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• US law firm White & Case has announced the appointement of five new partners. Michael Bühler, who specializes in international commercial arbitration and international business transactions, has been named partner at the firm's Paris office. International tax partner Barrye Wall has joined the Los Angeles office. Mark Powell, a specialist in European competition and trade law, has been named a partner at the Brussels office. Partner James McGuire has been hired by the New York office as a specialist in white collar crime, complex civil litigation and corporate internal investigations. John Sarchio has joined the New York office as partner. He is head of the firm's Insurance Industry Practice Group. • Paul Gonson, attorney for the Securities and Exchange Commission (SEC), has announced that he will retire at the end of the year. Mr Gonson became SECs counsel in 1979 and has argued more than 100 appellate cases on behalf of the Commission, including cases before the Supreme Court and all US Courts of Appeal. He will continue to act as part-time consultant to the Commission following his retirement.

Peter Langley, CEO at IP consulting firm Origin and consultant to Sidley & Austin, argues that in the future the owners of patents to financial products will control financial services

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

The Castagnede Report produced by the Commission this month recommends that the EU should begin a gradual reconciliation of the member states' VAT rates, ie turnover tax, and it should harmonize reduced rates by widening their field of application. The report comments that the level of VAT rates in member states still varies considerably with the normal rate lying somewhere between 15% and 25% and reduced rates lying between 5% and 17%. The report states that there are a number of substantial differences between the member states in their application of VAT. Denmark does not apply any reduced rates; Austria, Portugal, Finland and Sweden apply two reduced rates; the other member states apply a single reduced rate but also apply special rates, including a zero rate on some products. At the moment these differences do not cause distortions in competition or affect trade flows. However, the Commission is concerned that with the continuation of market integration, the arrival of the single currency and the increased use of electronic commerce, competition will increase, creating the need to harmonize VAT.

Credit derivatives are contracts intended to transfer credit risk on loans, bonds and other assets (the underlying assets) from the protection buyer to the protection seller. Under these contracts, the payment or other obligations of the protection seller are triggered by credit events affecting the reference asset.

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

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.

UK firm Clifford Chance is advising on the UK government's plans to raise finance for the Channel Tunnel rail link. Andrew Taylor, capital markets partner at Clifford Chance, is legal counsel to the UK investment bank Schroders, the financial advisers to the government. The government put forward proposals to the markets last week for a three tranche bond. In total the government plans to issue £2.65 billion (US$4.3 billion) of bonds with maturities of 12 years, 30 years, and between 30 and 40 years.

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

Leading securitization specialist Robert Palache is to leave UK firm Clifford Chance to join investment bank Nomura International. Palache, the managing partner of Clifford Chance's finance practice, will give up legal practice completely in his new role as a Director and Joint Head of Securitization of Nomura's Principal Finance Group.