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The implementation of the EU Directive on investment services has been the ideal opportunity to reform Italy's securities regime. By Susanna Beltramo and Sabrina Bruno of Studio Legale Beltramo, Rome

The advent of internet-based transactional systems challenges the traditional financial regulatory system. By Thomas Crocker of Shaw, Pittman, Potts & Trowbridge, Washington DC

Beginning in October 1996, the electronic filing of securities documentation will become mandatory in Canada. Marguerite Mooney of Borden & Elliot, Toronto, reports on how market participants will benefit

Anne Crossfield* looks at the controversy surrounding the involvement of local government and municipalities in high-risk investments sparked off by the Hammersmith & Fulham and Orange County cases and concludes that in the US only further legislation is likely to resolve it

The public equity offering of UK nuclear power company British Energy closed on July 10 with the privatization yielding £1.4 million ($2.18 billion) for the UK government.

The consolidation of Russia's securities regime, and the added teeth given to the regulatory authority, can only benefit the market. By James Christiansen of Coudert Brothers, Moscow

The Rousch independent power project (IPP) reached financial close on May 31 with the US$507 million financing led by ANZ International Merchant Banking and National Development Finance Corp. Rousch is the first Pakistani project in which offshore commercial lenders have taken both political and commercial risk.

GUANGSHEN RAILWAY COMPANY LIMITED

The New York office of US firm Dechert Price & Rhoads has expanded its Securitization Practice Group with three lateral hires from US competitors.

Andrew Carmichael, a partner with Linklaters & Paines capital markets group in London, has moved to Hong Kong to oversee the regional securities practice. The firm, with offices in Singapore and Tokyo, has a total of nine partners and a 40-lawyer team doing capital markets work. "It is important the offices work together," comments Carmichael. "We have similar clients and sometimes deals can be done out of any of the offices, so it is important that we run the operation in a unified fashion." Carmichael said that it was not an official role but as one of the long-standing capital markets partners he had been selected for the job.