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The decision in Octagon Gas Systems Inc v Rimmer, 995 F2d 948 (10th Cir 1993), cert denied, 114 S Ct 554, 126 L Ed 2d 455 (1993), complicates securitization transactions in US Tenth Circuit states Colorado, Kansas, New Mexico, Utah and Wyoming. This article examines how ABN AMRO overcame Octagon and completed a transaction for a Tenth Circuit company.

UK firm Allen & Overy has announced the appointment of US lawyer David Slade as partner in its New York office. In a move designed to give the firm a dual US and UK capability in project finance work, Slade will be joined by dual-qualified partner Carl Sheldon who moves from the Frankfurt office.

The controversial loi Toubon restricting the use of English in financial documentation produced by state entities in France has been amended following protests. By Gilles Endréo of Linklaters & Paines, Paris

The following is a summary of recent developments:

The Prevention of Terrorism (Jersey) Law 1996 came into force in Jersey (with the exception of certain provisions thereof) on July 1 1996. The Law proscribes organizations involved in terrorism, contains powers to exclude certain persons from Jersey, includes offences of providing financial assistance for terrorism and provides for the investigation of terrorist activities.

Since the establishment of the official Cyprus Stock Exchange in March 1996, large financial institutions have launched investment funds whose public offerings were oversubscribed almost by a factor of eight.

What is the relationship between a participant in a secured loan and the debtor when the debtor becomes bankrupt? This question has troubled many participants concerned that they may not be able to assert rights in the collateral during the course of the bankruptcy proceeding.

In this, the first ever survey of the legal advisers on international equity issues, International Financial Law Review identifies the leading firms in the field and discovers why they head the tables. Richard Forster reports

Australian firm Feez Ruthning, Brisbane, is to merge with Allen Allen Hemsley in Sydney. Both firms are part of the Allens Arthur Robinson Group, share clients and have a tradition of working closely together. Managing partner of Feez Ruthning, Howard Stack, says: "It was a hard commercial decision, but this way we will provide a seamless provision of services." The merger will add 30 partners to Allen Allen Hemsley's 60 partners in Sydney and will mean the firm has 440 lawyers altogether. Stack says: "I've been spelling out the name for 27 years -- I won't be sorry to stop that."

In a market formerly dominated by only one practice area, privatization, lawyers are enjoying the opportunity to offer more general corporate advice. However, this is putting weaker firms under pressure and leading to consolidation. Paul Lee reports