Search results for

Virginia Tam, K&L Gates LINKLATERS has become the latest international outfit to open in South Korea, gaining approval from the Ministry of Finance. Capital markets partner Hyung Ahn will head up the new operation alongside banking and projects partner Stephen le Vesconte and M&A counsel Kyungseok Kim. In other firm news EVERSHEDS has hired energy partner Ingrid Zhu-Clark from Morgan Lewis & Bockius to head up its newly opened Beijing office. The other resident partner will be corporate focused Jay Ze. The launch is part of the firm's plans to enhance its global energy practice. Elsewhere in Beijing, AKIN GUMP STRAUSS HAUER & FELD hired corporate partner Chen Li away from fellow US firm Milbank. Among the domestic firms HAN KUN LAW OFFICES looked to Concord & Partners for its latest hire, welcoming on-board corporate partner Jun He. In Shanghai, HAYNES AND BOONE welcomed on-board corporate partner Liza Mark from Dorsey & Whitney.

Less reverence should be paid to financial stability Recommendations in last month's UK banking standards report are tipped to be implemented more quickly than the Wheatley Review, Vickers Report and Liikanen Report. But market participants fear the report risks eroding the competitiveness of the UK banking system.

The latest regulation approved by the Monetary Board of Guatemala is contained in its resolution JM-43-2013. It provides for new rules in order to perform activities in Guatemala by banking or financial offshore entities, in the process eliminating the previous rules provided for in resolution JM-285-2002. The new regulation was prepared by the Superintendency of Banks, and proposed to the highest ranking authority in the financial system of the country. It became effective on April 19 2013, as a consequence of some important amendments introduced last year to the Law for Banks and Financial Groups – Decree 19-2002 of Congress – (known here simply as the Act), adding higher prudential standards in regard to the collection of monies and the opening and maintenance of deposit accounts in such institutions.

Pedro Dittrich Having not held auctions of areas for exploration and production of oil and gas since 2008, the Brazilian government decided to hold three bidding rounds in 2013: the 11th bidding round, which took place in May; the first pre-salt bidding round, to be held on October 22, certainly the biggest auction to be held in the sector; and the 12th bidding round, focused on the production of unconventional gas. Such initiatives have affected substantially all aspects of the oil and gas industry, creating various investment opportunities in the country. The 11th round presented very good results. Thirty winning companies, of which 18 were foreign, auctioned 144 onshore and offshore blocks in 11 sedimentary basins. Many records were achieved, such as the record number of 63 qualified companies to submit proposals, a record signing bonus ($1.4 billion in total), and the highest bid for a single block ever offered in Brazil ($172.5 million). All these numbers show the confidence of investors in the Brazilian opportunities for oil and gas.

The Italian Supreme Court, through its decision No 13905 of June 3 2013, has now recognised the right of non-professional clients to receive wider protection when dealing in financial instruments or investment services.

James Sattin The legal framework for the Panamanian Energy Sector (Law 6 of 1997) divides the Republic of Panama into three distribution territories. For each territory an exclusive concession is granted to one distribution company. Due to this exclusivity, regulations require these companies to purchase most of the power and energy they need to satisfy customer demand through reverse public auctions (energy bids), initially carried out by the distribution companies and most recently by the grid operator (Etesa). From their inception in 1997 until 2011, industry regulations prohibited generation technology discrimination in the energy bids, and hence, such bids were open to all prospective generators. As a result, it was difficult for the National Public Services Authority to direct the development of the energy matrix. Furthermore, this limitation inhibited the entry of certain, largely unsubsidized, renewable generation technology sources, as they could not compete with traditional fossil and hydroelectric generators under the standard bid parameters.

Tadashi Sato In July 2010, the Japan Federation of Bar Associations (JFBA) formulated and published its Guideline for Independent Committees relating to Company Scandals. It was partly amended in December 2010. The Guideline can be found online (in Japanese only) at www.nichibenren.or.jp/library/ja/opinion/report/data/100715_2.pdf.

‘Europe and the Americas’ leading female lawyers were celebrated at last month’s Women in Business Law awards in London and New York. The winners and highlights are here.

Tomasz Konopka Borys D Sawicki Corruption has existed in every society. As historical evidence and much research shows, while it is difficult to eliminate it completely, no efforts should be spared to minimise its scale and effects. This is because corruption undercuts the macroeconomic, equity and institutional functions of a government, as well as its efficiency. The reputation of a corrupted country serves as a deterrent to foreign investment – there is much evidence that countries with a higher incidence of corruption also have lower investment and economic growth rates. Therefore, it is important for any country in need of foreign investment and fast development, such as Poland, to successfully eradicate corruption. Over the last 10 years, the Polish Criminal Code has undergone a number of changes designed to improving the legal armoury for fighting of corruption. In part, the changes resulted from the efforts of the Polish government and parliament to make Poland into a clean-hands country; other changes were imposed by the European Union in connection with Poland's joining of the organisation in 2004.

Daniel Futej Rudolf Sivak Radka Gerzova Recently, two amendments were passed introducing novelties into the public procurement process in Slovakia. The changes do not enter into force at once, but will take effect gradually up to January 1 2014; however, most of the changes will already be effective as of July 1 2013. A new obligation to use an electronic auction by respective authority will apply only to goods which are readily available on the market. As regards other goods, services and construction works, it will be up to the authority whether it will use an electronic auction. It is not clear what criteria should be used when the authority is deciding whether or not it will use an electronic auction.