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Prospects for Brazilian deal activity are strong. But government roadblocks remain a cause for concern

Patricia Aracely Solórzano Flores The use of ATMs (automatic teller machines) has become an important part of our lives; their popularity relies on the fact that they allow card holders to have quick and easy access to cash whenever they need it, thus avoiding the risk of getting robbed or losing money. However, due to technological advances, the security provided by ATMs is becoming outdated. Yet the use of security measures to protect users from being victims of crime is compulsory. Based on this necessity, and on the increasing number of complaints received at the Financial User Protection Office from ATM users, on December 6 2012 the Honduran Banking and Insurances National Commission issued the Safety Standards for Operating ATMs (Safety Standards). This represents the general trend of financial regulation in Honduras, where the user has become the central figure. Before the Safety Standards, card issuers were only required to implement proper measures to identify the card holder, but there were no rules regulating physical safety at ATMs. Today, according to the Safety Standards, ATM owners must comply with security guidelines, such as (i) employ mechanisms that guarantee the privacy of the transactions made in them, so that the information used is not available to third parties; (ii) take appropriate security measures in the places where ATMs are installed; video cameras must have good resolution for recording and storing images and movements of the events that occur at ATMs, and should allow the identification of the ATM user; (iii) external ATMs must be installed in an enclosure, the access door must have an internal mechanical locking device, to prevent third party access into the enclosure when the client or user is using the ATM, or if it is not in an enclosure then it must have physical security (a security guard) during public opening hours, or when the use of the ATM requires so.

With many hailing contingent convertible securities (CoCos) as the capital instrument of the future, issuers and investors are comparing the 2009 inaugural issuances and today's deals, to understand how the market will develop.

Freddy Karyadi Oene Marseille Bank Indonesia (BI) has recently issued the new Regulation number 14/24/PBI/2012 (the Regulation) to update its previous regulation, BI Regulation number 8/16/PBI/2006 (the 2006 Regulation) on single ownership of Indonesian banks. It came into effect on December 26 2012. The issuance of the Regulation revokes: the provisions in the 2006 Regulation; and the provisions in Article 2 paragraph 2a and e, Article 3, and Article 7 of BI Regulation number 8/17/PBI 2006 regarding incentives for the purposes of banking consolidation as amended by BI Regulation number 9/12/PBI/2007. The regulation aims to improve the competitiveness of the Indonesian banking system both on regional and global levels of economic development, by reducing the number of Indonesian banks via consolidation. This policy is also commonly known as the single presence policy, which is applicable to the banks' controlling shareholders that either hold at least 25% shares and have voting rights or have a direct or indirect control of the bank even with less than 25% of the shares.

Takashi Itokawa On February 18 2013, the Densai-net claim settlement system came online. Densai-net is a settlement service system offered by densai.net Co, for electronically recorded claims. densai.net Co is a company established by the Japanese Bankers Associations, which is comprised of those banks, bank holding companies and bankers associations active in Japan, and licensed to record and maintain electronic claims. Since almost all of financial institutions in Japan that have corporate banking operations participate in Densai-net, users of this claim settlement system are able to access not only the member banks of Japanese Bankers Associations, but also credit associations (Shinkin banks), credit unions (Shinyo Kinko) and the Central Bank for Commercial and Industrial Associations (Shoko Chukin Bank), each of which have long played central roles in financing small and medium-sized enterprises (SMEs) in Japan. The legislation establishing Densai-net illustrates its two main objectives: improving Japan's business infrastructure; and, facilitating financing for SMEs. It is hoped that Densai-net will allow SMEs to raise capital in a more efficient manner and that this, in turn, will encourage economic growth. The applicable laws and regulations were designed to allow for universal electronic account settlement services, to replace traditional note settlement methods, which entail the endorsement requirements for the transfer of notes and discounting. In addition, the applicable laws and regulations were designed for global electronic settlement services to provide lenders with a prompt and reliable method to collect claims. Further, it is anticipated that the introduction of Densai-net will encourage the factoring of accounts receivables and further increase the amount of capital in the market for lending purposes.

The Arden Alternative Strategies Fund represents a new investment model that is potentially more responsive to events and changing markets than other mutual funds.

KKR's $200 million investment into Masan Consumer highlights private equity's renewed interest in Vietnam

Daniel Futej Daniel Grigel The Government of the Slovak Republic has decided to institute a unitary health insurance system; this comes in the wake of its approval on 31 October 2012 of the Project for Instituting a Unitary Health Insurance System (the Project). In Slovakia today, there are two private health insurance companies operating in the public health insurance system to be affected by the envisaged system change, along with one other state health insurance company. The Project compares the various options for instituting a unitary health insurance system, and describes the procedure for the voluntary buyout of the shares of private health insurance companies, as well as procedures in the event of expropriation of those shares. These will be laid down in detail in the accompanying act, which is expected to come into force on May 1 2013.

Dr Daniel Staehelin is president of INSOL Europe, a pan-European professional association for restructuring and insolvency specialists. He works as an attorney and notary public at Kellerhals Anwälte Attorneys at Law and is an honorary professor at the University of Basel in Switzerland. He sat down with IFLR to share his thoughts on the state of cross-border insolvency proceedings in Europe

Gordon Stewart is president of INSOL International (2011-2013), and a partner and head of the global restructuring group at Allen & Overy in London. He has also served as INSOL vice-president, sat on its board, and acted as the first lawyer president of the Association of Business Recovery Professionals (R3).