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When the UK's Tesco Bank was hacked in November, and the criminals made away with £2.5 million ($3.1 million) from 9,000 customer accounts, it was called the worst cyber-attack in British banking history. The firm's response involved a call to other banks to work together as an industry, to protect consumers and the financial system as a whole.

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.

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.

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 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

Some EU member states want to attract funds’ business under AIFMD, but practical challenges remain

João Nuno Riquito Rui Filipe Oliveira In line with the recent regulatory tendency to focus on the real estate property market, the Macau government has prepared new legislation to regulate the management of a condominium's common areas.

Elias Neocleous The Cyprus Securities and Exchange Commission (CySEC) recently issued a draft circular for consultation with Cyprus Investment Firms (CIFs) and other stakeholders. The paper sets out the proposed changes to, and clarifications of, the detailed procedures that CIFs must follow to fulfil their obligations to safeguard clients' funds. The consultation period ran until November 18 2016; the new guidance is expected to be issued early in 2017.

Carlos Fradique-Méndez Sebastián Boada Morales On September 30 2016, the Colombian Central Bank (Banco de la República de Colombia or BRC) issued External Regulation 14. It eliminated the obligation to file a foreign exchange declaration through a foreign exchange intermediary in respect of the remittance of funds under an exchange operation with a Colombian resident.