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The Finnish Council of State has recently published a bill to implement the EU Directive on company law into the Finnish Companies Act. The bill also contains several amendments that fulfil specific Finnish concerns.

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

Anne Crossfield* looks at the controversy surrounding the involvement of local government and municipalities in high-risk investments sparked off by the Hammersmith & Fulham and Orange County cases and concludes that in the US only further legislation is likely to resolve it

US broadcasting group Westinghouse Electric is to merge with Infinity Broadcasting in a $3.9 billion deal which requires the approval of the Federal Communications Commission. Infinity shareholders will receive 1.7 Westinghouse shares for each share held if the transaction is approved.

GUANGSHEN RAILWAY COMPANY LIMITED

IBA 26th Biennial Conference

The Mémorial, the official journal of the Grand Duchy of Luxembourg, in its edition dated May 29 1996, published the law of May 9 1996 on netting of claims in the financial sector (loi du 9 mai 1996 relative à la compensation de créances dans le secteur financier, portant modification de la loi modifiée du 5 avril 1993 relative au secteur financier).

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.