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The Provisional Regulations Banning Entrance into the Securities Industry were promulgated on March 3 1997. The Regulations outline various securities violations for professionals working in the securities industry, including the following:

US insurance company Cigna Corporation agreed to acquire managed care concern Healthsource for US$1.4 billion. The deal boosts Cigna's position as a leading provider of healthcare and is part of a trend towards consolidation in the health-insurance industry.

US firm Milbank, Tweed, Hadley & McCloy is rebuilding its project finance practice in London after the departure of four project finance partners to rival firm Shearman & Sterling last year. Partner Thomas Siebens has returned to London from a three-year residency in the firm's Singapore office. He will develop the global capital markets reach of the firm's project finance and emerging markets group.

The last 18 months have seen an explosion in the number and size of US firms with English law capability in their London offices. Other firms are steadfastly following their own strategy. Paul Lee reports

Costly asset management failures are dramatic evidence of the need for third party audits of advisers’ practices, says Marcia MacHarg of Debevoise & Plimpton, New York

The Korean government has recognized that depositors’ interests must be safeguarded by the state. But improvements need to be made, argues Dong Won Ko of the Institute for Monetary & Economic Research, The Bank of Korea, Seoul

Grimaldi & Clifford Chance has opened an office in Padua. This is the third office in Italy the firm has established since the association between Grimaldi e Associati and UK law firm Clifford Chance began in 1993. The office will initially have five lawyers led by two partners, Paolo Rulli and Gianandrea Rizzieri. Rulli has moved from the firm's Rome office and Rizzieri joins from local partnership Studio Rizzieri. Both specialize in corporate and international trade law, with Rizzieri providing experience in litigation and arbitration. Associates Federica Greggio and Susanna Rizzieri specialize in international transactions, contracts and litigation.

A liberalization of US Federal Reserve rules on the securities activities of bank holding company affiliates could be a window of opportunity for foreign banks. By Nancy Jacklin of Clifford Chance, New York

Texas buy-out company Texas Pacific Group is offering an undisclosed amount, believed to be at least US$800 million, for Del Monte Foods, the US's largest branded producer and distributor of tinned fruit and vegetables.

Allied Irish Banks (AIB) has acquired US bank holding company Dauphin Deposit Corporation for US$1.36 billion. The acquisition, made by Allied Irish Banks' US subsidiary First Maryland Bancorp, brings the banking group closer to its goal of owning a US bank with assets of more than US$20 billion.