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The Danish rules on insider trading are contained in the Securities Trading Act (STA) of December 20 1995 which entered into force on May 1 1996 and are basically the same as the rules contained in the earlier Securities Market Act, which implemented Directive 89/592 of November 13 1989 coordinating regulations on insider dealing. The Directive is a Minimum Directive and the provisions of the STA are more stringent than those laid down by the Directive.

Canada's Stikeman, Elliott opened an office in Sydney on February 4. Sydney is the firm's 14th office, and the ninth outside Canada. The office will be staffed by Roy Randall, Brian Hansen and Elizabeth Turner.

UK firm Lovell White Durrant's Paris office has gained a partner and two senior associates, and expects to announce two further appointments soon. At the same time, it loses a lawyer to rival Norton Rose. Lovell White partner Milan Chromocek moves from Prague to boost the intellectual property practice in Paris. Philippe Thomas, senior associate at local firm JC Goldsmith, becomes senior associate at Lovell White. He specializes in commercial law. Serge Cohen joins from US firm Cleary, Gottlieb, Steen & Hamilton in Paris, where he was a senior associate specializing in mergers and acquisitions.

In the first survey to consider the Medium-Term Note (MTN) market for law firms, IFLRev has identified the leading firms in establishing new programmes and in making drawdowns. The same three names keep coming up. By Richard Forster and Samantha Wigham

US utility Entergy Corporation has bid £1.26 billion (US$2.11 billion) for the UK's London Electricity.

On December 6 1996, the ECJ issued one of the most important rulings in recent years in the continuing battle between pharmaceutical companies and 'parallel importers', ie independent traders who are able to undercut prices in expensive markets by importing bulk quantities of medicines from low-price EU countries. The Primecrown case upholds the right of parallel importers under the Single Market rules to buy and sell wherever they choose in the EU and fails to answer the claim of patent holders that parallel imports threaten research.

Morgan Stanley & Co International has completed a US$1.55 billion multicurrency revolving securities repo facility agreement. Barclays Bank arranged the facility.

The Ontario Securities Commission is attempting to dispel the uncertainties surrounding the status of over-the-counter derivatives trades. By Philip Henderson and Ron Schlumpf of Stikeman, Elliott, London and Toronto

Jane M Freeberg of Watson, Farley & Williams, New York, reports on the EU Regulation blocking compliance with US sanctions against firms trading with Cuba, Iran and Libya

Dunrobin Mining Company is the first company to complete a privately funded project financing of a mine in Zambia. NM Rothschild & Sons arranged the financing for the company, which is part of the Reunion mining group. The loan was made in gold, and can be converted into US$4.5 million. Dunrobin will repay the bank in gold. Rothschild used the company's mining licence as security.