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Australia's third largest firm, Freehill Hollingdale & Page, has announced the closure of its London office from August 31. Resident partner Kevin Lewis says: "Australia is getting smaller and smaller vis-à-vis the rest of the world. Investors prefer newer markets such as South America or South-East Asia, where they get higher returns."

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 Czech Republic's economy is into a second phase of development. Privatization is almost over and reforms are now stiffening regulation. The lawyers that are left must prepare for long-term work, not brief transactions. Paul Lee reports

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

In the Decree-law for the Restoration of the Public Debt No. 323 dated June 20 1996, as amended on July 11 1996, (the Decree-law), the Italian government introduced the principle that any payment of capital income made from Italy by an Italian company (other than a bank) to a foreign financial institution is subject to a flat rate withholding tax of 15% if made to a foreign bank and to a withholding of 15% on account of taxes if made to foreign branches of Italian banks. The withholding of the 15% will apply to payments made to foreign branches of Italian banks even where the branch has not arranged for its funding from other banks.

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 Central Bank of Ireland is the regulator for both UCITS and non-UCITS funds in Ireland. The investment industry has been lobbying for more flexibility with regard to high net worth investors on the basis that they do not need the same level of protection as is generally desirable. The Central Bank of Ireland has now issued a special derogation from the general rules in relation to investment objectives, investment policies and the level of leverage employed where non-UCITS schemes are marketed solely to 'qualifying investors'.

Beginning in October 1996, the electronic filing of securities documentation will become mandatory in Canada. Marguerite Mooney of Borden & Elliot, Toronto, reports on how market participants will benefit

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

The US's Republic Industries will bolster its electronic security business with the $5 billion acquisition of ADT, the largest electronic systems provider in the US.