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> Carlos Fradique-Méndez David Lopez Foreign financial institutions granting loans to Colombian financial institutions are increasingly concerned about the feasibility of securing such indebtedness with collateral granted by the Colombian borrower. This is because new international financial regulations demanding larger liquidity from financial institutions, imposing more stringent capital requirements and requiring additional collateral for specific transactions have entered into force. This allows the foreign lender to abide with regulations demanding collateral and to ameliorate the risk-adjustment value of such loans with admissible collateral. This regulatory and business need poses an interesting challenge under Colombian law. As a general rule, Colombian financial institutions may not grant collateral (or any type of lien that restricts its right to transfer assets) as security to a transaction unless an explicit exception applies.

Hero Sinanidou-Sideridou An effective regulatory scheme had been much needed for the games of chance market in Greece. In March 2011, the Minister of Finance publicly announced that the annual illegal turnover of games of chance in Greece was estimated at about €10 billion ($13.4 billion), explicitly highlighting that this situation should be addressed by the Greek government. Law 4002/2011 reflected an initial attempt for regulation of this market. Since then, at least nine laws have amended or supplemented the basic provisions of Law 4002/2011. The role of market regulator has been undertaken by the Gaming Supervision and Control Commission (GSCC), an independent administrative authority established in 2012.

Oene Marseille Emir Nurmansyah Indonesia passed a Geothermal Bill into law on August 6 2014. This new law revises Law 27 of 2003 on geothermal activities. Previously, geothermal activities were categorised as 'mining' activities. In this new law, geothermal exploitation is specifically set apart from the definition of mining activities. This development is significant, as mining activities are restricted in several forest areas, including conservation and protected forest areas. With the passage of the new law, geothermal exploitation may be carried out in such forest areas, where most of this energy source is located. Indonesia is located in one of the most seismically active zones in the world, the so-called Pacific Ring of Fire. The country has approximately 130 active volcanoes. Due to this high volcanic geology, Indonesia's geothermal potential is large; some estimate that it holds 40% of the world's potential geothermal resources.

José Ramón Paz Morales The Honduran Commerce Code (1950) is a pillar of Honduran Law, and has undergone very few reforms in its lifetime. The key to its success can be attributed to Honduran legislators, who at the time of its creation, acknowledged the importance of having a legal instrument that would address issues involving domestic and international commercial transactions in Honduras, but that would also adapt to the constant evolution of mercantile activities. With these objectives in mind, Honduras hired famous international jurists such as Joaquin Rodriguez Rodriguez, who were experts in renowned jurisprudence such as the Mexican Code of Commerce and the Italian Civil Code from 1942. Once it became law, the Honduran Commerce Code was one of the most modern commercial laws in Latin America.

To reduce the public administration's indebtedness as defined in EU Regulation 479/2009, the Ministry of Economy and Finance can issue government bonds to raise funds. These can be granted to Italian regions for the repurchase of outstanding regional bonds with an average residual life of at least five years and an outstanding nominal amount higher than €250 million ($324 million) and for the early termination of associated derivative transactions.

On August 1 2014, the President of the Republic of Congo authorised the ratification of the Double Taxation Avoidance Agreement (the DTAA) with Mauritius. The DTAA was signed on December 20 2010 and will come into force in Mauritius on the date as specified by the Minister in a notice published in the Government Gazette.

Professor Chris Brummer analyses the macroprudential issues that will need to be ironed out as the RMB becomes a global currency

The region's new and established authorities are redoubling their efforts. Linklaters' Clara Ingen-Housz and Fay Zhou explain how to manage the risk of increased enforcement

Fabrice Cohen, Clifford Chance Alex Bafi, Clifford Chance In London the most active firm in the past month turned out to be JONES DAY. The US firm has been steadily adding to its ranks for the past year but late summer saw a flurry of hires across the finance and corporate teams. Arguably the most high-profile addition was that of high-yield specialist Jonathan Bloom who joined from Ropes & Gray. The New York qualified partner was a founding member of Ropes & Gray's London base in 2009. Joining him at Jones Day are M&A specialist Benedict O'Halloran, who moved from an in-house position at GE, and structured finance and securitisation partner Neil Hamilton who made the switch from Paul Hastings. Another high-yield partner on the move was Gil Strauss. The former Weil Gotshal partner re-joined SIMPSON THACHER & BARTLETT at the end of August. Strauss had only been with Weil since 2012, and with his previous firm – Freshfields – for two years having moved from Simpson Thacher in 2010.

James Douglas, Freshfields Bruckhaus Deringer A high volume of lateral moves took place as the summer drew to a close. WEIL GOTSHAL & MANGES, a firm plagued by defections in recent months, gained an experienced partner in early September in the form of Damian Ridealgh from Ashurst in New York. The M&A and corporate finance partner has a strong background in the UK's financial markets, having worked in London before his move to New York in 2003. HOGAN LOVELLS bolstered its finance practice in New York with the hiring of Lewis Cohen as a partner. Cohen, previously a partner at Clifford Chance, specialises in capital markets transactions. In yet another hire in the banking and finance area, MCGUIREWOODS gained Kay McNab, a Chicago-based partner with Winston & Strawn. McNab advises underwriters and placement agents in domestic and cross-border secured and unsecured loan transactions and has extensive experience working with venture capital firms.