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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.

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).

Dutch firm Nauta Dutilh has opened a office in London. Resident partner Diederik van Wassenaer has moved from the New York office to head the practice assisted by two Dutch associates. "In New York I did mainly banking and structured and corporate finance," says Van Wassenaer. "Here I will do the same with more reorganizations and mergers and acquisitions."

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

US financial regulators have given a cautious welcome to certain uses of new technology. However, the Securities and Exchange Commission (SEC) still insists that existing regulation must be followed. Anne-Louise Childs reports

UK firm Freshfields will open its seventh European office before the end of the year. The firm will open in Milan, extending its presence in southern Europe following the opening of offices in Madrid and Barcelona.

• US firm Winston & Strawn has rehired former partner Robert Bostrom. Bostrom will leave his post as legal and regulatory general counsel at NatWest Bancorp to head the financial institutions practice in the New York office of the law firm.

The High Court recently held in Possfund Custodian Trustee v Diamond that it is arguable that those responsible for the issue of a company's prospectus owe a duty of care not only to initial subscribers but also to subsequent purchasers of thatcompany's shares in the market. Shares in Diamond Group Holdings (Diamond) were placed on the Unlisted Securities Market in April 1989. Most of the plaintiffs were subscribers but some had also made subsequent purchases of Diamond's shares on the USM. These later purchases took place in the 'after market', the period (in this case two-and-a-half months) after the placing during which the most recent published financial information on Diamond remained that found in the prospectus.

The following is a summary of recent developments: