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The Central Bank of the Russian Federation (CBR) recently adopted new currency regulations affecting capital contributions and long-term loans in hard currency, as summarized below. The new provisions appear intended to clarify and simplify Russian currency legislation, but in some cases they may have the contrary effect of delaying or complicating cross-border investment and financial transactions. In addition, they strengthen the involvement of the CBR in even the most routine transactions, increasing the bureaucratic burdens on foreign investors and lenders.

A new code for the Portuguese Securities Market is expected to come into force before the end of 1998. The new code, which is now being prepared and whose main features have already been submitted and approved by the Ministry of Finance, is expected to be more approachable and concise than the one in force at present, which has been broadly criticized for being over-regulatory and for duplicating provisions already included in other laws.

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.

Debevoise & Plimpton is set to open an office in Russia, building on its local assocation in Moscow. Corporate practice head Stephen Friedman says the Budapest office will be closed down to focus efforts on Russia. "I would expect the Budapest office not to continue much longer because of the pace of the economy there," explains Friedman. The firm advised on several privatization offerings in Hungary and the financing of the local airport. In Moscow Debevoise had an affiliation with two Russian lawyers who acted as consultants to the firm. This will become a fully fledged office focusing on joint venture and project work with partner Rod Perkins moving to head the new operation.

Legislative Decree No. 358 of October 8 1997 outlines a favourable tax regime for transfers and contributions of businesses and exchanges of participations in companies.

The legal preparations for the introduction of the euro have moved on. Geoffrey Yeowart of Lovell White Durrant, London, updates the answers given in the January issue to the most frequently asked legal questions

The Swiss government has decided that no statutory change is necessary; existing legal doctrines should ensure continuity of contracts. By Martin Anderson and Urs Schenker of Baker & McKenzie, Geneva and Zurich

The introduction of a single currency will provide scope for a stronger Europe-wide securitization market, which should grow from the start of the transition to the euro. By Gilles Thieffry and Jonathan Walsh, Norton Rose, London

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.

In the context of reshaping its entire energy and gas sectors, and emphasizing the liberalization policy promoted by recent Administrations, on September 3 1997, the Uruguayan Executive Branch approved Decree No. 324/97 governing import and transport of natural gas. The Decree is the regulation for the natural gas pipeline to link Uruguay and Argentina, for whose construction an international tender has recently been announced by the Uruguayan government.