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With small home markets, Benelux lawyers have been among the first in Europe to consider cross-border mergers and alliances. Their successes will be a model for others to follow. Paul Lee reports

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

The Securities and Futures Commission (SFC) is reviewing comments from brokers, practitioners and other members of the public on its Draft for a Composite Securities and Futures Bill (Draft Bill) issued in April 1996. The Draft Bill aims to consolidate the present regulatory regime, embodied in not less than 11 Ordinances governing the securities industry, into a single user-friendly composite bill. After reviewing comments and suggestions from the public, the SFC is expected to redraft the Draft Bill and submit it to the Legislative Council for consideration in this legislative session.

Douglas A Doetsch of Mayer, Brown & Platt, Chicago, looks in detail at one of the most vigorous and innovative sectors of the capital markets and its particular usefulness in Latin America and other emerging jurisdictions

British Telecom has acquired a 25% stake in French telecommunications company Cegetel for £1.1 billion (US$1.7 billion). Cegetel, which is 50% owned by French utility Compagnie Générale des Eaux, will compete directly with France Télécom for mobile and fixed service licences in advance of the date set for liberalization of the European market, January 1 1998.

Limiting professional liability; Lending to local authorities; Disqualification of directors; Enforcing an assigned debtBy Neil Mirchandani, City Litigation Group, Lovell White Durrant, London

• 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.

Part II of the New Zealand Securities Amendment Act 1988 requires substantial security holders in a public issuer to disclose relevant interests, and changes in such interests, to the public issuer and any stock exchange on which the securities are listed. The disclosure regime was enacted to ensure that market participants know the identity of persons in a position to control a public issuer.

In September, the Stock Exchange Committee of the Botswana Stock Exchange approved new 'Procedures for Listing and General Requirements for Listed Companies'. As adopted, the Procedures and General Requirements contain:

A new regulation permits the establishment of Sino-foreign joint ventures to engage in the business of foreign trading in the People's Republic of China. At present, state-run import-export enterprises controlled by the Ministry of Foreign Trade and Economic Cooperation dominate all Sino-foreign trade.