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Holders of a joint bank account in the UAE typically instruct the bank to allow 'either or survivor' to operate the account. The purpose of this mandate is to allow the surviving account-holders to continue to operate the account following the death of one of the other account-holders.

The New Zealand government recently announced a package of 'in principle' reforms to the electricity industry, which have as their primary objective obtaining 'a better deal for electricity consumers'.

Traditional Italian lawyers are beginning to adapt to competition from larger overseas firms. The believe they must follow the English and American model while retaining Italian characteristics. Barbara Galli reports

Two New York firms, Skadden, Arps, Slate, Meagher & Flom and Shearman & Sterling are advising on the merger between US refuse controllers Waste Management and USA Waste. The merger is valued at $20 billion. Shearman & Sterling is counsel to USA Waste led by M&A partner John Marzulli in New York. Other New York partners are Mary Kate Wold (tax), John Cannon (competition), Margaret Murphy (environmental) and William Roll (litigation). Stephen Sunshine, a partner in Washington, dealt with antitrust matters.

The Business Bankruptcy Reform Act, S.1914, was introduced into the US Senate on April 2 1998. S.1914 proposes to amend the Bankruptcy Code to make it clear that assets transferred in a securitization are not property of the estate in a bankruptcy filed by the transferor. If passed, this amendment may well remove the legal uncertainties as to whether the bankruptcy trustee may reach financial assets previously transferred to a special purpose entity that has issued debt or equity backed by those assets. Other sections of S.1914 would amend the Bankruptcy Code to broaden the category of transactions that qualify as swaps or repurchase agreements and for the first time permit cross-netting pursuant to master agreements of amounts due and owing under forwards, swaps, repurchase agreements, commodities and securities contracts.

Citigroup, the new company formed by the Travelers/Citicorp merger, appears to breach the US’s regulatory barriers between financial services. But lawyers suggest there are possible structures for the company to offer the full range of services. Paul Lee reports

The Government of Abu Dhabi is restructuring and privatizing its water and electricity industries. The work of the Privatization Committee includes the establishment of a regulatory framework, the creation of a new body, (Regulation and Supervision Bureau for the Water and Electricity Sector), the drafting of regulatory licences and the unbundling of the existing vertically integrated government department into separate companies. Denton Hall is advising the Privatization Committee on all issues. Leading the London-based team is energy partner Christopher McGee-Osborne. Energy partner Richard Metcalf is also working on the project.

Formerly restrictive of international offerings of securities, the British Columbia Securities Commission has introduced measures more favourable to foreign purchasers. By David Glennie, Peter O’Callaghan and Geoffrey Belsher of Blake, Cassels & Graydon, London and Vancouver

The new ISDA standard confirmation for credit swaps should boost the credit derivatives market. By Daniel P Cunningham, R Brent Jones and Thomas J Werlen of Cravath, Swaine & Moore, New York

In autumn 1996, the ministry of finance appointed a working group to assess the need for securities legislation and to propose amendments. The working group prepared a memorandum called Securities Markets 2000 on the Finnish securities markets and securities legislation. The memorandum was published in February 1998.