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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.

A communiqué issued by the Undersecretariat of Treasury has amended some sections of the previous communiqué on foreign investment. The main points are as follows:

Fifteen years ago, a partial revision of the Swiss Federal Constitution anchored womens' rights to equal treatment in respect of family, education and work, guaranteeing them in Article 4(2) the right to equal pay for equal work. The Swiss Federal Parliament has now enacted an Equality Act (Gleichstellungsgesetz) which came into effect on July 1 1996. The main focus of the Act is on furthering the equal treatment of men and women at work. The following are the most important changes.

A draft Investment Business (Jersey) Law is expected to be submitted to the States of Jersey towards the end of this year. The Investment Business Law would be Jersey's equivalent to the UK Financial Services Act and would provide for the supervision of investment business and matters related thereto.

The history of registration requirements imposed on securities in Argentina illustrates the volatility of the country's economic conditions and regulations over the last decade. More recently, it has also been evident that when a desperate need for higher tax revenues is the driving force behind its implementation, this seemingly technical requirement may even threaten to wreak havoc in the secondary market for debt securities.

The Stock Exchange of Hong Kong Limited (the HKSE) recently granted the first waiver under the guidelines issued in January 1996 for infrastructure companies which do not meet the general three-year profit requirements. The waiver was granted to Road King Infrastructure Limited whose shares were listed on July 4 1996.

As China enters its ninth five-year plan this year, the BOT (build-operate-transfer) method of infrastructure financing has been receiving keen interest. In particular, power plant project financings are moving closer to the international model of BOT investments.

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.

US venture capital firm Forstmann Little has acquired Tennessee hospital management company Community Health Systems in a $1.4 billion transaction.