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

Alongside implementing the ISD and CAD, Finland has made a number of other changes to its securities law. By Tomas Lindholm and Tarja Wist of Roschier-Holmberg & Waselius, Helsinki

US firm Oppenheimer Wolff & Donnelly will merge with Californian intellectual property (IP) firm Poms, Smith, Lande & Rose on January 1 1997. The new firm will have one of the largest IP practices in the US and hopes to rank in the top 10 firms for trade marks issued. The firm will have 11 offices.

A draft Legislative Decree implementing EU Directive 19/94 was submitted in September to Parliament by the Council of Ministers.

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.

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.

The Royal Trust Bank decision has left uncertainty as to how best to create a fixed charge over receivables. Chris Hanson and Geoffrey Yeowart of Lovell White Durrant, London, attempt to reconcile the cases

The Italian Treasury is selling a further tranche of shares in the oil and gas company ENI with a L5.1 trillion (US$3.36 billion) international offering, part of Italy's largest privatization. The sale of the 8.75% stake in the company is being jointly led by Istituto Mobiliare Italiano and CS First Boston.

Baker & McKenzie is opening an office in Munich early next year to complement its Frankfurt and Berlin offices. Three partners will manage the office, assisted by three associates. Walter Henle and Stephan Spehl join from the Frankfurt office, which will remain the leading office in Germany. Uwe Steininger, a tax and mergers and acquisitions lawyer, joins the office as partner from Bissman & Partner. Says Nigel Carrington, managing partner at the London office: "Munich is a major German centre, and we are already strong in Frankfurt and Berlin. It is an obvious move for us to make."

US firm Milbank, Tweed, Hadley & McCloy has revamped its Asian practice after the departure of project finance partner Glenn Gerstell to the Washington office.