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The European Commission's (EC's) proposal to reform regional banks' trading activities is the latest in a line of misguided attempts to prevent a repeat of the 2007 – 2008 global financial crisis. Previously, the UK had favoured a structural split that would force banks to detach their risky trading activities from their retail operations. In the US, the Volcker rule imposes a ban on proprietary trading in the banking group. Europe's recent offering includes both structural separation provisions and a Volcker equivalent that would ban proprietary trading.

The further erosion of investor protections is set to define this year's high-yield market. Here are the covenants giving issuers even greater flexibility

Exchangeables out of Asia are just as rare CP Foods' exchangeable bond was the first out of Thailand and the country's first equity-linked product since BTS Group's convertible in January 2011. Market participants have described exchangeables out of Asia as 'rare beasts.' Deal counsel had to get investors comfortable with not only a product from a new jurisdiction, but also its tense political situation given opposition leaders had promised to start a month of protests to shut down Bangkok from January 13.

Law enforcement authorities are cooperating more closely in tackling international fraud and bribery cases, leading to an increase in prosecutions and penalties around the world last year.

Hong Kong has certainly advertised its advantages as an international listing destination. But Japanese retailer Fast Retailing's listing of Hong Kong Depositary Receipts (HDRs) has highlighted the problems with the HDR regime, and more broadly, its rules for overseas company listings.

The government has set up asset management companies to reduce risk in the country’s banking system. But can they enhance value in distressed businesses?

RBI faces a difficult decision in how to deal with the United Bank of India State-owned United Bank of India (UBI) might hold the dubious distinction of being Asia's first bank to see its capital ratios fall below Basel III requirements. But while regulators elsewhere have committed to allowing weak banks to fail in an orderly fashion, the Indian government might bail out the bank rather than bailing in bondholders. The move could, however, cause the international community to question the regulator's commitment to Basel III.

The Banten power plant is Indonesia's first power project not to require government support for the obligations of state utility PLN under the power purchase agreement (PPA).

A European court's rejection of a UK challenge to the EU short-selling ban is set to have wide-ranging consequences for the way the 28-nation bloc regulates its financial services.

All the nominees for this year's IFLR European awards