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The IMF’s Michaela Erbenova discusses the role of alternative credit, and the best approach to supervision

John Breslin The Irish Parliament passed the Personal Insolvency Act 2012 (the Act) in December 2012, as part of its commitment to reform key areas of Irish law in the context of troika funding. It is being implemented over the course of 2013, and is not yet fully in force. The Act represents a major reform of personal insolvency law, creating new processes as an alternative to bankruptcy. The suitability of any of the new processes in a given situation will depend on the level of the debt, and whether it is secured or unsecured. The Act also makes fundamental changes to bankruptcy law in Ireland. It has significant implications for banks holding or purchasing distressed assets. The highlights of the Act are as follows:

A fragmented regulatory framework, relationship-based lending and legal restrictions have hindered the development of China’s debt capital markets

Mutual recognition, stronger capital markets, and extraterritoriality are at the heart of the region’s growth prospects

One of Europe's senior political figures has said that small and medium-sized enterprises (SMEs) will not provide the region with the major funding required to return it to growth.

On October 3, ICBC became the first Asian bank to issue USD-denominated Basel III-compliant Tier 2 notes, establishing a pricing benchmark for future issuances from Asian banks

Isil Ökten Tolga Çabakli Debt assumption mechanisms constitute one of the major issues for lenders in public-private partnership (PPP) projects, and have been recently revisited by the Turkish Parliament to ensure certainty, clarity and sustainability in this respect. In March 2013, Act 4749 on Public Finance and Debt Management (the Public Finance Act) has been amended by Law 6428. The new article (8/A) of the Public Finance Act enables a treasury debt assumption mechanism for certain PPP projects on the following conditions:

The key compliance considerations for private investment funds caught by the looming US statute

Oene Marseille Emir Nurmansyah The Ministry of Energy and Natural Resources has recently issued the second amendment to Rule 7 of 2012 regarding Increasing Mineral Resources Value Through Processing and Refining (Rule 7), in the form of Rule 20 of 2013 (the second amendment). The second amendment effectively put a date on the ban, which is now set at January 12 2014. Previously, the export ban, which was set at May 2013, was lifted through the first amendment to Rule 7, with the condition of obtaining several requirements including the recommendation of the Ministry of Energy and Natural Resources. The second amendment added another requirement to the list: the recommendation for the Ministry of Trade, or an appointed government official in accordance with the prevailing regulations.

For some time now, the US has been under pressure to regulate and enforce laws on offshore accounts. The biggest gun in the government's arsenal against undeclared offshore accounts came in the form of the Foreign Account Tax Compliance Act (Fatca), originally passed in 2010, that will take effect in July 2014. This new provision would require foreign financial institutions to report information about their US account holders to the Internal Revenue Service (IRS).