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The government has now published its Bill on the UK’s new financial regulatory system, but only time will tell whether the new hybrid will function effectively. By Simon Gleeson of Richards Butler, London

In an attempt to attract more investors to join the Cyprus Stock Exchange (CSE), the income tax law has been amended to offer substantial tax incentives. The incentives aim to attract both offshore and local organizations to invest in the CSE as well as private companies.

In connection with the financial and political crises that swept Russia in August and September, the Russian government has adopted certain extraordinary measures, including the restructuring of the state's obligations under widely-held debt securities, and a moratorium on repayment of certain other hard currency debts. Creditor losses as a result of these measures are potentially enormous; by some estimates, in the hundreds of billions of dollars. Among other effects, the new measures have precipitated the effective collapse of the Russian banking system. From a legal perspective, the imposition of the measures has raised a host of issues, including the effective remedies available to bond creditors and the status of private debtor obligations in view of the moratorium.

The US is a party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The New York Convention is incorporated into federal law by Federal Arbitration Act which governs the enforcement of arbitration agreements and arbitral awards. A principal advantage of the New York Convention is that a US party, in whose favour an international arbitration award has been rendered, may use the Convention to enforce the award in another country that has ratified the Convention. But may a foreign party use the Convention to enforce an award arising out of an arbitration proceeding in the US?

The Czech subsidiary of Slovak electrical company Slovenske elektrarne has issued Kr3 billion bonds (US$97.6 million). This is the first ever bond issue by a foreign issuer to be fully documented in and solely designed for the Czech Republic. The lead underwriter in the deal was ING Barings Capital Markets advised by US firm White & Case, Prague. Lead partner Ivan Cestr (primary issues/securities) was assisted by associates Kvetoslav Krejci and Josef Otcenasek.

• Clifford Chance has recruited three new partners. Jason Glover will be based in London, while Pablo Bieger and José Antonio Cainzos join the Madrid office. Glover is a private equity specialist and he was formerly with Asian Infrastructure Fund Advisers. Bieger, a corporate finance specialist, joins from Garrigues & Andersen. He had left Clifford Chance for Arthur Andersen in 1996. Cainzos was head of the litigation department of Baker & McKenzie and he will hold the same position at Clifford Chance.

In a second article on the Financial Services and Markets Bill, Charles Abrams of S J Berwin & Co, London discusses the proposed authorization requirements for UK and non-UK activities and the proposed restrictions on marketing investments and investment services

Simmons & Simmons, London is representing First Active, due to be listed on the London and Dublin stock exchanges in early October. First National Building Society became First Active, a public limited company, in preparation for the share issue. The price range prospectus gives First Active a potential market capitalization of between IR£387 and IR£510 million ($552-$718 million). Simmons & Simmons is representing First Active in the UK. The team is led by partner William Charnley, head of corporate finance. He is assisted by partners Alan Karter (corporate) and Nick Cronkshaw (tax).

As a participating member state in the first group of countries to adopt the single currency in 1999, Portugal must ensure a smooth and effective transition to the euro in respect of the securities market.

Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in our December 1997 issue to the most frequently asked legal questions