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Limiting professional liability; Lending to local authorities; Disqualification of directors; Enforcing an assigned debtBy Neil Mirchandani, City Litigation Group, Lovell White Durrant, London

Part II of the New Zealand Securities Amendment Act 1988 requires substantial security holders in a public issuer to disclose relevant interests, and changes in such interests, to the public issuer and any stock exchange on which the securities are listed. The disclosure regime was enacted to ensure that market participants know the identity of persons in a position to control a public issuer.

Charles Toy, vice president and general counsel of the Overseas Private Investment Corporation, Washington DC, talks to Richard Forster

The Royal Trust Bank decision has left uncertainty as to how best to create a fixed charge over receivables. Chris Hanson and Geoffrey Yeowart of Lovell White Durrant, London, attempt to reconcile the cases

Christopher Lewis of Simmons & Simmons considers the rise and rise of the asset repackaging phenomenon and takes a detailed look at how deals are structured and what are the main vehicles on offer

UK regional firm Pinsent Curtis has head-hunted a senior litigation partner from international firm Linklaters & Paines. Graeme Brister replaces Paul Downing as managing partner of the London office after Downing left to join Price Waterhouse last month. Says Christopher Styles, a litigation partner at Linklaters who has worked with Brister for 17 years: "To an outsider this move to a regional, domestic firm must look jolly odd. The key is that he wants to get out of the bigger jobs for international clients and move into management." It is said that Brister wanted to become managing partner at Linklaters, but Styles explains: "This is not sour grapes. He no longer wanted to spend so much time in practice."

• US firm Milbank, Tweed, Hadley & McCloy has appointed partner Douglas Tanner as head of the firm's Hong Kong office. Tanner, who leaves the Los Angeles office to take up the post, specializes in international capital market transactions, acquisitions, joint ventures and investment in Asia. He also has experience in asset securitization transactions and derivative products. He replaces Glenn Gerstell, who returns to the Washington DC office.

US law firm Dechert Price & Rhoads has brought in four new lawyers to strengthen its Brussels office. International litigation and arbitration partner Melvin Schwarz has relocated from New York. "Our office has two divisions: the international division and the Belgian corporate and commercial practice," explains Brussels managing partner Richard Temko. "Melvin will be concentrating on litigation outside Belgium, in particular arbitration panels in London and Paris."

Alongside implementing the ISD and CAD, Finland has made a number of other changes to its securities law. By Tomas Lindholm and Tarja Wist of Roschier-Holmberg & Waselius, Helsinki

US petroleum refiner Diamond Shamrock is to merge with rival Ultramar in a US$2.35 billion deal. The transaction is structured as a stock swap, attracted the attention of regulators regarding Diamond Shamrock's call options after large purchases were reported a week before the announcement of the merger.