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The trend towards structuring initial offshore purchases in US-registered public offerings as Regulation S transactions raises a number of legal questions. By David E Neuville of Baker & McKenzie, Hong Kong

The Hungarian Ministry of Justice is considering a draft law for foreign lawyers in Hungary. The main elements are likely to be a requirement that foreign firms register with the Hungarian Bar and not just the Ministry of Trade, and that foreign firms form associations with local firms. Stephen Forster, of McKenna Ormai, Budapest (an association of a Hungarian and a British firm), says: "The proposals seem quite reasonable, although they are at an early stage." Laszlo Kopits of Weil, Gotshal & Manges, Budapest, says: "All lawyers recognize that the operation of foreign firms must be regulated, rather than the free-for-all which now exists."

Law firms in Australia and New Zealand are meeting the onslaught of competition from professional services firms by trimming and streamlining services. The trend is towards a high-tech, highly specialized and user friendly law firm. Morgan Acker reports

The Central Bank of Chile has been requiring for a number of years that all loans to Chilean residents from abroad as well as most foreign equity investments be subject to the obligation to deposit with the Central Bank, on an interest-free basis, 30% of the amount involved for a period of one year or, alternatively, to pay an equivalent fee.

The package of regulatory reforms set to come before the Legislative Council this autumn will innovate as well consolidate. John Holmes and James Walker of Clifford Chance, Hong Kong, look at its new provisions

Concluding his consideration of repos, Claude Brown of Linklaters & Paines, London, discusses the various master agreements for repos, buy/sell backs and stock loans

The EU Commission is pressing Austria to abolish anonymous banking. With the Austrian government stalling, the matter is likely to go to the European Court. By Friedrich Schwank of Law Offices Dr F Schwank, Vienna

G L Bustin and A V Krylov of Cleary, Gottlieb, Steen & Hamilton, Brussels, look at the implications of the partnership and cooperation agreement between the EU and Russia and its impact on bilateral financial law

The 700 MW gas-fired Samalayuca power project located south of Ciudad Juarez, Chihuahua is Mexico's first foreign-sponsored generating project to reach financial closure. The $647 million financing was concluded on May 24 after four years of negotiation.

UK firm Wilde Sapte has appointed 12 partners, 10 in the London office, one in Tokyo and one in New York.