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Sellers in European M&A deals took on less risk in 2014 as the region saw a major uplift in M&A deal value, according to a study by CMS Cameron McKenna.

China's new deposit insurance scheme is a first step towards liberalising interest rates and allowing bank resolution. Its introduction is seen by many as a step towards the government allowing financial institutions to fail.

Initially foreign investors were optimistic about India's budget proposals, which deferred the General Anti-Avoidance Rules (Gaar) and reduced the corporate tax rate. But a little-noticed exemption means foreign investors could be liable for an 18% minimum alternate tax (MAT) – and it will be applied retroactively.

The India Export-Import Bank's green bond has become the first offshore offering of its type from the country. And its unusual use of proceeds could facilitate more deals.

Daniel Hayek, Christina Meyer and Chantal Joris of Prager Dreifuss examine the revised Swiss insolvency law and its implications for debtors and creditors

Last year yieldcos were heralded as renewable energy’s hottest new financing structure. But the model must adjust

John Breslin Karole Cuddihy Banks and other financial institutions operate in a highly regulated environment. Issues frequently arise where an institution has breached a regulatory requirement but seeks to enforce its contractual rights; for instance, where there is a regulatory breach in the formation of a loan contract and the institution seeks to recover the loan or enforce security for the loan. The legal issues which arise are complicated. In a recent decision (Quinn v IBRC [2015] IESC 29), the Irish Supreme Court indicated the general approach the courts should take. The plaintiffs had provided security for loans which were said to have been illegal under financial assistance prohibitions and market abuse rules. In brief, they alleged that the defendant bank had lent money to a number of corporate investors (effectively controlled by their father/husband) to enable those investors to fund contracts for difference (CFD) positions in the bank's shares (which were at the time listed on the Irish Stock Exchange). The plaintiffs claimed that this illegality rendered their obligations under the security contracts unenforceable. The High Court held, in determining this preliminary issue, that the plaintiffs were entitled to advance and rely on an argument that the security contracts and contracts of guarantee were unenforceable for reasons of public policy (on the basis that a court will not assist in the enforcement of an illegal contract). The bank appealed to the Supreme Court.

Pedro Cortés Marta Mourão This seems to be the year to focus on the economy of Macau. In light of the latest Policy Address delivered by the Chief Executive on March 23 2015, it is clear that the Macau Government needs to focus on stable and healthy economic adjustment, risk prevention and the promotion of economic restructuring. The goals in this sector include: maintaining the stability and health of the financial and monetary situation and the low unemployment rate; improving the business environment; actively promoting the stabilisation of products

Masaki Mizukoshi The amended Companies Act went into effect on May 1 2015. One of the major changes in the amendment was the introduction of a new corporate structure – a company with an audit committee. This was introduced to make it easier for Japanese companies to utilise outside directors and so to enhance the monitoring of executive directors of the company. The audit committee must consist of at least three directors, the majority of which must be outside directors, and an executive director or employee of the company or one of its subsidiaries may not be a member of the audit committee. Like a statutory auditor in a company with a board of statutory auditors, which is a very common corporate structure among Japanese listed companies, the audit committee in the new structure has the power to audit the execution of duties by directors (other than members of the audit committee) and prepare an audit report. In addition, the audit committee has the unique power to state its opinion on the nomination and remuneration of directors (other than members of the audit committee) at a shareholders meeting, and through exercising this power properly, the audit committee is expected to achieve more effective monitoring of executive directors.

The city-state’s new antitrust regulator released its revised draft guidelines at the end of March and is expected to begin operating later this year