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In a referendum, Norway voted against membership of the EU. However, because Norway is a member of the EEA, EU legislation on finance and commerce must also be implemented as domestic Norwegian law. Not only does this open up Norway for business from the EU; it opens up the EU for business from Norway.

The regulatory reforms to the economic and tax regime of the Canary Islands are still awaiting approval by the Spanish authorities. When the process, which started in 1991, is finally completed, the Canary Islands Special Zone will take effect within the framework of the EU, and will remain operative until at least the year 2024. One of its objectives is the creation and development of a Canary Islands financial market.

The Limited Liability Partnerships (Jersey) Law is expected to come into force in the spring of 1997. The UK government has announced its intention to introduce similar legislation in Britain, thus demonstrating that it recognizes the liability issues now facing professional services organizations, and lending its support to the proponents of such legislation. The deputy vice-president of the Law Society, Michael Matthews, has stated that there is no policy reason why solicitors should not take advantage of Jersey's proposed limited liability partnerships.

A bill on the legislative framework for the National Securities Centre was recently published by the Finnish government. Under the proposal, legislation on the book-entry securities system would also be amended.

The Central Bank of Chile has for sometime imposed a requirement to deposit with it on a non-interest earning basis (or to pay as an alternative a fee) an amount equal to 30% of almost all equity investments made under Chapter XIV of the Compendium of Foreign Exchange Regulations and of loans registered under that Chapter and under Decree Law 600.

A recent change in policy by the Central Bank of Cyprus means it is now possible to establish Administered Banking Units (ABUs) on the island. Applicant banks should be licensed in jurisdictions which exercise proper licensing and banking supervision. In addition, the prospective applicant banks must be institutions enjoying a good reputation internationally and which have an established track record of growth and profitable operation.

Measures have been adopted by the Brazilian government in the last two years to safeguard the economic stabilization programme by curbing money supply increases caused by foreign investment inflows. On October 31 1996, two of the measures were relaxed as follows:

A recent bill published by the Brazilian authorities is set to make money-laundering in Latin America's largest country a specific criminal offence for the first time. By Bruno Balduccini of Pinheiro Neto Advogados, São Paulo

New York firms offer poor value for money and are arrogant, according to a new survey. Of the in-house counsel consulted outside New York, 58% said New York firms offer less value for money than other firms. Of all the in-house counsel, 20% expected to use New York firms less; under 3% expected to use them more.

The Capital Markets Efficiency Act is a pale shadow of the originally proposed reforms to end the federal/state dual regulation of securities issues and cut litigation by large institutions. By David Bernstein of Rogers & Wells, New York