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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.

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.

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

US regulators' proposal to impose on the country's biggest banks a leverage ratio that doubles the Basel III standard has been criticised by the country's financial sector. But foreign banks also have cause for concern.

How many foreign banks are considering this for their US operations?

The new generation of instruments must be clearly labelled Despite a predicted influx of new-style European bank capital issuances within the next five years, the structure of instruments across the capital spectrum remains largely idiosyncratic. IFLR spoke with the bank advisors charged with structuring new capital products to determine how and where consistency will be achieved.

The Mexican government has started the long and uncertain process of permitting foreign investment in its state-run oil sector. Despite significant public pushback, local lawyers believe change is inevitable

Miguel Jáuregui Rojas and Patricia Juliana Schroeder Radecke of Jáuregui y Navarrete provide an overview of two important areas for investors in Mexico: property and taxes

Miguel Hernandez of Bufete Hernandez Romo explores the ins and outs of commercial court proceedings in Mexico