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The Financing and Money Services Act was passed by the British Virgin Islands (BVI) House of Assembly in May 2009 and is expected to come into force in the near future.

The Brazilian Monetary Council (CMN) recently enacted a new resolution concerning the investments of closed pension funds. CMN Resolution 3,792 supersedes CMN Resolution 3,456 and provides a new regulatory framework for the subject matter.

The proposed law has too many exemptions and prohibitions that do not extend to M&A agreements

In a distressed sale, is it reasonable for a liquidator to exit on receiving notice that his appointment is being challenged?

This article outlines the pertinent issues with regard to the regulation of covered bonds under Slovenian law. The relevant statutory provisions are primarily contained in the Mortgage Bond and Municipal Bond Act (Covered Bonds Act).

Rules meant Llanera’s assets were allowed to decay The Spanish insolvency system didn’t work when the credit crisis hit, largely because “it was written by lawyers”. The Italian system has been very speedy in its solutions, despite everyone being on the beach in August. And US bankruptcy judges are unfairly maligned, given that they are effectively in the job for life. These were some of the conclusions reached in an active exchange at the session ‘The new role of governments in restructuring’ this morning at the IBA annual conference in Madrid – even though it took place in the rather hot, dark and damp Ontario room on the ground floor.

Derivatives rules are beginning to feel oppressive The EC’s communication on derivatives markets has stopped short of shifting all transactions onto regulated exchanges, but still contains oppressive measures. Industry bodies will be lobbying hard to keep the proposed capital charges as low as possible before legislation is finalised next year.

SEC rule changes have made it easier for banks to set up ADR facilities without the issuer's knowledge. And there's no easy way for companies to opt out

Kevin Muzilla Allen & Overy has gained a new partner in its London office. Kevin Muzilla (right) joins the firm's corporate finance practice from Milbank Tweed Hadley & McCloy. Muzilla is a specialist in US high-yield debt so Allen & Overy will hope to use his expertise on some of the new European issuances.

In an attempt to boost the Romanian economy and to ensure that small and medium-sized enterprises (SMEs) as well as large companies experiencing financial difficulties may have access to finance for investment and working capital, the Romanian Government acting through the Inter-ministerial Committee of Financing, Guarantees and Insurance (ICFGI) has passed a set of norms regulating the terms and conditions establishing a state aid scheme.