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The Mémorial, the official journal of the Grand Duchy of Luxembourg, in its edition dated May 29 1996, published the law of May 9 1996 on netting of claims in the financial sector (loi du 9 mai 1996 relative à la compensation de créances dans le secteur financier, portant modification de la loi modifiée du 5 avril 1993 relative au secteur financier).

The implementation of the EU Directive on investment services has been the ideal opportunity to reform Italy's securities regime. By Susanna Beltramo and Sabrina Bruno of Studio Legale Beltramo, Rome

The Central Bank of Ireland is the regulator for both UCITS and non-UCITS funds in Ireland. The investment industry has been lobbying for more flexibility with regard to high net worth investors on the basis that they do not need the same level of protection as is generally desirable. The Central Bank of Ireland has now issued a special derogation from the general rules in relation to investment objectives, investment policies and the level of leverage employed where non-UCITS schemes are marketed solely to 'qualifying investors'.

The Czech Republic's economy is into a second phase of development. Privatization is almost over and reforms are now stiffening regulation. The lawyers that are left must prepare for long-term work, not brief transactions. Paul Lee reports

The Rousch independent power project (IPP) reached financial close on May 31 with the US$507 million financing led by ANZ International Merchant Banking and National Development Finance Corp. Rousch is the first Pakistani project in which offshore commercial lenders have taken both political and commercial risk.

The New York office of US firm Dechert Price & Rhoads has expanded its Securitization Practice Group with three lateral hires from US competitors.

The public equity offering of UK nuclear power company British Energy closed on July 10 with the privatization yielding £1.4 million ($2.18 billion) for the UK government.

When the second wave of sell-offs is completed, international law firms will have to compete for a niche in Budapest's financial markets. By Richard Forster

US financial regulators have given a cautious welcome to certain uses of new technology. However, the Securities and Exchange Commission (SEC) still insists that existing regulation must be followed. Anne-Louise Childs reports

Dutch firm Nauta Dutilh has opened a office in London. Resident partner Diederik van Wassenaer has moved from the New York office to head the practice assisted by two Dutch associates. "In New York I did mainly banking and structured and corporate finance," says Van Wassenaer. "Here I will do the same with more reorganizations and mergers and acquisitions."