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Consumer protection has become a hot topic in Slovakia in recent years, particularly when it comes to unfair business practices used by sellers. To address this issue, the Slovak Parliament passed a new piece of legislation, the so-called Distance Selling Act, which took effect in June 2014. It will increase the level of consumer protection and legal certainty in the relationship between consumers and sellers. In this article, we would like to inform you on the most important changes the new legislation introduces. The Distance Selling Act applies to sales that are made through any form of communication over a distance or without any personal contact between the consumer and the seller. One of the most significant changes is the extension of the time period during which consumers can cancel the purchase contract, which is now 14 calendar days as opposed to the seven-day period under the old regime. In addition, the consumer now has the right to retain the goods until the seller refunds the money already paid as a deposit.

The country aims to pass a casino law to boost tourism opportunities ahead of the 2020 Olympic Games in Tokyo. Masayuki Fukuda of Nagashima Ohno & Tsunematsu explains how

Samuel Hong A number of recent privatisations in Malaysia have been proposed to be undertaken through selective capital reduction (SCR) exercises. The most recent example is the proposal by Khazanah Nasional, Malaysia's sovereign wealth fund, to privatise Malaysian Airline System through an SCR. Under an SCR privatisation, an existing shareholder (acquirer) of a company (target) becomes the sole shareholder of the target under the selective cancellation of shares held by all shareholders other than the acquirer.

The lighter side of the past month in the world of financial law

Jose Florante M Pamfilo The Philippines recently enacted a law that allows the full entry of foreign banks into the Philippines. Under this new law, Republic Act (RA) No 10641, foreign banks may operate in the Philippine banking system through any one of the following modes of entry: (i) by acquiring, purchasing or owning up to 100% of the voting stock of an existing bank; (ii) by investing in up to 100% of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines; or (iii) by establishing branches with full banking authority. RA No 10641 amends RA No 7721, the Foreign Banks Liberalisation Act. Previously, foreign banks were limited to one of the following modes of entry: (i) acquiring, purchasing or owning up to 60% of the voting stock of an existing bank; (ii) investing in up to 60% of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines; or (iii) establishing branches with full banking authority. The third mode was available only for a period of five years from the effectivity of RA No 7721 or until May 1999, during which period a maximum of 10 foreign banks could be allowed to establish branches in the Philippines. Meanwhile, the General Banking Law of 2000 expanded the first mode and allowed foreign banks to acquire up to 100% of one already existing bank, but only for a period of seven years from the effectivity of the General Banking Law or until June 2007.

Activism and engagement have long outlived the shareholder spring of 2012. Skadden's Scott Hopkins and Lorenzo Corte explain why UK boards must prepare to become more responsive

Limited recourse provisions don’t preclude an issuer from becoming insolvent. Slaughter and May's Sanjev Warna-Kula-Suriya and Eric Phillips analyse whether this is this a concern

Vote now on IFLR's Quick Poll, to be published in the October magazine

Nigeria has become the first African country to issue local bonds in the form of global depository notes. The deal is set to spark further deals from the region

Despite regulators’ aim to expand the number of dealers in the country's derivatives trading market, the top five banks remain the biggest players