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UK firm Freshfields has taken on Kent Rowey, a US qualified lawyer, as partner in the International Project Finance Group. He joins from the London office of US firm Perkins Coie.

Consistent with the aim of promoting finance market stability and the free movement of capital, the Commission has proposed a Directive (based on Article 100A of the EC Treaty) targeting 'systemic risk' in payment systems. The risk of one link in the chain of a payment system failing to meet its liabilities and passing disastrous consequences on to other participants will be reduced by the new rules on settlement finality and collateral security.

An open wholesale electricity market is expected to be fully operational by October 1 1996. This follows the successful introduction earlier this year of an interim electricity market and the split of the state-owned generator, Electricorp, into two competing generators.

Under recent changes introduced by the Spanish government, venture capital companies and funds (SCRs) are redefined as those whose main purpose is the promotion, through the acquisition of temporary shareholdings, of non-financial unlisted companies which are not more than 25% owned by companies listed on the Stock Exchange or companies considered to be 'financial entities' (qualifying companies). Under the new rules, qualifying companies are no longer required to be small or medium-sized companies or to be involved in technological or other innovative fields.

John Worthy and Duncan Calow of Denton Hall, London, examine the implications of digital technologies for the regulation of banking and financial services in the UK

When the second wave of sell-offs is completed, international law firms will have to compete for a niche in Budapest's financial markets. By Richard Forster

• The Ministry of Justice in China has awarded 16 licences to foreign firms wishing to operate branch offices. The following received licences for Beijing: Birendelli Castellani (Italy), Brown & Wood (US), Freshfields (UK), Haythe & Curley (US), Komatsu Koma & Nishikawa (Japan), Nassir & Partners (Amman), Richards Butler (UK) and W K To & Co (Hong Kong).

Johan Tyteca, head of the legal department at Kredietbank, talks to Diana Bentley

The history of registration requirements imposed on securities in Argentina illustrates the volatility of the country's economic conditions and regulations over the last decade. More recently, it has also been evident that when a desperate need for higher tax revenues is the driving force behind its implementation, this seemingly technical requirement may even threaten to wreak havoc in the secondary market for debt securities.

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.