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The advent of internet-based transactional systems challenges the traditional financial regulatory system. By Thomas Crocker of Shaw, Pittman, Potts & Trowbridge, Washington DC

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."

Despite press reports, US firm Baker & McKenzie has denied that it is to close its second Vietnamese office in Hanoi after failing to secure a new branch licence. The office had been operating as a representative office under the old practice rules while the application for a branch licence was processed. Most foreign firms have already received licences for their first office, with Baker & McKenzie setting up in Ho Chi Minh City.

Andrew Carmichael, a partner with Linklaters & Paines capital markets group in London, has moved to Hong Kong to oversee the regional securities practice. The firm, with offices in Singapore and Tokyo, has a total of nine partners and a 40-lawyer team doing capital markets work. "It is important the offices work together," comments Carmichael. "We have similar clients and sometimes deals can be done out of any of the offices, so it is important that we run the operation in a unified fashion." Carmichael said that it was not an official role but as one of the long-standing capital markets partners he had been selected for the job.

Denis M Forster of the Law Offices of Denis M Forster, New York, who advised Procter & Gamble and its trial counsel in its suit against Bankers Trust, offers a first-hand analysis of the court's holdings in the case

The Korea Stock Exchange (KSE) has decided to ease disclosure requirements for foreigners to induce more foreign corporations to list their stocks on the local exchange.

With the adoption of a Communication by Sir Leon Brittan and Karel van Miert, the trade and competition commissioners, the European Commission has proposed the establishment of an international framework of competition rules. The Communication, which must still be presented to the Council, calls on the WTO ministerial conference in Singapore in December to agree to study, from 1997, the possibility of an international framework of competition rules.

The following is a summary of recent developments:

The Trust (Amendment No. 3) (Jersey) Law, 1996, which was adopted by the States of Jersey on November 21 1995 and sanctioned by Her Majesty in Council on April 24 1996, was registered in the Royal Court and came into force on May 24 1996.

The Finnish Council of State recently published a bill regarding the further implementation of the EU Directive on undertakings for collective investment in transferable securities (UCITS; 85/611/EEC) in order to improve and maintain the international competitiveness of Finnish investment funds.