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Bafin should be commended for its work in Germany, says Jasmin Kölbl-Vogt of Citi

Arthur B Culvahouse Jr, counsel to President Reagan and managing partner of O'Melveny & Myers, says the US needs to sort out its regulatory arbitrage

The Brazilian Securities Commission (CVM) has submitted to public hearing two draft regulations which will (i) replace CVM Rule 122, dated June 6 1990, and CVM Rule 387, dated April 28 2003, setting forth new rules and procedures governing securities trading in regulated markets, and (ii) amend CVM Rule 301, dated April 16 1999, which regulates the identification, registration form, communication, limits and liability before the CVM for money laundering crimes, and CVM Rule 14, dated October 17 1980, which regulates call and put options transactions that take place in the securities exchange and their requirements.

Under a securities loan agreement, a borrower typically borrows securities from a lender and posts collateral to secure its obligation to return identical securities. Even though the securities are loaned, for US federal income tax purposes there is a transfer of ownership from the lender to the borrower resulting in an exchange upon entering into the agreement and upon termination. However, no gain or loss is recognised to the lender for US federal income tax purposes upon the initial transfer of securities to the borrower and the return of identical securities to the lender upon termination of the securities lending agreement, provided the securities loan agreement meets certain requirements specified by Section 1058 of the Internal Revenue Code.

Pursuant to Article 179 of the Turkish Execution and Bankruptcy Code (TEBC), an insolvent debtor is entitled to apply to the commercial court and suggest a proposal for restructuring its debts and strengthening its financial status. This is referred to as "stay of bankruptcy" under the relevant article. Under the TEBC, a corporation whose assets are not sufficient to cover its debts may apply to the relevant court on its own initiative; or any of the creditors may request this from the competent court with a restructuring project prepared for that insolvent debtor.

The UK budget is encouraging funds onshore. But income tax and the hedge funds directive are pushing managers offshore

At least the final directive has some options for banks. That 5% retention might go up though

No one is gloating over the bankers that lost their jobs

All the people moves and firm news from May

How Tarp and the SEC's moves on proxy access will change shareholder rights