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Last month UK Chancellor George Osborne said he was confident Europe could achieve a framework for sorting out bank resolution within six months. But to meet this ambitious timetable, the region's policy-makers must resolve several key issues.

Linklaters' Michael Bott and Ryan Ayrton analyse the new clauses that are helping bank syndicates navigate sanctions' impact complex financial instruments

Tomasz Konopka Borys D Sawicki Ms X, an accountant at company A, domiciled in country B, receives a phone call. Someone on the other side of the line explains that he is calling her in connection with a new project run by company A in which her assistance will be required. Shortly after, Ms X receives an e-mail from a top level manager of company A (whom she has never met personally), Mr Z, referring to that call and repeating the message. Mr Z explains the relevance of the project to company A and stresses the importance of Ms X's involvement for its success. He also requests Ms X to keep the matter secret and to work on the assignment solely with him. Ms X feels honoured. Not long after the call, Ms X receives her first task in the project: she has to wire €450,000 ($613,000) from company A's bank account to an account of a company (unknown to her) in Country C. The following days bring several similar requests; Ms X wires the monies and Mr Z praises her assistance and encourages her to continue, as the project is about to be successfully completed. But before the successful completion arrives, Ms X's direct superior finally notices the transfers from the bank account of company A and demands explanations. A few hours later, it is clear that Mr Z (the real one) has never contacted Ms X nor instructed her to make any money transfer. At which time, however, the monies are already in a bank account in country C. The story is neither unrealistic nor exceptional – frauds similar to the one depicted above are occurring more and more often. There are several reasons for this, the shift towards electronic means of communication in lieu of direct (face to face) contacts being one of them. Loosened relations between staff and managers and properly employed social engineering generate opportunities for those willing to take advantage of the dangerous mix created by modern technology and people's gullibility. While there is no way (and no need) to stop technological progress, companies assisted by experts, including lawyers experienced in similar matters, may undertake various precautionary steps to mitigate the threat.

Banji Adenusi In May 2014, the Nigerian Securities and Exchange Commission issued new rules to address the influx of offshore mutual funds and collective investment schemes (CISs) soliciting investment from investors in Nigeria. The Rules on Approval of Foreign Collective Investment Schemes 2014 aims to bring foreign CISs (registered and regulated under the relevant foreign jurisdiction) which are seeking investments from Nigeria under the jurisdiction of the SEC. As part of requirements for eligibility to solicit investments, foreign CISs that have no intention of listing on the Nigerian exchanges are required to invest no less than 20% of the fund's total assets in Nigeria (Rule 2g). Obviously, the key consideration is the retention of a minimum level of investment within the Nigerian market, and by extension the reduction of capital flight. Equally, the foreign operator is required to appoint a representative in Nigeria for the life of the fund approved in Nigeria. This appointed representative can either be a duly registered fund manager with whom the foreign operator may enter into a representative agreement, or a freshly incorporated representative entity registered with SEC (Rule 3b). Solicitation of investments in the fund is then carried on through the representative (Rule 4). Where the foreign operator elects to incorporate a vehicle for the purposes of registration with the SEC, such local incorporation throws up a host of regulatory compliance requirements, including licensing with the Nigerian Investment Promotion Council and compliance with the various applicable tax regimes.

Karla María León Navarro Several laws have been enacted in Panama to regulate contracts and relationships between employers and employees. These involve specific principles to use in a labour dispute involving a disavantageous position for the workforce. Before a dispute, the judge must take into account one particular legal principle, which has been created to promote an equal relationship. The principle is mainly to protect the worker, who is presented as the legally weaker party compared with the more powerful employer. The principle in dubio pro operario was set out in the Labour Law for several reasons. First, the worker is subject to the employer's disciplinary power, direction and orders. This is a form of economic dependence for the employee, who receives benefits such as a salary, paid holiday, health insurance, sick pay, and retirement contributions.

Ignacio Buil Aldana José Luis Lucena Rebollo Under the Spanish Insolvency Act, clawback is a mechanism enabling an insolvent company's trustee (or the creditors, indirectly) to challenge transactions it entered into within two years of an insolvency declaration, if these transactions are prejudicial to the estate. Even if the parties acted in good faith, proof of prejudice to the estate is sufficient to avoid the transaction and restore the company to the position it would have been in had it not carried out the transaction. In practice, clawback risk contributes to an atmosphere of legal uncertainty for creditors involved in transactions with distressed companies. These transactions typically include refinancing agreements, the granting of fresh money, amendments to the security interest, and even assignments of debt positions.

Krung Thai Bank’s Tier 2 offering has become the first internationally-sold Basel III-compliant offering from Thailand. Here's how

Janet Butterworth, Norton Rose Fulbright Eric Muller, De Pardieu Brocas Maffei Kai Liebrich, Herbert Smith Freehills Alexander Dolgov, Hogan Lovells

New rules increasing Canadian targets’ ability to use poison pills are up for comment

Recent rules are intended to pave the way for Mexico’s fast-moving Fibra sector. How will this new direction affect the market?