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Rodrigo Taboada On September 20 2013, the Superintendence of Banks of Nicaragua approved the Regulation for the Transparency of Financial Operations. The Regulation aims to promote the disclosure of accurate financial terms to users of financial services, allowing them to make a knowledgeable choice between financial alternatives and financial institutions. This also includes insurance services and insurance companies.

Borys D Sawicki The relative positions of bank and borrower are not equal. Typically, the bank enjoys a privileged position, being entitled to unilaterally affecting the legal relationship created by a loan agreement by terminating it in the event of a termination prerequisite. Under the applicable provisions of the Polish Banking Law, if the borrower fails to comply with the conditions of granting the loan or loses their creditworthiness, the bank may reduce the amount of the loan or terminate the loan agreement. However, it would seem reasonable to require banks not to stick to the literal wording of the above-mentioned provision of the Banking Law, but rather look at the purpose of the regulation, which serves as a tool for the safe management of credit risk, allowing for the maintenance of the bank's financial liquidity.

A three-judge panel of the Mauritian Supreme Court handed down a judgment in Cruz City 1 Mauritius Holdings v Unitech and another 2014 SCJ 100. This is the first reported decision by a panel of so-called designated judges appointed to decide matters relating to international arbitration.

Anna Cristina Valdes In 2010, the Republic of Panama added to its Tax Code a new chapter regarding the adequacy of double tax conventions for the avoidance of double taxation. The arm's length principle was defined, as well as the term related parties, and the scope of application of transfer pricing in the Republic of Panama. Operations realised by Panamanian tax-payers with related parties will be valued according to the arm's length principle. In other words, ordinary as well as extraordinary income, costs and necessary deductions to realise operations should be determined based on the price and amount agreed by independent parties under similar circumstances.

Laura Widmer Until recently, Switzerland's regime for social plans was rather liberal. No obligation to conclude a social plan existed unless one was foreseen in a collective employment agreement. If companies offered severance payments or other benefits in case of redundancies, they usually did so on a purely voluntary and fully discretionary basis. Since January 2014, the amended Swiss restructuring law has been in force and the situation has changed. As a compensatory measure for loosening the legal requirements for the transfer of insolvent businesses, the new rules introduced a duty to implement a social plan in case of mass dismissals. Employers are now required to negotiate a social plan if the criteria summarised below are met.

Soonghee Lee In Korea, most securities, except for electronic short-term bonds, are issued in paper form and managed through a central deposit. As of January 2014, however, 31 OECD (Organisation for Economic Co-operation and Development) countries and China have adopted an electronic securities system, whereby securities are not issued in paper form and registration in an electronic registry is performed instead. Under this electronic securities system, the rights of securities holders are recognised, and the transfer, establishment of security over and exercise of rights are performed. The adoption of the electronic securities system allows cost savings compared with the issuance of securities in paper form, and it also removes risk factors resulting from the custody and management of securities in paper form. Further, through the foreclosure, in principle, of tax evasion, money laundering and other illicit transactions, the adoption of the electronic securities system is expected to result in the adoption of real-name securities transaction and holding systems; it is also expected to contribute considerably to investor protection and the formation of a fair trading order through prompt provision of information on the issuance and circulation of securities. As such, the National Assembly of Korea is discussing legislation for the adoption of an electronic securities system in order to improve capital market efficiency by facilitating the issuance and circulation of, and exercise of rights with respect to, electronic securities.

Daniel Futej Rudolf Sivák A new legislative proposal which restricts the acquisition of agricultural land in Slovakia by foreign persons was submitted to the Slovak Parliament. Even though it has not been approved yet (it is a governmental draft and the government has majority in Parliament), it does deserve attention. As of May 1 2014, a limitation on the acquisition of agricultural land by foreign natural persons from EU states no longer applies. In this respect, the Slovak Government prepared a draft with the aim of regulating the acquisition of agricultural land. The new legislation will ensure that agricultural land is acquired for agricultural purposes and not as speculative purchases.

Bitcoin and other virtual currencies have been in the news recently as one Bitcoin exchange, Mt Gox, went bankrupt and reporters chased the purported creator of Bitcoin around Los Angeles. Given their growing popularity, the Internal Revenue Service (IRS) thought it necessary to issue guidance on virtual currency, such as Bitcoin, in Notice 2014-21. The Notice, which is in the format of answers to frequently asked questions, describes how existing tax principles apply to transactions involving virtual currency.

The region’s regulators are proving indecisive on FDI reforms, but forging ahead with new technologies like cloud computing

Regulatory and market developments will rein in the convergence of cov-lite, term loan B and high-yield terms across Europe and the US