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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.

John Breslin Ireland's corporate rescue legislation (now contained in the Companies Act 2014) is analogous to the US chapter 11 process. It provides up to 100 days of breathing space for an insolvent company which has a viable enterprise to see whether it can put in place a restructuring plan. An independent officer (the examiner) is appointed to examine the company's affairs and, if possible, put in place a restructuring plan. During this period the company cannot be wound up, security granted by it cannot be enforced and it is immune from legal process. Except in exceptional circumstances, the examiner does not take over the management of the company. Therefore, (as in chapter 11) it is a debtor in possession process. If the examiner can put a restructuring plan in place, this is subject to a pro-restructuring voting regime, with the ability to cram down unsecured creditor claims.

Oene Marseille Emir Nurmansyah The Finance Ministry of Indonesia has issued a regulation outlining the procedures for granting government loan guarantees for the development of electricity infrastructure in Indonesia. The regulation also outlines the steps for enforcing the guarantees.

Project finance deals involving commodities require constant risk mitigation and management. Good structuring from the outset is key

Finra’s approval requirement: considerations for non-US acquirers of US broker-dealers