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A court’s cramdown order on Grupo Celsa’s refinancing agreement has had a significant impact on Spain’s restructuring market

How incoming regimes and changing market practices will ensure that financial benchmarks don’t risk losing their relevance

How loan-portfolio acquirers in Germany can avoid post-acquisition troubles

Practical changes to update the Transfer of Undertakings (Protection of Employment) Regulations are likely to facilitate the acquisitions process

IFLR1000’s 2014 rankings identify the law firms shaping the most exciting M&A markets

Alexei Bonamin Marcus Vinicius Fonseca Exchange traded funds (ETFs) were established in Brazil through instruction number 359 of January 22 2002, enacted by the Brazilian Securities Commission (CVM), but until recently it was only possible to form an ETF backed by variable-income indices. Now, through the enactment of instruction number 537 of September 16 2013, which amended instruction number 359, the CVM has finally authorised the formation of ETFs backed by fixed-income indices. Instruction 537 also provides criteria that should be observed by the CVM when approving indices that may be used as reference by an ETF, which always existed but were not yet detailed. For example, indices should not have parties related to the administrator or manager of the ETF as provider, and must have a widely disclosed calculation methodology that includes predetermined and objective rules.

A re-examination of section 213 of the Securities and Futures Ordinance in Hong Kong

Carlos Fradique-Mendez Laura Zarzur In an effort to improve the quality of collateral guarantees in Colombian stock lending, the Colombian Stock Exchange introduced the ability for the originator to discretionally elect the type of collateral from a new set of more liquid guarantees. Formerly, the receptor of the security was authorised to choose the collateral among a particular set of less liquid securities, which caused a lack of market penetration of temporary transfer of securities (TTVs), a problem exacerbated by the low quality of collateral used in TTV transactions.

Gustavo Leon-Gomez In Honduras, during the past two decades, credit card legislation has been issued and amended on several occasions in an effort to regulate this important financial sector. These amendments have been mainly motivated by a substantial assymetry between a strong and aggressive financial sector and weak non-educated financial consumers. A fundamental principle of economic theory is that the market for goods and services is regulated by the forces of supply and demand. Theoretically at least, prices, quality, volume and the overall supply of goods and services determine the market's prevailing forces, therefore allowing consumers to make free and informed choices.

Elias Neocleous Law 196(I)/2012 regulating companies providing administrative services and related matters, (the ASP Law), which established a licensing and supervision regime for providers of corporate and fiduciary services and transposed the provisions of Directive 2005/60/EC into national law, has been amended. It will now provide for registers of trusts subject to Cyprus law to be maintained by the three bodies responsible for supervising service providers, namely the Cyprus Securities and Exchange Commission (CySEC), the Cyprus Bar Association, and the Institute of Certified Public Accountants of Cyprus (the competent authorities). Section 3(7) of the ASP Law requires trustees and service providers who fall within its scope to identify and verify the main stakeholders in trusts governed by Cyprus law that they establish or administer. They must keep accurate and up-to-date information and documentation regarding the trustee, settlor, beneficiaries or class of beneficiaries, any protector, fund manager, accountant, tax consultant, and any other person exercising effective control over the trust, and on the activities of the trust.