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Regulators want to split up bank activities

Pressure builds for a broader TLGP

Bogdan Bibicu and Catalin Georgescu of Bulboaca & Asociatii outline the Romanian restructuring and insolvency framework

Miguel Esperança Pina and Diogo Horta Osório of Cuatrecasas Gonçalves Pereira discuss insolvency proceedings and related M&A opportunities

Karan Singh of Trilegal discusses the problems for foreign lenders, and why India's insolvency laws must change

Paul Varul and Helmut Pikments of Paul Varul Attorneys-at-Law provide a comprehensive overview

Robert Khuzami was named Securities and Exchange Commission Director of the Division of Enforcement by SEC Chairman Mary Schapiro.

Several recent enforcement actions undertaken by the Dubai Financial Services Authority (DFSA) demonstrate that the regulator will not hesitate to impose financial penalties. Set against the current global backdrop, the DFSA's recent interventions may appear relatively low-key. They do however mark an important development in the DFSA's maturity as a financial services regulator in the Middle East.

Sukuk in general market parlance refers to a financial certificate that does not have the elements that are prohibited in Islam. Formal definitions of Sukuk can be found in international standards such as in the Shari'ah Standard of the Accounting and Auditing Organisation for Islamic Financial Instititutions (Aaoifi) as well as in local regulatory guidelines. For example, in Malaysia, the Guidelines on the Offering of Islamic Securities issued by the Securities Commission of Malaysia. In the former, Investment Sukuk is described as certificates of equal value representing undivided shares in ownership of tangible assets, usufruct and services or (in the ownership of) the assets of particular projects or special investment activity. In the latter sukuk is simply defined as a document or certificate which represents the value of an asset.

The Provisional Regulations on the Examination and Approval of the Business Scope of Securities Companies, promulgated by the China Securities Regulatory Commission (CSRC), took effect on December 1 2008. The Provisional Regulations signal the CSRC's willingness to relax the regulations amidst the general pessimism of the China stock market as one of the world's worst performing stock markets in 2008.