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Against the backdrop of greater political stability and improving economic prospects, Pakistan has recently made it easier to float companies. By Mansoor H Khan of Khan & Associates, Lahore

The House of Lords decided on October 30 in the landmark case of Morris v Agrichemicals (also called BCCI No. 8), that it is legally possible for a bank to take an equitable charge over money deposited with it. This ruling ends more than a decade of controversy caused by the decision in Re Charge Card Services Limited [1986] when Millett J stated that a charge-back was "conceptually impossible".

The Central Bank of the Russian Federation (CBR) recently adopted new currency regulations affecting capital contributions and long-term loans in hard currency, as summarized below. The new provisions appear intended to clarify and simplify Russian currency legislation, but in some cases they may have the contrary effect of delaying or complicating cross-border investment and financial transactions. In addition, they strengthen the involvement of the CBR in even the most routine transactions, increasing the bureaucratic burdens on foreign investors and lenders.

A new code for the Portuguese Securities Market is expected to come into force before the end of 1998. The new code, which is now being prepared and whose main features have already been submitted and approved by the Ministry of Finance, is expected to be more approachable and concise than the one in force at present, which has been broadly criticized for being over-regulatory and for duplicating provisions already included in other laws.

Germany will produce detailed legislation to ensure a smooth transition into the third stage of Emu. It includes specific rules for reference rates and redenomination. By Katrin Kühnle of Hengeler Mueller Weitzel Wirtz, Frankfurt

The introduction of a single currency will provide scope for a stronger Europe-wide securitization market, which should grow from the start of the transition to the euro. By Gilles Thieffry and Jonathan Walsh, Norton Rose, London

Shares of China Telecom raised HK$30.3 billion in a dual listing on the Hong Kong and New York stock exchanges. The deal is China's largest listing to date. Hong Kong-based investors bought almost 50% of China Telecom shares. The company offers mobile services in the Guangdong and Zhejiang provinces. US firm Sullivan & Cromwell advised on US law to the issuer. General corporate partners Chung Wei and Robert Delamater led the firm's team.

Petroleum, Minerals, Energy & Resources Law

Alan Cameron, chairman of the new Australian Corporations and Financial Services Commission, talks to Graham Field

State of Rio Grande do Sul: On October 21 1997, Companhia Estadual de Energia Elétrica sold two of its three distribution networks for R3.145 billion (US$2.85 billion). The premiums over the minimum asking prices were 82.62% for the Centre-West distributor and 93.55% for the North-Northeast distributor.