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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.

Pedro Dittrich Having not held auctions of areas for exploration and production of oil and gas since 2008, the Brazilian government decided to hold three bidding rounds in 2013: the 11th bidding round, which took place in May; the first pre-salt bidding round, to be held on October 22, certainly the biggest auction to be held in the sector; and the 12th bidding round, focused on the production of unconventional gas. Such initiatives have affected substantially all aspects of the oil and gas industry, creating various investment opportunities in the country. The 11th round presented very good results. Thirty winning companies, of which 18 were foreign, auctioned 144 onshore and offshore blocks in 11 sedimentary basins. Many records were achieved, such as the record number of 63 qualified companies to submit proposals, a record signing bonus ($1.4 billion in total), and the highest bid for a single block ever offered in Brazil ($172.5 million). All these numbers show the confidence of investors in the Brazilian opportunities for oil and gas.

The Italian Supreme Court, through its decision No 13905 of June 3 2013, has now recognised the right of non-professional clients to receive wider protection when dealing in financial instruments or investment services.

Notice No 002/2013-AMCM of the Monetary Authority of Macau (AMCM), which supersedes Notice No 6/93-AMCM dated September 1, entered into force on January 28 2013. It was enacted by the AMCM pursuant to section 6, paragraph 3a) of the Financial System Act (FSA) of Macau.