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Gómez Pinzón & Asociados Bogotá

Clifford Chance has advised Deutsche Bank on the first securitization of receivables from a single airline lessee in Europe — a euro 195 million ($210 million) deal for Iberia. The transaction applies a well-developed US structure in Europe for the first time, creating a product that could radically change air finance in the region. It allows single airlines to raise money through securitization as an alternative to the conventional bank-loan and leasing markets, which are increasingly expensive and becoming less liquid.

Spain

Dragsted Schlüter Helmer Nielsen, the largest law firm in Denmark, has announced that it is merging with fellow Danish firm Aros Advokater. The combined firm will have more than 160 lawyers, including 55 partners. The new firm will be called Dragsted Schlüter Aros Law Firm

Overview By John M Budzyna and Clive Bouch partners in the Hedge Funds Advisory Group, Arthur Andersen, New York and London

Securities and the Internet: SEC oversight By Yukako Kawata, Nora M Jordan and Terrance O'Malley of Davis Polk & Wardwell, New York

Since its beginning as an offshore fund centre in 1992 Mauritius has gained significant recognition as a credible and reliable jurisdiction. More than 150 funds have been set up in Mauritius to date with assets under management in excess of $4 billion. By Jimmy Wong, Yuen Tien and Iqbal Rajanbalee of De Chezel du Mee, representing Andersen Worlwide, Mauritius

Changes in German taxation affecting foreign investment funds By Felix Klinger and Bernd Schmitt of Ernst & Young, Frankfurt

The first legislation regulating investment funds was introduced in Switzerland in 1967. It contained strict and inflexible investment rules due to the view of the legislators at that time that they had to safeguard investors' interests mainly through restrictions. By Filippo Th. Beck of Wemger Plattner, Zurich and Basel, with the assistance of Dominique Portmann and Christina Amgwerd-Sheaff

There is no doubt the Italian public has a newfound interest in mutual funds. The net collection of savings by Italian Mutual Funds reached approximately L353 billion ($195 million) in 1998, a figure that more than doubled compared to that of the previous year and which accounts for 85% of the total managed investment. By Massimo Trentino of Studio Legale Carnelutti, Rome