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Brazil

The central bank's circular 2.785 of November 27 1997 limited the total amount of margins and premiums paid by foreign capital vehicles to 5% (or 20% or 50%) of their respective net assets, when equivalent total investments in derivatives are the same as (or up to three or more than three times) their net assets.

February 01 1998

New Zealand

A recent High Court decision (Anchorage Management Limited v D A Oldham & P J Cordner as trustees of the Royds Family Trust) provides a useful reminder of the potential impact of the Limitation Act 1950. The case involved a debt due from a family trust which was 'payable on demand'. The court reaffirmed a centuries' old rule that, on their own, the words 'payable on demand' are not sufficient to qualify the implied promise of immediate repayment.

February 01 1998

Gazprom wins US$3 billion loan

Gazprom has arranged a US$3 billion loan to finance its investments in the Yamal pipeline project and to refinance a US$1.2 billion bridge loan. The eight-year facility will be secured against revenues from Gaz de France supply contracts.

February 01 1998

LucasVarity sells Varity Perkins to Caterpillar

US/UK automotive parts supplier LucasVarity is selling its VarityPerkins Engines business to US rival Caterpillar for US$1.3 billion. While the deal surprised some analysts, who viewed Perkins as an essential part of LucasVarity, the acquisition is seen as a good strategic fit for Caterpillar.

February 01 1998

Australian funds manager in US$1 billion public offering

The Australian Mutual Provident Society recently carried out a public offering of its 9.1% interest in Westpac Banking Corporation for US$1 billion. The Westpac Corporation shares were sold by Australian Mutual Provident in the form of STRYPES (Structured Yield Product Exchangeable for Stock), underwritten by Merrill Lynch.

February 01 1998

UAE

Central Bank Circular No. 19 of 1997 establishes guidelines for banks, finance and investment companies to follow when lending funds to persons who wish to subscribe to shares of public joint stock companies. The growing number of initial public offerings of shares in public joint stock companies in the UAE represents an attractive and relatively new investment opportunity for UAE nationals.

February 01 1998

Swiss ease recovery of securities on the bankruptcy of custodians

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

February 01 1998

Spain

Law 8/1987 of June 8 regulating pension funds (Planes y Fondos de Pensiones), provides that each fund has a single managing and a single depositary entity. This gives rise to a system of mutual controls between the entities, and the legal regime of the liabilities arising from their actions. The new law allows pension funds to invest in foreign financial assets, where their investments are regulated by the statutory law pertaining to Spanish outward foreign investment and exchange control.

February 01 1998

Austria

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).

February 01 1998

Colombia

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.

February 01 1998

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