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Freddy Karyadi Oene Marseille Bapepam-LK has recently issued a revision of the procedure for the implementation of quasi-reorganisation through Regulation No IX.L.1 attachment Decision of Head of Bapepam and LK No KEP-718/BL/2012 (which has replaced Decision of the Head of Bapepam No KEP-16/PM/2004). The background to the issuance of the new regulation is the convergence of the Financial Accounting Standard Statement (Pernyataan Standar Akutansi Keuangan, or PSAK) to IFRS under which it was considered that PSAK 51, regarding accounting for quasi-reorganisation, was not compatible with the concept under IFRS. In relation to this point, the Board of Financial Accounting Standards – Indonesian Institute of Accountants (Dewan Standar Akuntansi Keuangan – Ikatan Akuntan Indonesia/DSAK-IAI) published its Statement of Revocation of Financial Accounting Standard (Pernyataan Pencabutan Standar Akuntansi Keuangan/PPSAK) No 10, revoking PSAK 51, effective on January 1 2013.

Daniel Futej Zuzana Steklacova The Slovak National Council passed the draft amendment to the Labour Code on October 25 2012, strengthening the position of employees and trade unions while slightly disadvantaging employers. The amendment came into force on January 1 2013. Starting this year, if trade unions want to represent all employees they no longer have to prove to employers that at least 30% of the employees are unionised. The employer's duty to consult on termination of employment with the trade unions has been reinstated, and failure to do so will render a termination of employment invalid.

If the pessimists are to be believed, modern science has failed us. Yes, it has delivered smartphones and supercomputers, but according to a growing band of US academics and economists, that's not quite good enough. Seemingly, until our generation produces something as useful, and transformative, as modern sanitation or transportation, we have an innovation problem. And the implications of that are massive.

Mian Muhammad Nazir The compatibility of contemporary insolvency legislation in the context of Islamic financial institutions and Islamic capital markets instruments is an important subject which regulators, courts and other stakeholders must address sooner rather than later to ensure the sustainable and continuous growth of the industry. This issue deserves more serious consideration from the legislatures and regulators as lack of an appropriate and legal and regulatory regime on insolvency in respect of Islamic financial institutions would certainly affect insolvency proceedings and the remedies sought or granted pursuant to such proceedings. Some of the most commonly used Islamic contracts and instruments result in automatic preference for investors and, in some cases, particularly when the competing obligations of an obligor are not shariah compliant, even a contractual waiver (either for a pari passu arrangement or sub-ordination) may not be effective. Considering the unique business model of Islamic financial institutions (IFIs) and the nature of the shariah nominate contracts and instruments, many of the well-drafted laws and regulations on insolvency may not be relevant to IFIs in the event of any insolvency or restructuring proceedings.

Money market mutual funds (MMFs), while benefiting from quality and liquidity floors implemented in 2011, remain a source of vulnerability for the US economy. The Financial Stability Oversight Counsel (Fsoc) should see that fund managers hold enough capital in the event of another meltdown.

Will less stringent regulation boost innovation in China’s securities market?

In Pepsico Puerto Rico, Inc v Commissioner, the US Tax Court found that PepsiCo's 'advance agreements' between Pepsico Puerto Rico (a Delaware corporation) and a Netherlands affiliate were equity rather than debt for federal income tax purposes. This, in turn, permitted PepsiCo to treat payments on the advance agreements as non-taxable returns of capital rather than interest payments for the taxable years in question.

Shunsuke Minowa As a result of continuing low domestic demand for funding, the amount of syndicated loans made in Japan has remained stagnant, at a level of approximately ¥25 trillion ($281 billion) per year, since 2006. Certain trends have begun to appear in the Japanese market in response to this situation. Before the amendments to the Financial Instruments and Exchange Law (FIEL) in 2012, despite the fact that syndicated loans arranged by financial institutions are generally not regulated under the FIEL, loan receivables from educational institutions are an exception to this general principle and regulated under the FIEL as 'deemed securities'. Accordingly, syndicated loans provided to these institutions have traditionally been considered as regulated under the FIEL and the arrangement of such loans considered a so-called Type II Financial Instruments Business, which carries with it many restrictions under the FIEL. Accordingly, even in situations where all of the lenders in the syndicate were sophisticated financial institutions the applicable FIEL protections were nonetheless applied, hindering the supply of financing and flow of funds in the market.

Asia’s debt capital markets have long lived in the shadow of the region’s buoyant listing markets. Not for much longer

Bank of America's $726 million loan to the Brazilian state of Santa Catarina reflects a radical shift by Brazil's states toward major international lenders.