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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.

Chuks Okoye Nigeria's capital market operators and regulators have recently made significant efforts to deepen the capital market, including the introduction of market markers in the Nigerian Stock Exchange in 2012. The impact of that intervention has already been felt, with the NSE recording a 37% growth in market capitalisation at the close of 2012, making it one of the best choices for investment globally. The recent commencement of trading by two new platforms, the National Association Securities Dealers (NASD) OTC platform and the FMDQ OTC platform promoted by the Financial Markets Dealers Association are progressive attempts at expanding the pie. The NASD OTC provides a regulated platform for the trade in securities of unlisted public companies in Nigeria thus creating an avenue for much needed liquidity and transparency for such securities. The FMDQ OTC on the other hand sets out to promote over the counter trading in financial market instruments such as treasury bills, bonds, repos and foreign exchange. These platforms seek to increase the available channels and instruments for capital market transactions. They also are aimed at catalysing the development and usage of those instruments traded as investors have the incentive of a liquid market and a transparent process.

Aslihan Özbey The Turkish Commercial Code No 6102 (TCC), which was enacted on January 13 2011 and entered into force on June 1 2012, introduced a wide range of new aspects applicable to transactions in Turkey. One of these is the prohibition on share buybacks which also affects financial assistance on acquisition financed transactions. Article 379 of the TCC enables joint stock companies and limited liability companies to undertake share buybacks not exceeding 10% of their capital, subject to certain conditions such as general assembly approval for granting authority to the board, duration of the authority, determination of price, and compliance with the preservation of legal financial reserves. Transactions which exceed the 10% threshold or which are conducted in breach of the provisions of the TCC will be void and any shares acquired must be either sold within six months of their acquisition or cancelled through capital decrease.

Big institutions are getting excited about infrastructure debt. It seems that wherever you look these days, commercial real estate is being touted as a great investment proposition.

China’s courts may increasingly turn to this when considering VIEs The legality of variable interest entities (VIEs) in China is even more uncertain following recent unfavourable rulings in China's highest court and a tribunal of the Chinese International Economic and Trade Arbitration Commission (CIETAC) Shanghai. The structure is also encountering uncertainty in the US, with the Securities & Exchange Commission (SEC) investigating US-listed Chinese companies that have used the model.

King & Wood Mallesons is continuing its expansion north, by confirming that its merger with SJ Berwin will take effect from this November. The two firms' partners have now approved the tie-up, which marks a rare combination between a pan-Asian and UK firm, and will create one of the biggest 25 law firms in the world.

The US has taken a tough approach to leverage ratios. Will this embolden European regulators?

Herschel Hamner, Sidley Austin Kenneth Lench, Kirkland & Ellis Michael Coleman, Thompson Hine

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

Hans P Goebel and Gunter A Schwandt of Nader Hayaux & Goebel on Mexico’s latest development plans and how they may be financed