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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.

Thomas A Humphreys Remmelt A Reigersman Late last year, House Ways and Means Committee chairman David Camp sent a letter to the House Committee on Financial Services (HFSC) outlining amendments to the Covered Bond Act (CBA) that significantly alter the tax treatment of covered bond pools segregated from the issuer's estate after an event of default. Covered bonds are debt obligations that are recourse either to the issuing entity or to an affiliated group to which the issuing entity belongs, or both. Upon an issuer default, covered bond holders also have recourse to a pool of collateral (known as the cover pool), separate from the issuer's other assets.

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

Özge Okat of Pekin & Pekin examines new challenges for acquisition financing in Turkey following the introduction of the new commercial code

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

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.

Noyan Turunç of TURUNÇ provides an overview of the new Turkish law on work health and safety