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Global regulators are focusing on central counterparty clearinghouses, examining whether they can cope with a major default

No formal guarantee that coupons will be paid has been a frequently raised concern. Statements of intent at the time of issue have failed to provide security

John Breslin It is a basic rule of common law that a court will not uphold a claim founded on an illegal act. This rule is important for internal and external counsel acting for financial service providers to keep in mind. Financial service providers operate in a highly regulated environment. Even exercising all due diligence, and with highly resourced compliance systems, mistakes and errors of judgement occur. Applying the strict common law approach can result in unjust and disproportionate results, particularly in cases of technical breach.

Yoshitaka Kato On April 28 2016, the Ministry of Economy Trade and Industry published a practice guide for the introduction of restricted stock as a new incentive award for directors and executive officers in Japan. The introduction of restricted stock is a common performance-based award in western countries. According to the practice guide, it will enable Japanese companies to globally acquire highly-talented management personnel and manage this personnel in a uniform way. Additionally, the Japanese Corporate Governance Code, which the Tokyo Stock Exchange published in 2015, provides that in order for management remuneration to operate as a healthy incentive for sustainable growth, the proportion linked to mid- to long-term results and the balance of cash and stock should be set appropriately.

Oene Marseille Emir Nurmansyah In July 2016, Indonesia's president Joko Widowo issued a new regulation clarifying a previously issued presidential regulation which had set a minimum authorised capital amount of IDR 50 million (approximately $4,000) for the establishment of companies.

One of the country’s largest consolidations to date is on track, but cross-border elements have created compliance challenges

The securities regulator has taken action, but tailored rules are still needed to reduce the risk to the country's financial system

João Nuno Riquito Bruno Almeida Macau continues to face the challenges resulting from the 26 month-long dip in local casino revenue. However, amid expectations of a recovery, the city's gaming regulator is introducing structural adjustments to the gaming industry. These adjustments aim to encourage the diversification and sustainable development of Macau's economy.

Edgar Herrera In 2009, after a series of economic developments that focused mainly on the drive to increase international tax cooperation and transparency, Panama enacted a series of treaties destined to avoid double taxation and prevent tax evasion.

Carina C. Laforteza Lito Paolo T. Martin II The enactment of Republic Act No. 10881 on August 16 2016 is set to make the Philippines a more attractive destination for foreign investors in the financing industry. This new legislation has lifted certain foreign equity requirements.