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

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

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

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

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.

Christos Christou The sovereign debt crisis in Greece has resulted in an unprecedented plunge of the GDP by 25%, whereas prices in the local real-estate market have fallen as much as 50% since the crisis hit the country at the end of 2008. As a result, huge investment opportunities have arisen, as both the Greek state and the private sector are trying to liquidate as many assets as possible in order to repay their debts. Still, until recently, foreign investors were reluctant to enter an ill-performing economy, despite the impressive adjustment fiscal programme implemented by the Greek Government and the sweeping structural reforms adopted during the last years, which resulted in a public finance surplus for the first time since Greece joined the eurozone in 2002. One of the main reasons for this was the unfavourable taxation status for real estate investments. Two very interesting recent deals, however, show that the country is again open for business. Canadian Fairfax Financial Holdings invested €200 million ($272 million) within the last year in EFG Eurobank Properties, raising their share from 5.7% to 42%. Prem Watsa, Fairfax's CEO, called the deal "a vote of confidence to the prospects of the Greek economy". A few weeks ago, Dutch private equity Invel Real Estate and BGS Real Estate of the Israeli diamond mogul Beny Steinmetz announced a joint purchase of 66% of Pangea real estate investment company (REIC), Ethniki Bank's real estate unit for €653 million, "betting on a recovery in the country's economy". Both deals have one thing in common: they both relate to an investment in a Greek REIC and this should be no surprise.

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.

The rules on financial instruments admitted to a central depository in dematerialised form are laid down in different pieces of legislation, including articles 83-bis onwards of the Financial Consolidated Act and the Bank of Italy/CONSOB regulation of February 22 2008 (the 2008 Regulation).