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In a world of global finance and capital flows, the extra-territorial reach of national securities laws needs to be clearly defined. In the US, this is not the case. The absence of legislative guidelines has spawned considerable litigation.

A pool of French, English and American firms worked for the success of the IPO of GEC Alsthom, the joint venture between GEC and Alcatel Alsthom, now renamed Alstom. The offering, totalling US$3.7 billion, comprised shares, depositary receipts and ADRs, with a primary listing in Paris and secondary listings in London and NewYork. Goldman Sachs and Credit Suisse First Boston acted as joint global coordinators.

Sirona Dental System, the dental equipment business, has issued a Dm170 million (US$309.1 million) to refinance a subordinated bridge loan facility related to its leveraged buy-out from Siemens by Shroders Venture. The total purchase price was Dm750 million. Warburg Dillon Read acted as lead manager for the offering.

Clifford Chance has completed its first SEC registered flotation in the US, as adviser to STET Mobile Holding (the selling shareholder) and to STET Hellas Telecommunications, one of the two GSM mobile telecom operators in Greece. The sale was of 12.1 million ordinary shares of STET Hellas in the form of American Depositary Receipts, registered with the SEC and quoted on the Nasdaq stock exchange, and of Dutch Depositary Shares listed on the Amsterdam stock exchange. The deal is valued at US$327 million. Clifford Chance's team included partners Rick Ely (US group) and Tim Schwarz (telecommunications) in London, and Frank Graaf in Amsterdam.

Two firms are leaving the Pünder Group, the alliance of European law firms headed by German firm Pünder Volhard Weber & Axster, after disagreements about the group's future. The two firms are Coppens Van Ommeslaghe Faurès, in Belgium, and Swiss member Stoffel & Partner. Jean-Michel Détry, corporate finance partner at Coppens, says: "We were looking for increased financial integration within the group. In particular, we wanted all the EU work to be merged and shared out among the firms, but this was resisted by the German and Dutch firms." One firm has already left the group earlier this year: Netherlands member Buruma Maris left in order to merge with Benelux firm Loeff Claeys Verbeke, although the merger talks proved abortive. Détry says: "At this point it became obvious that the group needed financial integration. Essentially, there are discussions in various directions but the bottom line is that we will leave the Pünder group."

The traditionally separate businesses of commercial banking, securities and insurance are increasingly merging. An overall approach to supervision is required. By Philip Wood and Paul Phillips of Allen & Overy, London

Emmanuel Guillaume, group executive vice president and general counsel at France Telecom, talks to Barbara Galli

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

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

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.