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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 tax consequences of a modification to US debt instruments have now been clarified by the US Internal Revenue Service (IRS). Richard Andersen of Jones, Day, Reavis & Pogue, New York, looks at the implications

The recently enacted Decree 627/96 has provided a new set of rules in connection with leasing transactions. The Decree applies to leases governed by Argentine Law 24,441, in which the lessor is:

The following is a summary of recent developments:

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

Provisional Measure 1541 allowing the federal government to give financial support to state governments willing to privatize state banks or to liquidate or transform them into non-financing institutions was enacted on September 5 1996. The programme will be funded by a federal government bond issue, but the public debt is expected to fall after the privatization of state assets.

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

Dr Berthold Kusserow and Dr Eva Reudelhuber discuss how own funds requirements for banks and investment services firms in Germany will change when the draft sixth amendment to the German Banking Act comes into force in 1997

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.