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Brazil

On July 29 1998 the sale of Brazil's giant telecoms company, Telebrás, raised R$22 billion (US$19 billion), between U$4 billion and U$5 billion more than expected in the financial markets and representing a premium of 63.74% over the minimum price. The sale demonstrated the enthusiasm that multinational companies have for Latin America, and confirmed that international companies are willing to commit large resources into the emerging markets.

August 31, 1998

Poland

A possible amendment to the Act on Building Societies (Ustawa o kasach oszczednosciowo-budowlanych) seriously threatens the development of the newly established Polish building societies.

August 31, 1998

United States

May the holders of American Depository Receipts (ADRs) reflecting ownership of shares in a Japanese corporation bring a shareholder derivative action on behalf of that corporation? Both US and Japanese law provide for shareholder derivative actions. However, the US Court of Appeals for the Ninth Circuit has held in Batchelder v Kawamoto [July 15 1998] that under Japanese law on ADRs, the holder of the ADRs did not have standing to bring the derivative action.

August 31, 1998

European Union

The Commission has put forward two proposals for Directives to establish a clear regulatory framework for electronic money within the EU. By creating harmonized minimum rules on the stability of institutions responsible for issuing electronic money, it aims to encourage the development of electronic commerce and promote confidence among consumers and business.

August 31, 1998

Chile

In Resolution 658E of June 25 1998, the Central Bank of Chile amended the Compendium of Foreign Exchange Regulations of the Central Bank by reducing from 30% to 10% the mandatory deposit requirement or Encaje on foreign exchange brought into Chile as investments, loans or capital contributions.

August 31, 1998

Uruguay

On January 31 1998, the Promotion of Investments Law became effective with the aim of promoting domestic and inward investment. The equality of inward investment with domestic investments is now guaranteed by the government which takes responsibility for damages and ensures the free transfer of capital and profits (free convertibility is permitted by law).

August 31, 1998

China

In the wake of Asia's financial crisis, continuing speculation on a Renminbi devaluation appears to have triggered an outflow of foreign currency from China.

August 31, 1998

Austria

In August 1998, the Austrian Legislature adopted for the first time a Takeover Code. Changes have been made to the draft prepared by the ministry of justice (see International Financial Law Review, June 1997, page 60).

August 31, 1998

Denmark

A recent decision of the Copenhagen City Court confirms that Danish courts take a strict view on insider trading (see International Financial Law Review, March 1997, page 58). A board member of a Danish company was sentenced to five months' imprisonment plus confiscation of about US$100,000 of profit.

August 31, 1998

Finland

The ministry of finance is preparing a government Bill containing proposed amendments to the Act on Investment Funds. The aim is for the Bill to be ratified and become effective by the end of this year.

August 31, 1998

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