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José Francisco Meier Traditionally, Peruvian project finance structures have used trusts (fideicomisos) either as passive collateral trusts or cash-flow trusts, to serve as collateral and/or debt service payment mechanisms. Approximately 10 years ago, Peruvian trusts began to be used in a unique manner in project financing structures involving payment certificates for advancement of works issued by the Peruvian government (such as CRPAOs or CR-RPIs). In these structures, the referenced certificates were conveyed by the project developer to a special purpose vehicle, which would securitise or use such certificates as collateral for international securities issuances. In these transactions, payments under such certificates were made through trust structures, which additionally included a private registry of certificate holders to ensure payments were properly made to the applicable certificate holder.

Daniel Futej Patrik Daniska As of May 1 2013, several important changes to the Act on Residence of Aliens came into force in Slovakia including those relating to residence permits for the purpose of business. This applies to the members of statutory bodies of business companies who are not employed, as well as self-employed entrepreneurs. (In Slovakia, a foreigner who is both a member of a statutory body and an employee must apply for temporary residence for the purpose of employment only. This means that employment purpose of stay will prevail over business purpose of stay.)

Chuks Okoye Nigeria's capital market operators and regulators have recently made significant efforts to deepen the capital market, including the introduction of market markers in the Nigerian Stock Exchange in 2012. The impact of that intervention has already been felt, with the NSE recording a 37% growth in market capitalisation at the close of 2012, making it one of the best choices for investment globally. The recent commencement of trading by two new platforms, the National Association Securities Dealers (NASD) OTC platform and the FMDQ OTC platform promoted by the Financial Markets Dealers Association are progressive attempts at expanding the pie. The NASD OTC provides a regulated platform for the trade in securities of unlisted public companies in Nigeria thus creating an avenue for much needed liquidity and transparency for such securities. The FMDQ OTC on the other hand sets out to promote over the counter trading in financial market instruments such as treasury bills, bonds, repos and foreign exchange. These platforms seek to increase the available channels and instruments for capital market transactions. They also are aimed at catalysing the development and usage of those instruments traded as investors have the incentive of a liquid market and a transparent process.

The macroeconomic situation faced by the Spanish economy has affected the existing provisioning obligations of financial entities to classify credits, strengthening their risk management and vigilance duties.

Aslihan Özbey The Turkish Commercial Code No 6102 (TCC), which was enacted on January 13 2011 and entered into force on June 1 2012, introduced a wide range of new aspects applicable to transactions in Turkey. One of these is the prohibition on share buybacks which also affects financial assistance on acquisition financed transactions. Article 379 of the TCC enables joint stock companies and limited liability companies to undertake share buybacks not exceeding 10% of their capital, subject to certain conditions such as general assembly approval for granting authority to the board, duration of the authority, determination of price, and compliance with the preservation of legal financial reserves. Transactions which exceed the 10% threshold or which are conducted in breach of the provisions of the TCC will be void and any shares acquired must be either sold within six months of their acquisition or cancelled through capital decrease.

Mian Muhammad Nazir The exponential growth of the Islamic finance industry mandates innovative product development to support the stakeholders without compromising on the principles of Shariah. The Dubai Multi Commodities Centre (DMCC) Commodity Murabaha Trading Platform (CMTP) is one such initiative. It is now fully functional and aligns with the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE vice-president and Prime Minister and ruler of Dubai, for the Emirate to become a global hub for Islamic finance and economy. The CMTP enables electronic transfer of ownership and possession through tradable warrants. It provides a holistic solution to the Islamic finance industry through a fully electronic commodity murabaha trading platform with a complete transfer of ownership and possession of locally stored Shariah-compliant commodities in accordance with the applicable laws.

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

Big institutions are getting excited about infrastructure debt. It seems that wherever you look these days, commercial real estate is being touted as a great investment proposition.

It seems like trends of the 90s have not only returned - in fashion, music, but also in emerging markets. Vietnam is a case in point. Following the 1986 implementation of the Doi Moi campaign – reforms designed to create a socialist-oriented market economy – it was thought that Vietnam might be the next China. But it has not fulfilled its potential. While the country certainly has seen changes since the '90s, structural issues remain. In particular, a lack of transparency is endemic. This year's passage of a new law to suppress dissidents, particularly those active online, was met with a throng of international criticism.

China’s courts may increasingly turn to this when considering VIEs The legality of variable interest entities (VIEs) in China is even more uncertain following recent unfavourable rulings in China's highest court and a tribunal of the Chinese International Economic and Trade Arbitration Commission (CIETAC) Shanghai. The structure is also encountering uncertainty in the US, with the Securities & Exchange Commission (SEC) investigating US-listed Chinese companies that have used the model.