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The EC’s ultimate OTC goal On July 4, European lawmakers admitted that new EU rules for over-the-counter (OTC) derivatives would take longer to pass than first thought. A solution is not expected until after the summer now.

The UK Takeover Code implementation date has been confirmed. But market participants are still ignoring the changes

June brought several notable developments to the Americas market, including a split at a top financial firm in Mexico and several changes in management in the US.

US-based municipal bond underwriters are grappling with new restrictions on their transaction roles.

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.

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.

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.

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

Henry Mander The principle established in 1974 in the case of Hastings-Bass [1975] Ch 25 (CA) has in the past allowed a court to set aside an action taken by trustees who have failed to take some important factor (such as tax considerations) into account when deciding to take the action. Effectively, it has allowed trustees to undo something they have done where the effect is different from that which they intended. In March, the English Court of Appeal handed down its much anticipated decision in Pitt v Holt; Futter v Futter [2011] EWCA Civ 197, both of which concerned the Hastings-Bass principle, and this has resulted in a re-examination of the principle and its application.