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Austria enacted a major revision of corporate law on July 1. The aim of the EU Company Law Amendment Act is to complete the harmonization of Austrian corporate law with EU company law. The Act applies to all corporate entities, but some changes are of particular importance to the Austrian banking sector. They relate to a bank's acquisition of its own stock, reasons for the exclusion of certain auditors of banks, financial reporting of banks and creditors' protection in the case of mergers of financial institutions.

Accompanying the International Financial Law Review 50 table of the world’s largest law firms are new tables on the financial health of the most and least international firms. Paul Lee provides comfort to those fighting to become more international

The Bankruptcy (Désastre) (Jersey) Law, 1990 contains provisions on disqualifying directors of a company which has been declared 'en désastre' (bankrupt).

An increasingly global derivatives market, in which crises always have international effects, requires a global, comprehensive regulatory regime. Eric Bettelheim of Mayer, Brown & Platt, London reports on the first steps

Jane M Freeberg of Watson, Farley & Williams, New York, considers the controversial Iran and Libya Sanctions Act of 1996, which is viewed by the EU as an American attempt to dictate foreign policy

The Zhuhai power project in China is the first project financing to reach financial close without guarantees from the government or any financial institution. The US$1.2 billion financing for the 2 x 660 MW coal-fired plant closed in September.

The latest gradual steps to a free foreign exchange regime in China will be of significant benefit to foreign investment enterprises there. By Guanxi Zheng of Stikeman, Elliott, Hong Kong

German bio-chemical company SKW Trostberg is to acquire Swiss company Master Builders Technology Division from Sandoz in a Sw fr1.3 billion (US$1.1 billion) deal. Subject to antitrust clearances the sale will close in November.

UK group Imperial Tobacco is being demerged from UK conglomerate Hanson and will be floated on the London Stock Exchange. The company is expected to be accepted for the Official List from October 1 with a market capitalization of over £2 billion.

US firm White & Case has named Raj Pande, head of the firm's India Practice Group, partner. Pande will continue to be based in the firm's Singapore office. The firm has also made two lateral hires. Weerawong Chittmittrapap, a Thai securities and corporate lawyer, joins the Bangkok office as partner. He moves from his position as partner at Baker & McKenzie.