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New regulations from Argentina’s Securities Commission provide guidelines for Argentine companies seeking to raise capital in the US through ADRs or GDRs. By Malen Gaynor Giron of Asorey & Navarrine, Buenos Aires

The principle of banking confidentiality has traditionally also protected the fraudsters. The strong confidentiality jurisdictions have taken measures to discriminate. By Franco Taisch of Liechtensteinische Landesbank, Vaduz

Hong Kong market regulators have acted to promote Hong Kong as an international financial centre while protecting the interests of local retail investors. By Richard A Drucker and Timothy A Steinert of Davis Polk & Wardwell, Hong Kong*

The example of a recent case involving PERLS shows the dangers for financial institutions of new investment products. Particular care should be taken to manage the legal and regulatory risks. By Jonathan Kelly of Simmons & Simmons, London

The Telecoms Authority of Singapore Act 1992 has been amended to give the Telecoms Authority additional powers to carry out its functions in a liberalized multi-operator environment, bring the Act up to date on changes in technology and new offences, and provide adequate penalties and enforcement measures to regulate telecom and postal licensees.

On May 14, the National/New Zealand First coalition government delivered its second budget. A NZ$2.8 billion (US$1.5 billion) government surplus was announced (well above the NZ$1.5 billion 1997-1998 forecast). However, the surplus for 1998-1999 is forecast to fall to NZ$1.3 billion. Other features of the budget were:

The development of a well organized bond market depends on the controls guaranteeing the stability and correct functioning of the competitive mechanisms, the transparency of the determination of the prices and the protection of the saver-investor, among other things.

The minister of economic affairs has proposed the establishment of a guarantee fund for contributors and investors in credit institutions. The proposed act, amending the 1995 act, incorporates the EU directive on investor guarantee funds. It will establish a joint regulation of guarantee schemes for contributors and investors in credit institutions including banks, mortgage credit institutions and stockbrokers. If any institution covered by the act becomes bankrupt, any cash deposits will consequently be covered up to Dkr300,000 (US$42,000) and security deposits will be covered up to Dkr150,000.

The new Act on Venture Capital Investments, Venture Capital Companies and Risk Investment Funds will come into force on June 16 1998.

On March 1 1998, an amendment of the Austrian Investment Fund Act (Investmentfondsgesetz) entered into force. New types of investment funds and provisions dealing with fund management and marketing activities were introduced.