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Recently published proposals from the International Organisation of Securities Commissions’ (Iosco) have not eliminated concern from key market participants on regulating money market funds (MMFs)

The enactment of the International Trust (Amending) Law of 2011 has completely modernised the international trusts regime in Cyprus. When it was enacted in 1992, the Cyprus International Trusts Law gave Cyprus a state of the art international trusts regime. The world has changed considerably in the intervening 20 years, however, and a number of restrictions and limitations contained in the original law are no longer necessary. New opportunities and investment practices have emerged, which the original law did not take into account. As a result, while the basic structure provided by the International Trusts Law remained sound, it required updating to adapt it to the needs of investors today and in the coming years.

Konstantinos Gr. Vouterakos Elmina Chadio In 2011, some significant changes to the Athens Exchange (ATHEX) Rulebook have been introduced. These changes will be discussed here together with some recent developments in the Greek Capital Markets.

Lawyers in Beijing expect a wave of foreign investment into China’s asset management industry. But international private equity firms need not apply

Christian Temmel The Austrian legislator has recently presented a proposal for the amendment of the Austrian Stock Exchange Act, in particular in order to reflect the changes required due to the implementation of Directive 2010/73/EU. However, some changes of the proposed changes are driven exclusively by national requirements and intentions.

Colin Riegels One of the great attractions of the British Virgin Islands as a jurisdiction for structuring finance transactions is the simple yet thorough security registration regime applicable to BVI companies. For the most part, where a lender advances money against security provided by a BVI company, registering the security and thereby protecting its priority and giving public notice of the secured party's rights is a straightforward and effective system. The legal position becomes less clear when the company is acting in its capacity as trustee of a trust.

In a first of its kind in India, the High Court of Calcutta on March 20 2012 passed an interim injunction restraining Fitch Ratings from publishing a rating downgrade. The downgraded bonds were issued by Srei Infrastructure Finance Limited in 2010 and amounted to a total of Rs2.5 billion ($48.5 million). In respect of these bonds, Srei approached the High Court for an injunction, seeking to prevent publication of the downgrade.

Francisco Uribe Julián Hurtado In furtherance of the Colombian government's plan to construct one million housing units for low-income families with an investment of approximately COP$6.8 billion (US$3.5 billion), the Government issued Decree 391 of February 16 2012 to regulate the possibility to apply family housing subsidies (FHS) to leasing agreements for housing purchases.

Freddy Karyadi Oene Marseille The Indonesian Ministry of Finance recently revised its regulation on venture capital companies (VCC) through its regulation No. 18 of 2012, under which a VCC is defined as a business entity that conducts financing activities/capital participation in company that receives such financial support for a certain time period, in the form of equity participation, convertible bonds, and/or profit/revenue sharing.

Chun-yih Cheng In the December 2011/January 2012 issue of IFLR, the author's reported that Taiwan's Fair Trade Act was amended to increase administrative fines on material abuse of monopoly powers and material illegal cartel up to 10% of the offender's annual turnover in the preceding fiscal year. The Fair Trade Act mandates the competition authority, the Fair Trade Commission, to promulgate the criteria of the calculation of annual turnover of the preceding fiscal year, the determination of materiality, and the computation of administrative fines. Based on this mandate, the Rules for the Calculation of Administrative Fines on the Material Breach of Article 10 and Article 14 of the Fair Trade Act were released in April 2012 by the Fair Trade Commission (the Rules).