October/November 2019
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Sponsored by Akin Gump Strauss Hauer & FeldThe lawyers who worked on this high profile case involving allegations of auction-rigging explain what others need to know -
Sponsored by Nishimura & AsahiOn September 19 2019, the Ministry of Industry and Trade (MOIT) officially submitted its final draft decision to the Prime Minister in order to promulgate a new decision on incentives for investors in solar power projects in Vietnam (Draft Decision). Two substantial incentives in the Draft Decision include (i) new feed-in tariffs (FIT) and (ii) detailed regulations on rooftop solar power projects.
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Sponsored by Nishimura & AsahiOn June 26 2019 the State Bank of Vietnam issued Circular 06/2019/TT-NHNN on foreign exchange control of foreign direct investment (FDI) activities in Vietnam (Circular 06). It replaced Circular 19/2014/TT-NHNN (Circular 19) and amended certain articles in Circular 05/2014/TT-NHNN on the opening and use of foreign indirect investment capital accounts, and in Circular 16/2014/TT-NHNN on the use of foreign currency and Vietnamese Dong (VND) accounts for residents and non-residents. The issuance of Circular 06 has led to some important regulatory changes relating to the foreign exchange control of FDI activities in Vietnam.
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Sponsored by Morgan Lewis & BockiusLawyers in London, Frankfurt and Silicon Valley share their experiences of the tokenisation of assets and explain where they see the market going
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Sponsored by Slaughter and MayTransaction management firm The Deal Team, together with London-based Slaughter and May lawyers, explain how the IPO process has changed for issuers since the FCA’s reforms last summer
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Sponsored by Futej & PartnersA long-standing burden on the courts in the Slovak Republic is the large number of old enforcement proceedings. Old enforcement proceedings are referred proceedings that commenced before April 1 2017, when a large amendment of the Code of Enforcement Procedure entered into force. While the new rules from this date give bailiffs strict limits for the new enforcement proceedings – two-and-a-half years for debtors who are legal entities and five years for debtors who are natural persons – no such limits existed for the old enforcement proceedings. This fact, plus the fact that old enforcement procedures could not be terminated for insolvency of a debtor without the creditor's consent, explains why there are still 2.6 million old enforcement procedures in the courts. These old enforcement procedures formally continue even though the debtor is, in most cases, insolvent and no assets are being recovered from them. If these cases continue to be completed at their present rate without state intervention, the old enforcement procedures would remain in the legal system for another 12+ years. To end this unsustainable situation, the government proposed an act on the termination of the certain enforcement procedures (Act) aimed specifically at the old enforcement proceedings, which will enter force on January 1 2020.
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Sponsored by Gilbert + TobinLocal regulators are displaying enviable steadfastness in relation to cryptocurrency regulation, according to Peter Reeves, Georgina Willcock and Emily Shen of Gilbert + Tobin
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Sponsored by Hengeler MuellerA poll of blue-chip executives shows companies are becoming increasingly aware of the threats inherent to M&A
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Sponsored by Consortium LegalThe fintech industry has revolutionised the traditional financial industry as we used to know it, at a faster pace than many could imagine.
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Sponsored by Riquito AdvogadosMacao SAR has been under pressure in recent years to adjust its tax laws to international standards. While a long overdue, wide Macao SAR tax system reform continues to be delayed, some new laws and several adjustments to the existing laws are being introduced to meet up with the undertakings assumed by Macao SAR and its motherland in the international spectrum.
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Sponsored by Campos Mello AdvogadosThe Brazilian oil and gas sector does not frequently use project financing and debt capital markets (DCM) to fund its activities unlike in other Brazilian capital-intensive sectors (for example, energy and toll roads) or in other oil markets (for example, onshore US). This results in reduced capital returns and creates difficulties for independent oil companies. Two recent regulations may change this situation.
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Sponsored by Elias Neocleous & CoDistressed companies are those facing financial crises not resolvable without a considerable recasting of the firm's operations, structures and finance. This can be brought about through a company's failure to make a substantial payment of principal or interest to a creditor. Distress can also be seen in terms of financial ratios, for example in terms of liquidity and longer-term solvency. The basic and most prevalent forms of corporate distress assessment are the cash flow and the balance sheet tests, which apply both to going concern and break up (insolvency) valuation. In terms of break up valuation, under the cash flow test, a company is insolvent when it is unable to pay its debts as they fall due. Under the balance sheet test, the entity is insolvent if the book value of its assets, as listed on the conventional balance sheet, is less than its reported liabilities. The notions of asset exchangeability/liquidity and time prospect of sale are of great importance, particularly for the balance sheet test, as the latter includes the assessment of assets' value, by definition (UK Insolvency Act, 1986, 123 [2]). In this article, we first present the international/UK insight and, then, the Cyprus position on the matter.
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Sponsored by Sycip Salazar Hernandez & GatmaitanThe Integrated Bar of the Philippines (IBP), the official organisation of all Philippine lawyers, has recently launched the Philippine International Centre for Conflict Resolution (PICCR). The PICCR is a non-stock, non-profit arbitral institution that will provide commercial arbitration and other alternative dispute resolution (ADR) services and facilities for parties to disputes. The PICCR was established in the IBP's objective of making arbitration more accessible and a mainstream option for dispute resolution in the Philippines.
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Sponsored by Alfaro Ferrer & RamírezThe executive branch of the Panamanian government has presented a Bill to the Legislative Assembly for the formal creation of a public-private partnership (PPP) regime in Panama. The Bill was approved in the first of three debates required within the Legislative Assembly for its final approval.
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Sponsored by Kudun & PartnersThailand is advancing its economic development agenda with new regulations aimed at expanding the range of fundraising options available to startups and small and medium-sized enterprises (SMEs). In May 2019, the Thai Securities and Exchange Commission (SEC) introduced an updated framework for debt crowdfunding based on public consultations that took place at the beginning of the year.
