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China's ambition to follow in Japan's footsteps and build a global business empire has not shown any signs of abating, with well-known Chinese billionaires leading the country's global expansionist drive. But the modern version of an (economically-driven) manifest destiny, made inevitable by China's accumulating wealth, is increasingly being met with heavy resistance from governments and grassroots advocacy groups alike.

Regulators must break down the barriers to the distribution of funds across member states to improve cross-border investment and capital market activity in the EU, according to a September report by France's securities regulator.

Avtoban is on its way to achieving financial close on the multi-billion MCRR project

Petrobras, the Brazilian state-owned energy company, is selling gas pipeline networks in a landmark deal. Local lawyers who worked on the $5.2 billion transaction see it as a sea-change in the country's energy market.

Monica Arora Carl Frischling Following an August lull, September saw the return of lateral movement between leading US firms.

John Baptist Chan There have been some interesting developments in the past month in some of the larger markets in Asia-Pacific. In Hong Kong, Wall Street firm CADWALADER WICKERSHAM & TAFT decided to end its operations in Beijing and Hong Kong, becoming the third major firm - following Fried Frank Harris Shriver & Jacobson and Chadbourne & Parke - to do so in the past 15 months in what is becoming an increasingly tough market for international outfits.

Elias Neocleous The Cyprus Securities and Exchange Commission has informed Cyprus Investment Firms it regulates of a change in the treatment of contributions to the Investors Compensation Fund (ICF) for the purposes of calculating capital adequacy. The Investment Services and Activities and Regulated Markets Law of 2007 to 2016 requires regulated investment firms to be members of the ICF and to contribute to it.

Many economic groups have been filing for judicial reorganisation in Brazil, a process similar to chapter 11 of the US Bankruptcy Code. In certain cases, local courts have claimed jurisdiction over foreign entities filing for judicial reorganisation in Brazil, even though Brazilian law does not have any cross-border insolvency rules. Well-known judicial restructuring cases such as OGX, OAS and Schahin have helped develop case law on Brazil accepting the judicial reorganisation of foreign entities. Yet, in a recent case, the court denied such a request and re-opened discussions.

Shareholder loans which are converted into equity can be risky for both the funded subsidiary and the shareholders. Turkish law provides one illustration

Violeta Molina Last year, the Salvadoran Congress passed an amendment to the existing anti-money laundering (AML) law, which has been in force since 1998. The purpose of the amendment was to include under the definition of regulated entities several entities that were not originally covered, and that therefore did not have to comply with the AML law. These entities include: general business corporations; accountants; lawyers; public notaries and any entity that has been lawfully incorporated; as well as financial institutions. The amendments establish new obligations, processes, requirements and sanctions that apply to all regulated entities.