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The Costa Rican Ministry of Economy, Industry and Commerce (MEIC) enacted on March 30 2010 new rules to further regulate the credit and debit cards market, in an effort to bolster consumer protection. These new rules are seen by MEIC as necessary due to the continued evolution of the local market. They also respond to international regulatory trends, following, among others, the US and Australia.

European proposals raise many questions, particularly whether the powers being given to the new authorities are legal

Greece’s sovereign debt could still need to be restructured. Lawyers must learn the lessons of previous national crises if they are to succeed

New rules will help pre-production minerals companies list in Hong Kong

On March 18 2010, President Obama signed into law the Hiring Incentives to Restore Employment Act (the Hire Act). The Hire Act includes provisions that effectively shut down certain dividend washing transactions. As discussed in our prior columns, the US imposes a 30% (or lower treaty rate) tax on US source dividends paid to foreign persons. Historically, it appears that foreign counterparties attempted to avoid US withholding tax on dividends paid on US stock through certain equity swap or securities-lending transactions entered into with investment banks. These transactions were perceived abusive by US authorities because, according to the US Senate report on this issue, the counterparties had no purpose for entering into the transactions other than to avoid US withholding taxes on dividends. The merit of the tax positions of the parties involved in these transactions is under scrutiny by the US Treasury and Internal Revenue Service.

On April 1 2010, an amendment to Article 6 (the special provisions) of the Act on Special Measures Concerning Taxation of Japan (Law No. 26 of 1957) became effective. The special provisions removed the time period limitation on the exemption from income tax imposed on interest payable outside Japan to non-resident individuals or foreign corporations, in respect of bonds issued by Japanese corporations outside Japan (minkan kokugaisai, or Japanese Eurobonds). Accordingly, such interest will no longer be subject to Japanese taxation (the exemption) so long as certain statutory requirements for the exemption are met.

John J Rapisardi Binghao Zhao China's Enterprise Bankruptcy Law (EBL) is coping with business failures as the recession progresses. In the case of very large companies, the EBL has begun to have some impact and prevented complete chaos from taking hold. The EBL also makes China the first Asian country to adopt a US-style bankruptcy regime. Like Chapter 11, the EBL treats local and foreign creditors equally and creditors with security over the entity's assets enjoy a priority status in repayment to the extent of the secured collateral. Previously, the Enterprise Bankruptcy Law of the People's Republic of China (For trial implementation) – which was in existence prior to the enactment of the EBL – focused on liquidating assets and lumped all creditors together, putting them behind employees and most unsecured domestic claimants.

On April 15 2010, the Argentine Minister of the Economy, Mr. Amado Boudou, announced the main terms of the debt restructuring offer for the exchange of debt in default with the bondholders who did not tender their bonds in the 2005 debt exchange. Argentina launched an exchange offer in 2005 which was accepted by bondholders representing 76% of the outstanding debt. This new offer is aimed at the remaining 24% of creditors. The aggregate amount of debt to be restructured would be $18.3 billion.

The Competition Commission of India’s Kaushal Sharma explains how the regulator reworked its merger regulations

New rules for rating agencies in the US will add uncertainty to deals, increase costs for issuers and threaten the revival of the structured finance