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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.

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.

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.

Banji Adenusi In April 2013, the Nigerian Stock Exchange (NSE) launched the Alternative Securities Market (ASeM) as a parallel market to its main bourse – having rebranded the second tier securities market. The aim of the ASeM is to provide small and medium-scale enterprises and emerging businesses with a platform to access and raise long-term capital. Further to the launch, the NSE has updated its Green Book, which details the requirements for listing on the ASeM. What is most notable about the ASeM, however, is the flexibility it offers by way of less stringent regulations than would have been available to companies listed on the main bourse, such as the absence of a requirement for capitalisation or shareholders equity. It is important to note that the ASeM is only accessible to publicly-held companies, with such companies having a minimum of two years' operating track record. One key introduction, targeted at ensuring conformity with international best accounting practices and management control, is the requirement that companies listing on the ASeM adopt the international financial reporting standards. The rule book further requires that the company offers 15% of its share capital to the public and be held by not less than 51 shareholders, with a lock-up period of 12 months post-listing, in which the promoters and directors of the company are required to hold a minimum of 50% of their shares held pre-listing in the company, where the listing is in connection with an initial public offering. In addition to this, the company is required to have a designated adviser, whose main responsibility is to ensure that the company meets all disclosure requirements in the ASeM rules.

Portability is proving just as difficult to holdback

How should banks’ CCP default fund exposures be calculated?

The Winklevoss twins' attempt to transition from Facebook litigants to Bitcoin entrepreneurs this month was largely derided. While it's hard to imagine US regulators will ever approve the brothers' proposed Winklevoss Bitcoin Trust initial public offering, the fact such a product has even been suggested points to a development much harder to ignore: Bitcoin's assimilation into the mainstream.

What exactly is the EC’s LTIF programme aiming for?

Ahlibank has become the first Omani bank to roll out a Shariah-compliant fund, creating the only Omani fund focussed on the Middle East and North Africa. Here's how the bank launched the bellwether deal in the absence of a regulatory framework.

Aslihan Ozbey Turkey's new Law on Financial Leasing, Factoring and Financing Companies No 6361 introduces a consolidated legal framework to regulate the incorporation and operation of those types of company. Financial leasing, factoring and financing companies are required to be established as joint-stock companies and have at least five founding shareholders. Their boards must have at least three members who have relevant expertise and experience.