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Takashi Itokawa On November 5 2013, the cabinet order and accompanying regulations amending Japanese short-sale regulations came into force. The amendments consist of three main points: (i) relaxation of the uptick price rule; (ii) confirmation of the reporting and disclosure obligations concerning short-sale positions; and (iii) confirmation of the prohibition of so-called naked short sales. Previously, conducting short sales on a Japanese stock exchange at a price equal to or lower than the market price was prohibited. Following the introduction of the amendments, this uptick price rule will only apply if the price of the relevant stock should decline by 10% or more from the closing price of the preceding business day. This rule is applicable for the period from the day such a decline occurs through to the close of trading the following business day. The amended uptick price rule will also apply to short sales conducted through the proprietary trading systems (such as after-hours stock trading systems provided by certain securities brokers).

Jaime de la Torre Viscasillas On May 7 2013, a new alternative fixed-income securities market (Mercado Alternativo de Renta Fija, the MARF) was created in Spain through a resolution passed by the Associate in Insurance Accounting and Finance (AIAF) management company's board of directors. The MARF is a way for companies (whose circumstances prevent them accessing official secondary markets) to obtain financing through the issue of fixed-income securities. Other European countries already have alternative markets listing fixed-income securities, such as Germany's Eurex Bonds GmbH, Luxembourg's EuroMTF, and Ireland's Global Exchange Market – GEM.

Personnel leasing, which allows for the hire of employees from another employer or temporary employment agency, has become established in Slovakia. A temporary employment agency enters into an employment contract with an employee, and with an employer seeking temporary workers; it then sends the requested type of worker to the temporary employer. The agency handles payroll and any legal issues concerning the temporary employee (dismissal, for example). The temporary employers save money on payroll administration, severance pay when production is down, and they are also saved the hassle of the hiring process. Of course, the temporary employer must guarantee non-discrimination, and the working conditions (including wages) must be at least as good as with a comparable permanent employee working for the temporary employer. Such is personnel leasing.

Credit Suisse’s planned overhaul of its legal structure was not motivated by a desire to safeguard its Swiss operations, the bank’s vice chairman of the group executive office has said

The use of high-yield bonds to fund non-controlling buyouts is tipped to be a key development for the M&A market in 2014. The structure could be transformative for deals in Asia

Recent disputes regarding Indian Apollo Tyres’ acquisition of US-listed Cooper Tire underscore why Asian corporates looking to the US must understand its deal protection mechanisms and court precedents

Distressed assets in Spain’s real-estate sector have been luring investors for a long time, but buyers’ have been engaging new strategies recently

Industry support for an EU-wide covered bonds framework has grown over the past 12 months, with investors and issuers agreeing that harmonisation would help safeguard the asset class’s preferential regulatory treatment

Covered bonds backed by loans to small and medium-sized enterprises will remain a niche product of established issuers from mature markets

Conditional pass-through and soft bullet structures will come to the fore in next year’s European covered bond market, as issuers look at new ways to deal with short-term liquidity gaps