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Counsel praised the Philippines Stock Exchange for its focus on deepening the country’s investor base and considering international best practice

In the absence of a unified legal framework, Uría Menéndez’s Juan Francisco Falcón and Catalina Chalbaud offer practical guidance on cross-border mergers under Spanish law

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

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

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

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.

Anup Koushik Karavadi Karan Talwar India, as an emerging economy, has hundreds of foreign companies being registered each year. Setting up business in India may be a complex process with its administrative and procedural compliances, but since the liberalisation policy in 1991, the government has time and again made changes, favourable for foreign investment and entry of foreign companies. One of the recent welcome developments is the enactment of the Companies Act, 2013, (the Act), which is more comprehensive than its predecessor, particularly with regard to the concept of a 'foreign company'. The said term is defined in section 2(42) to mean a company or corporate body incorporated outside India, and which has a place of business in India either by itself or through any agent, physically or through electronic mode, and which conducts any business activity in India in any other manner.

John Breslin The recent, high profile, application by the Irish Bank Resolution Corporation, IBRC, (in special liquidation, and previously known as the Anglo Irish Bank) for Chapter 11 protection before the US courts, highlights a difficult issue that frequently arises as the fall-out from Ireland's financial crisis plays out. This is the question of international co-operation in corporate insolvencies. IBRC's US litigation will consider how accommodating Ireland's legal system is to overseas insolvency officers. As Ireland is a member of the EU, the EU Insolvency Regulation (EC/1346/2000) is directly applicable. The Irish Companies Act 1963, in addition, provides for ministerial recognition of foreign insolvency proceedings. However, as the only country specified under this provision is the UK, this is effectively a dead-letter: the EU Insolvency Regulation will apply instead. Therefore, aside from other EU insolvency processes, there is no statutory basis in Ireland for the recognition of foreign insolvency officers.

On November 12 2013, the Chief Executive of Macau, Chui Sai On, delivered his last policy address of his first term of office.