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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.

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

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.

Petroleum, Minerals, Energy & Resources Law

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.

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

Brown & Wood is set to develop its Latin American capital markets practice by opening an office in São Paulo. New York partner Michael Fitzgerald, co-head of corporate securities and who supervises the Latin America practice, says: "We have a lawyer there who is affiliated with the firm and we are in the process of negotiating a lease. I think we will have some kind of representative office with an associate in São Paulo within the next six months." The move follows announcements from New York rival White & Case and the UK's Linklaters & Paines, that they too are opening São Paulo offices (see International Financial Law Review, October 1997, page 5).

US firm Cleary, Gottlieb, Steen & Hamilton is to open an Italian office in early 1998. Based in Rome, the office will have about eight lawyers, both US and Italian qualified recruited from its other European offices. Cleary Gottlieb will be only the third US firm to open in Italy. However, the decision reflects the growing interest of many US and UK firms in Italy. Ned Stiles, partner ofa firm in Washington, sees the move as a natural progression: "We have a significant amount of business in Italy already, and our assessment was that it was right [to open an office]."

• UK firm Simmons & Simmons has poached Angus Phang from US firm Baker & McKenzie's Hong Kong office. Phang will head the firm's Asia Pacific IP practice as partner Christopher Head moves from Hong Kong to create a New York IP department.The firm has also hired immigration specialist Garth Coates from rival City firm Lovell White Durrant. Coates, former head of immigration at Lovell's will join Hilary Belchak's immigration group at Simmons. "His experience and expertise will be invaluable in enabling us to fulfill the increasingly complex needs of our clients, both in the UK and overseas across all industry sectors," Belchak said.