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Anthony Dee Patricia Paz Republic Act No 9184, or the Government Procurement Reform Act (GPRA), took effect on January 26 2003. The GPRA covers all stages of procurement of infrastructure projects, goods, and consulting services by all branches and instrumentalities of government. The GPRA establishes a two-tier protest mechanism to challenge a public procurement tender before an award. In order to exhaust this internal protest procedure, a bidder must first file a request for reconsideration with the procuring entity's Bids and Awards Committee (BAC). The BAC's denial of the request may be protested in writing to the head of the procuring entity upon payment of a non-refundable fee. The decision of the head of the procuring entity is final, such that the bidder may only avail itself of judicial review upon completion of protests and only on the ground of grave abuse of discretion. Arguably, this legal framework does not provide an expedient system for independent complaints review. Meeting the timeframes provided under the law for protest resolution is a challenge for many procuring entities, and the absence of independent and expert review undermines, to a certain degree, the legitimacy and credibility of any protest resolution.

Hong Kong has proposed a regime to ensure creditors will be able to recover value if liquidation is a more favourable solution than resolution. But practical implementation will be challenging

The acting deputy director-general for mergers at the EC’s Directorate-General for Competition discusses key cases and its priorities for 2015

Nawir Messi, chairman of Indonesia’s Commission for the Supervision of Business Competition, spoke with IFLR about its growing role

The regulator's head of M&A, Willard Mwemba, discusses how the body’s merger review process has evolved since its launch in January 2013

The FCA's continued restrictions on the selling of CoCos is leading banks to follow the spirit rather than the letter of the law on other securities

A Hong Kong tribunal started a preliminary hearing last month, involving a US short seller called Citron Research. So far, so standard: the practice of short selling itself has been a part of markets since the 1600s and Kong Hong has historically frowned upon it.

The UK Financial Conduct Authority's (FCA) review of structured product governance has criticised the ways in which the instruments are developed and sold, warning that binding rules may be necessary.

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

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