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Differences between US and English law have always been more apparent than real. The Gustafson decision brings the two even closer in respect of issuer liability. By Simon Gleeson of Richards Butler, London

After four years of negotiation French electronics and defence group Matra has reached agreement with UK counterpart British Aerospace to form a £1 billion (US$1.5 billion) joint venture company Matra BAe Dynamics. The new company results from a merger of the missile operations of the two groups and will be the largest missile manufacturer in Europe.

The Hungarian Ministry of Justice is considering a draft law for foreign lawyers in Hungary. The main elements are likely to be a requirement that foreign firms register with the Hungarian Bar and not just the Ministry of Trade, and that foreign firms form associations with local firms. Stephen Forster, of McKenna Ormai, Budapest (an association of a Hungarian and a British firm), says: "The proposals seem quite reasonable, although they are at an early stage." Laszlo Kopits of Weil, Gotshal & Manges, Budapest, says: "All lawyers recognize that the operation of foreign firms must be regulated, rather than the free-for-all which now exists."

General Motors, the US car company, has spun off its subsidiary Electronic Data Systems (EDS), the US software and consulting company, in a US$500 million transaction. EDS now has a listing on the New York and London stock exchanges.

• US firm Winston & Strawn has rehired former partner Robert Bostrom. Bostrom will leave his post as legal and regulatory general counsel at NatWest Bancorp to head the financial institutions practice in the New York office of the law firm.

The EU Commission is pressing Austria to abolish anonymous banking. With the Austrian government stalling, the matter is likely to go to the European Court. By Friedrich Schwank of Law Offices Dr F Schwank, Vienna

UK firm Wilde Sapte has appointed 12 partners, 10 in the London office, one in Tokyo and one in New York.

The EU Investment Services Directive (ISD) is finally to be enacted into French law. Jean-Guillaume d'Hérouville and Pierre Gissinger of Gide Loyrette Nouel, Paris, discuss the changes to the regulatory regime

The package of regulatory reforms set to come before the Legislative Council this autumn will innovate as well consolidate. John Holmes and James Walker of Clifford Chance, Hong Kong, look at its new provisions

Concluding his consideration of repos, Claude Brown of Linklaters & Paines, London, discusses the various master agreements for repos, buy/sell backs and stock loans