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As 2015's debt markets heave into life, European high yield's ceaseless covenant war continues. The pushing and pulling over change of control provisions, restricted payment baskets and their ilk is detailed in our annual high yield special focus on page 51.

State issuers often include carve outs from their waiver of sovereign immunity. But Clifford Chance’s Robert Trefny explains it's not clear whether the law supports such protections

Mayer Brown’s Kevin Hawken, Carol Hitselberger and Jason Kravitt explain why the revised securitisation framework will affect EU and US banks differently

Sub-Saharan sovereigns’ dollar-bond borrowings have spiked. But with macroeconomic conditions worsening, what will stop the build-up of risks in the nascent market?

Takuya Sonoda In 2014, the Japanese Diet agreed to amend, in two stages, the Act against Unjustifiable Premiums and Misleading Representations. This was following a series of scandals in which the menus used at a number of famous hotels and restaurants in Japan were found to be misleading, listing ingredients not actually used in the dishes. First, the Act for Partial Amendment of the Act against Unjustifiable Premiums and Misleading Representations (Law 71 of 2014) was promulgated on June 6 2014 and came into force on December 1 2014. This amendment introduced the requirement that business operators take all necessary measures to ensure the accuracy of all representations made to customers, including the establishment of appropriate managerial systems. Prime Minister Abe, on November 14 2014, oversaw the publication of guidelines to this amendment, setting out the fundamental policies of the amendment and listing specific examples of measures that must be taken by business operators in Japan.

Oene Marseille Emir Nurmansyah Indonesia's Ministry of Transportation has issued an amendment to its previously issued regulation on airfare pricing. The amendment was issued on December 30 2014, and effectively places a non-waivable floor on domestic airfares. Airfares for international flights are not affected by the amendment and will continue to be governed by the rules of the International Air Transport Association.

Elias Neocleous On December 2 2014, the Cyprus finance minister and the American ambassador to Cyprus formally signed the inter-governmental agreement between Cyprus and the US under the Foreign Account Tax Compliance Act (Fatca). Fatca is an American tax measure enacted in 2010 to prevent and detect US tax evasion and improve taxpayer compliance by requiring foreign financial institutions (FFIs) to report information related to the ownership by US citizens of assets held overseas. A 30% withholding tax is imposed on transactions with overseas financial institutions and other entities that fall within the scope of Fatca unless the institution concerned has concluded an agreement with the US Internal Revenue Service defining its reporting obligations, or the institution's home country has concluded an inter-governmental agreement (IGA) covering the relevant matters. There are two main forms of IGA, known as Model 1 and Model 2. Under the Model 1 IGA, institutions subject to Fatca report information to their own tax authorities for onward transmission to the US authorities. Under Model 2, institutions provide information directly to the American authorities.

Ahmad Zulkharnain Musa On August 21 2014, the Securities Commission (SC) released a public consultation paper on a proposed regulatory framework for equity crowdfunding (ECF) as an alternative funding channel. After input from the public, the SC released the public response paper on September 25 2014, with certain revisions to the proposed framework. Under the proposed framework, issuers must be locally incorporated private companies (other than exempt private companies). They are eligible to participate in the ECF through a web-based ECF platform via a primary offering to retail, sophisticated and angel investors. They can raise up to RM3 million ($842,000) within a 12-month period and a maximum of RM5 million. Sales of existing shares through the ECF will not be permitted.

Pedro Cortés Marta Mourão The Legislative Assembly is appraising a proposal to amend Decree Law 40/95/M of August 14, which establishes the right to compensation for occupational accidents and diseases. To further enhance the protection of rights of injured workers and to clarify the procedures necessary to compensate damages arising from occupational accidents and diseases, the draft law provides for a wider range of situations that may be considered an occupational accident.

Recently there have been some notable rulings by Mauritian courts. The first is Crociani and others v Crociani and others and Princess Camilla de Bourboun des Deux Siciles. In the trust deed in question, the relevant part of clause 12 stated: 'thereafter, the rights of all persons and the construction and effect of each and every provision hereof shall be subject to the exclusive jurisdiction of and construed only according to the law of the said country which shall become the forum for administration of the trusts'.