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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 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.

The consolidation of Russia's securities regime, and the added teeth given to the regulatory authority, can only benefit the market. By James Christiansen of Coudert Brothers, Moscow

The Rousch independent power project (IPP) reached financial close on May 31 with the US$507 million financing led by ANZ International Merchant Banking and National Development Finance Corp. Rousch is the first Pakistani project in which offshore commercial lenders have taken both political and commercial risk.

US firm Coudert Brothers has appointed nine partners from a group formerly at the New York office of Whitman Breed Abbot & Morgan. The group concentrates on project and asset-based finance and leasing, as well as product placement and aircraft finance. George Lee leads the group, which comprises: David Bamberger, Anne Brower, Michael Kelly, Henry Moriello, David Schmidt, Joseph Schmidt, Christopher Stephens and Mary Voce. They have practised together for over 15 years. Lee says: "We selected Coudert Brothers because the firm conforms to our vision of the law firm of the future. It has great depth in providing sophisticated international and local legal representation on a global basis."

Despite press reports, US firm Baker & McKenzie has denied that it is to close its second Vietnamese office in Hanoi after failing to secure a new branch licence. The office had been operating as a representative office under the old practice rules while the application for a branch licence was processed. Most foreign firms have already received licences for their first office, with Baker & McKenzie setting up in Ho Chi Minh City.

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.