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The controversial loi Toubon restricting the use of English in financial documentation produced by state entities in France has been amended following protests. By Gilles Endréo of Linklaters & Paines, Paris

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.

Since the establishment of the official Cyprus Stock Exchange in March 1996, large financial institutions have launched investment funds whose public offerings were oversubscribed almost by a factor of eight.

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.

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

Australian firm Feez Ruthning, Brisbane, is to merge with Allen Allen Hemsley in Sydney. Both firms are part of the Allens Arthur Robinson Group, share clients and have a tradition of working closely together. Managing partner of Feez Ruthning, Howard Stack, says: "It was a hard commercial decision, but this way we will provide a seamless provision of services." The merger will add 30 partners to Allen Allen Hemsley's 60 partners in Sydney and will mean the firm has 440 lawyers altogether. Stack says: "I've been spelling out the name for 27 years -- I won't be sorry to stop that."

In a market formerly dominated by only one practice area, privatization, lawyers are enjoying the opportunity to offer more general corporate advice. However, this is putting weaker firms under pressure and leading to consolidation. Paul Lee reports

Ruling in favour of the international chemical group Bayer AG, the Court of First Instance has suspended the Commission decision of January 10 1996 which stated that the activities of Bayer Spain and Bayer France, subsidiaries of Bayer AG, constituted an 'agreement' contrary of Article 85 of the EC Treaty.

The Banking (Amendment) Act, passed on May 21 1996, will require locally-incorporated banks to raise their minimum shareholders' funds to approximately US$1 billion from the current minimum of approximately US$540 million.