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Europe-Securities guidelines on the use of analysts’ reports

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.

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.

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.

Europe-Polish Zloty (PLN) to be fully convertible by the year 2000

Serge Durox of Coudert Frères, Paris, assesses the impact of new regulations on private placements and identifies the outstanding issues for prospective borrowers

The $920 million sale in November of a 15% stake in state telecoms company TPSA doubled the capitalization of the Warsaw exchange overnight and affirmed the new government’s commitment to privatization. Ben Maiden reports as lawyers compete for further deals in banking, airlines, oil and steel

After meetings with foreign investors, the Vietnamese government has introduced a series of measures to attract foreign capital. Tony Foster and Dang Duong Anh of Freshfields, Hanoi discuss the changes for new and existing investors

Europe-Valuation of non-cash contributions in Hungarian companies