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The biggest news in the Asia/Pacific region this month emerged from Hong Kong, where the recent trend of US firms establishing local law practices continued at pace.

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.

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.

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.

Project-focused countries are tipped to be the big winners of the Inter-American Development Bank's (IDB) new flexible financing facility (FFF) – the bank's latest step towards market-based products.

Will banks be shackled by the new regulatory burdens? The FSA's latest drive to subject UK banks to more scrutiny has received a mixed response from lawyers.

Australia's leveraged finance market should adopt a standard intercreditor negotiation agreement, similar to Europe's Loan Market Association (LMA) agreement.

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.

A pan-European contract law is increasingly likely, with uncertainty surrounding questions of jurisdiction and enforcement for UK lawyers.