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  • Swiss Telecom PTT has acquired a 30% interest in Sterling Cellular, an Indian company which holds a licence to operate cellular telephone services in Delhi. Sterling is controlled by Essar Goup, the US telecommunications company.
  • The 700 MW gas-fired Samalayuca power project located south of Ciudad Juarez, Chihuahua is Mexico's first foreign-sponsored generating project to reach financial closure. The $647 million financing was concluded on May 24 after four years of negotiation.
  • With the adoption of a Communication by Sir Leon Brittan and Karel van Miert, the trade and competition commissioners, the European Commission has proposed the establishment of an international framework of competition rules. The Communication, which must still be presented to the Council, calls on the WTO ministerial conference in Singapore in December to agree to study, from 1997, the possibility of an international framework of competition rules.
  • The following is a summary of recent developments:
  • The Spanish government has recently approved a package of measures introducing important changes in the financial field.
  • On May 21 1996, 54.6% of the voting shares of electricity distributor Light were sold to a consortium lead by Electricité de France for US$2.2 billion. This was the largest privatization to date and the second to involve a significant foreign participation. Light has 80% of the distribution market in the state of Rio de Janeiro and has now been granted a new concession for 30 years.
  • 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.
  • Irish company law requires Irish companies to maintain registers of shareholders and debenture holders. Transfers must be in a statutory form and stamp duty is payable. Technological development in general and the introduction of CREST in particular have resulted in the Companies Act 1990 (Uncertificated Securities) Regulations 1996 ('the Regulations').
  • 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.
  • 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.