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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

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.

Fabiola Cammarota de Abreu Ricardo Lara Gaillard In August 2016, the tribunal of the Brazilian antitrust authority (the Administrative Council for Economic Defense or Cade) reversed a previous decision of its General Superintendence. This previous decision held that down payments violated the so-called gun jumping rules laid down in Cade's guidelines. In doing so, Cade issued its first precedent on the legality of a down payment and the payment of reverse break-up fees in M&A transactions, vis-à-vis the current gun jumping regulations.

There are calls for the regulatory focus in the financial services industry to shift away from the authorisation of products towards the needs of investors

Oene Marseille Emir Nurmansyah In October this year, Indonesia released a policy roadmap intended to support and encourage growth in the national e-commerce market. This market is expected to reach $130 billion by 2020.

Manuel Atencia Ignacio Inigo Starting in 2011, the Spanish legislator has introduced a series of reforms which have included the possibility to cram-down creditors through the Spanish scheme of arrangement (homologación judicial).

France's new anti-corruption law has been heralded as a small revolution in the battle against white collar crime. It also indicates a growth in French extraterritoriality to rival the US and UK's treatment of corrupt practices.

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.

Ahmed Shibeer In the Balkans, a number of firms announced alliances or firm acquisitions. In Serbia GECIĆ LAW acquired Colic Law Office, an M&A and litigation boutique with Ognjen Colic taking up the role of head of corporate. In Bosnia and Herzegovina, KARANOVIĆ & NIKOLIĆ announced its expansion into the Republic of Srpska through a cooperation with Banja Luka based Goran Babic, a finance partner and former lawyer at Hypo Alpe Adria. Finally DIMITRIJEVIĆ & PARTNERS (Bosnia and Herzegovina), ŽURIĆ & PARTNERS (Croatia) and BOJOVIĆ & PARTNERS (Serbia) formed a new alliance – SOUTH EAST LEGAL ALLIANCE (SELA) – in the Balkans.