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For the first time, the decision of a regulator relating to modifications of a utility's licence has been successfully challenged on the basis that the regulator acted irrationally.

In the first of a series of articles drawn from the 1998 edition of the International Financial Law Review 1000 Directory, Paul Lee examines the IFLRev50, the world largest law firms, and their international strategies

UK firm Lovell White Durrant has hired capital markets specialist Philip Boys from rival UK firm Slaughter and May. Boys will be a partner in Lovell's Paris office. "We have been doing a lot of capital markets work out of Paris for Indosuez and a number of French banks," says David Hudd, partner in the London capital markets group. "Philip will be involved there, where he has a dual qualification [as a solicitor and avocat]." Boys has wide experience of debt and equity work after 12 years as a partner with Slaughter and May. Reaction to Boys's defection reflects Slaughter and May's receding profile in international capital markets work (see IFLRev survey, February 1997 page 19).

On October 3 1997, the Commission published a draft Notice on the definition of relevant markets for the purposes of Community competition law. This text is not expected to be amended very substantially.

The briefing entitled 'Full disclosure rules issued' in the September 1997 issue of International Financial Law Review misstated the definition of public companies in the new Full Disclosure Rules. The following is the correct definition.

In September, the Singapore government issued a statement on the appointment of a committee to review Singapore's strategic legal needs in the financial sector and the conditions under which foreign law firms and foreign lawyers are permitted to operate in Singapore in the context of ensuring Singapore's competitiveness in financial services. The committee is headed by the Attorney-General and consists of a judge, a government official, senior partners of local and foreign law firms and senior officials of local and foreign banks operating in Singapore.

The privatization committee established in January 1996 has been made into a permanent committee and renamed the Privatization Committee for the Water and Electricity Sectors (PCWES). The PCWES is given a general supervisory and planning role in respect of the proposed utility privatization programme for the Emirate of Abu Dhabi. This role includes the proposal of legislation and regulations for the privatization programme, as well as proposals for the reorganization of government departments and projects in the power and water sectors. The powers of the PCWES include the authority to retain staff, to appoint outside consultants, and to delegate to one or more members of the PCWES the powers necessary to implement the purposes of the PCWES. The PCWES is directed to prepare budgets for its activities and to submit them to the Crown Prince for approval.

The Federal Banking Commission (FBC) plans to approve the first hedge fund domiciled in Switzerland in its November 1997 session. Since the FBC approved in its February session this year the first two foreign hedge funds for public marketing and distribution in and from Switzerland, it appears the Swiss investment fund market has gained momentum. The new hedge fund scheduled to be approved is a fund of funds, predominantly investing its assets in offshore hedge funds, whereas the first two foreign hedge funds already approved were Irish investment funds using alternative investment techniques and instruments.

Although the Cyprus Stock Exchange (CSE) has reported a surplus of C£650,000 (US$1.24 million) for the year 1996, there has been an alarming drop in share prices and the volume of trade. Interested parties have thus realized the urgent need for immediate measures to help the CSE become a strong capital market.

The Insolvency Law Reform Act 1997 (effective as of October 1 1997) introduces a new procedure, designed to facilitate the rescue of financially troubled companies. The reorganization procedure (Unternehmensreorganisation) can be initiated by any business entity (with the exception of banks, pension funds and insurance and securities companies) which are in need of reorganization but which are not yet insolvent.