IFLR Search

Chinese walls fall under WTO pressure

China may be ready to relax restrictions on foreign law firms in preparation for entry to the WTO. Under proposals supposedly included in a document presented to the WTO in Geneva, China's foreign firms may eventually be granted some of the freedom they enjoy in neighbouring Hong Kong, where most international firms base their China operations.

January 01 1998

Landesbank state guarantees should survive EU challenge

A challenge to state guarantees for German Landesbanks by the European Commission need not worry creditors, who have acted in reliance on their protection. By Michael Gruson, Shearman & Sterling, New York/Frankfurt

January 01 1998

How to use the collateral carousel

The use of securities held by clearing bodies as security for transactions is increasing. This can cut credit risk but the conflict of law and practical difficulties need care. By Paul Avanzato of Wilde Sapte, London

January 01 1998

Hong Kong proposes new fund manager code of conduct

Following requests from the fund managers' professional association, the Hong Kong SFC has proposed a detailed regulatory backdrop for fund management operations. By Sara Or of Johnson Stokes & Master, Hong Kong

January 01 1998

Denmark

The Act was approved in parliament on May 1997 (Act no. 385/1997), extending an existing scheme regarding the new building of small ships. It is not yet determined when it will come into force.

January 01 1998

Belgium

The Royal Decree expected to implement the important modifications contained in the Law of December 12 1996 (see International Financial Law Review, June 1997, page 43) was adopted on July 8 1997. Since then, a public and private scheme for securitizing receivables can be distinguished, depending on whether or not the financial instruments issued by the securitization vehicle are themselves subject to a public transaction.

January 01 1998

Newcourt buys AT&T Capital

Canadian financing company Newcourt Credit Group will buy AT&T Capital for US$1.6 billion. AT&T span-off its financing arm last year to concentrate on its core telecoms business. Nomura, the Japanese investment bank, acquired 98% of the company. CIBC Wood Gundy is lead underwriter.

January 01 1998

Lazio plans MTN programme

Lazio will be the first region in Europe to launch a global MTN programme. The programme has approval for US$1 billion of international debt issues.

January 01 1998

Trenité first to open in Cuba

Dutch firm Trenité van Doorne is the first foreign law firm to open in Cuba. It officially opened the Havana office on November 12, with two Dutch lawyers, Jan Willem Bitter and Sebastiaan Berger, and one Cuban, Alejandro Cruz Román. Bitter explains the firm has had links in Cuba since the early 1990s, with lawyers frequently handling business there. Clients of the firm's Curaçao office began to be active in Cuba in the late 1980s. For the firm, the office is just a natural extension of these operations.

December 01 1997

Thailand

Because of the economic shakedown taking place in Thailand, 58 finance companies have been forced to shut down for an undisclosed period of time. Other finance companies and banks have been left in dire financial straits. The Thai government as a consequence has passed two Royal Proclamations to help tackle the financial crisis:

December 01 1997

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