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Maiko Shimoda On June 3 2016, the Reform Act of the Banking Act, etc (the Reform Act), which includes amendments to the Banking Act, was enacted. Its aim is to respond to the diversification of the form of business management in financial groups and the rapid rate of innovation in information technology (IT). The details of the new regulation will remain unclear until the amendments to the relevant cabinet orders are announced. However, the Reform Act concerning the amendments to the Banking Act has already revealed the new regulatory framework for the banking group.

Radka Sláviková Geržová Martin Ilavský The new Code of Civil Contentious Procedure entered into force on July 1 2016. It aims to speed up the litigation process. Previously, cases would often drag on for several years because the parties to the dispute had submitted their allegations and offered evidence to the court in small bits at a time. This may have been for tactical reasons, or because the facts and evidence did not arise all at once.

James Sattin While this summer's grand inauguration of the expanded Panama Canal has rightfully taken centre stage in the conversation on Panama's role in facilitating international trade, other more subtle efforts by the government are also beginning to produce noteworthy results. In particular, in April Panama's legislature passed Law 8 of 2016, which, among other things, restructured the Colon Free Zone. This is a long-standing international free trade zone located in the city of Colon on the Atlantic side of the Panama Canal. Law 8 replaced the 68 year-old Law 18 of 1948, which was understandably in need of modernisation.

Russel Rodriguez John Christian Joy Regalado The Financial Rehabilitation and Insolvency Act of 2010 (FRIA) provides more transparent, effective and efficient dealings between creditors and financially-struggling debtors. According to FRIA, a debtor or creditor may initiate rehabilitation proceedings to restore an insolvent debtor to solvency when (1) this is economically feasible, and (2) the projected recovery under the rehabilitation plan would be greater if the debtor was allowed to continue its business than if it was constrained to cease operations and liquidate its assets.

Brexit could impact bespoke derivatives trading documentation. And the possibility of dual compliance requirements will further add to transaction costs

The nation is the first European entity to tap the third-largest bond market in the world, setting the benchmark for others to follow

Guilain Hyppolyte Sonya Paul Ben Davis The Baltics has seen the creation of its latest alliance. Aivar Pilv in Estonia, Fogels Vītols & Paipa in Latvia and Balčiūnas & Grajauskas in Lithuania will rebrand as the LEADELL group of firms, known as Leadell Pilv in Estonia, Leadell Fogels Vitols & Paipa in Latvia and as Leadell Balčiūnas & Grajauskas in Lithuania.

The rush to P2P loans has been spurred by a slump in ten-year government bonds Korea's Financial Reform Committee has set up a task-force to draft industry guidelines aimed at protecting investors from fraud by peer-to-peer (P2P) lenders, following several high-profile cases in China and the US. However, this approach has been deemed insufficient because the guidelines are not legally binding.

The M&A mega deal, valued at $10 billion or more, helped make 2015 a record year. But data from Bloomberg Law – for US targets and US and overseas acquirers – suggest mega deals come with an increased risk of not closing. Over 28% of those deals failed from January 1 2012 to June 30 2015.

A new instrument linking financial returns to environmental or social goals could thrive. But securities law conditions need to be met first