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Giving advice is an integral part of the underwriting service, says Kenneth Gibbs of Jefferies & Company

CLO lawyers have welcomed the EBA’s clarifications of the Capital Requirements Directive's skin-in-the-game rules

For years, business leaders and commentators have observed that the regulatory requirements to be met to finance companies in the United States have become overly burdensome and discourage entrepreneurship. These observations tended to fall on deaf Congressional ears that were more attuned to hearing lurid details of corporate misdeeds, stock option backdating and insider trading.

The new Turkish Commercial Code (TCC) was ratified by Parliament in January 2011 and enters into force on July 1 2012. It introduces the multi-corporate enterprise concept and controlling company in this context, and includes certain principles applicable to assistance that subsidiary companies provide to their controlling companies for the purposes of facilitating transactions undertaken by such controlling companies.

Thailand's Securities and Exchange Act B E 2535 (1992) (SEC Act) and new takeover rules require reporting thresholds for substantial acquisitions or dispositions, by an investor's own act or acting in concert with others, of Thai listed shares based on increments of 5% of the total voting rights of such listed company.

Chun-yih Cheng According to Taiwan's Companies Act, "in convening a meeting of the Board of Directors, a notice setting forth therein the subject(s) to be discussed at the meeting shall be given to each Director and Supervisor no later than 7 days prior to the scheduled meeting date. However, in the case of emergency, the meeting may be convened at any time." In order to keep pace with the electronic age and to expedite the convening procedure, the Companies Act has been recently amended to permit the notice to be sent by electronic means as long as the recipient has so agreed.

Hyung Soo Lee Following the 1997 financial crisis in Korea, there was a sharp increase in public interest for the need to strengthen the procedural mechanism which allowed for provision of non-real properties as collateral. Much debate on the matter has led to the legislation of the Act on Security Interests in Movable Properties and Other Claims, etc, which will introduce a central register for personal non-real properties. The new Act is expected to come into force on June 11 2012.

The previous issue of the Polish international briefing devoted to insolvency regulations presented the legal grounds for bankruptcy, types of bankruptcy proceedings and consequences of bankruptcy as regards the debtor's (bankrupt's) right to manage its business. This issue lays out the ramifications of bankruptcy on the obligations of, and proceedings involving, the bankrupt.

The Energy Regulatory Commission (ERC) recently re-issued rules implementing the mandate on public offering under the Electric Power Industry Reform Act of 2001 (EPIRA). The ERC initially issued rules implementing this requirement in 2005; however, the rules were suspended in 2006 pending the conduct of public hearings.

Chinonyelum Uwazie Vincent Iweze In 2009, a banking crisis rocked the Nigerian financial industry when the Central Bank of Nigeria (CBN) discovered that 10 of the 24 deposit banks were highly undercapitalised. Worries persisted, albeit subtly, until recently when the Nigerian Deposit Insurance Corporation (NDIC), the body responsible for insuring deposits of money institutions in Nigeria, took over the management of three of these banks due to their failure to demonstrate their ability to recapitalise by the September 30 2011 deadline set by the CBN.