Search results for

Elias Neocleous The Ministry of Finance and the Central Bank of Cyprus have jointly announced that the recapitalisation of Bank of Cyprus (BoC) is now complete. Forty seven and a half percent of so-called uninsured deposits (that is, the excess of deposits over €100,000 ($132,600)) as at the time the bank was placed under the resolution regime have been converted into shares, giving a Common Equity Tier 1 ratio estimated at approximately 12%, well above the required minimum. This is the final stage of the bank's resolution process and, according to the announcement, there will be no further measures under the Resolution Law. Early in the resolution process, 37.5% of the excess of customer deposits over €100,000 was earmarked for conversion into shares and a further 22.5% was withheld as a contingency reserve pending an assessment of the bank's financial position and capital needs. Now that the assessment has been completed, a further five percent of the uninsured balance will be returned to depositors. The remainder, after deduction of the amount converted to shares, will be divided into three equal separate time deposits of six, nine and 12 months, respectively, carrying an enhanced rate of interest. On maturity BoC will have the option to renew the time deposits once for the same duration.

Yukiko Konno According to a public announcement by the Japan Fair Trade Commission (JFTC) dated May 29 2013, the aggregate amount of surcharge payment orders issued by the Commission in fiscal 2012 was approximately ¥25 billion, and was made to 113 business entities (the largest surcharge payment order to a single business entity being approximately ¥ 9.6 billion ($257 million)). It is easy to see that sanctions under the Antimonopoly Act have a great impact on companies with operations in Japan. On May 24, the Japanese Cabinet approved an amendment to the Act. The Bill was submitted to an ordinary session of the Diet in June for approval and is now under discussion. The press release announcing the Cabinet decision can be found on JFTC's website, www.jftc.go.jp/en/ pressreleases/yearly-2013/may/130524.html The most significant amendments in the Bill are the abolition of JFTC administrative appeal procedures for certain JFTC orders, including cease and desist orders and surcharge payment orders, and the introduction of hearing procedures before one of those JFTC orders is issued.

With its communication No 0066209 of August 2 2013, Consob, Italy's securities regulator, has introduced additional information requirements applicable to trusts' shareholdings in listed companies.

José Francisco Meier Traditionally, Peruvian project finance structures have used trusts (fideicomisos) either as passive collateral trusts or cash-flow trusts, to serve as collateral and/or debt service payment mechanisms. Approximately 10 years ago, Peruvian trusts began to be used in a unique manner in project financing structures involving payment certificates for advancement of works issued by the Peruvian government (such as CRPAOs or CR-RPIs). In these structures, the referenced certificates were conveyed by the project developer to a special purpose vehicle, which would securitise or use such certificates as collateral for international securities issuances. In these transactions, payments under such certificates were made through trust structures, which additionally included a private registry of certificate holders to ensure payments were properly made to the applicable certificate holder.

Daniel Futej Patrik Daniska As of May 1 2013, several important changes to the Act on Residence of Aliens came into force in Slovakia including those relating to residence permits for the purpose of business. This applies to the members of statutory bodies of business companies who are not employed, as well as self-employed entrepreneurs. (In Slovakia, a foreigner who is both a member of a statutory body and an employee must apply for temporary residence for the purpose of employment only. This means that employment purpose of stay will prevail over business purpose of stay.)

The macroeconomic situation faced by the Spanish economy has affected the existing provisioning obligations of financial entities to classify credits, strengthening their risk management and vigilance duties.

The lighter side of the past month in the world of financial law

It seems like trends of the 90s have not only returned - in fashion, music, but also in emerging markets. Vietnam is a case in point. Following the 1986 implementation of the Doi Moi campaign – reforms designed to create a socialist-oriented market economy – it was thought that Vietnam might be the next China. But it has not fulfilled its potential. While the country certainly has seen changes since the '90s, structural issues remain. In particular, a lack of transparency is endemic. This year's passage of a new law to suppress dissidents, particularly those active online, was met with a throng of international criticism.

Was this consulted in the selection process?

"Don't rule out the US. It is restructuring itself in a very quiet but deliberate way."