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Adrian Chair The Netting of Financial Agreements Act 2015 (Netting Act) came into force on March 30 2015, and clarifies that the netting provisions in a qualified financial agreement for qualified financial transactions are enforceable in accordance with the terms of the agreement. The Netting Act clarifies the long-standing uncertainty on the enforceability of close-out netting arising from laws construed by the market as non-netting friendly. These are: (i) sections 29A and 41 of the Pengurusan Danaharta Nasional Berhad Act 1998 (Danaharta Act) which provide that appointment of a special administrator should not give rise to a termination or acceleration right, and impose a 12-month moratorium during which set-off is restricted except with Danaharta's consent; and (ii) section 346C of the Capital Markets and Services Act 2007 (CMSA), empowering the Securities Commission to require any person to take measures the Commission considers necessary for managing systemic risk.

Patricia A Solórzano On January 12 2015 Honduras enacted the Agreement with Government of the United States of America to Improve International Tax Compliance and to Implement FATCA (Agreement). On February 6 2015, the Guidelines for the implementation of the Agreement, issued by the National Banking and Insurance Commission (CNBS) became enforceable. Under the Agreement and Guidelines, for 2014, Honduran financial institutions must obtain and exchange from the US Reportable Accounts the following information: (i) name, address, and US taxpayer identification number (TIN) of each specified US person that is an account holder of such account; (ii) account number; (iii) name and identifying number of the reporting Honduran financial institution; and, (iv) average monthly account balance or value during the relevant calendar year.

Selva Quintero On November 12 2014, the Supreme Court of Justice of Panama issued a ruling on constitutionality on a case between Compañía Agrícola Industrial (CAISA), a major Panamanian pork producer, and Royal Dutch Airlines (KLM). The ruling concerned the requirement that parties involved in legal proceedings adhere to the principles of due process, as guaranteed by the Panamanian Constitution. The Supreme Court's ruling confirmed a lower court's decision on a constitutional action, wherein KLM had requested that a prior decision ordering the Dutch airline to pay millions of dollars in compensation to CAISA be declared invalid on the basis that KLM's due process rights were violated. The alleged violation arose from the trial judge's failure to serve KLM in accordance with the proper legal procedure for notifying companies domiciled outside of Panama. It is important to note that, unlike jurisdictions such as the United States, in Panama the responsibility to serve the defendant rests with the court. In such cases where the defendant resides outside of the national territory, the law authorises service by means of letters of request.

Suspected fraud at a Qingdao's metals warehouse has tightened lenders’ focus on KYC checks and due diligence in trade finance transactions

Troubled Chinese property developer Kaisa defaulted this week on its 12.875% notes due 2017 and 8.875% senior notes due 2018. It’s still unclear what this means for bankruptcy in the country

Private equity funds and their investors are sensing opportunities in India, prompting a renewed focus on country-specific funds

Sean Doherty, general counsel at Bain Capital addresses the biggest concerns for the US private equity market

The government’s sale of its 41.5% stake in Habib Bank reflects increasing investor interest in the frontier market

Allen & Overy was named the international firm of the year at last night's 16th annual IFLR European Awards on April 16

Trying to pinpoint the next black swan event is, by definition, nearly impossible. But liquidity shortages and market volatility could be possible causes