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In December 1996, the Austrian legislature adopted the Securities Supervision Act (Wertpapieraufsichtsgesetz), which provides for the formation of the Federal Securities Supervision Authority (Bundes-Wertpapieraufsicht). On January 1 1998, a substantial part of the law's provisions concerning notification requirements entered into force. At the same time, an ordinance issued by the Ministry of Finance for implementation of the Securities Supervision Act became effective (Wertpapier-Meldeverordnung).

Colombian law affords substantial protection to those who act as commercial agents. Agents may claim compensation on termination of the agency relationship, regardless of the cause of termination, and regardless of the law which governs their contract, so long as the contract is performed in Colombia.

The development of the European asset-backed securities market took a significant step forward in October last year with the launch by Ford Credit of a highly innovative US$5billion global securitization programme. Globaldrive is the first Euro asset-backed programme to be set up by a corporate. It seeks to bring to Ford Credit's asset-backed issues the flexibility and efficiency of a medium-term note programme. The inaugural issue under the programme, an AAA rated Dm1 billion (US$550 million) floating rate issue backed by US dollar wholesale auto receivables, closed successfully on October 15 1997.

Linklaters & Paines and Sullivan & Cromwell have again risen to the top in a hectic year. Cravath Swaine & Moore and Davis Polk & Wardwell share the Yankee title. Nick Ferguson and Barbara Galli report

In 1992, the Faroe Islands, controlled by Denmark under a home rule arrangement, were hit by financial problems. At the time, Den Danske Bank owned the majority shareholding of Føroya Bank, a major Faroe Islands Bank.

The Zedillo administration continues to privatize the nation's most valued sectors, making1998 a promising year for international investors. Privatizations in 1996 and 1997, particularly in telecommunications (satellites, PCS auctions and long distance telephone competition) and transport (railways and ports), indicate Mexico's commitment to the long-term economic development model. Privatizations in 1998 will involve permits or concessions in natural gas, airports and telecommunications.

Swedish firm Hellström & Partners, Stockholm, announced on January 12 it is excluding star finance partner Peter Sederowsky from the firm. The announcement comes after Sederowsky, who has joined rival firm Setterwalls, announced in his own letters that Hellström & Partners was to cease operating.

Montreal firms McMaster Meighen and Mackenzie Gervais are to merge in March 1998. The merged firm will be called McMaster Gervais and will be one of Montreal's biggest, with about 100 lawyers.

US firm Latham & Watkins has established an office in Singapore. US qualified lawyer Joe Bevash moves from Hong Kong to head the office, which will initially be staffed by five lawyers. The office, which opened on December 16, will specialize in project finance.

James Hurlock, White & Case: "Similar arguments [in favour of mergers] would apply in other European countries. We are considering our options and other firms have approached us"