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That Basel III's higher capital requirements will significantly curtail investment bank involvement in large, long-term EU project financings is undisputed. But market participants expect it will be some time before any other lending entity can viably take their place.

2013 could be the year that consensus on the best approach to reform the UK's banking sector is finally achieved. Here's why

Lord Peter Goldsmith The former UK Attorney General has called for a more flexible form of deferred prosecution agreement (DPA) than that proposed by the UK government. For DPAs to be an effective enforcement tool, prosecutors must be able to offer agreeable terms and incentivise companies to self-report, Lord Peter Goldsmith told IFLR. This could be difficult under the stringent approval process the government proposes to introduce as early as next year.

Erik Lind On January 1 2013, the Peruvian Controlled Foreign Corporation Regime (Regime) entered into force. The Regime aims to prevent the deferral of Peruvian Income Tax (IT) on foreign source passive income – such as dividends, interest, royalties, and capital gains – earned by Peruvian Tax Residents (PTR) through the use of Controlled Foreign Corporations (CFC) located in low tax jurisdictions. A foreign entity qualifies as a CFC if, by the end of the Peruvian tax year (December 31) it satisfies the following criteria:

The Cybercrime Prevention Act of 2012 was recently enacted in the Philippines in line with the State's recognition of the vital role of information and communications industries in the nation's overall social and economic development and the need to protect and safeguard computer systems and networks from all forms of misuse, abuse and illegal access.

The nominees for IFLR’s 2013 Asia and Americas awards have been announced

The Basel Committee on Banking Supervision released its revised Liquidity Coverage Ratio (LCR) requirements on January 6. It included some significant changes, which were to be expected given that its original December 2009 initial framework document was the first time that an internationally applicable, quantitative regulatory requirement for liquidity had been proposed.

The US Securities and Exchange Commission's (SEC) 'Annual Report on the Dodd-Frank Whistleblower Program: Fiscal Year 2012' reveals a programme that is still grappling with many difficulties, lawyers have said.

Carolyn Dong

Olivier Clevenbergh