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Regulators must give up on turning back the clock The UK Prudential Regulation Authority's (PRA) proposals for the senior manager regime have drawn criticism from the City over the past month. According to the PRA, the proposals are intended to create a new framework to encourage individuals to take greater responsibility for their actions, and will make it easier for both firms and regulators to hold individuals to account.

The lighter side of the past month in financial law

Misconceptions about the risks and structuring possibilities involved in emerging market mezzanine are limiting investors' ability to tap lucrative opportunities they wouldn't otherwise be able to access.

Damien Roberts, Herbert Smith Freehills Chin Chuan Chen, Ashurst Lynia Lau, Stephenson Harwood HERBERT SMITH FREEHILLS (HSF) was active last month, securing a string of hires across the region. Ashurst, meanwhile, has been on the receiving end. HSF raided the silver circle firm in Australia for corporate partner Ian Williams, who will be based in Brisbane, and competition head Liza Carver, who will be based in Sydney. The firm also lost energy and mining expert Damien Roberts to HSF's Tokyo office. ASHURST struck back by adding a new finance partner in Singapore and Beijing to help craft itself a broader strategy in the Chinese market. Chin Chuan Chen joins the firm from Clifford Chance.

The SEC wants it left out of financial reports The number of managers who have moved from hedge fund to mutual fund management since the financial crisis is raising concern among regulators about risk management and disclosures. They are making the switch as a result of the growing popularity of liquid alternative funds (liquid alts).

Can the new breed of municipal bonds refinance local governments’ non-performing debts?

New European directives expand the entities protected by deposit guarantee schemes. Taking Germany as an example, Linklaters' Antje-Irina Kurz and Marcel Gromm explain how the changes represent a significant shift

Indian issuers are selling securities without consulting their lenders. Herbert Smith Freehills' Siddhartha Sivaramakrishnan and Gareth Deiner explain it may make underwriters liable for tort

The $1 billion deal signals the growing importance of Islamic finance for Muslim-majority countries

A multilateral legal framework for restructuring sovereign debt has been put back on the table. Steven Schwarcz explains why, despite objections, it could be the best suggestion yet