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On November 12 2013, the Chief Executive of Macau, Chui Sai On, delivered his last policy address of his first term of office.

Takashi Itokawa On November 5 2013, the cabinet order and accompanying regulations amending Japanese short-sale regulations came into force. The amendments consist of three main points: (i) relaxation of the uptick price rule; (ii) confirmation of the reporting and disclosure obligations concerning short-sale positions; and (iii) confirmation of the prohibition of so-called naked short sales. Previously, conducting short sales on a Japanese stock exchange at a price equal to or lower than the market price was prohibited. Following the introduction of the amendments, this uptick price rule will only apply if the price of the relevant stock should decline by 10% or more from the closing price of the preceding business day. This rule is applicable for the period from the day such a decline occurs through to the close of trading the following business day. The amended uptick price rule will also apply to short sales conducted through the proprietary trading systems (such as after-hours stock trading systems provided by certain securities brokers).

Jaime de la Torre Viscasillas On May 7 2013, a new alternative fixed-income securities market (Mercado Alternativo de Renta Fija, the MARF) was created in Spain through a resolution passed by the Associate in Insurance Accounting and Finance (AIAF) management company's board of directors. The MARF is a way for companies (whose circumstances prevent them accessing official secondary markets) to obtain financing through the issue of fixed-income securities. Other European countries already have alternative markets listing fixed-income securities, such as Germany's Eurex Bonds GmbH, Luxembourg's EuroMTF, and Ireland's Global Exchange Market – GEM.

The lighter side of the past month in the world of financial law

Anna Cristina Valdes The concept of residency is defined by Panamanian law in Law 33 of June 30 2010, as amended by Law 52 of August 28 2012. The necessity for such a definition arises principally from the signing of conventions for the avoidance of double taxation (DTCs) by the Republic of Panama, and to assist its national strategy regarding the development of international services. In particular, Article 762-N of the Panamanian Tax Code establishes that tax residents are those individuals who remain on Panamanian territory for more than 183 days, or who have established their permanent homes in the country. Furthermore, legal entities constituted in accordance with Panamanian laws, or constituted as foreign entities registered with Panama's Public Registry, which have their place of effective management in the Republic of Panama, are also considered tax residents.

India’s new rules allowing local companies without a domestic listing to list overseas have generated excitement, but market participants believe that more clarity is needed

Assad Abdullatiff Mauritius has, over the last two decades, forged a strong reputation as a premier international financial centre. The combination of fiscal and non-fiscal advantages together with the diverse product-base has been the key ingredient of the Mauritius success story. Although Mauritius is better known as a gateway for the structuring of investments into India and increasingly Africa, it is also being used by professional advisers and their high net worth clients as a jurisdiction of choice for private wealth management services. The enactment of the Foundations Act in 2012 has widened the choice of structures available to wealth management specialists. Traditionally, trusts have been the preferred planning tool in the context of wealth management planning for high net worth families. Mauritius law allows for the setting up of various types of trusts – fixed, discretionary, protective, purpose, spendthrift, Sharia-compliant and charitable trusts. A number of high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) already use a Mauritius trust for estate, succession planning and family office services.

Anna Pinedo Basel implementation in the United States continues to progress, as shown by the recent release of a proposed rule on the application of the liquidity coverage ratio, or LCR. The proposed LCR is largely consistent with the Basel Committee on Banking Supervision's LCR standard, but tougher. The proposed rule would apply to internationally-active banking organisations with $250 billion or more in total consolidated assets, or $10 billion or more in on-balance sheet foreign exposure, as well as designated non-bank systemically important financial institutions that do not have substantial insurance operations. A less stringent version, termed LCR lite, would apply to smaller depository institutions. As under the Basel rule, covered companies would be required to hold high-quality liquid assets (HQLA) of at least 100% of the company's total net cash outflows over a prospective 30 calendar-day period. However, the types of assets that qualify as HQLA for US banks are more limited than those considered qualifying for European banks. Under the proposed rule, the measure of the rate of cash outflow is also more punitive, as it is based on the bank's largest net cumulative cash outflow day within a 30-day liquidity stress, as opposed to the more moderate Basel version of this calculation. US banks would have a shorter transition period than that contemplated by Basel. Covered US banks would be required to maintain an LCR of 80% as of January 1 2015, with step-ups until January 1 2017 when the LCR will be fully implemented.

Personnel leasing, which allows for the hire of employees from another employer or temporary employment agency, has become established in Slovakia. A temporary employment agency enters into an employment contract with an employee, and with an employer seeking temporary workers; it then sends the requested type of worker to the temporary employer. The agency handles payroll and any legal issues concerning the temporary employee (dismissal, for example). The temporary employers save money on payroll administration, severance pay when production is down, and they are also saved the hassle of the hiring process. Of course, the temporary employer must guarantee non-discrimination, and the working conditions (including wages) must be at least as good as with a comparable permanent employee working for the temporary employer. Such is personnel leasing.

Tomasz Konopka Borys D Sawicki Part 1 on this topic covered the penalisation of corruption in the Polish legal system in the historical context, and presented key regulations applicable to corruption at the public level. In this issue, we will focus on regulations pertaining to corruption at the private level. The general aim of the latter regulations is to protect proper and fair economic circulation, in which fair rules of economic exchange are applied and observed and where commercial decisions are made taking into account the economic interests of the relevant party. In turn, the individual aim is different for each regulation. In the case of provisions penalising the so-called corruption of managers, the aim is to protect the entity against decisions or actions, which may bring about damage to that entity. Provisions penalising corruption of creditors, highlighted further herein, aim at protecting creditors and maintain fairness and timeliness when processing claims.