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Teruyoshi Takahashi On April 1 2014, Tokyo Stock Exchange enforced an Amendment to the Securities Listing Regulations. Events that will trigger timely disclosure for listed real estate investment trust (REIT) securities (disclosure events) are substantially expanded. This Amendment was brought about in connection with the Amendment to the Financial Instruments and Exchange Act as of April 1 2014, which made insider trading rules applicable to the trading of listed investment units issued by J-REITs which invest in real estate properties. Under the new Securities Listing Regulations, the following items (in summary and not limited to the following) are newly provided as disclosure events (for some items, exemptions are provided in the Enforcement Rules for Securities Listing Regulations):

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.

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.

Beatriz Causapé Guayente Gállego Spanish Royal Decree-Law 4/2014, passed on March 7 2014, has considerably changed the rules for the court-sanctioning of so-called Spanish schemes of arrangement. Among those changes, the reform has lowered the majorities required to achieve a Spanish scheme. Currently, a majority of at least 51% of the financial liabilities held by all creditors at the time of the refinancing agreement (acuerdo de refinanciación) approval, will suffice to request the insolvency judge to sanction the agreement, so it is considered ring-fenced and protected from any challenge for rescission.

Oene Marseille Emir Nurmansyah Indonesia has shortened its review process by 30 days for the issuance of the principal licence, considered to be the preliminary licence before the final issuance of the borrow-to-use permit (Izin Pinjam Pakai) for its forest areas. Indonesia's Minister of Forestry decreed this in its updated guidelines on the issuance of borrow-to-use permits for forest areas in Indonesia. Under the new guidelines (Regulations of the Ministry of Forestry), the principal licence review process is shortened from a maximum of 120 business days to 90 business days. The review process for the issuance of the borrow-to-use permit itself, for which the principle licence is a prerequisite, remains unchanged (a maximum review period of 90 days is prescribed). Further, the new guidelines have left untouched a bulk of the old procedures and mechanisms. For example, the provisions dealing with general application procedures, requisite supporting documents, applicant's obligations and the required compensatory actions remain the same. The borrow-to-use permit is issued by the Minister of Forestry of Indonesia. This permit is one of the most important, yet onerous licences to obtain before conducting any natural resource exploration and exploitation activities in a forest area in Indonesia. Industries traditionally affected by this permit requirement include oil and gas, geothermal, coal and other minerals, power generation, lumber, and plantations.

Pedro Cortés Marta Mourão Teixeira Legislation on anti-money laundering was passed in Macau in 2006, although there were some previous regulations already providing for it. Law 2/2006 on the prevention and repression of money laundering crimes of April 3 2006, established measures aimed at preventing and suppressing the criminal offence of money laundering. It defined the gains of money laundering as any assets derived from the commission, through any form of participation, of a typified act, which would be punishable with a penalty of imprisonment of a maximum term of three years.

Klaus Henrik Wiese-Hansen Christoffer N Sortland Implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Norway is gradually nearing. On February 18 2014, the Ministry of Finance sent a draft for new regulations on public hearing, with a deadline for comments of May 18 2014. This article provides a short summary of the draft regulations, which partly concerns the EU Commission Delegated Regulations under the AIFMD. Norwegian authorities failed to implement the AIFMD within the transposition deadline of July 22 2013. The Ministry of Finance is drafting an AIFM Act, which is expected to be proposed before Easter 2014. Implementation of the AIFMD in Norway will probably take place on or around July 1 2014.

Adrian Roseti As of February 1 2014, both Criminal and Criminal Procedure Codes were implemented, replacing regulations that have been in force since 1968, drafted at a time when the political status quo in Romania not only discouraged but even forbade private initiative. Although the previous codes have been subject to several adjustments and substantial case law may have cleared several grey areas, in order to adjust to the realities of the modern economy (for instance, properly defining energy theft, telecommunication resources and internet access and data), the need for new explicit regulation has superseded the conservative approach. Despite the fact that the new provisions were initially announced as imposing milder sanctions, it appears that whereas in specific cases some sanctions have decreased, any multiple offence is now sanctioned in a more drastic manner and in some cases sanctions have even increased (for example in competition law crimes).

Noyan Turunç of TURUNÇ discusses collective labour relations under Turkish law

Serra Basoglu Gurkaynak of Mehmet Gun & Partners analyses the regulatory framework of M&A transactions in Turkey and offers an overview of activity across the regulated markets