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The first International Financial Law Review survey of the mergers and acquisitions market has identified the leading firms advising on deals worth US$1 billion or more. By Richard Forster

US firms are putting less weight on lawyer billings and are using more objective criteria to determine partner compensation, according to a survey report published by consultants Altman Weil Pensa. The firm's previous survey of this sort, in 1993, found that personal fees billed was the most important factor in calculating lawyers' compensation. The new survey has found that business origination has become the most significant determinant.

The law in the United States relating to electronic funds transfers is new and undeveloped. Article 4A, governing these types of transactions, has been added to the Uniform Commercial Code and adopted by many states, including New York. A case recently reported, Sheerbonnet Ltd v American Express Bank Ltd, 951 F Supp 403 (SDNY 1995), sheds some light on the interplay between Article 4A and the common law.

Under new guidelines issued by the Central Bank of Cyprus, the requirements for the acquisition of shares and/or share options and/or rights issues of banking institutions listed on the Cyprus Stock Exchange are as follows:

Exchange taxes cut

The National Securities Commission (Comisión Nacional de Valores or CNV) has enacted its General Resolution No. 288, which aims to prevent money-laundering. The Resolution sets out general rules associated with the information to be provided by the following entities:

The Intergovernmental Conference, which had the task of reviewing the Maastricht Treaty, reached an agreement on a draft Treaty at the Amsterdam European Council on June 16 and 17. The draft Treaty is due to be signed in October 1997, at Amsterdam.

On June 16 the Ministry of Justice submitted a Draft Takeover Code introducing a mandatory public tender offer to all shareholders of listed target companies (excluding companies whose shares are traded in the over-the-counter market [Sonstiger Wertpapierhandel]). The Draft Code provides that the mandatory offer will be triggered by the acquisition of shares representing 30% or more of the voting rights in the target, irrespective of whether this acquisition of de facto control occurs through a voluntary public offer, a private purchase of a block of shares or multiple purchases in the market.

Every project facility must obtain an environmental licence from the Ministry of the Environment. The licence must be obtained before the project is started. An environmental licence is an authorization from the environmental authority to carry out work or a project which may cause damage to renewable natural resources such as water, air, fauna, flora, or landscape. The licence specifies the requirements and conditions that must be met, and the consequences of non-compliance.

Amendment of monetary policy