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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.

Rodrigo Taboada By decision of the Financial Action Task Force (FATF), an intergovernmental institution, and the Financial Action Task Force on Money Laundering in South America (GAFISUD), in June 2001 Nicaragua became part of the so-called Grey List on those institutions' prevention system for combating money laundering and terrorist financing. This was due to 'strategic deficiencies'. One of the five reasons Nicaragua presented strategic deficiencies was the absence of a financial intelligence unit. The country has now taken steps to stay off the Grey List, through the passage of a law that creates the Financial Intelligence Unit. This was published in the Official Journal (La Gaceta) on June 22 2012 and became effective in September 2012.

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.)

Mian Muhammad Nazir The exponential growth of the Islamic finance industry mandates innovative product development to support the stakeholders without compromising on the principles of Shariah. The Dubai Multi Commodities Centre (DMCC) Commodity Murabaha Trading Platform (CMTP) is one such initiative. It is now fully functional and aligns with the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE vice-president and Prime Minister and ruler of Dubai, for the Emirate to become a global hub for Islamic finance and economy. The CMTP enables electronic transfer of ownership and possession through tradable warrants. It provides a holistic solution to the Islamic finance industry through a fully electronic commodity murabaha trading platform with a complete transfer of ownership and possession of locally stored Shariah-compliant commodities in accordance with the applicable laws.

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

Over summer Ireland became the first in Europe to put forward a regulatory framework for loan origination by alternative investment funds.

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