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Commission view on changeover to the euro; Commission acts on harmful tax competition; Consultation on the freedom to provide insurance services

In May 1997 the Danish Parliament adopted an Act (No. 475/1997) amending the regulation of the activities of executive officers of insurance companies, banks, mortgage institutions etc. Most sections of the Act come into force on January 1 1998.

Spain’s preparations for the single European currency have started by establishing commissions to study the possible response. Continuity of contract seems secure. By Luis García Cruz and Hugh McCairley, Bufete Mullerat & Roca, Barcelona

The Swiss government has decided that no statutory change is necessary; existing legal doctrines should ensure continuity of contracts. By Martin Anderson and Urs Schenker of Baker & McKenzie, Geneva and Zurich

New York and other US states have made substantial preparations for the advent of Emu to ensure continuity of contracts. By Daniel Cunningham and Thomas Werlen of Cravath, Swaine & Moore, New York

The leading international trade associations have combined to produce market conventions for the euro. They are winning increasing acceptance across Europe. By Clifford R Dammers of the International Primary Market Association, London

Credit Lyonnais is selling its majority shareholding in Woodchester Investments to GE Capital for a cash consideration of £591 million (US$958 million) to GE Capital. UK firm Allen & Overy and Irish firm William Fry is advising Woodchester and UK firm Clifford Chance is representing GE Capital.

Ameritech, the Chicago-based telecommunications group, is to take a 40% stake in Tele Danmark, the Danish carrier. The deal is valued at US$3.1 billion. Ameritech is buying the 45 million shares from the Danish government, which partly privatized Tele Danmark three years ago. The deal will reduce the government's stake to 51%. US firm Kirkland & Ellis and Danish firm Bech-Brunn & Trolle advised Ameritech on US and Danish law issues. Corporate partner Robert Osborne led the team for Kirkland & Ellis alongside tax partners George Javaras and Herwig Schlunk. M&A partner Sven Krogstrup and banking and finance partner Jørgen Reimer Jensen handled the local law advice for Bech-Brunn & Trolle.

The Italian government has sold 44.7% of its stake in Telecom Italia. The US$13 billion deal included a private offering of US$3.1 billion to stable shareholders and an offering of $US10 million in the international and Italian markets, including an SEC registered public offering in the US. Davis, Polk & Wardwell advised Telecom Italia. Partner Patrick Kenadjian led the team from the Frankfurt office. Of counsel Jeffrey Oakes advised on securities and capital markets matters from London.

With the globalization of financial services, New York law firms are adapting their approach for a global market. But traditional relationships remain strong. Richard Forster reports