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Philippos Aristotelous Following the bailout package agreed between the so-called troika of the EU, European Central Bank and IMF on one hand and the Cyprus government on the other, the two largest banks in Cyprus will be merged and considerably downsized. The Eurogroup and the Cyprus government consider that this solution is the best way forward for ensuring the overall viability and stability of the Cyprus financial system and the Cyprus economy.

Ed Sheremeta, Skadden Arps Slate Meagher & Flom Kenji Taneda, Morrison & Foerster There was more news from South Korea this month, as HERBERT SMITH FREEHILLS became the latest firm to be granted a licence to practice in the country. The new office will be led by disputes partner Tony Dymond and corporate specialist Lewis McDonald and the team will focus on M&A, projects, antitrust and disputes. Similar news emerged from China where the country's Ministry for Justice granted ASHURST a licence to open a representative office in Beijing. Patrick Phua will lead the new office, having joined from legacy Mallesons last year, which will focus on banking and finance work.

A growing number of foreign companies have become ensnared in the FCPA net while doing business in India. Here’s how to avoid a similar outcome

Islamic finance is flourishing in Brazil’s high-growth economy. Here’s how potential investors can capitalise on the sector’s untapped opportunities

Slowing growth and a rising number of non-performing loans mean foreign creditors should carefully consider their restructuring options in Vietnam

The Telkomsel bankruptcy is the latest example of Indonesia’s creditor-friendly insolvency laws being put to questionable use

Neil Miller, Linklaters Juan Manuel De Remedios, White & Case JXavier Comaills, Clifford Chance London was the hub of activity this month where one of the bigger moves saw Clifford Chance's global private equity head David Walker announce he will leave the firm to join LATHAM & WATKINS. As one of the City's leading private equity lawyers, Walker was responsible for maintaining relationships with key clients such as the Carlyle Group. Walker's move may signify the group's intention to make Latham its main firm in the UK, a relationship the two enjoy in the US. US firm REED SMITH has also been active in the London recruitment market this month. In addition to McDermott Will & Emery energy partner Rashpaul Bahia – its fourth lateral hire in this practice area in the past three years – it also announced that Clifford Chance finance partner Claude Brown will join the firm's structured products and derivatives practice.

Bond documentation has failed to keep pace with changing bondholder meeting practices. Draftsmen should take note of these common discrepancies

Freddy Karyadi Oene Marseille Indonesia's Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) has recently issued Decree No KEP-716/BL/2012 on Investor Protection Fund Organisers. It includes details on Organisers stipulated under the Decree's Appendix, Rule VI.A.5 on Investor Protection Fund Organisers. Decree 716 is a follow up to Decree 715, which establishes an Investor Protection Fund. In order to operate as an Organiser, a party must secure a business licence from Bapepam-LK. This can be obtained by submitting Form VI.A.5-1 along with the required documents as stated in Paragraph 13(a) of Decree 716. Bapepam-LK will either approve or deny the application.

Muharrem Küçük Mustafa Yigit Örnek When international banks and financial institutions finance a project or provide acquisition financing, they need to acknowledge certain restrictions under the Turkish Commercial Code No 6102 (TCC) in respect of security granted to secure such financing. For any project or acquisition financing, the borrower itself is able to provide a corporate guarantee to the lenders. But there is a concern if a subsidiary company is required to provide a corporate guarantee in respect of the obligations of its parent company. According to article 202 of the TCC, a parent company cannot cause any loss to its subsidiary. Although abuse of control by the parent company does not render the relevant transaction void, the parent company is obliged to compensate the losses of the subsidiary within the same financial year or provide a method for compensation within the same financial year. If the parent company fails to compensate, the other shareholders or creditors of the subsidiary are entitled to commence proceedings against the parent company and the directors of the parent company for compensation of losses. Article 202 also applies if either the parent or the subsidiary is incorporated in Turkey.