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On April 29 1999, the Securities and Exchange Commission (SEC) proposed once again rule amendments and a new proposed rule governing the custody of mutual fund assets outside the US. At the same time, it extended the date for complying with the amendments to the foreign custody rules until May 1 2000. The proposed new rule would govern the use of foreign securities depositories and in recognition that the previous standard of care was unworkable, the proposal drops the requirement that a fund’s board, adviser or domestic custodian find that fund assets will be subject to reasonable care if held by a foreign depository.

Deutsche Telekom and Telecom Italia are to form the world’s second largest telecommunications company in what they describe as a merger of equals. The merger will be achieved through a stock swap with Deutsche Telekom shareholders owning 57% of the new company. The German government is selling part of its 72% stake in Deutsche Telekom and will hold a 40% stake in the merged company.

Over 50% of UK law firms would consider forming a multi-disciplinary partnership (MDP) in the next five years. Accountants are the preferred partners, followed by barristers’ chambers.

A senior Chinese official has confirmed that the country’s expected future membership of the WTO will lead to a relaxation of restrictions on foreign law firms. In particular, the rule that firms may open only one office would be dropped, but joint ventures between local and foreign firms will not be permitted.

North America-Court of Appeal rules on dissenting shareholder rights on compulsory squeeze out – equal treatment prevails over equal opportunity

Latin America-Development plan approved by Congress

Europe-Increasing control on concentrations

Europe-Draft ordinance bans cold calling

Middle East & Africa-Recovery of loan Interest

Latin America-Brazilian natural gas company sold at a premium of 119%