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In December 1996, the Austrian legislature adopted the Securities Supervision Act (Wertpapieraufsichtsgesetz), which provides for the formation of the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht). On January 1 1998, a substantial part of the law's provisions concerning notification requirements entered into force. At the same time, an ordinance issued by the Ministry of Finance for implementation of the Securities Supervision Act became effective (Wertpapier-Meldeverordnung).

Republic Act No. 8366 (Act) was made law on October 21 1997 and took effect on November 14 1997. The law aims to liberalize the Philippine investment industry by amending certain sections of Presidential Decree No. 129 (Decree), known as the Investment House Law.

In 1992, the Faroe Islands, controlled by Denmark under a home rule arrangement, were hit by financial problems. At the time, Den Danske Bank owned the majority shareholding of Føroya Bank, a major Faroe Islands Bank.

Tender bids for Singapore's second fixed-line licence and third mobile phone licence closed on December 31 1997.

The European Council meeting in Luxembourg on December 12 and 13 1997 developed a specific pre-accession strategy for Cyprus. The conclusions note the accession process formally begins on March 30 1998 when the Ministers of Foreign Affairs of the 15 member states meet their opposite numbers from Cyprus and the 10 central and eastern European applicant states. The European Council decided to convene bilateral inter-governmental conferences with Cyprus, the Czech Republic, Estonia, Hungary, Poland and Slovenia to negotiate the conditions of their entry into the EU and the necessary Treaty adjustments. In addition to the establishment of an accession partnership and an increase in pre-accession aid available to all applicants, the specific pre-accession strategy for Cyprus will be based on the following:

A recent High Court decision (Anchorage Management Limited v D A Oldham & P J Cordner as trustees of the Royds Family Trust) provides a useful reminder of the potential impact of the Limitation Act 1950. The case involved a debt due from a family trust which was 'payable on demand'. The court reaffirmed a centuries' old rule that, on their own, the words 'payable on demand' are not sufficient to qualify the implied promise of immediate repayment.

In theory, depositors of securities with a custodian have always been able to reclaim them if the custodian goes bankrupt. But this theory has never been tested in the courts. New legislation removes any doubt. By Urs Schenker of Baker & McKenzie, Zurich

Corporate governance and insider trading rules limit the options for a target's management. Long-term planning is essential. By Philip Rogers of Arnheim & Co*, London, and Christian Altvater of Nehm & Co*, Frankfurt

New York-based Skadden, Arps, Slate, Meagher & Flom is set to open an office in Silicon Valley, California. It will be the centre of Skadden's high technology practice as well as focusing on mergers and acquisitions and intellectual property (IP) issues, capital market transactions and litigation matters.

UK firm Allen & Overy announced that it is to merge with 65-lawyer Italian firm Brosio, Casati e Associati. Meanwhile, Haarmann Hemmelrath & Partner has become the second German firm to open an office in Italy. In the last year the following foreign firms have all opened in Italy or added to an existing presence: Clifford Chance, Freshfields, Simmons & Simmons and Cleary, Gottlieb, Steen & Hamilton.