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Reforms to the Italian capital gains tax system will have significant implications for the capital markets and the repo and securities lending markets. By Susanna Beltramo and Marina Savastano of Studio Legale Beltramo, Rome

As with all emerging markets, securitization offers Peru new forms of debt instrument with a greatly reduced risk of default. New rules should boost the developing market. By Esteban Mancuso of White & Case, New York

On June 25 1997, the US Supreme Court held in United States v O'Hagan, 117 S Ct 2199 (1997), that it is a violation of the US securities laws for corporate outsiders to trade in securities for personal profit using material, non-public information in breach of a fiduciary duty owed to the source of the information. The Court thus ratified the misappropriation theory of liability, which has been used in nearly half the insider trading cases brought by the Securities and Exchange Commission (SEC) in recent years.

At a weekend summit on September 13 and 14, EU finance ministers agreed that bilateral conversion rates for future members of the single currency would be announced next May. The declaration will coincide with the announcement of the founding members of economic and monetary union (Emu), and is intended to reduce the risk of currency speculation before the launch of the Euro.

The Hungarian privatization and state holding company (APV Rt) and Hungary-based pharmaceuticals manufacturer Gedeon Richter have completed a US$220 million global and domestic offering of Richter shares and GDSs. In conjunction with the offerings, Richter also increased its share capital by US$50 million. The transaction is one of the largest secondary offerings in central and eastern Europe.

UK firms Clifford Chance and Freshfields have both added to their US law capabilities, each hiring a senior US-qualified lawyer in September. US lawyer Peter Cleary has joined Freshfields from Chadbourne & Parke. A project finance specialist with over 15 years of experience in Asia, he joined the UK firm's Hong Kong office on September 1.

Seven partners have defected from the Gothenburg office of leading Swedish firm Lagerlöf & Leman to form a new firm, KPMG Wahlin Advokatbyrå. However, the new firm will not continue to be called that for long because the Swedish Bar Association has forced the firm to drop KPMG from its name as of November 1 1997. The Bar said the name gave the impression the firm was not an independent law firm. "We think it is the wrong decision," says name partner Tryggve Wahlin. "The Swedish Bar Association needs to adapt to the market trend. We do not agree with the view that the name gives the appearance that we are not independent. What is important is that we are independent." The firm is a member of the KPMG-aligned international network of law firms, and has a cooperation agreement with KPMG Bohlins, the Swedish accounting, tax and consulting arm of the big six firm. But it is, Wahlin insists, an independently-owned law firm.

The big six have already made significant inroads into the French and Spanish legal markets, but so far the Portuguese have managed to keep them at bay, with some very stiff regulation. Nick Ferguson reports

Davis & Company have become the first Canadian firm to open an office in Japan. The Tokyo office is the firm's first outside Canada. The office is staffed by two Canadian lawyers and there are plans to increase the number of lawyers to over 10, including Japanese lawyers (bengoshi), if the Japanese Bar Association removes restrictions (see International Financial Law Review, September 1997, page 27).

In June 1997 the Danish Parliament adopted a new Act on Competition (No. 384), bringing Danish competition law into line with EU competition principles. The provisions of the new Act come into force on January 1 1998.