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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.

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.

Tomohiro Okumura Amendments to the Companies Act (Amendments) will come into force on May 1 2015, in which a new form of cash out will be included. Under the Amendments, the special controlling shareholder (a shareholder who holds nine-tenths or more of the voting power of all shareholders of the company) may demand that the other shareholders sell their shares of the company to the special controlling shareholder (a so-called demand for sale). By using a demand for sale, a shareholder who holds the majority vote may force minority shareholders out of the company. Conventionally, the method that is used for such a purpose is for the company to issue and acquire class shares by a resolution of the shareholders meeting. However, since this method necessitates the holding of a shareholders meeting, it is burdensome for a company.

Pedro Cortés Marta Mourão Following Notice no 009/2008-AMCM the Monetary Authority of Macau (AMCM) under its supervision power, issued new guidelines to be complied with by insurance institutions and the insurance intermediaries. These guidelines take into account the subsequent developments on anti-money laundering/combating the financing of terrorism (AML/CFT) matters, including the revisions introduced by the Financial Action Task Force on Money Laundering (FATF) in relation to international AML/CFT standards in February 2012. These guidelines are annexed to Notice no 015/2014-AMCM that came into force on January 2 2015, revoking Notice no 009/2008-AMCM.

Mall of Mont Choisy Limited (MML) was party to an agreement to develop and lease a supermarket (ADL) with Pick 'N' Pay Retailers (proprietary) Limited. ADL envisaged that the parties would enter into a formal lease agreement on a subsequent date, which would be subject to the exclusive jurisdiction of the Mauritian courts and which would not contain any arbitration clause.

Aksel Joachim Hageler Thomas Sando On March 4 2015, the Norwegian Competition Authority approved Coop's acquisition of rival grocery chain Ica. The decision ended a saga which has occupied the Competition Authority and the relevant market players for years. The decision also marked the second time in less than eight years that a foreign grocery chain has exited the Norwegian market. German Lidl previously aborted its attempt at penetrating the Norwegian market in 2007. While Coop has emerged as the winner among the grocery chains in the struggle for Ica, the decision leaves some of the spoils for both chains Norgesgruppen and Bunnpris. In the merger decision, the Competition Authority compelled Coop to divest 93 of Ica's stores to these two competitors, apparently leaving no room for either foreign buyers or other Norwegian players.

Juan Luis Avendaño Nydia Guevara Banks' subordinated debt and its impact on regulatory capital are still regulated in Peru under the Basel II standards. Since their inception in 2009, Peruvian banks have issued tier 1 and tier 2 hybrid instruments in the form of subordinated bonds. The basic features of Peruvian banks' subordinated debt instruments for purposes of qualifying as regulatory capital are that they: i) are unsecured; ii) rank junior to all other obligations and senior only to equity; iii) have loss-absorption capabilities; and iv) have a minimum term to maturity of five years.

Daniel Futej Cyril Hric The Slovak banking sector has faced new challenges in recent months resulting from international and European measures against tax fraud and tax evasion. As complexity increases, the need for more intensive cooperation in tax matters among jurisdictions becomes necessary. Slovak tax authorities need to have control over the proper fulfilment of tax obligations, with effective exchange of information on a European and international level. This topic has been discussed extensively over the past years on an EU and OECD (Organisation for Economic Co-operation and Development) level. The reason for such discussions is mainly down to increasing: (i) mobility of taxpayers; (ii) cross-border transactions; and of (iii) internationalisation of financial instruments. Such development requires effective measures beyond the powers of control at a national level, as respective states cannot manage their internal taxation systems (especially for direct taxation) without receiving information from other states. The efforts of recent months has resulted in the adoption of: (i) the Multilateral Competent Authority Agreement on the implementation of the global standard for the automatic exchange of financial account information at the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes (MCA Agreement); and (ii) a political agreement on a revised version Directive 2011/16/EU on administrative cooperation in the field of taxation (DAC).

Dina Al Wahabi There are two types of securities that are listed on the Qatar Stock Exchange (QE), namely, shares and bonds. Only governmental bonds issued by the Qatar Central Bank (QCB) on behalf of the Government of Qatar are listed on the QE. Although the procedures relating to pledging of securities prescribed by the Qatar Central Securities Depository (QCSD) Rules of Dealing do not differentiate between shares and bonds, there are legal and practical differences in pledging bonds under the Qatari Civil Code 22 of 2004. This article will set out a summary of the issues relating to the creation of a pledge over securities and discusses enforcement issues in Qatar. The QE is the securities market in the State of Qatar and is regulated by the Qatar Financial Markets Authority. Last year, the QE was upgraded from frontier to emerging market status by index provider MSCI, signaling investor confidence and improved governance. The QE has 43 listed companies and trades on securities, Government Bonds, Sukuks and Treasury Bills issued by the QCB.

Thai law governing surety and mortgages is found in the Civil and Commercial Code (CCC) and has been relatively stable over the years. However, the amendments described in our November 2014 briefing are already out of date.