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• London firm Simmons & Simmons has recruited two banking partners from rival City firms. Nicholas Fisher, from Dibb Lupton Alsop, joins Simmons as a partner in the firm's transactional banking practice on December 1. Kim Walking, an asset finance specialist at Theodore Goddard, is joining the banking and capital markets department. • New York firm Carter, Ledyard & Milburn has added Masahiro Yoshimura, formerly at Holme Roberts & Owen, Denver, to its Japanese Practice Group. He will join the firm as an associate.

New provisions in Luxembourg on the merger of the capacities of debtor and creditor in one person (confusion) mean issuers are no longer forced to cancel their own debt after purchase. By Henri Wagner of Zeyen Beghin Feider/Loeff Claeys Verbeke, Luxembourg

Setting up a representative office is the first and indispensable step towards establishing a banking presence in China. Philip Gilligan and Steven Blayney of White & Case, Hong Kong, explain how

On October 3 1997, the Commission published a draft Notice on the definition of relevant markets for the purposes of Community competition law. This text is not expected to be amended very substantially.

The success of the first Europe-wide electronic securities market owes much to the new possibilities afforded by EU investment services legislation. By Dirk Tirez, general counsel of Easdaq, Brussels

The privatization committee established in January 1996 has been made into a permanent committee and renamed the Privatization Committee for the Water and Electricity Sectors (PCWES). The PCWES is given a general supervisory and planning role in respect of the proposed utility privatization programme for the Emirate of Abu Dhabi. This role includes the proposal of legislation and regulations for the privatization programme, as well as proposals for the reorganization of government departments and projects in the power and water sectors. The powers of the PCWES include the authority to retain staff, to appoint outside consultants, and to delegate to one or more members of the PCWES the powers necessary to implement the purposes of the PCWES. The PCWES is directed to prepare budgets for its activities and to submit them to the Crown Prince for approval.

The Federal Banking Commission (FBC) plans to approve the first hedge fund domiciled in Switzerland in its November 1997 session. Since the FBC approved in its February session this year the first two foreign hedge funds for public marketing and distribution in and from Switzerland, it appears the Swiss investment fund market has gained momentum. The new hedge fund scheduled to be approved is a fund of funds, predominantly investing its assets in offshore hedge funds, whereas the first two foreign hedge funds already approved were Irish investment funds using alternative investment techniques and instruments.

Because Swedish statutory provisions on guarantees date from 1734, court practice has a decisive influence on guarantees under Swedish law.

From September 1 1997, under Decree 153 of May 26 1997, the procedure for informing the authorities of suspected money-laundering transactions has changed. Transactions which may infringe the provisions of Articles 648 bis and ter of the Penal Code must now be reported to the Italian Foreign Exchange Bureau (IFEB) rather than to the police. In accordance with its new administrative role, the IFEB issued a circular letter setting out the basic guidelines for anti-laundering procedures. The circular lays down the criteria by which suspect banking transactions may be identified, such as discrepancies between the character of transaction and the client's financial profile, or its acceptance of inconvenient terms and rates. After being notified of the suspect transaction, the IFEB must forward the relevant evidence to the investigating Anti-Mafia Bureau and to the Tax Police special department dealing with with foreign currency matters, which will pursue the investigation further on the basis of the information received. Should the investigation uncover a link with organized crime, the National Anti-Mafia Procurator will be informed and he will take appropriate steps. To comply with the new anti-laundering provisions, the IFEB has prepared a standard form for financial services firms. In particular, details of the transaction and the reasons for it being considered suspicious must be provided, thus putting the burden of assessing each transaction on the financial operator.

New and important amendments to the Portuguese Companies Law were enacted at the beginning of this year through Decree-Law 257/96 of December 31. One of the most important changes is that from now on it is possible to set up a limited liability company (sociedade por quotas) with a sole shareholder, individual or corporation owning the entire share capital. Hitherto one-person limited liability companies have only been permitted offshore in Madeira and the Azores.