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  • Jersey
    The Trust (Amendment No. 3) (Jersey) Law, 1996, which was adopted by the States of Jersey on November 21 1995 and sanctioned by Her Majesty in Council on April 24 1996, was registered in the Royal Court and came into force on May 24 1996.
    June 30 1996
  • Freshfields to open in Milan
    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.
    June 30 1996
  • Turkey
    The following is a summary of recent developments:
    June 30 1996
  • Italy
    The Legislative Decree adopted on May 15 1996 by the Council of Ministers (the Decree) to implement EU Directives 93/22/EC (on Investment Services) and 93/6/EC (on Capital Adequacy) will, among other things, introduce substantial reform aimed at privatizing Italian regulated markets (the stock exchange, over-the-counter, futures and options markets). The Decree is now being submitted to the relevant parliamentary committee for its opinion, which, however, is not binding.
    June 30 1996
  • Finland
    The Finnish Council of State recently published a bill regarding the further implementation of the EU Directive on undertakings for collective investment in transferable securities (UCITS; 85/611/EEC) in order to improve and maintain the international competitiveness of Finnish investment funds.
    June 30 1996
  • Korea
    The Korea Stock Exchange (KSE) has decided to ease disclosure requirements for foreigners to induce more foreign corporations to list their stocks on the local exchange.
    June 30 1996
  • France introduces law to implement ISD
    The EU Investment Services Directive (ISD) is finally to be enacted into French law. Jean-Guillaume d'Hérouville and Pierre Gissinger of Gide Loyrette Nouel, Paris, discuss the changes to the regulatory regime
    June 30 1996
  • £1 billion Anglo-French defence merger
    After four years of negotiation French electronics and defence group Matra has reached agreement with UK counterpart British Aerospace to form a £1 billion (US$1.5 billion) joint venture company Matra BAe Dynamics. The new company results from a merger of the missile operations of the two groups and will be the largest missile manufacturer in Europe.
    June 30 1996
  • General Motors spins off EDS
    General Motors, the US car company, has spun off its subsidiary Electronic Data Systems (EDS), the US software and consulting company, in a US$500 million transaction. EDS now has a listing on the New York and London stock exchanges.
    June 30 1996
  • Largest ever Canadian takeover
    Inco, the North American nickel company, has acquired Diamond Field Resources, the Canadian metals company, in a US$4.3 billion agreed takeover, the largest in Canadian history.
    June 30 1996
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