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PTT Global Chemical's (PTTGC) listing of $1 billion senior unsecured notes on the Singapore Exchange is the largest single-tranche US dollar bond offering by a Thai corporate.

Tomohiro Okawa There are the three main types of insolvency proceedings in Japan. The first is bankruptcy proceedings under the Bankruptcy Act: liquidation-type insolvency proceedings. The second is civil rehabilitation proceedings under the Civil Rehabilitation Act: debtor-in-possession-type insolvency proceedings, which aims to enable a debtor-in-possession to recover by restructuring creditors' claims based on a rehabilitation plan. The third is corporate reorganisation proceedings under the Corporate Reorganisation Act: trustee-type insolvency proceedings, in which a court-appointed trustee manages a stock corporation to recover by restructuring creditors' claims based on a reorganisation plan. As a general matter, the Bankruptcy Act is silent on the issue of subordination and the judicial position on this issue remains unsettled. There are two opposing court precedents on this issue; a ruling of the Tokyo District Court on December 16 1991 in which the court denied the subordination of the claim submitted by the parent company of the insolvent party, reasoning that there are no statutory grounds under the Bankruptcy Act, and a ruling of the Hiroshima District Court on March 6 1998 in which the court permitted the subordination of the claim submitted by the controlling creditor of the insolvent party based on the principle of good faith.

The Philippine Energy Regulatory Commission (ERC) approved on July 27 2012 the feed-in tariffs for solar, wind, biomass and hydropower projects. The approved tariffs are: P9.68 ($0.23) per kWh for solar, P8.53 per kWh for wind, P6.63 per kWh for biomass and P5.90 per kWh for run-of-river hydro. The ERC deferred fixing the FIT for ocean thermal energy conversion pending further study. In arriving at these tariffs, the ERC accepted the methodology used by the National Renewable Energy Board (NREB) and took into account, among other things, the cost of construction and operation of the representative plants for each renewable energy technology, the generation output or capacity factors of these plants and the reasonable return on investment to be granted the renewable energy developers. However, the approved feed-in tariffs are lower than what was proposed by the NREB, which were: P17.95 per kWh for solar, P10.37 per kWh for wind, P7.00 per kWh for biomass and P6.15 per kWh for run-of-river hydro.

Jane Sim Serene Sia Through a press release on October 3 2012, Singapore's Ministry of Finance (MOF) confirmed that it has completed its review of the Companies Act. Following the public consultation carried out in 2011, the MOF has accepted 192 and modified 17 recommendations of the Steering Committee. This is the largest number of changes to the Act since it was enacted in 1967. The wide ranging changes are aimed at maintaining Singapore's competitiveness as a business hub, reduce regulatory burden and compliance costs for companies, provide greater flexibility for companies, and to improve the country's corporate governance landscape. Most importantly, it will bring benefits to various stakeholder groups such as companies, small and medium-sized enterprises (SMEs), retail investors and company directors. Following are some of the noteworthy changes:

The Ryanair/Aer Lingus deal reveals a shortfall in EU merger control regarding minority shareholdings. But is reform appropriate?

Shearman & Sterling's Financial Institutions Advisory and Financial Regulatory group head, Barnabas Reynolds, outlines why the entire regulatory effort to tackle shadow banking could be one step too far

Too many in the regulatory kitchen

The IFLR1000’s 2013 law firm rankings provide an insight into an ever-changing market

Bankability issues could prove an important challenge to the Colombian government’s PPP push

Italian companies can provide financial assistance in two ways. But each has its pitfalls