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Uncertainty in Irish legislation and case law has been unhelpful to the development of the Irish credit derivatives market and clarification is needed. By Judith Lawless of McCann FitzGerald, Dublin

The Ohada Treaty marks an ambitious project by 16 central and west African countries to harmonize their commercial law. They hope to extend the project across the continent and so help boost economic growth. By Rebecca Major of Herbert Smith, Paris

In the second part of a round table on high-yield issues in Europe, practitioners, investors and bankers discuss due diligence and the disclosure requirements for companies coming to the market.

In December 1997, the EU acknowledged Estonia’s efforts to build a thriving economy in just six years of independence: the country is now the first former Soviet state negotiating EU membership. Since 1992, enthusiastic governments have acted fast to dismantle the old structures, privatize state-owned companies and set up a monetary reform based on a currency board.

US firms have maintained their lead in European equities, particularly in the privatization issues. But those UK firms which have invested are beginning to reap the benefit and close the gap. Richard Forster reports

The American Bar Association (ABA) is recommending measures to restrict lawyers making political contributions to get government work. The ABA wants to prevent corruption and uphold judicial independence and integrity. The measures were laid out in a report published by its task force on political contributions at the end of July. Lawyers are alleged to have made political contributions to secure more government contracts, particularly municipal bond offerings. This problem, referred to as 'pay for play', usually occurs at the state and local level. Nancy Cowger Slonim of the ABA says: "We want law firms to get government work on the basis of their experience, expertise and qualifications."

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

“Estonia is ahead of us in marketing itself, but when you compare the actual figures we are on a similar level,” says Giedrus Stasevicius, associate partner at Lideika Petrauskas Valiuñas & Partners. Lithuania’s situation has improved significantly since last year, raising hopes for EU membership. Foreign investors are extremely active, attracted by the intense privatization programme and the good economic situation.

The key to Latvia’s future lies in Brussels. Membership of the EU would speed the country towards greater political and economic stability. Exclusion from the latest round of EU enlargement discussions was a major setback. Latvia failed to make sufficient progress with economic and other reforms for entry, but there are many good indicators. Inflation is the lowest in former communist states. Growth is expected to exceed 5% again in 1998 and the budget is in surplus. The national currency, the lat, is kept stable by an independent central bank.

US law firm Squire, Sanders & Dempsey has announced plans to open offices in Taipei and Hong Kong. These will be the firm's first Asia-Pacific offices. The firm's head office is in Cleveland but it has a further 7 offices in the US and 8 offices in Europe and the former Soviet bloc. Thomas Stanton, managing partner of the Cleveland office, says: "Following our success in emerging markets in eastern Europe and the former Soviet Union, we decided to focus on China. Our offices will offer expertise in infrastructure, privatization, telecoms, finance and joint venture activity."