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A focus on behaviour may boost liquidity by improving clients’ understanding of how markets work

Susanne Schreiber Cyrill Diefenbacher On February 12 2017, the corporate tax reform III draft (CTR III draft) was rejected in a national referendum. As a result of that rejection, a new bill will have to be elaborated and agreed on within a short time frame by the Federal Council and Parliament. It is still expected that a new bill will introduce certain accompanying fiscal measures aimed at maintaining the international competitiveness of Switzerland, but the bill also needs to be in a form that attracts majority support and counters reservations of expected losses in tax revenues.

João Nuno Riquito Carlos Eduardo Coelho On November 10 2016, the Macau Special Administrative Region (Macau SAR) legislative assembly unanimously approved the first reading of a bill that proposed amendments to the law on the prevention of money laundering activities – law 2/2016 (AML law). More recently, on January 4 2017, the legislative assembly approved the first reading of a bill that proposed a border currency declaration system for anyone entering or leaving Macau SAR.

Beatriz Causapé Laura Torrecilla In a context where Spanish banks continue to sell their non-performing loans (NPLs) to reduce the level of their provisions and improve their solvency ratios, several national and regional rules have been approved, and resolutions passed recently in an attempt to protect debtors, who are often in precarious situations.

Jose Florante M Pamfilo Recently, the Philippine supreme court voted to deny the petition made in the case of Roy vs Herbosa (GR number 207246) to invalidate SEC Memorandum Circular number 8-2013 (guidelines on compliance with the Filipino-foreign ownership requirements prescribed in the constitution and/or existing laws by corporations engaged in nationalised and partly-nationalised activities) (MC 8-2013) issued by the Philippine securities and exchange commission (SEC).

Ippei Nishiuchi On December 26 2016, the act promoting implementation of specified integrated resort areas – the so-called Japanese 'casino law' – was promulgated and partially came into force. The act mainly aims to set out the fundamental principles and policies concerning the establishment of 'specified integrated resort areas', which are locations certified by the government as areas within which casino facilities can be established. Outside these areas, it will continue to be illegal to operate casinos.

In late 2016, the Slovak parliament passed an amendment to the income tax act that introduced several tax-related changes. Along with a reduction in the corporate income tax rate from 22% to 21%, the most important changes concerned taxes on dividends, to be implemented progressively beginning January 1 2017.

Nguyen Hoang Ly Public offering or private placement

Neerg Energy’s dual issuance overcame several regulatory and commercial obstacles

Will there be any piece of Obama administration legislation left when Donald Trump decides to end his regulatory rollback? Healthcare, environmental and trade rules have so far been given a significant haircut, but financial regulation is undergoing one of the most significant and high-profile dissolutions.