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On July 8 2018 the Cyprus Parliament approved a package of legislative measures aimed at creating market security, stability and growth, and strengthening the legal framework to deal with non-performing loans. The amendments took effect on July 31, when the amending laws were published in the government Gazette. The principal changes are as follows:

The new regime will be extended to insurers and beyond, as part of a broader conversation about cultural change

The Irish Court of Appeal recently handed down an important decision which will impact default interest provisions in Irish law loan agreements. In Sheehan v Breccia/Flynn and Benray v Breccia, the court considered whether a provision for default interest in a bank's standard terms and conditions should be struck down as a penalty. This is a highly technical question, but one which is important for banks and borrowers, and for other market operators.

Issuers should consider potential conflicts between Russian and EU frameworks rules before listing on either exchange

The landmark scheme has brought much-needed clarification on the determination and payment of statutory interest

Cyprus's new law on alternative investment funds, Law 124(I)/2018, has now entered into effect following its publication in the official gazette.

A recent decision involving Singapore’s CW Group considers the interaction between the Hong Kong and Singaporean insolvency frameworks

Hong Kong’s financial regulator has become one of the first signatories of IOSCO’s enhanced cooperation standards

The settlement of a recent financial services regulatory enforcement action by the Central Bank of Ireland (CBI) highlights the interconnectedness of regulatory breaches. In brief, a failure of controls and policies can create a domino effect which triggers liabilities under the anti-money laundering/counter terrorist financing (AML/CTF) regime, client asset requirements and a finding that key frontline personnel are not fit and proper for their role.