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Carolyn Dong

Olivier Clevenbergh

The global legal entity identifier system will launch by March 2013. But much must be resolved before regulators worldwide can issue LEIs

Starting from January 1 2013, sellers of goods and suppliers of services in Italy finally have more stringent terms under which to obtain the payment of their invoices by the relevant debtors.

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?