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The Hungarian parliament will shortly consider major company law reforms, setting more stringent financial criteria and modernizing other corporate requirements. By Zoltán Grmela of Gárdos, Benke, Mosonyi, Tomori, Budapest

By the end of fiscal 2000, a momentous series of reforms should have opened the Japanese financial markets. The government’s programme is reviewed by Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts of Tokyo Aoyama Law Office-Baker & McKenzie, Tokyo

A Presidential Decree has clarified the rules concerning foreign ownership of shares of RAO Gazprom, the world's largest natural gas producer (accounting for approximately one quarter of world production). Before the Decree, Gazprom's corporate charter had established a rule that no more than 9% of its shares could be owned by "foreigners or their affiliated persons or legal entities". However, there was no clear mechanism for enforcing the limit, and the definition of 'affiliated' remained murky. Gazprom also maintained the right to approve any sale of shares to foreigners, as well as a general right of first refusal to repurchase any shares sold by Russian shareholders (except that certain shares sold to Russian shareholders by auction were exempted from the latter rule).

As of May 8 1997, data protection rules have been in force under the provisions of Law No. 675 of December 31 1996 which enacted EU Directive No. 9 of March 11 1996. Varying levels of protection for personal data are contemplated and the Authority responsible recently criticized Banca Nazionale del Lavoro (BNL) because the forms used by BNL to obtain customers' consent breached the provisions of Law 675. The Authority considered BNL's forms too vague and general and in its opinion the bank's customers would be unlikely to be clear about how and for what purposes their personal data was being collated. The Authority invited BNL to modify the forms sent to customers particularly in view of the fact that refusal by customers to give BNL their consent would have meant the automatic termination of their contractual relationship with BNL and the immediate suspension by the bank of all transactions.

Netting in securities and currency trading

UK venture capital house Cinven is acquiring the private hospital and healthcare businesses of French conglomerate Générale des Eaux for £1.1 billion (US$1.7 billion) in the biggest-ever UK management buy-out. As a result, Cinven will own the largest private healthcare providers in the UK and France. Cinven's investment clients and ABN Amro funds are providing equity finance.

Jiangxi Copper Company has become the second Chinese state-owned enterprise to list in both Hong Kong and London, after the dual listing of Datang Power in May. The flotation raised HK$1512.7 million (US$195 million).

The recent publication of the German Banking Supervisory Authority’s Circular 4/97 clears the way for the development of a significant ABS market in the Federal Republic. By Alexander Vogt and Kurt Dittrich of Oppenhoff & Rädler, Frankfurt

US firm Shearman & Sterling has poached Holland West from rival Cadwalader, Wickersham & Taft. West, head of derivatives and asset management at Cadwalader, will now lead Shearman & Sterling's global derivatives and structured finance group.

Switzerland generally gets good marks for its efforts to keep its financial markets clean. Together, the Swiss Penal Code, the Guidelines of the Swiss Federal Banking Commission and the Code of Conduct of the Swiss Banks constitute a solid regulatory barrier against the channelling of criminal money into the banking sector. The Financial Action Task Force of the G7 countries not long ago recognized Switzerland's efforts as a substantial contribution to the worldwide struggle against money-laundering.