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Shamali F De Silva, senior counsel at MIGA, discusses measures to mitigate the risks associated with investing in projects in developing economies

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Nicholas Gole, managing director of Macquarie Capital’s debt capital markets group discusses the changes in project finance funding models and how the industry is meeting the challenges

Welcome to IFLR's Project finance report, in association with Chadbourne & Parke. The report features exclusive interviews with Citi's Nasser Malik, Miga's Shamali F De Silva, and Macquarie Capital's Nicolas Gole

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What will trigger a write-down in Korea? Clarifications of the write-down requirements for Korean banks' Basel III-compliant bonds are expected to encourage deals and appeal to investors. Korean regulators recently clarified the terms and conditions of Basel III-compliant bonds from banks in the jurisdiction. Previously either a management improvement order (MIO) by the relevant regulators or regulator's designation of the financial institution as insolvent would trigger a write-down.

Zaheer Mauritius (Zaheer), a Mauritius tax resident company, invested in Indian companies engaged in real estate in India. It entered into a Securities Subscription Agreement (SSA) and a Shareholder's Agreement (SHA) with Indian companies Vatika Limited (Vatika) and SH TechPark Developers (JV company). Vatika partly exercised the call option under the SHA and subsequently Zaheer transferred further equity shares and compulsorily convertible debentures (CCDs) in the JV company to Vatika.

Gabriela Vásquez Through Law 131(Law) of December 2013, Panama amended the arbitral process for both domestic and international commercial arbitration. The newly enacted law replaces previous regulation on the matter, developing new guidelines that respond to the increasing popularity of arbitration as a fast method for the alternative resolution of conflicts. Law 131 sets out, among other things, new terms and deadlines for all parties involved in the arbitration process (plaintiff, defendant, arbitral tribunal, judicial tribunals, and the Fourth Chamber of the Supreme Court of Justice), to act or proceed. As a prime example, the new law reduces the timeframe for the Arbitral Tribunal to issue the arbitral award which settles the dispute.

Kyohei Mizukoshi The Financial Services Agency of Japan (JFSA) published the amendment to the Guidelines for the Disclosure of Corporate Affairs (Disclosure Guidelines) on August 27 2014. The Disclosure Guidelines do not constitute statutory laws of Japan, but provide matters to be considered in applying the laws and regulations concerning corporate disclosure, including the Financial Instruments and Exchange Act of Japan (FIEA). This amendment abolishes the waiting period for the securities registration for certain 'well-known companies' and clarifies which acts do not constitute a 'pre-filing offer'. Generally, where a listed company conducts a public offering, it must file a securities registration statement (SRS), then wait for seven days before it can issue its securities to investors. This waiting period is designed to give investors time to decide, based on the information disclosed, whether to acquire and purchase the securities. Under the amended Disclosure Guidelines, only in cases involving the filing of an SRS by certain well-known companies, the SRS becomes effective on the date of filing and such companies can issue their securities to investors from the filing date. This exemption is available to certain types of equity offerings by well-known companies whose shares are listed on a stock exchange in Japan and whose market capitalisation is ¥10 billion ($93 million) or above. Additionally, this exemption is available to a non-Japanese company which meets these requirements.