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As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, certain books of derivative contracts must be transferred to other dealers.

As the Polish economy matures, Polish entities are more and more often becoming part of the world's business ecosystem. But this does not only mean receiving benefits: for example, Polish entities are increasingly providing support to their parent and sister companies worldwide by becoming borrowers and, even more frequently, guarantors in global financings. They secure obligations worth billions of euros, while themselves they are usually worth only a fraction of the stake.

With news from various parts of the world pointing to the uncertainty in economics, a quick insight on Polish insolvency regulations appears justified (even if forecasts as to economic growth in Poland are optimistic).

Ji Yeoun Kim The Financial Supervisory Service (FSS) recently announced new Guidelines for Issuance of Covered Bonds by banks, effective from June 30 2011. The FSS expects that banks' ability to issue covered bonds will ease household debt problems as the public will enjoy greater access to long-term, fixed-rate loans.

Jose Talledo Vinces Law No 29663, published on February 15 2011, amended the Peruvian Income Tax Law to include, as taxable income from Peruvian source, any capital gain that non-domiciled shareholders obtain from the indirect transfer of ownership of the shares or participations issued by companies domiciled in Peru.

Chika Enemuo Nigeria has finally joined other nations with vast sovereign wealth fund (SWF) networks. It has established its own fund to operate in line with international best practices. The Nigerian Sovereign Investment Authority Act, 2011 (NSIA Act 2011) which establishes the Nigeria Sovereign Investment Authority (NSIA) has the principal aim of building a savings base for Nigerian citizens, enhancing the development of Nigerian infrastructure and providing stabilisation support in times of economic stress, among others.

Lynette Yeow A typical question from foreign clients wishing to raise funds from certain Malaysian institutions is whether there exists a safe harbour for private offerings of interests in offshore entities to sophisticated investors, which are exempted from Malaysian regulatory approvals.

Christina Papanikolopoulou On July 1 2011 the Greek Parliament passed Law 3986/2011 on Emergency Measures for the Implementation of the Medium-term Fiscal Strategy Framework for the years 2012-2015 (Medium-term Plan). One of the measures introduced by the Law was the establishment of a fund that will undertake the development and exploitation of private law assets owned by the Hellenic Republic and/or state-owned corporations. This fund was set up in the context of the Greek government's efforts to step up privatisations, which it has committed to complete under the emergency lending plan established by the ECB, the Eurozone and the IMF.

Leonard Birmingham In relation to private placements, joint ventures or at times public listings, BVI companies are sometimes structured so as to be able to issue what are known as blank-cheque preferred shares. Where a company seeks to attract certain persons as shareholders, those investors will sometimes only invest if the terms of that investment are suitably attractive, meaning a need for flexibility. The company needs to have the ability to give those investors comfort that they will get a preferential position in the equity ranking. Until recently, a BVI company could easily issue such shares pursuant to statutory authority. The situation is no longer so clear.

The new general counsel of UBS's investment bank, Chul Chung, has certainly hit the ground running.