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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.

Designation flexibility will be key US attorneys have called on the Financial Stability Oversight Council (FSOC) to exempt asset management companies from being designated as systemically important financial institutions (Sifis).

The Big Apple still sets the regional standard

Lawyers have predicted China's central bank decision to widen the renminbi (RMB) trading band against the US dollar will prompt a continued and gradual loosening of trading band widths.

The Italian government has introduced a new law that, for the first time, sets out a comprehensive investment control regime in Italy. But the scheme is not perfect and changes still need to be made, according to lawyers in Italy.

The Hong Kong Institute of Certified Public Accountants (HKICPA) is set to amend Hong Kong's accounting report standards to better clarify accountants' role in the city's listing process.

Mergers, associations and link ups were again the topic of conversation in the Asia-Pacific region this month with the headlines taken by LINKLATERS and ALLENS ARTHUR ROBINSON who announced their exclusive alliance and Asian joint venture. The move had been mooted for a while and is set to go live on May 1. Within Asia the two firms are set to form a joint venture, which will share resources while retaining separate profit pools.

The restructuring at DEWEY & LEBOUEF has not been restricted to the US this month and the European region had its fair share of news with various partner departures occurring in London, Italy and the Middle East.

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.

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)