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The development of the European asset-backed securities market took a significant step forward in October last year with the launch by Ford Credit of a highly innovative US$5billion global securitization programme. Globaldrive is the first Euro asset-backed programme to be set up by a corporate. It seeks to bring to Ford Credit's asset-backed issues the flexibility and efficiency of a medium-term note programme. The inaugural issue under the programme, an AAA rated Dm1 billion (US$550 million) floating rate issue backed by US dollar wholesale auto receivables, closed successfully on October 15 1997.

A new rule opens Saudi Arabia to independent power projects for the first time. Project finance is likely to take off, and the forthcoming power plant, Shuaiba, may be a BOO project. By Steven Miles of Arent Fox, Washington DC and Jeddah, Saudi Arabia

On January 1 1998 a new Competition Act (Mededingingswet) came into effect fitting competition and merger control in the Netherlands to European law standards.

Montreal firms McMaster Meighen and Mackenzie Gervais are to merge in March 1998. The merged firm will be called McMaster Gervais and will be one of Montreal's biggest, with about 100 lawyers.

Corporate governance and insider trading rules limit the options for a target's management. Long-term planning is essential. By Philip Rogers of Arnheim & Co*, London, and Christian Altvater of Nehm & Co*, Frankfurt

New York's LeBoeuf, Lamb, Greene & MacRae LLP has opened in Houston. It will be the firm's 19th office and its 15th in the US.

Under Legislative Decree No. 239 of April 1 1996, payments of interest and any other proceeds from bonds issued by banks or companies whose shares are listed on Italian regulated markets, are not subject to withholding or deduction. Under the Decree, payments are made to a legal entity resident in Italy (with certain exclusions) or to non-Italian-resident legal entities/individuals.

• Dechert Price & Rhoads has won the services of Susan Ervin, former deputy director and chief counsel of trading and markets at the Commodity Futures Trading Commission, the US derivatives regulator. Ervin joins the firm's Washington DC office as counsel.

In a very hard year for the Czech economy, the former overly-optimistic comments about the economy have been replaced by more realism and pessimism. But many of the remaining law firms continue to prosper. Paul Lee reports

Republic Act No. 8366 (Act) was made law on October 21 1997 and took effect on November 14 1997. The law aims to liberalize the Philippine investment industry by amending certain sections of Presidential Decree No. 129 (Decree), known as the Investment House Law.