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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 decision in Octagon Gas Systems Inc v Rimmer, 995 F2d 948 (10th Cir 1993), cert denied, 114 S Ct 554, 126 L Ed 2d 455 (1993), complicates securitization transactions in US Tenth Circuit states Colorado, Kansas, New Mexico, Utah and Wyoming. This article examines how ABN AMRO overcame Octagon and completed a transaction for a Tenth Circuit company.

The Commission published a preliminary draft Notice on September 10 on cooperation between national competition authorities and the Commission in cases falling within Articles 85 and 86 of the EU Treaty.

In June 1996, the Securities Committee of China's State Council issued a notice on the recommendation of the fourth batch of mainland enterprises for overseas listings. What is new is the degree of participation it allows foreign investment bankers in selecting prospective listing candidates. The submission of an analytical report prepared by the underwriter on the reorganization and listing prospects of the recommended enterprise is now required. Thus foreign investment bankers will be involved in the early stages of the screening process.

US Supreme Court limits punitive damages

Publication of a draft Third Financial Markets Promotion Act (Drittes Finanzmarktförderungsgesetz) aimed at further enhancing the economic and legal framework for the operation of the German capital markets is now imminent. A number of the key changes to be introduced by the proposed Act are:

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.

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

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 latest gradual steps to a free foreign exchange regime in China will be of significant benefit to foreign investment enterprises there. By Guanxi Zheng of Stikeman, Elliott, Hong Kong