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Canadian firm Tory Tory DesLauriers & Binnington has closed its Hong Kong office after five years. The move follows the departure of partner Melissa Thomas to UK rival Freshfields.

Two articles in the November 1996 edition of International Financial Law Review featured structures for securitization and repackaging of assets which are increasingly being located in and partly governed by the laws of Jersey. The articles entitled 'Emerging markets cash flow securitizations take off' and 'Asset repackaging wins further followers' dealt with a wide range of assets which can be repackaged or securitized, often through an offshore SPV, with the funding contributed by a medium-term note or a short-term commercial paper issue.

The income tax liability of a recipient of profits on the disposal of assets has long been a grey area of income tax law. Problems arise when trying to distinguish between taxable income and non-taxable capital gains. The recent decision of the Privy Council in Rangatira Limited v The Commissioner of Inland Revenue provided an opportunity to clarify the law in this area. Hence the decision had been keenly awaited by the New Zealand investment market.

As part of an effort to encourage the development of the securities market, a key goal in the economic policy of the current administration, Congress approved an Investment Funds Act on September 17 1996. The aim of the Act is to establish the legal framework for investment funds, which thus far were not expressly contemplated within the Uruguayan legal system.

Until recently pension funds did not exist in Italy, because not all of the ministerial decrees contemplated by Legislative Decree No. 124 of April 21 1993 which introduced and regulated pension funds had been issued. Three decrees have recently been enacted, two by the Treasury and one by the Ministry of Labour, which now make pension funds fully operative in Italy.

A committee report initiated by the Ministry of Finance proposes new regulatory requirements for issuers of electronic payment systems (e-cash), the operating of businesses engaged in e-cash systems and the control of such businesses. The committee report covers a wide range of electronic payment systems from single-use pre-paid cards to all-purpose pre-paid cards as well as so-called electronic wallets with electronic value tokens created by user software.

Increased powers of Financial Supervisor

Until recently foreigners wishing to invest in Cyprus were limited to acquiring minority control in Cypriot companies, and only in exceptional cases and after an intense and time-consuming examination of their application were they allowed to have majority control.

The Income Tax (Amendment) Act 1996 and the Stamp Duties (Amendment) Act 1996 were passed to curb speculation in Singapore's real estate market. The amendments, which became effective on May 15 1996, apply to certain real property and related share transactions. Gains from disposal of any real property and shares in a private company with specified real estate assets occurring within three years from the date of acquisition of such interests are now automatically subject to income tax. The gain that is subject to tax depends on the holding period of the interest after acquisition.

In December 1996, the Main Proposed Revisions to the Draft for the Composite Securities and Futures Bill were released by the Securities and Future Commission (SFC).