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Since UK firm Allen & Overy announced the appointment of David Slade as a project finance partner in the New York office (see Insides, IFLRev, October), three other lawyers have joined Slade at Allen & Overy, effectively wiping out the Russian practice of US firm Milbank, Tweed, Hadley & McCloy.

Zhuhai Highway Co

Baker & McKenzie is opening an office in Munich early next year to complement its Frankfurt and Berlin offices. Three partners will manage the office, assisted by three associates. Walter Henle and Stephan Spehl join from the Frankfurt office, which will remain the leading office in Germany. Uwe Steininger, a tax and mergers and acquisitions lawyer, joins the office as partner from Bissman & Partner. Says Nigel Carrington, managing partner at the London office: "Munich is a major German centre, and we are already strong in Frankfurt and Berlin. It is an obvious move for us to make."

US firm Milbank, Tweed, Hadley & McCloy has revamped its Asian practice after the departure of project finance partner Glenn Gerstell to the Washington office.

The Central Bank of Russia recently issued Instructions giving foreign investors greater scope to invest in rouble-denominated bonds. By Mira Davidovski and Robert Chernoff of Salans Hertzfeld & Heilbronn, Paris and Moscow

McKenna & Co has announced that it has taken five lawyers from UK rival Nabarro Nathanson, establishing 'the number one real estate practice in Warsaw'. Resident Nabarro partner Steven Shone has moved with three of his property team to McKenna & Co with one more set to join.

On September 11 the Bankruptcy Legislation Amendment Bill 1996 passed the House of Representatives in amended form. Key provisions contained in the Bill include:

The Securities and Futures Commission (SFC) is reviewing comments from brokers, practitioners and other members of the public on its Draft for a Composite Securities and Futures Bill (Draft Bill) issued in April 1996. The Draft Bill aims to consolidate the present regulatory regime, embodied in not less than 11 Ordinances governing the securities industry, into a single user-friendly composite bill. After reviewing comments and suggestions from the public, the SFC is expected to redraft the Draft Bill and submit it to the Legislative Council for consideration in this legislative session.

Spanish tax law provides a significant obstacle to the implementation of Employee Share Participation Schemes (ESPSs), in that the transfer of shares to employees at no cost or at below-market prices is subject to taxation. Perhaps for this reason, such schemes have not become well developed in Spain.

A new regulation permits the establishment of Sino-foreign joint ventures to engage in the business of foreign trading in the People's Republic of China. At present, state-run import-export enterprises controlled by the Ministry of Foreign Trade and Economic Cooperation dominate all Sino-foreign trade.