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The Finnish Council of State has recently published a bill to implement the EU Directive on company law into the Finnish Companies Act. The bill also contains several amendments that fulfil specific Finnish concerns.

The Central Bank of Ireland is the regulator for both UCITS and non-UCITS funds in Ireland. The investment industry has been lobbying for more flexibility with regard to high net worth investors on the basis that they do not need the same level of protection as is generally desirable. The Central Bank of Ireland has now issued a special derogation from the general rules in relation to investment objectives, investment policies and the level of leverage employed where non-UCITS schemes are marketed solely to 'qualifying investors'.

The implementation of the EU Directive on investment services has been the ideal opportunity to reform Italy's securities regime. By Susanna Beltramo and Sabrina Bruno of Studio Legale Beltramo, Rome

The advent of internet-based transactional systems challenges the traditional financial regulatory system. By Thomas Crocker of Shaw, Pittman, Potts & Trowbridge, Washington DC

Beginning in October 1996, the electronic filing of securities documentation will become mandatory in Canada. Marguerite Mooney of Borden & Elliot, Toronto, reports on how market participants will benefit

Denis M Forster of the Law Offices of Denis M Forster, New York, who advised Procter & Gamble and its trial counsel in its suit against Bankers Trust, offers a first-hand analysis of the court's holdings in the case

Anne Crossfield* looks at the controversy surrounding the involvement of local government and municipalities in high-risk investments sparked off by the Hammersmith & Fulham and Orange County cases and concludes that in the US only further legislation is likely to resolve it

The consolidation of Russia's securities regime, and the added teeth given to the regulatory authority, can only benefit the market. By James Christiansen of Coudert Brothers, Moscow

The public equity offering of UK nuclear power company British Energy closed on July 10 with the privatization yielding £1.4 million ($2.18 billion) for the UK government.

The US's Republic Industries will bolster its electronic security business with the $5 billion acquisition of ADT, the largest electronic systems provider in the US.