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As a follow-up to October’s equities survey, International Financial Law Review asked leading managers and issuers what they look for from their lawyers. A merger is one answer. Nick Ferguson reports

In a key policy speech given by the Deputy Prime Minister, who chairs the Financial Sector Review Group, it was made clear that the Singapore government, in its focus on making Singapore a regional financial centre, is rethinking its entire strategy. In particular, the emphasis will now be shifted from regulation to supervision of the financial sector, with greater reliance placed on market forces and market discipline and on full information disclosure rather than extensive regulations to protect investors. Greater transparency will also be provided in regulations, and attention will be focussed on systemic risk rather than undue protection of individual participants, products or projects.

Amendments to the Securities Act 1978 which came into force on October 1 will almost certainly increase costs for overseas issuers of securities to the New Zealand public. The Securities Commission recently declared that overseas issuers will need to meet the new requirements.

On October 10 1997 the Swiss Parliament passed a new act aimed at combatting money-laundering in the financial sector. This latest legislative step expands on the due diligence requirements of articles 305 bis and ter of the Swiss Penal Code (SPC) and establishes a comprehensive (self-) regulatory framework for Finance Intermediaries. The latter include banks, fund managers, insurance entities and security dealers (article 2 paragraph 2 Intermediaries). It also includes anyone who by profession accepts possession or custody of other persons' assets, or helps to invest or transfer them (article 2 paragraph 3 Intermediaries). The statute exempts: the Swiss National Bank; tax-exempted pension fund entities and person who provide services exclusively to these; and paragraph 3 Intermediaries who provide services exclusively to paragraph 2 Intermediaries.

In a circular letter the Spanish National Securities Market Commission (CNMV) sets guidelines on the information barriers or Chinese Walls established in entities acting or advising on investment in the securities markets. This is to prevent the uncontrolled flow or improper use of confidential information generated in another part of the advising company.

The Finnish government recently issued a Bill on proposed amendments to the Credit Institutions Act and the Act on Investment Firms. The proposal aims to increase the efficiency of the supervision of credit institutions and to improve the information given by credit institutions and investment firms on their financial status. Furthermore, the proposal aims to harmonize the Credit Institutions Act and the Act on Investment Firms with the Accounting Act, the Auditing Act and the Companies Act.

Credit Suisse First Boston (CSFB), the Swiss-US investment bank, has agreed to buy the UK and continental European equities businesses from Barclays de Zoete Wedd, the investment banking arm of Barclays Bank. The transaction is expected to complete in early 1998. UK firm Lovell White Durrant, through offices in London and overseas, is representing Barclays on the transaction. Partners David Harris and Hugh Nineham lead the Lovell team. The in-house team at Barclays is led by Howard Trust, group general counsel, assisted by Rachel Harris and Mark Edwards.

Dow Chemical has agreed to sell its Dow Brands consumer products unit to SC Johnson for between US$1.3 billion and US$1.7 billion. The deal is expected close by the end of 1997, pending regulatory approval. The sale is a further move to rid Dow of its non-core businesses. Dow Chemical has appointed US firm Mayer, Brown & Platt as legal advisers. Corporate and securities partner Scott Davis heads the team.

Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.