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A non-US court applying the non-US law governing a swap contract may not recognize a restraining notice served by a creditor as a defence to payment. By Mark P Zimmett from the Law Offices of Mark P Zimmett, New York

The double tax treaties executed between Portugal and Germany, Italy and Finland include a provision whereby a tax credit is granted to the residents of any of these countries if they obtain some elements of their income in Portugal where it is subject to tax but exempt. Relevant elements of income include the payment of interest and the payment of dividends.

A newly proposed Accounting Act is scheduled to be adopted by the Norwegian parliament before the summer break and to go into effect on January 1 1999. This will involve major changes to the financial year, dividend distribution and how assets are reported in mergers.

On January 1 1998, new regulations of the National Securities Depository of KDPW (Krajowy Depozyt Papierow Wartosciowych) entered into force. These new regulations became necessary due to the new Public Trading and Securities Act, published on October 3 1997 and which entered into force at the beginning of the year (see International Financial Law Review, May 1998 page 58). The regulations of the National Securities Depository describe the basic conditions of the deposit and clearing procedures in the field of public securities trading.

Article 1, paragraph 1 of Legislative Decree No. 239 of April 1 1996, containing provisions aimed at amending the financial treatment of interest and other capital gains deriving from securities and similar bonds, as amended by Article 12, paragraph 3 of Legislative Decree No. 461 of November 11 1997, will enter into force on July 1 1998. It provides that the 12.5% withholding tax under Article 26, paragraph 1 of the Decree of the President of the Republic No. 600 of September 29 1973 will not be applied to interest and other capital gains deriving from securities and similar bonds issued in Italy by certain entities to the extent that:

In April 1998 the government submitted a bill to parliament regarding a reform of the Finnish Companies Act to enable the conversion to the euro in private and public limited companies during the transition period between January 1 1999 and December 31 2001 and set the rules governing the move to no par value (NPV) shares in limited companies.

In a recent judgement, the Dubai Court of Cassation gave a narrow interpretation to the obligations resulting from a personal guarantee of a revolving credit facility.

The Swiss-American investment bank Credit Suisse First Boston is buying São Paulo bank Banco Garantia. New York firms Cleary, Gottlieb, Steen & Hamilton and Shearman & Sterling are advising on the US$675 million deal. Cleary Gottlieb is representing CSFB with a team headed by M&A and securities partners Peter Darrow and James Munsell.

After a string of national mergers at the beginning of the 1990s, German firms are shifting their focus as domestic clients look to international experience. Nick Ferguson reports from Frankfurt

Paragon has completed a £300 million (US$498 million) securitization of a portfolio of mixed consumer loans, including car loans, timeshare loans and stocking finance agreements. It is a first for Paragon, traditionally a securitizer of mortgages. The floating rate notes were issued through a special purpose vehicle, Finance for People (No. 3). JP Morgan acted as lead manager and Morgan Guaranty Trust Company of New York as trustee. Slaughter and May advised Paragon and Finance for People, with a team led by corporate partners Chris Smith and Andrew McLean. Also involved on the issuer's side are Tods Murray, providing Scots law advice and L'Estrange & Brett providing Irish law advice.