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Filion, Wakely & Thorup, Toronto

McCarthy Tétrault, Toronto and London

Economic reform is beginning to reach into the Argentine provincial governments. Esteban A Mancuso of White & Case, New York, discusses ways the provinces could solve their financing difficulties

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.

In August a government committee published its report on the proposed reorganization of Finnish government financing institutions.

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.

The modest Korean legal market looks unlikely to have to face competition from abroad just yet, despite the government’s public commitment to globalizing the economy. Nick Ferguson reports

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.