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Benjamín Valdez Tamayo Enacted in 2007, the Salvadorian Future Flows Securitisation Act (Ley de Titularizacion de Activos) regulates the issue of bonds through the Salvadorian stock exchange, to be paid by future cash flows generated by a specific asset. Since then, future flows securitisation has become a relevant finance option in El Salvador, for private enterprises and public institutions alike; to this date, more than $100 million in bonds have been issued. Among those entities that have accessed funding through this type of offerings are schools, industrial paper plants, the Salvadorian Department of Transportation, and beach side resorts. Technically speaking, future flows securitisation is the process by which an independent estate is incorporated with assets capable of generating future cash flow (for example, lease agreements, decreasing credit lines, the right of government institutions to collect taxes) and whose sole purpose is the payment of principal and interests of publicly issued bonds. In other words, a company issues securities through a stock exchange (thus obtaining funds for a specific business project) which will be repaid, with interest, with the cash flow generated by the securitised asset. A company, duly authorised by the Superintendenciadel Sistema Financiero (the Salvadoran equivalent to the Securities and Exchange Commission) is tasked with the administration of the assets and the cash flow necessary for the payment of the bonds.

Daniel Futej Daniel Grigel’ The Slovak Republic is looking to toughen criminal prosecution of corporations. It has proposed a special act be adopted and take effect from May 1 2015 that introduces criminal liability for legal persons. The act's aim is to prevent criminal offences from being concealed behind the activities of corporations, and to penalise corporations that have aided in the commission of a criminal offence. It should be noted that the Slovak Republic is the last of the EU member states to introduce criminal liability for legal persons. However an interim measure was introduced by Slovakia in 2010 that allows the courts to punish a legal person by setting a monetary amount, up to and including the entire assets of that legal person, to be seized. The bill spells out the criminal offences a legal person can be charged with. This includes, inter alia, the endangerment of health through defective food products, endangerment of health through unlicensed medicines, blackmail, illegal construction, endangerment and harm to the environment, bribery, false accusations, and unlawful use of personal data. A legal person is considered criminally liable if a criminal offence is committed in its interests, as a part of or through its activities, and at the same time if it was committed by:

As Europe's sixth and the world's eighteenth largest economy, Turkey is one of the most promising high-growth markets. And with projected growth of at least five percent each year in the medium-term, the country still has significant untapped potential.

Memet Yazici, managing partner at TRPE Capital, explains why he thinks SMEs are the next big thing in Turkey

A senior partner at Abraaj Group explains the firm’s attitude to the recent volatility in Turkey

Kemal Aksel and Begum Incecam at Kolcuoglu Demirkan Kocakli give an overview of squeeze-out mechanisms in Turkey, as regulated by the new Communiqué on Squeeze-out and Sell-out Rights

The Bank of Tokyo-Mitsubishi UFJ’s co-head of corporate banking for EMEA says that trade relations between Japan and Turkey are set to get stronger

Zeynel Tunc and Cem Tahir of Paksoy describe Turkey’s ambitious PPP programme for a growing population looking for improved healthcare facilities

A number of important refinements have been brought to the area of dispute resolution in 2013 to further cement the position of Mauritius as a venue for adjudicating international disputes.

Selva Quintero In the 1990s, the National Government decided to carry out a comprehensive reform of the electricity sector.? To this end, it enacted the Law of January 26 1996 (Law 26), which created the then-called Regulator of Public Services, an entity in charge, as its name implies, of regulating the telecommunications, potable water, and electricity sectors.