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What reforms must PM Narendra Modi prioritise to kick-start the investment cycle

Carlos Fradique-Mendez Ana María Rodríguez As the IMF has pointed out, a country's position on anti-money laundering and terrorism financing may facilitate its integration into the global financial system and strengthen governance and fiscal administration. In line with this, Colombia has made recent developments regarding anti-money laundering and terrorism financing. In a new regulation for companies in the real sector of the economy, the Colombian Superintendence of Companies has set out certain obligations that must be observed by all legal entities that, as of December 31 2013, had an income exceeding 160,000 monthly minimum legal salaries (approximately $49 million). Before the issuance of Regulation 304, regulations against money laundering and terrorism financing (ML/TF) were focused on some specific industries of the economy (such as the financial sector, football clubs, courier and mailing entities, gamble and games entities, gold exporting and importing entities, securities transportation, and custom agencies). Apart from the financial sector, other industries had not been heavily regulated, meaning that existing regulations were not comprehensive and neglected to address important matters. This resulted in the Colombian authorities being urged to update the standards and introduce new rules to act against ML/TF.

Randall Barquero On May 20 2014, Law 9246 – the Law on Guarantees on Movable Assets (Law)– was published in the official Costa Rican law gazette La Gaceta. In approving this type of law, Costa Rica joins various other countries in the region which seek to give better financing opportunities to businesses, particularly small and medium companies. The Law is based on the Inter-American Model Law on Guarantees on Movable Assets prepared by the Organization of American States. It will allow the constitution of guarantees over specific items of movable property, or a generic group of these, as well as on inventories, equipment, circulating assets, and account receivables. The Government of Costa Rica, as well as the country´s legal and business sectors, have high hopes that the law will stimulate and increase the access to credit for companies in the productive sector of the Costa Rican economy that otherwise could not provide suitable collateral for normal credit structures.

Kyriacos Kourtelos In 2009, the EC proposed a directive on Alternative Investment Fund Managers (AIFMs). The proposed directive aimed to ensure a high level of investor protection by setting out a common framework for the authorisation and supervision of AIFMs in the EU. Further, it aimed to provide robust and harmonised regulatory standards for all AIFMs within its scope and to enhance the transparency of AIFMs' activities and improve disclosure to stakeholders. In 2010, a political agreement was reached by the European Parliament and the Council of Ministers on Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), which amended directives 2003/41/EC and 2009/65/EC and regulations EC 1060/2009 and EU 1095/2010. As the AIFMD adopts a phased approach to the implementation, it affects European Economic Area (EEA) and non-EEA fund managers differently. Nonetheless, becoming fully authorised under the AIFMD may allow certain fund managers to undertake management and marketing activities throughout the whole of the EU. Member states were required to transpose the AIFMD into national law by July 22 2013. Cyprus was the second member state to harmonise its legislation with the AIFMD, with the enactment of the Alternative Investment Fund Managers Law of 2013 (Law 56(I)/2013 – the Law), which was published in the Official Gazette of the Republic on July 5 2013. The Cyprus Securities and Exchange Commission (CySEC) was appointed as the relevant supervisory authority under the law. The AIFMD and the law are complemented by three EC regulations that have direct effect, namely:

Partnerships between banks and business development companies are offering a financing solution for US firms. But the trend has caught regulators' attention

Commercial bank activity in project finance has hit hurdles under Basel III. But the new regulations are also affecting the appeal of ECA debt

The UK's trailblazing sukuk developed an innovative structure, setting a benchmark that is hoped will inspire the country's corporates to tap the lucrative shariah market

Recommendations aimed at cleaning up the negative image of pre-pack administrations have been met with scepticism from key industry participants.

A US Supreme Court ruling last Monday gives defendants in securities litigation a new tool to challenge class certification. But failure to prevent that certification could lead to a stronger case against them

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