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The Italian securities regulator, CONSOB, has established new conduct of business rules for EU-based firms providing investment services in Italy through a branch. By Piero Salera of Pavia e Ansaldo, Rome

Without recourse to international arbitration under the BOT Decision, foreign investors have stopped financing Turkish infrastructure projects. International treaties may offer a solution. By H Elizabeth Kroeger and Timothy Kautz of Jones, Day, Reavis & Pogue, Frankfurt

Decree 3119 of 1997 regulated, for taxation purposes, the amounts allowed as deductions from net income when associated with articles imported massively as contraband.

The draft Directive on settlement finality, incorporating amendments proposed by the European parliament, was approved by the Council of Ministers at the end of April 1998. It provides for legislation to deal with the position of cross-border payments when a bank or securities firm cannot meet its obligations. It aims to cut the systemic risk in payment and securities settlement systems and to minimize the disruption to a system caused by insolvency proceedings against a participant in the system.

In early March 1998, the German federal government published a draft statute for the implementation of EC directives on deposit guarantee schemes (94/19/EC) and investor compensation schemes (97/9/EC). The statue will create a whole new system of compensation schemes. The existing (private and voluntary) deposit protection scheme of the association of private banks in Germany (Einlagensicherungsfonds), offering an exceptionally high degree of protection (ie each deposit is insured up to an amount equivalent to 30% of the bank's liable capital) will remain in place with the new compensation schemes.

While Hong Kong law firms are suffering from the consequences of the regional financial crisis, the less affected Chinese legal market continues its evolution. Barbara Galli reports

Confidentiality issues can affect not only how you issue project bonds but whether a deal is even possible. Richard Forster reports on the disclosure issues facing sponsors and bankers

The partial privatization of Airports Company South Africa (ACSA), a company operating nine airports, is completed. The Government of South Africa sold 20% of the issued share capital of ACSA to a consortium led by the Italian Aeroporti di Roma. The consortium also received an option to buy an additional 10%of the issued share capital. The Government intends to sell 10% of the capital to disadvantaged South Africans and 9% to ACSA employees and management. US firm White & Case advised the South African Ministry of Transport. Johannesburg-based partner Darryl Deaktor led the team. Also involved were partners Ron Goodman and John Janks, in Johannesburg, and David Eisenberg in London.

Macfarlanes, Slaughter and May, Freshfields and Wachtell Lipton Rosen & Katz are all involved in the fight for the UK chemical and fibre company Courtaulds. A US$1.8 billion bid from Dutch chemical business Akzo Nobel was agreed in April. On May 12 US paints and glass group PPG confirmed it is in preliminary talks with Courtaulds along with US investment bank Donaldson Lufkin and Jenrette. Macfarlanes in London is advising PPG with a team of lawyers headed by corporate specialists Robert Sutton and Mary Leth, tax specialist Ashley Greenbank and pensions specialist Douglas Shugar. Also advising PPG is New York firm Wachtell, Lipton, Rosen & Katz.

Daimler-Benz and Chrysler have announced on May 7 the largest industrial merger ever. The deal values Chrysler at US$39 billion. The new group, known as Daimler-Chrysler, is estimated to be worth US$92 billion and will be the world's fifth-largest vehicle maker.