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Investment advisers have criticised a US House Financial Services Committee proposal to implement a self-regulatory organisation in the retail market

The regulatory approval process is no rush

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.

One story above all others has dominated the news this month, which is the rapid downsizing and widely reported financial issues at DEWEY & LEBOUEF. What started out as a small rolling snowball of partner departures has rapidly gained momentum and size and at the time of going to press the firm has seen over 70 lawyers leave offices in the US and across Europe since the start of 2012.

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.

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.

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.

Samuel B Abad Yupanqui On April 4 2012, the regulation of Law 29785 became effective. It carries the right to prior consultation with indigenous peoples recognised by Convention 169 of the International Labour Organization (ILO), and is intended to ensure the right to consultation when an administrative or legislative measure, for example, a mining lease or the installation of gas pipelines, may directly affect collective rights.

Rodrigo Taboada In January, 2011, the National Assembly of Nicaragua approved Law No 741 that regulates trust agreements in Nicaragua. This is the first time that trusts have been regulated by law. The law declares that the regulation of trusts will have the purpose of allowing management of assets, execution of public and private investments, and creation of securities, among other things.