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In 2016, for better or worse, LatAm's equity market activity will largely hinge on the stability of local currencies. And counsel are cautiously optimistic. The region is not known for a robust equity market, but according to Shearman & Sterling partner Antonia Stolper, last year was in a class of its own. "2015 was truly bad," she says. "We had the whole Fibra boom in Mexico in the last two years and other one offs in some other countries. But the pipeline is somewhat weak."

Securitisations as a whole might be marred by EU regulatory clashes, but commercial mortgage-backed deals (CMBS) are set to broaden their footprint across the continent. And their tranches will blur the boundary between loans and bonds.

Luis Souza Vinicius Sahione On November 4 2015, Brazil's Central Bank published rules for setting up and operating credit unions. These rules are guided by the new legal framework established in August 2015 by the National Monetary Council (CMN), which regulates credit unions.

Oene Marseille Emir Nurmansyah The Ministry of Trade of Indonesia has issued a new regulation in an attempt to simplify and clarify the import requirements as regards certain goods, including: food and beverages, 'traditional' medicines and health supplements, cosmetics, household first-aid kits, footwear, electronic devices, and toys.

Pedro Cortés Marta Mourão On November 17 2015, the Chief Executive of Macau delivered the policy address for the fiscal year of 2016 at the Legislative Assembly. Chui Sai On stated that, after 10 years of continuous rapid growth, the gaming industry was going through an adjustment phase, with its revenues recording successive breakdowns.

Bisola Olusoga Chinelo Agom-Eze With 15% growth in the last decade, Islamic financing has found increased prominence across the globe and more recently in Africa. Nigeria, ranked among the top ten fastest growing economies with the largest Muslim population in Sub-Saharan Africa has the potential to become a leading Islamic finance market. Islamic finance may also provide an appropriate solution to the country's dearth of infrastructure finance.

Hani Al Naddaf When entering into any contractual agreement, it is important to carefully consider the dispute resolution clause as this will determine where and how disputes will be heard. Similarly, when entering into a facility agreement where one of the parties is in Qatar or where the contract is performed (partially or completely) in Qatar, it is important to understand whether Qatari courts would uphold the parties' choice of foreign law and foreign jurisdiction or arbitration or dismiss them in favour of Qatari laws and courts.

Susanne Schreiber The Swiss Federal Supreme Court (SFSC) recently decided in a leading case on the revocation of a Swiss tax ruling which covered a continuing fact pattern.

León López Iglesias Law 40/2015, of October 1, on the Public Sector Legal Regime, which entered into force on October 22 2015, has amended article 90.1.6 of the Insolvency Law regulating the insolvency treatment of loans secured by pledges over future credits governed by Spanish law.

Huong Thi Thanh Nguyen Vietnam started opening its market for distribution services in 2007, immediately upon its official accession into the World Trade Organisation (WTO). Until 2010, the door for foreign trading companies was fully open for three main trading services, namely: (i) commission agent services, (ii) wholesale trade services, and, (iii) retailing services, except for certain kinds of products that were expressly reserved under Vietnam's WTO commitments as regards services; and the limitation on the permitted number of retail outlets, which was subject to the so-called economic needs test.