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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

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.

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.

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.

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.

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.

Joseph Polizzotto, Managing Director and Deputy General Counsel, Lehman Brothers, New York, talks to Richard Forster

San Francisco-based Orrick, Herrington & Sutcliffe is set to join the influx of US firms entering the London market. New York managing partner Michael Volstad says: "Sometime relatively early next year we should have an office in London; we are actively looking to get involved there." The firm, which is focusing on structured finance, has advertised for English lawyers and intends to have an English team in London and Tokyo. An advertisement, believed to be for Orrick Herrington, appeared recently in the legal press. It offered between US$500,000 and US$1 million for English-law qualified partners in the structured and project finance fields. It claims to be "an exceptional start-up opportunity".

New York's Simpson Thacher & Bartlett is opening a full office in Los Angeles after promoting associate Dan Clinver to partnership. The firm has had a presence in Los Angeles for some time, primarily to service key client Seagram, the acquisitive Canadian entertainment and drinks group. New partner Dan Clinver will head the office focusing on corporate matters.

Despite confusion created by a speech made to the IBA by a leading Japanese lawyer, it is clear that reforms to the Japanese legal market will not enable international firms to hire Japanese lawyers (bengoshi). Foreign firms in Japan have been lobbying the ministry of justice commission to fully liberalize the legal system, and the decision to continue restrictions on foreign firms in Tokyo has been greeted with disappointment. Toshiro Nishimura, name partner of Nishimura & Partners and member of the ministry of justice commission, caused the confusion when speaking of the advancement of partnerships between Japanese and international firms. However, he has since clarified that he was referring to the decision to relax the rules on joint enterprises. The few firms which work in a joint enterprise will now be able to work on all areas of international law, including litigation. Work on any domestic law is still forbidden. Nishimura claims the reforms will be beneficial to foreign firms. He says: "I expect the number of firms with cooperation pacts to rise, this should be an incentive for firms."