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Since November 1993, Brazilian financial institutions have been allowed to acquire non-financial asset-backed securities (non-financial ABSs) issued by Brazilian Special Purposes Companies (SPCs). These domestic non-financial securitizations have been successfully done under the terms of the National Monetary Council's Resolution 2,026 of 1993. The non-financial assets have been transferred by Brazilian originators to the SPC and used to guarantee ABSs issued by the SPC. Even in cases where the Brazilian originators were subject to bankruptcy proceedings, the credit rights of the ABS holders were not affected.

The merger of J&A Garrigues and Andersen ALT has accelerated the process of change in Spain. Defensive reactions have already begun and nothing will be the same again. Nick Ferguson reports

Fasken Martineau, London and Toronto

Bennett Jones Verchere, Calgary

Meighen Demers, Toronto

A major reform of Japanese regulations, allowing companies to award share options to directors, moves regulation closer into line with the US and Europe. By Junko Mori of Asahi Law Offices, Tokyo

McDonald & Hayden, Toronto

Deeth Williams Wall, Toronto

In line with the recently published recommendations on the Private Finance Initiative (PFI), the UK government is to set up a Treasury Taskforce to help get projects off the ground. By Nicholas Bliss of Freshfields, London

New tax incentives in the 1997 Budget approved by Parliament in July focused mainly on the financial sector. Effective for five years from assessment year 1998, they will be: