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Michael Dakin of Clifford Chance explains why issuers and sponsors can’t afford to take a homogeneous approach to disclosure in an expanding market

Frédéric Feyten and Stéphane Hadet of OPF Partners describe the ins and outs of the Grand Duchy's high-yield market, which is at the forefront of Europe's post-crisis recovery

Despite a range of challenges and pitfalls, Guanchun Dai of Jingtian & Gongcheng gives a positive outlook for the future of Chinese real estate issuance

With the Australian domestic high yield bond market in a growth phase, Anna-Marie Slot, Jamie Ng and Paul Jenkins of Ashurst look at how it sizes up next to Europe and the US

Akin Gump's Christopher Leonard, Ezra Zahabi and Chris Poon on how Esma’s long-awaited technical advice on the directive moves the EU one step closer to a single regulatory framework

The long-awaited changes promise to create a more evolved business environment for foreign participants

As its economy begins to cool, Cleary Gottlieb's Richard Cooper and Adam Brenneman assess the position of those with exposure in the Andean nation

Norton Rose Fulbright partners Nigel Dickinson and Daniel Franks, and associate Charlotte Brown explain the key distinctions between European institutions' plans to regulate securities lending and repo transactions

Maria Jose Cole The Costa Rican Securities Regulator (Superintendencia General de Valores or Sugeval), through the National Council for Supervision of the Financial System (Consejo Nacional de Supervisión del Sistema Financiero or Conassif), recently adopted amendments to the rules governing project finance and securitisation in Costa Rica. The amendments make structural and operational reforms to address the concerns market participants have reiterated regarding limitations set out in the previous regulations, on topics such as asset collateral, related party financing and government approvals.

Luis Gabriel Morcillo-Méndez Lyana De Luca A new collective investment scheme for real estate investments was recently created to manage and develop real estate projects in Colombia. Foreign real estate managers now have the opportunity of creating this type of vehicle in Colombia to be managed from their countries of domicile (without requiring local licensed presence but acting in cooperation with a local fiduciary entity or stock broker that remains liable before the superintendence of finance for the fund's investments). Decree 2142 of 2013 introduced the Real Estate Collective Investment Funds (RECIF), which are closed-end investment collective vehicles that hold at least 75% of their total value in real estate assets. This is a break-point in the local industry. Since 2007, real estate funds have been incorporated under the form of private equity funds (fondos de capital privado) managed by a local administrator and a general partner, which could be either a local or foreign unregistered entity. RECIFs are a separate investment vehicle with specific requirements in governance and managing structure.