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  • As China enters its ninth five-year plan this year, the BOT (build-operate-transfer) method of infrastructure financing has been receiving keen interest. In particular, power plant project financings are moving closer to the international model of BOT investments.
  • A communiqué issued by the Undersecretariat of Treasury has amended some sections of the previous communiqué on foreign investment. The main points are as follows:
  • Fifteen years ago, a partial revision of the Swiss Federal Constitution anchored womens' rights to equal treatment in respect of family, education and work, guaranteeing them in Article 4(2) the right to equal pay for equal work. The Swiss Federal Parliament has now enacted an Equality Act (Gleichstellungsgesetz) which came into effect on July 1 1996. The main focus of the Act is on furthering the equal treatment of men and women at work. The following are the most important changes.
  • A draft Investment Business (Jersey) Law is expected to be submitted to the States of Jersey towards the end of this year. The Investment Business Law would be Jersey's equivalent to the UK Financial Services Act and would provide for the supervision of investment business and matters related thereto.
  • As an alternative to bankruptcy, a Swedish business in financial trouble can enter into a composition (ackord) with its creditors. While seeking a composition, the debtor has nevertheless had no protection against its creditors. To solve this problem, new legislation (the Business Reconstruction Act, SFS 1996:764) has been enacted, effective from September 1 1996.
  • The implementation of the EU Directive on investment services has been the ideal opportunity to reform Italy's securities regime. By Susanna Beltramo and Sabrina Bruno of Studio Legale Beltramo, Rome
  • The advent of internet-based transactional systems challenges the traditional financial regulatory system. By Thomas Crocker of Shaw, Pittman, Potts & Trowbridge, Washington DC
  • Denis M Forster of the Law Offices of Denis M Forster, New York, who advised Procter & Gamble and its trial counsel in its suit against Bankers Trust, offers a first-hand analysis of the court's holdings in the case
  • The Republic of Italy is offering $2.1 billion of government bonds exchangeable for shares or American Depositary Shares in the state owned insurance company Istituto Nazionale delle Assicurazioni (INA). It is the first time a European government has used exchangeable securities to privatize government assets. The offering is structured as $1.06 billion of 5% Privitization Exchangeable Notes (PENs) and L1,630 billion ($1.06 billion) of 6.5% PENs.
  • The public equity offering of UK nuclear power company British Energy closed on July 10 with the privatization yielding £1.4 million ($2.18 billion) for the UK government.