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  • In theory, depositors of securities with a custodian have always been able to reclaim them if the custodian goes bankrupt. But this theory has never been tested in the courts. New legislation removes any doubt. By Urs Schenker of Baker & McKenzie, Zurich
  • Corporate governance and insider trading rules limit the options for a target's management. Long-term planning is essential. By Philip Rogers of Arnheim & Co*, London, and Christian Altvater of Nehm & Co*, Frankfurt
  • New York-based Skadden, Arps, Slate, Meagher & Flom is set to open an office in Silicon Valley, California. It will be the centre of Skadden's high technology practice as well as focusing on mergers and acquisitions and intellectual property (IP) issues, capital market transactions and litigation matters.
  • UK firm Allen & Overy announced that it is to merge with 65-lawyer Italian firm Brosio, Casati e Associati. Meanwhile, Haarmann Hemmelrath & Partner has become the second German firm to open an office in Italy. In the last year the following foreign firms have all opened in Italy or added to an existing presence: Clifford Chance, Freshfields, Simmons & Simmons and Cleary, Gottlieb, Steen & Hamilton.
  • • Dechert Price & Rhoads has won the services of Susan Ervin, former deputy director and chief counsel of trading and markets at the Commodity Futures Trading Commission, the US derivatives regulator. Ervin joins the firm's Washington DC office as counsel.
  • Despite turbulence on the markets, Malaysia's investment-led infrastructure development programme looks quite promising. By Winston Bernard Silva, advocate and solicitor, Singapore
  • The market for Brazilian sovereign debt is becoming increasingly attractive for international banks. By Walter Douglas Stuber and Adriana Maria Gödel of Amaro, Stuber e Advogados Associados, São Paulo
  • Anne Counihan of National Treasury Management Agency, Ireland talks to Diana Bentley
  • In October the Commission held an oral hearing to discuss the way forward following the publication of its Green Paper on vertical restraints, referred to in the March 1997 issue of International Financial Law Review (see page 62).
  • A new rule opens Saudi Arabia to independent power projects for the first time. Project finance is likely to take off, and the forthcoming power plant, Shuaiba, may be a BOO project. By Steven Miles of Arent Fox, Washington DC and Jeddah, Saudi Arabia