupton Broomhead and Alsop Wilkinson merged on October 1 to form the UK's sixth largest firm and the world's eleventh largest (see page 16). The new firm, Dibb Lupton Alsop, will have 214 partners and a total of 734 fee earners, with a turnover in in the region of US$140 million. Both firms grew from strong regional bases, Dibb Lupton in Leeds and Alsop Wilkinson in Liverpool. Their London offices opened later but by merging they hope to build their City profile as well as develop an international presence. Alsop Wilkinson has offices in New York, Brussels and Hong Kong but Dibb Lupton did not have an office outside the UK.

Canadian firm Goodman Phillips & Vineberg opened a Vancouver office on September 9. The firm poached the managing partner for the office, Paul Goldman, from Canadian rival Lang Michener.

On August 8 1996 Hollinger International completed, following a Scheme of Arrangement under section 425 of the Companies Act 1985, its acquisition of all those shares of The Telegraph plc it did not already own.

UK group Imperial Tobacco is being demerged from UK conglomerate Hanson and will be floated on the London Stock Exchange. The company is expected to be accepted for the Official List from October 1 with a market capitalization of over £2 billion.