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Cyprus is not an offshore centre. An offshore centre has no double tax treaties and is not a signatory to international conventions. Moreover, it is used by wealthy individuals or international corporations for brass plate structures and for sheltering their wealth without tax liabilities.

To reduce private expenditure and a growing balance of payments deficit, the Danish government has presented an economic constraint. The initiative includes a reduction of the interest allowance and increased taxation on real property.

Mortgage banks were an important part of the Hungarian banking system until World War II. After a long break during the socialist era, mortgage banks have now been reintroduced in Hungary through Law No. XXX of 1997, which took effect on June 7 1997.

In Great Northern Insurance Co v Mount Vernon Fire Insurance Co, No. 97-7989, 1998 US App LEXIS 8413 (2d Cir May 1 1998), the US Court of Appeals for the Second Circuit certified a question to the New York Court of Appeals regarding the interpretation of the "other insurance" clause in a commercial general liability policy. The "other insurance" clause is a standard provision commonly found in commercial liability policies which typically comes into play when multiple insurance policies cover a single loss. It should apply only to disputes between insurance companies over how much each must pay for a particular loss. Great Northern gives New York's highest court the chance to confirm that "other insurance" clauses should not be employed to cut a policyholder's right to the full limit of an insurer's liability for a covered loss.

Italy continues to attract foreign law firms with UK firm Ashurst Morris Crisp announcing a strategic alliance with Milan-based Negri-Clementi Montironi & Soci. The agreement, based on an equal relationship, involves reciprocal exclusive referrals. Ian Nisse, Ashurst's managing partner, says: "This alliance is strategically based and strongly client driven for both firms." Ashurst, with offices in Paris, Brussels and Frankfurt, is trying to build a pan-European partnership.

Potential moratoria on payments of foreign currency to overseas persons need not necessarily worry exporters. They can structure to protect their interests. By Andrew O’Keeffe of Simmons & Simmons, London

Can the resolution of future sovereign debt crises be eased by changes in the legal documents that evidence these obligations? In the first of a series of three articles, Lee C Buchheit of Cleary, Gottlieb, Steen & Hamilton, New York considers the sharing clause

Together with the Federal Stock Exchange Act, of which the second part entered into force in January 1998, Article 161bis of the Swiss Criminal Code has been amended. Under this provision, any person who substantially influences the price of stock traded on the Swiss stock exchange with the intention of enriching him or herself or a third party, will be punished by imprisonment or a fine.

The Court of Appeal has delivered a judgment of potentially major significance for auditors of group companies. The case arose from claims brought by the liquidators of three BCCI companies against their former auditors, Price Waterhouse and Ernst & Whinney. The Court held that the auditors of the holding company and of one operating subsidiary could owe a duty of care to another operating subsidiary of which they were not the appointed auditors.

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