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We are living at a time when electronic commerce is becoming an increasingly important factor in the world of business and finance. Yet the law has only begun to formulate principles and rules to govern these new methods of communication.

The planned merger between Dutch firms Loeff Claeys Verbeke, of Amsterdam and Rotterdam, and the Hague's Buruma Maris, will not go ahead. Announced in July 1997, it would have taken effect from January 1 1998 (see International Financial Law Review, August 1997, page 3). According to figures compiled for the International Financial Law Review 1000 Directory, the merger would have created Holland's largest firm, and the 29th largest firm in the world. The move reflects events three years ago, when Buruma Maris rebuffed the possibility of merger with Loeff Claeys.

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.

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

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

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.

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.