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Greece’s Cacs legacy is far less pretty In March, when Greece activated Collective Action Clauses (Cacs) applicable to bonds governed by Greek law the markets breathed a collective sigh of relief.

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.

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.

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.

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.

On April 1 2012, the Revised Code of Civil Procedure (the Revised Code) came into effect, which defines the scope of the jurisdiction of the Japanese court with respect to international matters. Before the enactment of the Revised Code, Japan did not have a law that clearly defined the jurisdiction of the Japanese courts with respect to cross-border disputes. As such, until the enactment of the Revised Code, the jurisdiction of the Japanese court has been determined by judicial reasoning and court precedent, which was widely criticised due its lack of consistency.

Andreas Moll On March 20 2012, the United Kingdom and Switzerland signed a protocol of amendment that supplements the withholding tax agreement of October 6 2011. The aim of the agreement is the effective taxation of UK taxpayers' assets in Switzerland. The agreement provides for withholding tax on future investment income and gains on assets, as well as taxing UK taxpayers' previously untaxed assets in Switzerland.

Chinonyelum Uwazie Several jurisdictions have, since the adoption of the Uncitral Model Law on Electronic Commerce in 1996, implemented national legislation to remove barriers to electronic commerce, including the United States through the Uniform Electronic Transactions Act 1999, New Zealand by the Electronic Transactions Act 2002, Australia through the Electronic Transactions Act 1999 with recent amendments in the Electronic Transactions Amendment Act 2011, and Malaysia with the Electronic Commerce Act 2006. Nigeria, like many of these jurisdictions, now wishes to remove the barriers to electronic commerce through proposed legislation before the Nigerian legislature, the Electronic Commerce (Provision of Legal Recognition) Bill 2011.

Single-counterparty credit limits is US banks’ top concern under Dodd-Frank at present, with a bankers’ counsel describing it as Volcker II.

Vitor Constâncio, vice-president of the European Central Bank, has proposed the creation of a central database to provide information on the European repo market