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The legal struggle over Argentina’s failure to pay holdout creditors has led the market to question if it is now time to tweak the historically obscure sovereign pari passu clause

The sponsor’s role in the petrochemical complex funding heralds a new role for private capital in the country

My crystal ball has not been working perfectly lately. But based on information provided by clients, banks and the market in general, it is possible to make some predictions of how capital and financial markets will perform in 2013.

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 However, due to technological advances, the security provided by ATMs is becoming outdated.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.

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

Mian Muhammad Nazir The United Arab Emirates, particularly Dubai, has always been amongst the few most comfortable places for Islamic finance. It has received significant support from the Government, regulators and stakeholders. Yet despite the popularity of Islamic finance in the UAE, and UAE's contribution in the growth of Islamic finance, the legal and regulatory infrastructure has always needed further improvement in order to keep pace with the challenges of time and to further strengthen the confidence of the stakeholders in the Islamic finance industry. As expected, the latest initiatives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Prime Minister and Vice President of the UAE and ruler of Dubai, have once again offered a remarkable degree of comfort to the industry. The initiatives will lead the UAE, and particularly Dubai, through a series of practical steps, which will pave the way for the growth of Islamic finance on a solid foundation. The proposed initiatives will entail industry specific and robust legal, judicial and regulatory reforms, which will provide a level playing field for the Islamic finance industry, to which it has been aspiring since its inception. What Islamic finance industry would certainly welcome is the review of Federal Law number 6 of 1985 regarding Islamic banks, financial institutions and investment companies.

In the United States, we've long distinguished between the requirements applicable to private offerings and those applicable to public offerings. In fact, there were clearly delineated lines that couldn't be crossed in the context of a private offering. A private offering was understood to be an offering made principally to institutional or sophisticated investors that had a pre-existing relationship with the issuer or the financial intermediary, and had access to financial or other information about the issuer. General solicitation was strictly forbidden, and the securities sold in unregistered offerings were subject to transfers restrictions such that they were not fungible with the issuer's securities trading on an exchange. Over time, the lines between private and public have become increasingly blurred. The rising popularity of hybrid offering techniques, like Pipe transactions, which have as their objective making privately offered securities more liquid and less private in character have contributed to this. Also, the holding period for restricted securities to become freely transferable has been shortened, and private secondary trading markets are becoming more important venues. Of course, the biggest changes to our first principles of securities regulation have been brought about by the JOBS Act, which permits general solicitation to be used, and permits social media and the internet to become capital raising tools for exempt offerings. So, it is easy to see that private offerings are becoming more, as it were, public.

A lawyer acting on the Interbolsa liquidation speaks exclusively to IFLR about its impact on investors and its legacy for financial regulation

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.