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  • Hitherto neglected areas of Islamic commercial law can be used to create an Islamic structure for project finance deals. By Mansoor H Khan of Khan & Associates, Lahore, Pakistan
  • Act No 95-277 of March 25 1997 gives French employees the statutory right to participate in private pension fund schemes. By Bernard Carrez of Siméon & Associés, Paris
  • Competition between the offshore centres is increasing, especially in the Caribbean. Most are very keen to prove their credentials against money-laundering and cut the risk of scandals. Clare Hepburn reports
  • Grand Metropolitan and Guinness are merging to form GMG Brands, the world's largest spirits and wine group. The group will be worth around £23.8 billion (US$38.6 billion), but the merger has been challenged by rival drinks companies who believe it is anti-competitive.
  • As mentioned in last month's International Financial Law Review (see page 56) a parliamentary committee has suggested a wide-ranging reform of the Companies Act, in particular proposing rules allowing companies to repurchase their own shares.
  • Two recent Court of Appeal decisions in Hong Kong each touched on an issue of concern to banks in their dealings with customers and third parties: first, whether a mortgagee is bound by a Mareva injunction, and secondly whether a trust can be impressed on deposits secured by contract.
  • The Financial Transactions Reporting Act 1996 seeks to combat money-laundering through financial institutions in New Zealand. The Act imposes various obligations on 'financial institutions' (defined widely), including the obligation to report suspicious transactions to the police.
  • In April 1997, the Response of the Securities and Futures Commission to the Public Consultation on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Response) to the Consultation Paper on the Review of the Leveraged Foreign Exchange Trading Regulatory System (the Consultation Paper) was released by the Securities and Futures Commission (the SFC).
  • China promulgated the PRC Anti-dumping and Anti-subsidy Regulations on March 25 1997. The Regulations aim to maintain fair competition in foreign trade and protect the relevant Chinese domestic industries in the event dumped and subsidized 'imported products' cause substantial damage to the established domestic industries, pose a substantial threat of damage, or create substantial obstacles to the establishment of domestic industries.
  • The long-awaited Mergers and Acquisitions (M&A) Law was finally passed by parliament in April 1997. The M&A Law is based on EU Directives and is fully harmonized with EU rules.