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Directory secures Europe's first cov-lite Covenant-lite loans are set to make their debut in Europe. JP Morgan will raise the continent's first cov-lite package, for media company VNU World Directories.

Asia learns the lessons of its financial crisis

The extensive reach of the US FCPA

How UAE and Dubai laws conflict over the validity of derivatives

Why London missed out on the hedge funds

In the IMF Letter of Intent dated July 7 2006, the Turkish Government stated that "the Banking Regulatory and Supervision Agency (BRSA) shall continue to bring its supervision closer to best international practice. To this end, it has implemented the organizational changes envisaged in Banking Law 5411, including the merger of onsite and offsite supervision. The BRSA has also adopted the other remaining measures set out in its October action plan, including new audit teams and further improvements in transparency and accountability. To come into line with Basel Core Principles, the BRSA will complete the drafting of supporting regulations for the Law by end August 2006."

On February 1 2007 a new Capital Adequacy and Large Exposures Act (lag om kapitaltäckning och stora exponeringar) entered into force in Sweden. The Act is based on and implements the EC Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions and the EC Directive 2006/49/EC on the capital adequacy of investment firms and credit institutions, based on the Basel II agreement. The Act replaces the former Swedish legislation on Capital Adequacy and Large Exposures.

Thailand closes a shareholder loophole

The next phase of restructurings will witness a change in the list of characters controlling proceedings. Specialists can expect to be hired by a cast of secondary investors with a different take on restructuring than many traditional clients.

Staiger Schwald & Partner in Switzerland has hired Mark-Oliver Baumgarten as its new head of the banking, finance and capital markets department. Baumgarten joins the firm from Schellenberg Wittmer and he will start his new position on April 1.