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Australia

A general exemption under Section 66 of the Banking Act 1959 of Australia announced on September 23 1996 by the then Assistant Treasurer of Australia, senator Jim Short, has opened up the door for the first time for foreign banks wanting to issue securities on Australia's wholesale capital markets in their own time.

January 01, 1997

Colombia

In early December, Ferrovias, the government agency in charge of the Colombian railway network, published the rules for railway concessions for the next 30 years. Concessions will be awarded for the modernization, maintenance, operation and exploitation of the railways.

January 01, 1997

Hong Kong

The Law Reform Commission has announced a plan that will give financially distressed companies the chance of avoiding insolvency proceedings by providing the company with a court-sanctioned moratorium from creditors while a provisional supervisor takes control of the company to restructure its debt.

January 01, 1997

China

Shanghai has promulgated the New Regulations of Shanghai on the Examination and Approval of Foreign Investment Enterprises (the New Regulation), effective from October 1 1996. The New Regulation is significant in that it provides that the Shanghai Municipal People's Government shall, in accordance with state guidelines and the actual situation of Shanghai, formulate guidelines on foreign investment and the guiding directory of foreign investment enterprises for Shanghai.

January 01, 1997

Switzerland

At present the Swiss criminal code (SCC) does not contain an express provision making the manipulation of stock prices a criminal offence. However, this will change with a new provision, Article 161bis SCC, scheduled to come into force in the course of 1997. This sets out the kinds of manipulation of stock prices punishable by law and reads as follows:

January 01, 1997

Sweden

Under present Swedish legislation a company is prohibited from signing for, acquiring or taking as security shares issued by the company itself or by a parent company. This rule, originally justified by the need to protect the creditors of a company, was introduced in 1895 and has been restated in subsequent legislation for a variety of reasons.

January 01, 1997

Finland

A committee appointed by the Finnish Ministry of Finance has issued a proposal concerning amendments to the deposit guarantee scheme.

January 01, 1997

United News & Media wins Blenheim

Media group United News & Media, recently merged with MAI, has bought conference organizer Blenheim Group. The offer is worth about £590 million (US$970 million).

January 01, 1997

Tenet Healthcare wins OrNda

US hospital management company Tenet Healthcare has made a successful bid of US$1.8 billion in stock for rival OrNda Healthcorp. The merger creates a company with revenues of US$8.5 billion and 126 hospitals. Tenet also assumed US$1.3 billion of OrNda debt.

January 01, 1997

Merger activity in Germany

German law firms Droste and Boesebeck Barz & Partners are to merge. The new firm will be called Boesebeck Droste. The merger will be effective from January 1 1997.

January 01, 1997

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