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The Dutch Supreme Court recently confirmed parties’ freedom to determine the choice of law in an assignment of receivables. In conjunction with new rules on SPVs, the result is a likely boom in Dutch securitization. By Piet-Hein de Jager of Loeff Claeys Verbeke, Amsterdam

The Privy Council restored Rogers J's decision in Canon Kabushiki Kaisha v Green Cartridge Co (HK) which the Court of Appeal overturned, as reported in this column in May 1995 and September 1996.

The US Securities and Exchange Commission (SEC) has amended Rule 17f-5, relaxing the rules applying to US investment funds holding foreign assets outside the US. By Marcia MacHarg and Matthew Chambers of Debevoise & Plimpton, New York

On July 19 1997 the Commission published a Communication on certain legal aspects concerning intra-EU investment. The Commission examined the compatibility of national measures which restrict cross-border investment with Article 73b (capital movements) and Article 52 (right of establishment), to conclude that:

Until now, investments made by Spanish Collective Investment Institutions (IICs) in derivatives were regulated by the provisions of the Order of July 6 1992. This rule allowed such institutions to invest in derivatives traded on organized secondary markets both in Spain and in other countries.

The Hungarian Ministry of Justice has introduced a bill for a new Law on Economic Associations (Companies Act). The planned law would serve the purpose of further harmonizing Hungarian company law with EU rules by establishing western standards. Furthermore, the experience of the past few years has confirmed the need for a new law. Since the Companies Act came into force on January 1 1989, the law has been shown to have numerous loopholes and to be wide open to abuse. The bill attempts to address these faults.

In 1994, the Danish Consumer Ombudsman, after consultations with the Bankers' Association, issued ethical guidelines for financial institutions' advice to individual customers.

The Securities and Exchange Commission of Argentina (the CNV) enacted General Resolution No. 291/97. This authorizes the trading in Argentina of depositary receipts representing securities issued by foreign entities not qualified by the CNV to offer their securities directly to the general public in Argentina. The new regime — which comes into force on September 1 1997 — attempts to introduce new financial products in the local markets and to attract foreign investors.

Royal Caribbean Cruises has bought Celebrity Cruise Lines in an amicable takeover worth US$1.3 billion. This deal makes the company the second largest US- based cruise line.

New guidelines for market participants on management and internal control have been welcomed but the Securities and Futures Commission has also published suggested control techniques which have been less well received. By James Walker and Kenneth Leung of Clifford Chance, Hong Kong