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The government has had to save a number of national banks from collapsing but the EU prohibition on bailout means it’s had to look to capital markets

Elias Neocleous The European Securities and Markets Authority (Esma) set out guidelines for the assessment of knowledge and competence in its publication Esma/2015/1886 dated December 17 2015. In preparation for these guidelines which come into force on January 3 2018, the Cyprus Securities and Exchange Commission (CySEC) has issued a circular (C181 dated February 2 2017) advising Cyprus investment firms (CIFs) on their obligations when providing information to clients on the services and instruments they offer, in order to meet their overriding obligation to act in the best interests of their clients.

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

Will China’s appetite for e-money overcome regulatory restrictions? China is poised to join the ranks of countries with their own sovereign-backed digital currency platforms, with this new medium expected to be leveraged to combat money laundering and tax transparency issues. The People's Bank of China (PBOC) successfully completed a test application of a blockchain-supported digital currency developed on transactions and settlements of bank acceptance bills in December. The central bank has also announced plans to launch a digital currency research institute to develop big data systems, cryptography and blockchain technology.

A plan mooted by the European Banking Authority's (EBA) chairman Andrea Enria to create an EU-wide designated fund for dealing with the continent's bad loan problems has been met with a lukewarm response.

In Australia, ASHURST in Melbourne recruited M&A partners John Brewster and Shane Kyriakou from Clayton Utz and Herbert Smith Freehills respectively. K&L GATES strengthened its corporate and transactional team with the hire of Matthew Cridland from DLA Piper as a partner in its Sydney office. JONES DAY hired Andrew Smith in Brisbane – he joined as a partner in the firm's energy practice from Clayton Utz.

Hu Wenchi Arguably the most high-profile hire in the US recently saw ROPES & GRAY adding Paul Scrivano as head of its global M&A practice. Scrivano joined from O'Melveny & Myers, and will split his time between New York, San Francisco and Silicon Valley.

The European Securities and Markets Authority (Esma) last week called for all hedging arrangements at share class level – with the exception of currency risk hedging – to be set up as separate funds or sub-funds.

Tech firm Snap's decision to go public with only no-vote shares on offer is a bold move that's unlikely to become a trend, despite the fears of some investors. The decision taken by the parent company of instant messaging app Snapchat has incensed investors, so much so that a number of US pension funds are in the process of writing Snap's executives a strongly-worded letter.

Ian Borman In Belgium, the most significant change this month saw LIEDEKERKE WOLTERS WAELBROECK KIRKPATRICK appoint two new partners from regional firm NautaDutlih. François Tulkens, a public law specialist, joined the firm alongside Vincent Ost, who was a senior associate at his former firm focusing on real estate and infrastructure work. He has notable experience in public procurement and public-private partnership matters.