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As of December 28 1999 Colombia has a new tool to confront the economic crisis which has threatened the viability of some enterprises. By means of Law 550 of 1999, new regulations intended to help entrepreneurs and their creditors find a solution involving the redemption of the companies, were approved. Among others, Law 550 provides for the elimination of various legal obstacles which prevented profitable companies in difficult financial situation from achieving a recovery. Additionally, the law allows entrepreneurs and their creditors to reach an agreement in order to restructure the companies' financial obligations. The following is a brief description of the most important aspects of this law.

IFLR’s unique data once again reveals the leading legal advisers on international bond issues. Linklaters tops the stand alone issues while Clifford Chance and Allen & Overy lead the market in securitization and MTNs. Rob Mannix reports

UK law firm Simmons & Simmons has acted on behalf of investment bank ICEA Capital, in relation to the first privately owned Chinese company to list on the Growth Enterprise Market of The Stock Exchange of Hong Kong (GEM).

Swiss companies Clariant AG and Bobst SA have sought the advice of Chicago-based firm Baker & McKenzie, with their respective takeover offers, both of which were posted on January 31 2000.

At the end of 1999, the Swiss Federal Supreme Court had to decide whether parallel imports were legal under the Swiss Patent Act. Kodak SA, a Swiss company, is the exclusive distributor for Kodak products in Switzerland. It fought parallel imports of certain Kodak products arguing that these products where protected by patents. The Commercial Court of Zurich rejected Kodak SA's claim (see our report in IFLR, August 1999). But the Federal Supreme Court held that since the Swiss Patent Act did not expressly allow parallel imports the exclusive rights of patent owners had to be favoured over free trade. This decision received wide press coverage and was much criticised. It is interpreted as protecting the interests of the Swiss pharmaceutical industry which has managed - due to its patents - to maintain a price level for their products in Switzerland higher than in most countries of the EU. In the meantime, members of Swiss Parliament have announced that they will push for an amendment to the Swiss Patent Act allowing for parallel imports of patented goods.

Article 113, paragraph 3 of Legislative Decree No 58 of February 24 1998 (Legislative Decree No 58) expressly contemplates that a prospectus drafted in line with EU directives and approved by the competent authority of another member state is recognized by Consob for being admitted to tradings on a regulated Italian market subject to the following of the modalities to be implemented by Consob through specific regulations.

The Spanish Government has approved the creation of a new technology market for high growth companies. The Spanish National Securities Market Commission's (CNMV) Circular 1/2000 of February 10 develops a Ministerial Order of December 22 1999. The main features of the Spanish New Market are as follows:

From January 1 2000 the supervisory authorities for almost all financial, securities and insurance laws of the Netherlands were given authority to impose both fines and cease and desist orders reinforced by monetary penalties, thereby greatly increasing their powers of enforcement. Until now the supervisory authorities' most important means of enforcement was to ask the public prosecutor to start a criminal investigation into the alleged offence, which only rarely led to a prosecution or conviction.

In November 1998 the Finnish Ministry of Justice appointed a working group to provide a comprehensive assessment of the need to amend the Finnish Companies Act and other legislation applicable to limited liability companies as well as to propose a procedure for the implementation of amendments.

UK firm Linklaters has had a great start to the year, acting as lead manager to French bank Paribas on the first European securitization of the new millennium.