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On May 3 2011 the Dutch financial supervisors, the Dutch Authority of the Financial Markets and the Dutch Central Bank issued a joint statement on private initiatives known as crowd funding, crowd sourcing, or peer-to-peer financing. These initiatives are alternative forms of financing, offering private parties and companies a way to lend and borrower money without the involvement of a (licensed) bank.

Luis R Pellerano With the purpose of creating a structure to help the housing market grow in the Dominican Republic, a new law is being enacted called the Law for the Development of the Mortgage Market and Trusts. The most important aspect of this bill is that it introduces the concept of the trust so it can be used, among other purposes, for creating financial structures to secure the flow of funds towards the construction of affordable housing and real estate development in the country.

Christian Temmel In March 2011, the Austrian Constitutional Court passed a ruling by which a part of the Austrian Stock Exchange Act will be abolished as being in contradiction with the Austrian constitution.

The ECJ’s rejection of a derivatives counterparty’s ultra vires argument provides clarification for future cases

There are ways to reduce the risks of secured parties’ reliance on US account collateral

Conversion triggers are open to manipulation, but there are ways of mitigating this risk

By the time you read this, we will have commemorated the first anniversary of the passage of the Dodd-Frank Act. Any significant milestone brings with it the opportunity for evaluation. The Act required that approximately 380 rules be written, of which 28 have been finalised. Quite a number of rulemaking deadlines have been missed.

The takeover of a Thai-listed public company is subject to the Securities and Exchange Act BE 2535 (1992) (SEC Act) and the new Notification of the Capital Market Supervisory Board No. TorChor 12/2554 Re: Rules, Conditions and Procedures for the Acquisition of Securities for Business Takeovers. The Notification became effective on June 1 2011 and revised the former rules as follows:

Chun-yih Cheng The amendments to Taiwan's Insurance Law passed the third reading of the legislative body in mid-June to deter unapproved offshore insurance policies by raising the punishment from administrative fines of between NT$900,000 ($31,200) and NT$4.5 million to imprisonment of up to 3 years or criminal fines between NT$3 million and NT$20 million, or both. On the other hand, the amendments allow insurance companies to collect sensitive personal data, which is otherwise prohibited by the Personal Data Protection Law, to facilitate smooth operation of their business.

Andrej Kirm On June 30 2011 the latest amendment to the Financial Collateral Act (FCA) will come into force, with its main objective to assist the economy in tackling the credit crunch, thus creating new jobs and incentives for economic growth.