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Garrett & Co, the UK firm in the legal network associated with Arthur Andersen, has made a series of senior lateral hires from City firms and is seeking to set up a Hong Kong office in the next two months.

With small home markets, Benelux lawyers have been among the first in Europe to consider cross-border mergers and alliances. Their successes will be a model for others to follow. Paul Lee reports

The Securities and Futures Commission (SFC) is reviewing comments from brokers, practitioners and other members of the public on its Draft for a Composite Securities and Futures Bill (Draft Bill) issued in April 1996. The Draft Bill aims to consolidate the present regulatory regime, embodied in not less than 11 Ordinances governing the securities industry, into a single user-friendly composite bill. After reviewing comments and suggestions from the public, the SFC is expected to redraft the Draft Bill and submit it to the Legislative Council for consideration in this legislative session.

Douglas A Doetsch of Mayer, Brown & Platt, Chicago, looks in detail at one of the most vigorous and innovative sectors of the capital markets and its particular usefulness in Latin America and other emerging jurisdictions

British Telecom has acquired a 25% stake in French telecommunications company Cegetel for £1.1 billion (US$1.7 billion). Cegetel, which is 50% owned by French utility Compagnie Générale des Eaux, will compete directly with France Télécom for mobile and fixed service licences in advance of the date set for liberalization of the European market, January 1 1998.

US law firm Dechert Price & Rhoads has brought in four new lawyers to strengthen its Brussels office. International litigation and arbitration partner Melvin Schwarz has relocated from New York. "Our office has two divisions: the international division and the Belgian corporate and commercial practice," explains Brussels managing partner Richard Temko. "Melvin will be concentrating on litigation outside Belgium, in particular arbitration panels in London and Paris."

In September, the Stock Exchange Committee of the Botswana Stock Exchange approved new 'Procedures for Listing and General Requirements for Listed Companies'. As adopted, the Procedures and General Requirements contain:

Spanish tax law provides a significant obstacle to the implementation of Employee Share Participation Schemes (ESPSs), in that the transfer of shares to employees at no cost or at below-market prices is subject to taxation. Perhaps for this reason, such schemes have not become well developed in Spain.

Last summer, the Lloyd's of London restructuring plan came under attack by a large group of US names (as individual investors are referred to in the Lloyd's market). The US names charged Lloyd's with various fraudulent practices and violations of US securities laws.

Despite their frequent use in Canada, US lawyers are often puzzled by bankers' acceptances. Lisa Boulton of Tory Tory DesLauriers & Binnington, Toronto, explains why they are so popular in Canada's money markets