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Cleveland firm Squire, Sanders & Dempsey has opened an office in Madrid. The office will be headed by Juan Picón, formerly at Clifford Chance, Madrid. It opened on September 1 and will be staffed by six lawyers.

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

The German Securities Trading Supervisory Authority’s latest guidelines for the conduct of investment services business are out. Alexander Vogt and Peter Waltz of Oppenhoff & Rädler, Frankfurt, assess them in the context of existing rules

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

The latest no-action letters from the US SEC expand the exemptions available to unregistered dealers. By Charles S Gittleman, Julia E Moran and Eva Don-Siemion of Shearman & Sterling, New York

The Russian government has announced an ambitious privatization programme for 1998 under which it plans to sell substantial equity stakes in 37 major companies of an estimated total value of over US$5 billion. The enterprises listed include such giants as Aeroflot airlines, oil company Rosneft, and pipeline operator Transneft. To implement the programme, Russia has adopted a new Law on the Privatization of State Property and on the Fundamentals of the Privatization of Municipal Property in the Russian Federation (Law No. 123-FZ, dated July 21 1997). The Law modifies some of the existing rules on the privatization of state assets, adopts new safeguards in response to past abuses, and contemplates the introduction of new players into the privatization process.

The entry into force of Law No. 675 of December 31 1996, which included personal data protection rules, raised a number of doubts about the forms the banks must submit to customers to obtain their consent for the use of their personal data.

Chinese company Bengang Steel Plates was floated by an international placing of B shares on the Shenzhen Stock Exchange.

US chemicals group DuPont is paying £1.8 billion (US$3 billion) for the titanium dioxide and polyester businesses of the UK's ICI. The deal is part of ICI's programme to fund its £4.9 billion acquisition of Unilever's speciality chemicals businesses.

UK firm Linklaters & Paines overtakes US rival Davis Polk & Wardwell to head this year’s ranking of the leading advisers on international equity issues. But other firms are catching up. Richard Forster and Robert Dwyer report