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The Indian depositary receipt (IDR) market's long term prospects should not be harmed by the Securities and Exchange Board of India's (Sebi) decision to bar conversion of IDRs to shares of a foreign company.

Ismael Noya de la Piedra On July 28 2011, Peru's newly-elected President Ollanta Humala will take office. This unexpected outcome in the election process resulted in what will be Peru's first leftist democratic government. Perceived as an anti-system candidate with a radical position close to that of Venezuelan President Chavez, it was hard to imagine that Humala could add enough votes to the 31.7% obtained in the first round to end up with over 50% and win the election – particularly when all the other candidates with whom he competed were supporters of the economic model upheld by a majority of the electorate and that had turned Peru into a success story.

Koh Poi San The Securities Commission of Malaysia has introduced the new Code on Takeovers and Mergers 2010, Practice Notes for the 2010 Code and Guidelines on Contents of Applications relating to Takeovers and Mergers. They came into force on December 15 2010 and replaced the Code on Takeovers and Mergers 1998 along with the practice notes that interpreted it and the Guidelines on Offer Documentation and the Format and Contents of Applications, respectively.

Anthony J Coleby It would be wrong to describe the new Capital Markets Law in Kuwait as a further example of reactive, hastily drawn legislation rushed through in response to an urgent need for legislative intervention – as many commentators have criticised the 2009 Financial Stability Law for being, in response to the global financial crisis. Instead, for some two decades the need for reform in this area of law had been increasingly seen as essential, not only to bring Kuwait into line with its GCC partners but also to enable the country to begin the long climb to its aspired status as a major financial hub in the region by 2035.

Juan Ernesto Menjívar The draw-back benefit that had been beneficial for exporters until this year and which consisted in a refund of the 6% of the free-on-board value, was revoked on February 1 2011 when the Legislative Decree containing new laws on this matter entered full force. The benefit was used by individuals and legal entities, foreign or national, who are owners of companies that export or market goods and services of Salvadorian origin.

Shuchita Bhushan On May 24 2011, the Ministry of Corporate Affairs (MCA) issued draft rules for preferential allotment by unlisted public companies (draft rules). Preferential allotment refers to offer of shares and so on other than a rateable offer to the current shareholders in proportion to their current shareholding. The draft rules will be applicable to preferential issue of equity shares and any other financial instrument which would be convertible into or exchanged with equity shares.

Esma chairman Steven Maijoor outlines a tougher stance on hedge funds, ETFs and non-European ratings agencies at the ICMA annual general meeting

The EU Prospectus Directive aims to remove barriers to a Europe-wide capital market, but many of Esma’s proposals will do just the opposite

Approval of the latest covered bonds bill by the House Financial Services Committee has been heralded as a crucial step towards restarting the mortgage backed securities (MBS) market.

The widening of the UK's Financial Conduct Authority's (FCA) focus to include wholesale market behaviour indicates a more aggressive role than previously expected, according to lawyers.