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Billion dollar price tags are the new normal for M&A. IFLR1000’s annual rankings identify the law firms that have laid the foundations for next year’s deal activity

Işıl Ökten Erdi Yıldırım Sukuk issuances were regulated under the Communiqué on Lease Certificates and Asset Lease Companies Serial III, number 43 (Former Communiqué) dated April 1 2010, by the Capital Markets Board of Turkey (CMB). Three years later, the CMB published the new Communiqué on Lease Certificates III-61.1 (New Communiqué) dated June 7 2013, which introduced new types of sukuk (lease certificate) issuances.

Daniel Futej Rudolf Sivák An amendment to the act on public procurement came into force on November 1 2015. One of its goals is to make public procurement transparent through the creation of a register (the Register) of beneficial owners – those who take part in public procurement. Public procurement is particularly understood to mean the procurement of goods and services by governmental agencies, municipalities and other authorities that are publicly financed. The Register should allow identification of the real owners (beneficial owners), and not just the ostensible (paper) owners, of entities that participate directly or indirectly in the public procurement process. The Register does not apply to other forms of governmental expenditure, such as state subsidies, transfers of state property, contributions from European funds, or claims made against the government.

China's long battle to get the renminbi (RMB) included in the IMF's reserve currency basket has been well documented, right up to the point it achieved that goal on November 30. There is little doubt that the move will help pave the way for wider use of RMB globally.

If there's one thing to take from Europe's various capital market initiatives over 2015 – most notably, the Capital Markets Union – it's that the continent's financial infrastructure needs work. Europe's new single securities settlement platform, Target2-Securities (T2S), has been hailed as one of many solutions to that problem. A €1 billion ($1.5 billion) project run by the European Central Bank, T2S provides the post-trade IT system that underpins Europe's single capital market. And while its potential to boost efficiency and reduce costs shouldn't be underestimated, the project's first few months have been marred by technical issues and severe delays. "There's definitely questions over the complexity of the system," says Godfried de Vidts, chairman of the European Repo Council. "The amount of delays and teething problems so far is not surprising, and I think we can expect a lot more of that in the future."

An unlikely source of issuance in Europe's growing contingent convertible (CoCo) market in 2015 was Greece. And the next 12 months could lay the foundations for more.

Here's a cheery Christmas quandary: would you rather be fined or publicly shamed? Back in November, the UK Takeover Panel publicly censured Credit Suisse, Freshfields Bruckhaus Deringer and Holman Fenwick Willan over the way they handled the 2010 creation of Bumi, a London-listed miner of Indonesian coal.

Dawn raids are a gruelling experience, even for industry veterans. Thankfully, they are willing to share their tips on how to survive one

African eurobonds haven't built on 2013 and 2014's record volumes, but there are some other interesting developments at play. Most notably, a growing number of corporates are taking advantage of the yield curve set by sovereigns and are tapping the international investor base.

While 2015 was the year securitisation came back into fashion – at least in the eyes of the European Commission (EC) – 2016 could be the year that reality bites and regulatory disconnects hit home.