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The European Commission's proposals for the Capital Requirements Directive (CRD V) have been deemed by some as a retaliatory response to US regulatory standards. But Clifford Chance's Simon Gleeson believes the proposals will not substantially damage US banks with operations in the EU.

Jeremy Cunningham Andrew Yang Dannelle Howley There have been some interesting recent developments in the legal markets in Asia-Pacific, with firms making moves that reveal their local and international strategies. In Hong Kong, CLIFFORD CHANCE hired corporate partner Frank Yuen from independent firm Woo Kwan Lee & Lo to enhance its offering to local clients. Yuen is focused on Hong Kong listings and related public mergers and acquisitions. Last year he acted for billionaire Li Ka-shing on a major reorganisation of his $97 billion business empire.

China may have made a comeback in credit-risk mitigation products by launching its first batch of credit default swaps (CDS) but pricing them will be impossible without an auction mechanism in place.

Asset managers in the UK are readying themselves for a new individual accountability regime previously only applicable to senior staff members at banks, and for some – particularly international-facing businesses – governance structures will have to be overhauled.

Joseph Condo In a major shakeup in central America, global law firm DENTONS announced a proposal to open offices in central America through a combination with MUÑOZ GLOBAL. The Costa Rican-based Muñoz brothers, José Antonio Muñoz and Pedro Muñoz, have split from leading firm Arias & Muñoz, which will now be known simply as ARIAS. Muñoz Global will also have offices in Panama and Nicaragua. Gisela Alvarez de Porras will act as managing partner of the Panama office, having previously acted as managing partner of Arias & Muñoz's Panama office, but left the firm in April 2016 to serve on an Advisory Committee of Independent Experts for the Government of Panama to review financial practices. The partnership for the Nicaragua office is yet to be announced.

The market must be improved to overcome legal uncertainties which are hindering its full development

Inconsistent legislation and home-grown commercial specificities mean investors need to factor the risk of entering India into their deals

Banks have found themselves competing with direct lenders in the aftermath of the 2008 financial crisis. But they still have a key role to play in the global markets

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

Greece is amending parts of its out-of-court workout regime but the country’s economic situation may prove an obstacle to their successful implementation