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Jaime de la Torre Viscasillas On August 31 2012, the Spanish government approved Royal Decree-Law 24/2012 on the restructuring and resolution of credit entities, which implements its commitments assumed in the Memorandum of Understanding agreed with Eurogroup on July 2011 and the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms that is being discussed at the EU Parliament. Within the next three months, the Fund for Orderly Bank Restructuring (FROB) will incorporate an asset management company named Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, which will be owned by the FROB, and financial entities (public participation must be less than 50%). The purpose of this company will be the tenancy, management, acquisition and transfer of troubled assets, and it will be authorised to issue obligations or other debt instruments (with no limits on the amounts).

Mian Muhammad Nazir The Emirates Bankers Association has set up an Islamic Banking Committee (IBC) to review various shariah governance models at the regulator's level and to propose a suitable model for the Central Bank of UAE to implement. The IBC is assessing the merits and demerits of different models practised in other countries. The IBC is mandated to suggest a shariah governance structure at the Central Bank which will provide the regulatory support to Islamic financial institutions (including Islamic windows) through setting up an Islamic banking department at the Central Bank of UAE. Most likely the shariah governance structure at the Central Bank will essentially follow an improved form of any of the existing models. This involves, among other things, establishing a shariah supervisory board at the Central Bank to oversee the overall regulation of the Islamic financial institutions. In proposing a suitable governance structure, particularly recommending a shariah supervisory board at the Central Bank, the Emirates Bankers Association would certainly be endeavouring to reconcile the mandatory provisions of Federal Law No 6 of 1985 and the precedents of having a shariah supervisory board at the central banks.

Continuing its efforts to promote transparency, Vietnam's Ministry of Finance issued Circular No 52/2012/TT-BTC on April 5 2012, guiding the disclosure of information on the securities market (Circular 52). This came into effect from June 1 2012, replacing Circular No 09/2010/TT-BTC (Circular 09). In addition to Circular 52, the State Securities Commission (SSC) promulgated Decision No 515/QD-UBCK dated June 25 2012 enabling the disclosure of information on the SSC website (Decision 515).

The chair of the securities lending and repo workstream of the Financial Stability Board’s (FSB’s) shadow banking taskforce has laid out the policy options his team is reviewing, giving a real indication of what form the proposals will take

What do you get if you ask three economists to devise the future shape of the banking industry? It sounds like the beginning of a good joke doesn't it? Except, I can't quite think of the punch line.

Other countries are tipped to follow the UK Financial Services Authority's (FSA) lead and soften bank capital requirements ahead of Basel III implementation.

Zambia has become the latest Sub-Saharan sovereign to tap the international capital markets, issuing its inaugural sovereign bond.

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.