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The European regulatory capital market continues to grow, but global and EU reforms are causing concern among investors and issuers

Opportunistic investors are beating a path to the region. But differences in company structures and judicial opposition will ensure the journey won’t be easy

The tips and tricks that will help the region’s dealmakers exceed last year’s record volumes

Corporates looking to set up headquarters in the continent need a jurisdiction of substance. Here are their best options

The non-recourse financing of Deepwater Wind Block Island has caught the attention of other sponsors who are keen to tap the nascent sector

Elias Neocleous The Investment Services and Activities and Regulated Markets Law, Law 144(I) of 2007, requires Cyprus Investment Firms (CIFs) that hold clients' funds to take every possible measure to protect their clients' interests. The Cyprus Securities and Exchange Commission (CySEC) issued detailed guidance to CIFs regarding these obligations in 2012 in its Directive DI144-2007-01, which requires CIFs to have adequate arrangements in place to minimise the risk of loss or diminution of clients' assets as a result of misuse, fraud, poor administration, inadequate record keeping or negligence. CySEC has recently issued a reminder to CIFs that maintain a merchant account for the clearing or settlement of payment transactions that any such merchant account must be completely segregated and may not be used by anyone other than the CIF. Under no circumstances may CIFs' merchant accounts be used by connected persons or third parties, as this does not provide the required degree of segregation and protection of client funds.

Diego Alejos Rivera The market for securities and commodities in Guatemala operates within the legal framework provided by the Securities and Commodities Market Act. The regulation contained in this Act established the playing field in which securities and commodities are negotiated as well as setting out the parameters through which key players in the market behave. Although the Securities and Commodities Market Act is 18 years old and was amended once in 2008, the market remains undeveloped in Guatemala, as the negotiation of securities through public or private placements is limited. To counteract this, the Monetary Board is seeking to pass a new law, which will regulate the market and its players. The Monetary Board through this bill seeks to facilitate the integration and eventual development of the market in Guatemala by substantially modernising the legislation.

César Rodríguez The Colombian fourth generation concession programme is seeking its first financial closing. Considering the huge amount of money needed, concessionaires are trying to put in place the optimum capital structure, combining long-term senior financing, revolving liquidity facilities, equity contributions and subordinated debt. Historically, subordinated debt has been widely used in infrastructure projects in Colombia as an instrument to inject sponsors' equity, and to avoid cash traps and other restrictions. However, existing sponsors are assessing how to obtain subordinated debt from non-affiliated parties, such as governmental entities and private equity funds. This represents a new feature in the Colombian landscape, as well as further challenges.

Oene Marseille Emir Nurmansyah As of March 1 2015, anyone flying out of Indonesian airports will no longer need to shell out for the passenger service charge (more popularly known as airport tax). The charge will have already been included in the price of the airfare. The Indonesian director general of air transportation issued Regulation 12 of January 23 2015 addressing this matter. Regulation 12 was amended a month later by Regulation 59 (February 24 2015), but the core change was retained. Article 3, which states that passenger service charge will be assessed and added to the price of the airline tickets sold by the airline, was kept unchanged.

Karole Cuddihy John Breslin In Independent Trustee Company v Registrar of Companies 2015, the plaintiff (ITC) challenged the Irish Registrar of Companies (or Companies Registration Office: the CRO). The plaintiff claimed that the CRO gave the status of 'receivership' on the register of companies to a company which had a receiver appointed over some and not all of its assets. A lender appointed receivers over certain assets, which ITC held on trust for a sub-fund. The lender placed the usual advertisement in a newspaper and notified the CRO of the appointment.