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On October 10 1997 the Swiss Parliament passed a new act aimed at combatting money-laundering in the financial sector. This latest legislative step expands on the due diligence requirements of articles 305 bis and ter of the Swiss Penal Code (SPC) and establishes a comprehensive (self-) regulatory framework for Finance Intermediaries. The latter include banks, fund managers, insurance entities and security dealers (article 2 paragraph 2 Intermediaries). It also includes anyone who by profession accepts possession or custody of other persons' assets, or helps to invest or transfer them (article 2 paragraph 3 Intermediaries). The statute exempts: the Swiss National Bank; tax-exempted pension fund entities and person who provide services exclusively to these; and paragraph 3 Intermediaries who provide services exclusively to paragraph 2 Intermediaries.

The Central Bank of the Russian Federation (CBR) recently adopted new currency regulations affecting capital contributions and long-term loans in hard currency, as summarized below. The new provisions appear intended to clarify and simplify Russian currency legislation, but in some cases they may have the contrary effect of delaying or complicating cross-border investment and financial transactions. In addition, they strengthen the involvement of the CBR in even the most routine transactions, increasing the bureaucratic burdens on foreign investors and lenders.

A new code for the Portuguese Securities Market is expected to come into force before the end of 1998. The new code, which is now being prepared and whose main features have already been submitted and approved by the Ministry of Finance, is expected to be more approachable and concise than the one in force at present, which has been broadly criticized for being over-regulatory and for duplicating provisions already included in other laws.

The Finnish government recently issued a Bill on proposed amendments to the Credit Institutions Act and the Act on Investment Firms. The proposal aims to increase the efficiency of the supervision of credit institutions and to improve the information given by credit institutions and investment firms on their financial status. Furthermore, the proposal aims to harmonize the Credit Institutions Act and the Act on Investment Firms with the Accounting Act, the Auditing Act and the Companies Act.

In May 1997 the Danish Parliament adopted an Act (No. 475/1997) amending the regulation of the activities of executive officers of insurance companies, banks, mortgage institutions etc. Most sections of the Act come into force on January 1 1998.

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.

In the context of reshaping its entire energy and gas sectors, and emphasizing the liberalization policy promoted by recent Administrations, on September 3 1997, the Uruguayan Executive Branch approved Decree No. 324/97 governing import and transport of natural gas. The Decree is the regulation for the natural gas pipeline to link Uruguay and Argentina, for whose construction an international tender has recently been announced by the Uruguayan government.

Commission view on changeover to the euro; Commission acts on harmful tax competition; Consultation on the freedom to provide insurance services

As a follow-up to October’s equities survey, International Financial Law Review asked leading managers and issuers what they look for from their lawyers. A merger is one answer. Nick Ferguson reports

Petroleum, Minerals, Energy & Resources Law