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The state reinsurance monopoly has now been lifted with the enactment of Constitutional Amendment No. 13 of August 21 1996. In accordance with the new wording of Article 192, II of the Constitution, licensing requirements and other conditions applicable to reinsurance shall be regulated in a complementary law. There are at present two bills on the subject being examined in Congress.

In September, the Stock Exchange Committee of the Botswana Stock Exchange approved new 'Procedures for Listing and General Requirements for Listed Companies'. As adopted, the Procedures and General Requirements contain:

Arbitration is an increasingly popular form of dispute resolution. The recent Act for England and Wales boosts London's position. By David Wyld and Simon Nurney of Macfarlanes, London

The Italian Treasury is selling a further tranche of shares in the oil and gas company ENI with a L5.1 trillion (US$3.36 billion) international offering, part of Italy's largest privatization. The sale of the 8.75% stake in the company is being jointly led by Istituto Mobiliare Italiano and CS First Boston.

Uncertainty over the Brazilian's state's right to control the domestic insurance industry appears to have been temporarily resolved – to the advantage of foreign insurance firms. By Manoel Ignácio Torres Monteiro of Amaro, Stuber e Advogados Associados, São Paulo

UK firm Amhurst Brown Colombotti has spoken to IFLRev following reports that the firm has transferred its Italian law department to another firm. It was alleged that Milan firm Studio Legale Sutti had taken over the department on the retirement of Italian law specialist Salvatore San Marco.

• US firm Milbank, Tweed, Hadley & McCloy has appointed partner Douglas Tanner as head of the firm's Hong Kong office. Tanner, who leaves the Los Angeles office to take up the post, specializes in international capital market transactions, acquisitions, joint ventures and investment in Asia. He also has experience in asset securitization transactions and derivative products. He replaces Glenn Gerstell, who returns to the Washington DC office.

Baker & McKenzie is opening an office in Munich early next year to complement its Frankfurt and Berlin offices. Three partners will manage the office, assisted by three associates. Walter Henle and Stephan Spehl join from the Frankfurt office, which will remain the leading office in Germany. Uwe Steininger, a tax and mergers and acquisitions lawyer, joins the office as partner from Bissman & Partner. Says Nigel Carrington, managing partner at the London office: "Munich is a major German centre, and we are already strong in Frankfurt and Berlin. It is an obvious move for us to make."

Christopher Lewis of Simmons & Simmons considers the rise and rise of the asset repackaging phenomenon and takes a detailed look at how deals are structured and what are the main vehicles on offer

Charles Toy, vice president and general counsel of the Overseas Private Investment Corporation, Washington DC, talks to Richard Forster