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James Tanenbaum Anna Pinedo The global financial crisis has brought forth an array of proposals designed to prevent, or at least mitigate, the adverse consequences of future financial failures. One such proposal would require financial institutions to adopt plans that would function quite like an autopilot in the event of severe financial distress. Recovery and resolution plans, or living wills, would set forth the actions to be undertaken by a troubled or failed financial institution. The recovery component would outline actions necessary to preserve the institution as a going concern, while the resolution component would outline steps to be taken to minimise the systemic disruption associated with the institution's failure.

Paul N Watterson, Jr and Craig Stein of Schulte Roth & Zabel explain the state of derivatives regulatory reform in the US

Ali Ahmad Afridi & Angell One of the impacts of the global financial crisis on the United Arab Emirates (UAE) has been an increased spotlight on corporate governance standards in the UAE.

Kayra Üçer Özgecan Tekdemir As a result of the increasing international focus on fighting corruption, more and more countries are joining multinational treaties and introducing strict domestic anti-corruption regulations. Similarly, compliance with and enforcement of the US Foreign Corrupt Practices Act (FCPA) has become more important for US and non-US companies alike, especially in the past five years. Globalised commerce and the development of global markets have induced even small companies to list themselves internationally and subjected more companies than ever to the FCPA's restrictions.

On December 2 2009, Law 20,393 on the criminal liability of legal entities became effective. This is the first time that legal entities have been made subject to criminal liability in Chile.

Daniel Futej The new act on packaging provided for certain new obligations for importers, distributors and manufacturers of products. These persons are deemed to be the liable persons and their obligations include reduction and elimination of the amount of packaging and packaging waste and their harmful effects on the environment during the phase of production, sale, distribution and use. Packaging means "a product used to pack, protect, handle, supply and present goods on the way from raw materials to products and from the manufacturer to the user or consumer, which complies with the criteria specified in Annex no.1; non-returnable parts of packaging used for the same purposes are deemed to be packaging too."

Mafalda Monteiro The Portuguese Securities Market Commission (CMVM) has amended the existing corporate governance regime for listed companies as a result of the severe impact of some practices of corporate governance brought to light by the current financial crisis.

Oscar Samour In practice, mediation in El Salvador is mostly used in family and labour disputes. Even though business mediation is contemplated under the Ley de Conciliación, Mediación y Arbitraje (Law of Conciliation, Mediation and Arbitration, or LMCA) it is seldom or never used for solving business disputes. Nevertheless, the international projection that El Salvador is going through, especially after the ratification of the DR-CAFTA in 2005, has lead Salvadoran businesses to notice the importance given to mediation by their international peers. Consequently, interest in this subject matter has increased.

The London Commercial Court has very recently ruled on the laying of venue for civil disputes arising from derivatives entered into by an Italian local authority under Isda master agreements governed by English law.

Aki Corsoni-Husain The BVI's Securities and Investment Business Act, 2010 (Siba) has finally been introduced after a number of years in the making. It applies to a wide range of institutions and financial intermediaries and, aside from certain transitional provisions for pre-existing service providers, came into force on May 17 2010.