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Legislative reform of the German financial markets continues with the publication in April of the long-awaited draft of the Third Financial Markets Promotion Act. The bill is expected to come into force on January 1 1998.

The benefits of the US Foreign Sovereign Immunities Act may not be available to ‘second tier’ state companies. By Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York

Allen & Overy has announced further appointments in eastern Europe with three Hungarian lawyers joining associate Kinga Sugar in the Budapest office. The firm's Budapest strategy has been under consideration since August 1996 when the firm reviewed its association with local practice Déri & Co. "When we came into the region we thought the best way to operate was to associate with another firm," says Ian Elder, the London partner responsible for Hungary. "But after a while you get tensions on whether to expand or make certain investments and we decided it was better to be in control of our own destiny." Last month the firm added nine lawyers in Warsaw and Elder says that the right model for the region is shown by Poland where the firm had no local practice to associate with.

International commercial arbitration in China and Hong Kong after July 1997 remains an area of law full of uncertainties. Simon G Zinger of Graham & James LLP, San Francisco, looks at the options for parties to disputes

A few recent securitization transactions have shown the benefits of this financing method. Recent reforms make it more attractive. By Sandrine Hirsch and Koen Byttebier of Stibbe Simont Monahan Duhot, Brussels

The Republic of Croatia has made its first offering of Eurobonds. The issue included an international tranche of US$300 million of 7% notes under rule 144A and a domestic tranche of Kuna 300 million. Merrill Lynch lead-managed the issue.

On April 2 1, the European Council of Industry Ministers reached agreement on important changes to the existing EU merger control regime under Council Regulation 4064/89 (the Merger Regulation). The principal amendments relate to:

The piecemeal reforms of US banking regulations do open genuine opportunities to foreign banks. Connie M Friesen and David Nissenbaum of Richards & O’Neil, LLP, New York, explain

Dr Leopold Pfaffel, head of the legal department at Bank Austria, talks to Graham Field

Act No 95-277 of March 25 1997 gives French employees the statutory right to participate in private pension fund schemes. By Bernard Carrez of Siméon & Associés, Paris