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Dozens of companies have taken advantage of temporary trading rules, introduced after the terrorist attacks on the US, to buy back their own shares.

The Brazilian senate has approved legislation to protect minority shareholders. The Corporations Law Reform Bill, which was passed on September 20, will also grant the country's securities and exchange commission, the CVM, increased independence from the government.

Mayer, Brown & Platt is set poach three partners from its German rivals, after taking its new banking and finance head from Clifford Chance Pünder.

On August 16 2001 the Finnish Financial Supervision Authority (FSA), the authority supervising the Finnish securities market, issued an official statement regarding the use of agents in offering banking and investment services. The FSA has reviewed its views on the outsourcing of certain operations of investment firms and credit institutions. This statement replaces a previous statement issued in February 1999.

The statute of August 10 2001 on modifications of the Belgian of workmen's compensation insurance system was published in the Belgian Official Gazette of September 7 2001 and entered into force on September 17.

Davis Polk & Wardwell has advised Deutsche Telekom on US aspects of the company's sale of six regional cable television companies in Germany to Liberty Media Corporation. The transaction is valued at approximately euro 5.5 billion ($4.9 billion).

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.

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