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Mak Lin Kum The Companies Bill 2013, tabled by the Companies Commission of Malaysia, proposes a new approach to the reduction of share capital, in line with developments in jurisdictions like Australia and Singapore. At present, a special resolution for the reduction of share capital requires a confirmation by the court before it can take effect. The new bill allows an alternative and a seemingly simpler process of capital reduction, whereby only a special resolution and solvency statement are required. The option of going to court to confirm a capital reduction resolution is still preserved under this new Bill. Although it may appear that this non-court approach is simpler, several reasons may be offered as to why the court approach may continue to remain popular and not be rendered obsolete.

Iñigo de Luisa Ignacio Buil Royal Decree Law 4/2014 of March 7, on urgent measures for refinancing and restructuring corporate debt, significantly amends Spain's insolvency regulation in several key ways. One of its most relevant new provisions deals with the new regime for court-sanctioned (homologation) refinancing agreements (also known as Spanish schemes of arrangement) under the 4th Additional Provision of the Spanish Insolvency Law. The new framework is mainly aimed at improving refinancing processes in Spain. It will introduce more flexibility and new tools to enhance the deleveraging of viable Spanish companies, and facilitate pre-petition restructuring deals while preventing debtors from filing for concurso which is generally value-destructive as in more than 90% of cases results in liquidation, with very low recovery for creditors.

Prior to the enactment of Capital Markets Law 6362 and of December 30 2012 (the Law), it was not clear whether over-the-counter (OTC) derivatives were subject to the Capital Markets Board's (CMBs) regulations under the old legislation. This was because the old legislation did not provide clear rules in terms of OTC derivatives. According to the CMB's principle decisions issued under the old legislation, OTC derivatives were not subject to the CMB regulations. Accordingly, it was generally understood that OTC derivatives did not require an authorisation from the CMB under the old legislation. However, given the fact that Article 6/8 of Decree No. 32 requires such transactions to be carried out through CMB-licensed intermediary institutions operating in Turkey, or by intermediary institutions abroad, this gave rise to an uncertainty amongst banks in particular that were willing to execute OTC derivatives with their customers.

Recent progress in proposals to amend the European Insolvency Regulation could change how debt restructurings are carried out in the region

The final version of France’s new insolvency law is a watered down version of the original proposal, but it still greatly enhances creditor rights

Mayer Brown's Alexandria Carr compares recent proposals to improve the resilience of EU credit institutions and the UK's Financial Services (Banking Reform Act) 2013

Europe's equity markets are humming. Despite uncertainty over Russia's Ukrainian exploits, volatility is down and listing windows are open for longer.

George Borovas,

Craig Whitley,

The public auction of the Australian diary company saw local and foreign bidders use regulatory processes to win board votes and stall competitors