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Important lessons have been learnt following a series of high-profile restructurings in Latin America. These are the issues would-be investors must consider

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.

Mian Muhammad Nazir Transfer of ownership and possession under certain Shariah nominate contracts and structures are the cornerstone for the validity of the sale and purchase transactions. Principles of Shariah provide for specific requirements that must be satisfied to ensure validity and enforceability of the underlying sale contract. It has been observed that there may be certain instances where a sale, which is perfectly valid and enforceable under the principles of Shariah, may need to comply with additional requirements under the local laws of the relevant jurisdiction in order to qualify as a valid and enforceable transaction. The question is whether a sale transaction strictly entered into in accordance with the principles of Shariah will still be required to comply with the local laws for its validity under Shariah principles. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) seems to suggest that compliance with local laws in relation to transfer of ownership and possession is an integral part of a Shariah sale in respect of certain Shariah-compliant contracts and structures. To this extent, it is encouraging to note that for the modern application of Shariah nominate contracts and structures, compliance with local laws, in relation to transfer of ownership, possession and legal effects of the sale and purchase contract, is well recognised by Shariah scholars and the AAOIFI (which is a standard setting organisation). However, the more important question is what are the effects of non-compliance with the local law requirements on the Shariah compliance of underlying transactions in view of the AAOIFI's resolution, which obligates transfer of ownership in the sukuk assets to be in accordance with local law requirements.

On December 25 2012, the Financial Services Agency of Japan (FSA) published a report titled Development of Systems Concerning Insider Trading Regulation Based on Recent Violations and Financial and Corporate Practices. The report summarises the problems with the present insider trading regulations in Japan and presents recommended revisions. The present insider trading regulations in Japan are expected to be reformed based on the recommendations presented by the report in the future.

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.

Fernando Navarro Coderque A number of Spanish companies are nowadays struggling to get new money or to restructure their debt, but traditional financing seems to be still unavailable. In most cases the reason is not the poor fundamentals of such companies but rather that their regular lenders are not in a position to incur further risk with them. Certain companies are therefore looking for new sources of financing and at the same time for another type of financier. For this purpose, high-yield bonds are becoming popular, usually combined with a revolving credit facility, which is a structure that has been used by large Spanish companies where restructuring their debt.

On April 23 2013 Canadian securities regulators provided exemptive relief to a number of foreign investment banks, so that under certain circumstances, foreign issuers (including governments) can make private placement offerings to permitted clients in Canada as part of a global offering, without supplemental Canadian disclosure.

The final draft of the Capital Requirements Regulation (CRR) has widened the proposed definition of assets considered as top class regulatory capital. Certain covered bonds could now be treated as tier 1 capital, alongside sovereign bonds.

There is little need for this in regulator-bank settlements When Judge Rakoff rejected a $285 million settlement between Citi and the Securities & Exchange Commission (SEC) in 2011, many dismissed the move as type of financial-world publicity stunt. Rakoff has long been a critic of neither-admit-nor-deny settlements, and the Citi/SEC agreement seemed to push him over the edge. Of course the bank and Commission have appealed, and of course that is still rumbling through the court system. And of course everyone expects the court to rule in favour of the appellants (a judgment is expected early this month).