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Seda Akipek and Müjdem Aksoy of Cerrahoglu examine the implications of changes to Turkey’s Commercial Code which allow for electronic company meetings

Noyan Turunç and Kerem Turunç of TURUNÇ provide an overview of recent developments in the Turkish private equity market

Alexei Bonamin The way in which a security interest is perfected may have a significant impact on the ability of the borrower to raise finance. A security perfected with the minimum delay and cost and the maximum of certainty and flexibility brings enormous advantages for borrowers and creditors. In 2011, the Brazilian congress approved a bill that, among other things, aimed to simplify the creation of security over securities and financial assets. The bill was signed into Law 12,543, but to produce its complete effects the law had to be regulated by the government.

On average the payment of claims of companies and individuals against the Italian public sector – central government, regions, municipalities, public entities, and so on – arising from public contracts is characterised by huge delays compared to other EU countries. This has led to a considerable increase in the amount of overdue debts owed by the public sector, depriving struggling companies and individuals of much-needed liquidity.

Turkey’s drive to align with international business standards has not discounted the importance of a customised regulatory framework that reflects market realities and medium-term projects. Ahmet Kerem Özsahin, director of the department of legal counselling at the Capital Markets Board of Turkey, explains how

Banji Adenusi With private equity (PE) transactions in Africa now grossing an excess of $1 billion each year and growing, it is no surprise that the regulators are turning their spotlight on the sector to prevent abuse. Most recently, Nigeria's Securities and Exchange Commission brought out specific rules to govern the operations of private equity funds in Nigeria. This demonstrates the Commission's recognition of the growing importance of PE funds in driving investments in the country, especially considering the buoyancy of sectors such as telecoms, healthcare and real estate. It is furthermore a recognition of the management of the operational and investment risks associated with these funds – underscoring the need for a robust risk assessment and management framework for investment advisers. The rules apply to PE funds established in Nigeria with a minimum commitment of N1 billion ($6.3 million) of investors' funds; the funds are restricted to sourcing investments from qualified investors alone (Rule 249(d)(4)). The revised rules impose a minimum capital requirement of N20 million on PE fund managers, which is justified on the basis of the risk exposure of the fund. This capital requirement is a fair cap, especially when juxtaposed with the EU directive on the regulation of private equity (the Alternative Investment Fund Managers or AIFM Directive), which imposes a capital requirement of €125,000 ($164,000) for external managers of funds and €300,000 for a fund manager that is an internally managed fund. The AIFM Directive also requires, however, that the manager provide additional funds equal to 0.02% of the amount by which the value of the portfolios exceed €250 million.

Cristina E Thayer In early 1995, a non-profit organisation called The City of Knowledge Foundation was created to manage some areas to be reverted to Panamanian control located at a former military facility (Fort Clayton). The aim was to create a new cluster for research, knowledge exchange, innovation and sustainable development not only for the country, but for the region as well. In 1998, Executive Order number 6 brought the idea into fruition, providing for the assignment of the Fort Clayton land and infrastructure to the Foundation, and describing the terms, obligations and incentives for the execution of The City of Knowledge (TCK). By eliminating the quantitative limitations established by the Labor Code and establishing special visas for researchers, professors and technical personnel, entities affiliated to TCK were allowed to hire foreign professionals as needed. Furthermore, tax incentives were granted to the Foundation and its affiliates whereby import and sales taxes were exempted for equipment, machinery, furniture or materials if necessary for the development of the project; and international transfers of funds were exempted from taxes when those transfers are made for the furtherance of the project's objectives.

Borys D Sawicki Times of economic slowdown create additional challenges for businesses. Limited availability of external financing and delays in payments from contractors prompt entrepreneurs to seek tools that could improve their financial position. Factoring is certainly one of the instruments at which it is worth taking a closer look. In Poland, factoring is an unregulated agreement as opposed to typical agreements regulated by the Civil Code, such as sale, donation or construction contracts. The parties are, therefore, free to structure their legal relationship as they see it fit, provided that its substance and/or purpose is not contradictory to the nature of the relationship, the law or the principles of community life. Usually, they will model the arrangement in accordance with the prevailing market practice and taking into account views expressed by legal commentators.

Thomas Thorndike The energy industry in Peru is divided into three main sub-sectors: generation, transmission and distribution. The development of energy projects, regardless of the sub-sector, requires the execution of a concession agreement with the relevant governmental agency, authorising the sponsors to develop the project, and establishing the applicable terms. Such concession agreements set out the technical and contractual conditions of the project, including certain terms and conditions as to how it is to be financed.

Daniel Futej Rudolf Sivak As of January 1 2013, an amendment to the Slovak Act on energy efficiency of buildings came into force introducing several changes with respect to energy efficiency and certification of buildings. According to new legislation, provisions of the Act will not apply to buildings which are used for only a limited time during the year (during weekends or in summer, for example). The non-application is subject to the condition that the expected energy consumption of the building does not exceed 25% of the yearly expected energy consumption.