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Facing addressive competition on three fronts, French firms need to abandon their approach to stay in the front rank. Barbara Galli reports from Paris

A recent Court of Appeal decision (Russell McVeagh McKenzie Bartleet v Tower Corporation) provides a useful indication to New Zealand law firms of the judiciary's approach to Chinese walls in large firms.

Additional First Provision of Law 28 of July 13 1998 on Installment Sales, in force as from September 13, has solved some of the traditional legal issues concerning financial leasing transactions. The law's main features are as follows.

The Monetary Authority of Singapore (MAS) has announced measures to relax the restrictions on the use of the Singapore dollar while adhering to its basic policy of not encouraging the internationalization of the Singapore dollar.

Though the word privatization is still not in the official lexicon, China’s latest moves to retreat from state-owned enterprise and invite private investment offer privatization opportunities to brave foreign investors. By Jingzhou Tao of Coudert Brothers, Beijing

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.

Under Article 22 of Legislative Decree No. 58 of February 24 1998, securities and cash belonging to third parties and held for whatever purpose by investment firms or by financial intermediaries and banks, constitute an autonomous patrimony separate from that of the intermediary and from those of other clients. No attachment by or on behalf of creditors of the intermediary, as well as by or on behalf of creditors of a possible depository or sub-depository, can be levied on the patrimony.

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

French/UK firm Salans Hertzfeld & Heilbronn will merge with New York's Christy & Viener on January 1 1999. Given that previous mergers have effectively been takeovers of small boutiques by much larger firms, it is the first transatlantic merger of equals. The combined firm will have 85 partners and 193 other qualified lawyers. The Paris office has a total of 103 lawyers, with 84 in New York and 31 lawyers in London. "The firm is a different paradigm to the largest firms," says Robert Starr, a partner in the London office of Salans Hertzfeld. "This merger is unique not only in being transatlantic but also in the character of the firm. We are not now a Paris-based firm nor a London-based firm, and we will not be a New York-based firm."