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“There is no tripartite regulation any more. I’ve been in those meetings and the FSA just sits in the corner"

“It turns hedge funds into an off-shoot of the mutual fund industry”

The FSA is reducing the subscription period for rights issues. But it will not consult on more drastic recommendations until “later in the year”

On December 12 2008, the new Financial Instruments and Exchange Act took effect. This law, as well as other laws and regulations related to it, has been amended mainly to: (i) create a new market for professional investors; (ii) revamp the firewall regulations for banks, securities firms and insurance companies; and (iii) expand the administrative monetary penalty system. Please note that the amendments regarding firewall regulations have not yet taken effect but are scheduled to take effect by June 12 2009.

Singapore Exchange (SGX) has issued a consultation paper seeking public feedback on the proposed permanent penalty framework for non-delivery of securities. For readers who are keen to read more on the proposed framework, the same may be accessed from SGX’s website at www.sgx.com.sg. This is preceded by the implementations of SGX on September 22 2008 to prevent settlement failures of securities and abusive naked short selling. Short selling is the sale of securities or commodity futures not owned by the seller (who hopes to buy them back later at a lower price).

Greenberg Traurig has hired Stephan Mallenbaum, Conrad Everhard and Sean Hayes as partners to its corporate and securities practice in New York from K&L Gates.

Edward Greene has re-joined Cleary Gottlieb Steen & Hamilton after a three-year stint as director of the Division of Corporation Finance at Citigroup.

Chilean firms Bofill Mir and Alvarez Hinzpeter Jana will merge to become one of the five largest firms in the country.

Mark Traynor has joined A&L Goodbody as a partner in the firm’s restructuring and insolvency practice.

China’s Ministry of Commerce has issued guidance on the anti-monopoly law – and more could be on the way