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The Philippines' 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.

The Integrated Latin American Market’s structure has had a promising first three months thanks to collaboration between brokers in Colombia, Peru and Chile. But problems persist

One of the important purposes of the Pemex law enacted in 2008 was to allow Petróleos Mexicanos (known as Pemex) to implement new contractual schemes for petroleum production which would no longer be subject to the restrictions of the Public Works Law. It took some time from the effectiveness of the reform in November 2008 to the publication in November 2010 of the of the new model contract, known as the Generic Service Contract Specimen for Evaluation, Development and Production of Hidrocarbons.

Anthony Coleby One of the most important features of the new Capital Markets Law is the establishment of a Stock Market Court and this is dealt with in the law by Articles 108 to 117. This court has been created as a special tribunal independent from the mainstream Kuwait judicial system, being carved out of the Court of Cassation.

In the past, it was not infrequent to see on the market issuers established in European Member States acting as pass-through vehicles of Italian unlisted companies providing guarantees to their subsidiaries for the issue of notes. Unlisted Italian companies would, in fact, need to apply a withholding on payments of interest if they would accede directly the markets as issuers of notes.

On March 31 2011, the Tokyo Stock Exchange (TSE) enacted amended listing rules for Mothers (the name is derived from the market of the high-growth and emerging stocks), a securities market established for relatively young, growing companies. Amendments were made from the perspectives of improving the credibility of, and stimulating activity on, Mothers.

Liam Carney Robin McDonnell On July 22 2011, the Irish Supreme Court delivered its judgment in what has been described as one of the hardest fought examinerships in recent times. By majority decision, the Supreme Court upheld the decision of the High Court, refusing to confirm the proposed scheme of arrangement of the examiner appointed to the McInerney group on the basis that it was unfairly prejudicial to the lenders to the McInerney group.

Freddy Karyadi Oene Marseille On July 14 2011, Indonesia's House of Representative passed a new law that amends Law No 9 of 2006 on the Warehouse Receipt System. The new law amends seven articles of Law 9/2006 and introduces 12 new articles. Through this amendment, the government aims at accommodating business demands regarding warehouse receipts. The new law excludes one sub-paragraph in Article 5, which stated that the value of the goods must be based on the market price when the goods are placed in storage.

Marielle Garrigó In an effort to increase the government's income to better balance the annual budget and increase spending on education as a strategic component of economic and social development, the Dominican fiscal system was recently amended by Law No 139-11. The amendments made by such law primarily relate to (i) an increase in the corporate annual income tax rate; (ii) a change in the fiscal system applicable to casinos and other gambling centres; (iii) a new tax on financial assets of banking institutions; and (iv) a change in the system applicable to the importation of goods from Dominican free zones into the domestic market.

On August 1 2011 the Securities and Exchange Board of India (Sebi) published a concept paper regarding regulation of Alternative Investment Funds (AIFs). The paper is accompanied by draft proposed regulations for AIFs, and seeks to substantiate the need to regulate and register AIFs as a distinct asset class. Accordingly, it emphasises the necessity to have a comprehensive legal framework for private pools of capital. Through the paper, Sebi has expressed its concern in relation to venture capital funds (VCFs) being used as an investment vehicle for other classes of funds and for investing in companies other than start-ups.