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According to article 758 of Poland's Civil Code, as amended by the Law on Amendment of the Civil Code Act of July 26 2000, agency is based on a contract by means of which the person accepting the mandate (agent) assumes the obligation to mediate permanently, within the scope of the activity of his or her enterprise, for a financial consideration, in the conclusion of contracts with clients for the benefit of the entrepreneur being the principal, or in the conclusion of such contracts in the prinicipal's name.

Further to the recent entry into force of CONSOB Resolution No 13086 of April 18 2001 amending CONSOB Resolution No 11971 of May 14 1999, the listing of covered warrants and structured notes of banks and supra-national entities is now allowed on the basis of programmes as an alternative to the previous regime.

The Turkish parliament passed a new law amending the law of the Turkish Central Bank on April 25. This Law is designed to free the Turkish Central Bank from political influence and authorizes it to streamline monetary policy as a completely autonomous body.

The proposal (COM (2001) 168 final) for a Directive on Financial Collateral Arrangements (the PD) was given on March 27 2001. The Finnish government has officially notified the Finnish parliament of the contents of the PD and attached a brief memorandum to the notification giving a general picture of the views of the Ministry of Finance in respect of the implementation of the PD.

By a decision published in the Official Gazette on April 25 2001, the president of Brazil confirmed that the competition authority (CADE) is not the governmental body responsible for judging the cases of mergers, incorporations or acquisitions involving financial institutions authorized to operate by the Central Bank of Brazil.

Peter Voisey of Clifford Chance, London, examines last month’s groundbreaking multi-jurisdictional real estate securitization

Linklaters & Alliance is acting on a ground-breaking public-to-private utility services deal in Ecuador. The project will provide International Water (IW) with a 30-year concession to operate, maintain and upgrade the drinking water and sewage system in Guayaquil, Ecuador. The UK firm is also advising on shareholder arrangements to regulate the sponsors' involvement in the project company.

The Vietnam and Singapore offices of Freshfields Bruckhaus Deringer are advising French waste and water management group Suez Lyonnaise des Eaux on the construction of a water treatment plant in Ho Chi Minh City. The deal is nearing completion following four years of work.

The Cayman Islands Monetary Authority (CIMA) recently issued new guidelines on the implementation of the Islands' money laundering legislation. The legislation is contained principally in the Misuse of Drugs Law (2000 Revision) and the Proceeds of Criminal Conduct Law (2001 Revision) (the PCCL). These statutes create a number of offences in relation to activities involved in laundering the proceeds of crime.

Many senior Canadian issuers access the Canadian capital markets through the shelf prospectus system, which allows an issuer which meets certain criteria to issue securities over a two-year period. A shelf prospectus is filed qualifying the total amount of securities which the issuer expects to issue over a two-year period and the issuer then issues securities in tranches depending on market conditions and its needs.