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  • In May, the Brazilian government notified the IMF of its commitment, under the Bretton Woods Agreement of 1944, to lift exchange control regulations and to refrain from imposing restrictions on the flow of capital. The commitment is yet to be implemented, but certain previous procedures are already being simplified:
  • By Ronnie Price of Portugese Chamber of Commerce, London
  • By Fernando Azofra of Uría and Menéndez
  • By Enrique Sanz and Patricia Manca of Landwell Abogados y Asesores, Madrid
  • By Carlos de Sousa e Brito and Filipe Falcao Oliveira of Carlos de Sousa e Brito & Associados, Lisbon.
  • Luís M S Oliveira and Pedro Patrício Amorim og Oliveira, Martins, Moura, Esteves e Associados - Sociedade de Advogados
  • By Duarte Abecasis and Francisco Santos Costa of Luiz Gomez & Associados, Lisbon
  • By Carlos Costa Andrade of Vasconcelos, F. Sá Carneiro, Fontes & Associados, Lisbon
  • A report prepared by Fernando Vives of Garrigues & Andersen, Madrid
  • Japanese lawyers are opposed to the outcome of a government-commissioned legal report, which recommends partnerships with foreign firms for the sake of the economy. The Corporate Legal System Study Group, set up under the Japanese Ministry of International Trade and Industry, has identified areas for legal services reform. Highlighting the globalization of the economy, the report said: "The current judicial system is incapable of adequately supporting the activities of enterprises."