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New York-based LeBouef, Lamb, Greene & MacRae has appointed Jude Kearney a partner in the firm's Washington DC office. Kearney was formerly deputy assistant secretary for Service Industries and Finance at the US Department of Commerce. He specializes in international trade and project finance matters and works extensively with the insurance industry on issues of its access to, licensing by and investment in foreign markets.

The Finance Ministry has recently revised its policy relating to the issue of Foreign Currency Convertible Bonds (FCCBs) and ordinary shares (through the Depositary Receipt mechanism). It has substantially relaxed its policy on Euro-issues including clearance to non-bank finance companies to access the European market. Under the revised guidelines, non-bank financial companies registered with the Reserve Bank of India have been permitted to float Euro-issues. The new guidelines are expected to promote greater flexibility.

The following is a summary of recent developments:

The Prevention of Terrorism (Jersey) Law 1996 came into force in Jersey (with the exception of certain provisions thereof) on July 1 1996. The Law proscribes organizations involved in terrorism, contains powers to exclude certain persons from Jersey, includes offences of providing financial assistance for terrorism and provides for the investigation of terrorist activities.

What is the relationship between a participant in a secured loan and the debtor when the debtor becomes bankrupt? This question has troubled many participants concerned that they may not be able to assert rights in the collateral during the course of the bankruptcy proceeding.

The Swedish Supreme Court has recently had to pass judgment in an interesting case (NJA 1996 s52) regarding the perfection of pledges under Swedish law.

In this, the first ever survey of the legal advisers on international equity issues, International Financial Law Review identifies the leading firms in the field and discovers why they head the tables. Richard Forster reports

Global harmonization of over-the-counter derivatives regulation is an idea whose time has not yet come, argues Schuyler K Henderson of Baker & McKenzie, London

UK firm Ashurst Morris Crisp is opening an office in Singapore. Headed by corporate partner Richard Gubbins and project finance partner Scott Brodsky, it will concentrate on international transactions and project finance. Three associates, Clive Tucker, Shaun Lascelles and Tom Whelan, will also be based in the office, opening in October.

International firms are continuing to formalize their operations in the Italian market. Minnesota-based firm Oppenheimer Wolff & Donnelly has formed an association with Italian firm, Pisano De Vito Maiano & Catucci. Pisano has offices in both Rome and Milan.