Tom Young
IFLR Corporate
"It's not a question of the legislation, it's a question of politics. Sometimes it doesn't really matter what's written down on the statute," said one in-house counsel in August. He is not alone. While the growing number of statutes troubled companies in Asia last year, it's now the inconsistent enforcement that surrounds them.
That's the conclusion from the second Asian Corporate Counsel Poll. The regulatory response to the financial crisis has certainly affected in-house counsel: every respondent said that legal and regulatory requirements had become more onerous. When asked what the largest area of pressure or problems in the last 12 months had been, 30% of respondents answered 'regulatory change'. This was the most popular choice, marginally ahead of 'strategic developments/M&A', with 28%.
But Asia has suffered from disparate, burdensome legal regimes for years. And while there was no question regarding enforcement in Asia, almost...