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Hong Kong lawyers have warned fund mangers to respond quickly following the publication of tough new standards on synthetic ETFs

MSBs must register with the US Financial Crimes Enforcement Network following an amendment of their definition

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.

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.

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.

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.

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.

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.

The Banking (Amendment) Law 2011 (Law 27(I) of 2011) came into effect in March 2011. It harmonises legislation in the banking sector with EU legislation including:

Carlos Fradique Méndez Adriana Ospina Jiménez In light of the renewed focus by the US authorities on enforcement of the provisions of the US Foreign Corrupt Practices Act, as well as the implementation of the UK Bribery Act, it is worthwhile looking at the applicable regime of anti-bribery regulations in Colombia and the government's efforts to strengthen the country's anti-bribery laws.