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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.

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.

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."

Adrian Chair Labuan was designated as Malaysia's offshore financial hub in 1990, operating as Labuan International Offshore Financial Centre. It was renamed Labuan International Business and Financial Centre (Labuan IBFC) in January 2008 to reflect the jurisdiction's growing international status.

Philbert E Varona In a move intended to help develop the Philippines' capital markets, broaden participation in real estate ownership and promote the financing and development of infrastructure projects, the Philippine Congress has enacted Republic Act No. 9856 (the Reit Law), establishing a legal framework for real estate investment trusts (Reits). The Reit Law became effective on February 25 2010. The rules and regulations issued by the Securities and Exchange Commission (SEC) to implement the Reit Law became effective on June 10 2010.

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.

Fermín Castro Madero Roberto Silva On March 2 2010, in Claren Corporation c/ Estado Nacional (Artículos 517/518 CPCC Exequátur) s/ Varios, judge Pablo G Cayssials of the National Court in Federal Administrative Matters (Juzgado Nacional de Primera Instancia en lo Contencioso Administrativo Federal) No. 9 rejected the exequatur filed by Claren Corporation to obtain the recognition and enforceability of the judgment of the New York Southern District Court, US that ordered the Republic of Argentina to pay a given amount of money to the plaintiff due to the default of external global bonds 2017.

Ricardo M Arango and Andrés N Rubinoff Arias of Fábrega & Fábrega explain why competition and tax changes will affect mergers in Panama