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National Monetary Council Resolution No 2,878, recently issued by the Brazilian Central Bank, rules on relations between banks and their clients with regard to the services and products offered to the latter.

Chilean laws have been enacted primarily to attract and foster foreign investment. Chile's government and its agencies generally show a favourable attitude towards foreign investment, whether in the form of equity, loans or technology.

The new regime under the Financial Services and Markets Act 2000 will come into force at midnight on November 30 2001 (N2). With this in mind, authorized firms and individuals will need to be familiar and prepare for the grandfathering and transitional provisions that will be effective as of that date.

Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

UK firm Lovells has boosted its corporate and finance practices in London, Frankfurt and Paris by poaching five partners from the European offices of rival US and UK firms.

Under Italian legislation local authorities can determine the conditions and the structure of their debt and can operate according to discretionary powers, although this must be in compliance with the general conditions provided by law.

Bär & Karrer Seefeldstrasse 19

Switzerland’s independence and local laws have helped make it a major financial centre, but now it wants to be more like its EU neighbours. By wanting to have its cake and eat it, will Switzerland and its lawyers suffer a bad case of indigestion? Thomas Williams reports from Zurich

Since the beginning of 2001, the diverse nature of the structured finance transactions carried out both in and through Ireland has increased dramatically. Many of these transactions are notable for the cutting edge nature of the structures implemented.

At a time when the UK economy needs every trick in the book to stay healthy, a weakened securitization market would be a serious blow. In this month’s IFLR, Ian Field and Jennifer Marshall of Allen & Overy, London, argue that just such a blow could be about to land. The proposed UK law on insolvency will, they say, create confusion over the right of secured creditors in structured finance issues to appoint a receiver. Without this, such deals would become almost impossible