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In the aftermath of the Asian financial crisis, the government can claim two major achievements in reforms to reduce public deficit:

After the 1992 enactment of the regulatory scheme for the securitization of mortgage assets, the government prepared a draft Royal Decree to regulate securitization funds for non-mortgage assets. Approval of this Royal Decree is expected in the next few months.

A rule of the Copenhagen Stock Exchange (CSE) required any shareholder who attained legal or de facto control over a listed company to offer to buy the other shareholders' shares on the same conditions that the controlling shareholder bought the shares to gain control of the company. The initial proposal for the Securities Trading Act (STA) also contained this rule, but when it was adopted by Parliament in 1995, the control necessary to trigger the requirement to make a purchase offer to other shareholders was limited to control obtained through a majority of votes in the company.

US securities authorities are issuing guidance for broker-dealers on the use of new technology in their business. This article summarizes that guidance in five key areas. By Morris Simkin of Winston & Strawn, New York

Changes to financial regulation in the UK bring into focus the challange of boundaries in the legal framework. By Andrew Marsh of Sidley & Austin, London

A common belief is that privatization is nearing an end in Poland as the market matures. Stephen Mulrenan discovers that opportunities still exist in this sector, as well as now in many others

As predicted in the December 1997 issue of IFLRev, New York's Debevoise & Plimpton is opening an office in Moscow. For further information see the country survey.

Recent delegation of powers from the CFTC to the NFA should lead to faster approval of non-US entities to engage in futures trades with US customers. By Michael S Sackheim of Brown & Wood LLP, New York

The Fed has proposed changes to Regulation K which liberalize the rules governing expansion in the US for international banks. By Connie Friesen and David Nissenbaum of Richards & O’Neil LLP, New York

The government has accepted most of the proposals for reform of the financial sector put up by the government-appointed private sector committee on financial sector competitiveness made public its report offering detailed proposals to promote Singapore as Asia's premier financial centre.