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Mary Anne Mason,

Matthieu Grollemund, Dechert Bernhard Gemmel, Bird & Bird One of Europe's biggest stories of the month was the hire by Romanian firm TUCA ZBARCEA & ASOCIATII of Musat & Asociatii co-managing partner Catalin Baiculescu. The move is surprising given Baiculescu spent 15 years at his former firm, and considering high-level partner hires in Romania are rare. In Italy the big news was WHITE & CASE'S further expansion of its debt capital markets offering with the hires of partner Paola Leocani, counsel Elena Radicella Chiaramonte, and their team from Allen & Overy. Since reopening its office in 2011, the firm has been making headway in the capital markets area having already picked up notable mandates including from the Italian state. The US firm was also active in Brussels, hiring Linklaters counsel Matthieu Duplat.

Which country's reputation has taken the biggest hit in business circles over recent years? Surely, the US is second to none. The once-undisputed financial superpower has suffered an unrivalled fall from grace. This past month, however, has provided some stark reminders that the US's legacy of global leadership and influence is difficult to erase.

The Impact Exchange was launched on June 14. As the first platform solely for social enterprises to raise capital, it represents a new opportunity for impact investors.

There's an increasing focus on shadow banking risks in China following a cash crunch that began in June. Although the entire financial sector has been affected, mid-tier banks are especially vulnerable.

Two sovereign debt experts take opposing sides of the debate

VakifBank’s benchmark programme is the latest step for Turkey’s maturing capital markets

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.