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Denton Hall has opened a New York office and appointed two insurance partners from Dibb Lupton Alsop. The new office will specialize in insurance and reinsurance, both contentious and non-contentious, as well as developing its commercial litigation and arbitration practice.

Despite turbulence on the markets, Malaysia's investment-led infrastructure development programme looks quite promising. By Winston Bernard Silva, advocate and solicitor, Singapore

In December 1996, the Austrian legislature adopted the Securities Supervision Act (Wertpapieraufsichtsgesetz), which provides for the formation of the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht). On January 1 1998, a substantial part of the law's provisions concerning notification requirements entered into force. At the same time, an ordinance issued by the Ministry of Finance for implementation of the Securities Supervision Act became effective (Wertpapier-Meldeverordnung).

Central Bank Circular No. 19 of 1997 establishes guidelines for banks, finance and investment companies to follow when lending funds to persons who wish to subscribe to shares of public joint stock companies. The growing number of initial public offerings of shares in public joint stock companies in the UAE represents an attractive and relatively new investment opportunity for UAE nationals.

Colombian law affords substantial protection to those who act as commercial agents. Agents may claim compensation on termination of the agency relationship, regardless of the cause of termination, and regardless of the law which governs their contract, so long as the contract is performed in Colombia.

In 1992, the Faroe Islands, controlled by Denmark under a home rule arrangement, were hit by financial problems. At the time, Den Danske Bank owned the majority shareholding of Føroya Bank, a major Faroe Islands Bank.

The European Council meeting in Luxembourg on December 12 and 13 1997 developed a specific pre-accession strategy for Cyprus. The conclusions note the accession process formally begins on March 30 1998 when the Ministers of Foreign Affairs of the 15 member states meet their opposite numbers from Cyprus and the 10 central and eastern European applicant states. The European Council decided to convene bilateral inter-governmental conferences with Cyprus, the Czech Republic, Estonia, Hungary, Poland and Slovenia to negotiate the conditions of their entry into the EU and the necessary Treaty adjustments. In addition to the establishment of an accession partnership and an increase in pre-accession aid available to all applicants, the specific pre-accession strategy for Cyprus will be based on the following:

The Zedillo administration continues to privatize the nation's most valued sectors, making1998 a promising year for international investors. Privatizations in 1996 and 1997, particularly in telecommunications (satellites, PCS auctions and long distance telephone competition) and transport (railways and ports), indicate Mexico's commitment to the long-term economic development model. Privatizations in 1998 will involve permits or concessions in natural gas, airports and telecommunications.

The central bank's circular 2.785 of November 27 1997 limited the total amount of margins and premiums paid by foreign capital vehicles to 5% (or 20% or 50%) of their respective net assets, when equivalent total investments in derivatives are the same as (or up to three or more than three times) their net assets.

In December 1997, the Ministry of Finance released its draft for a government bill on flagging rules. The draft proposal included, among other things, amendments to the thresholds triggering the flagging obligation.