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The demand for infrastructure improvement in South Africa exceeds the scope of the public sector. The opportunities for private sector finance are considerable. By Jabulani Mtshali of Deneys Reitz, Johannesburg

Quebec’s new Bill 181 amends the Civil Code to require registration of secured transactions. It has important implications for securitization. By Sterling Dietze of Stikeman, Elliott, Montreal

As the securities market increasingly adopts the Internet, the SEC has issued guidelines to help foreign securities companies avoid US registration. By Winthrop Brown of Shaw Pittman Potts & Trowbridge, Washington DC

The 1992 Bankruptcy Law allowed Russian companies to continue to operate in an insolvent state. New legislation empowers the creditors. By Britt Shaw of McDermott, Will & Emery, Moscow

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.

On June 4 1998, Commissioner Karel Van Miert signed an agreement between the EU and the US on the application of positive comity principles in the enforcement of their competition laws. The Positive Comity Agreement provides that where a party is adversely affected by anti-competitive behaviour in the other's territory, it may request that other party to take appropriate action. The Agreement also provides that the parties may agree that the party requesting enforcement will defer or suspend its enforcement proceedings over the anti-competitive practice while it is investigated by the other party.

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 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.

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.

British company Computacenter has been floated on the London stock exchange, with a global offering of 44,304,014 ordinary shares, including a Rule 144A placing in the US. The value of the transaction was £1.15 billion (US$1.84 billion) with Goldman Sachs acting as global coordinator. UK firm Linklaters & Paines represented Computacenter. Partners Matthew Middleditch and Charlie Jacobs worked on the flotation, providing advice on English and US law. UK firm Freshfields acted for Goldman Sachs with a team headed by partners Christopher Joyce (corporate) and US partner Tom Joyce (finance).