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Why it’s right for activist investors to rely on the SEC rules allowing the disclosure of material information on social media

In April 2013, the Act Governing Private Sector Participation in or Operation of State Activities (2013) was published. The Act supersedes the 1992 version, which presented several issues for parties wishing to enter joint investment contracts with state-owned enterprises. These issues include an unclear and overlapping authority of several government regulators, with the National Economic and Social Development Board (NESDB) refusing to play a significant role, and substantial delays and increased costs in project approval, with no clear definition of what constitutes a state-owned enterprise. In addition, the old Act does not provide for contract renewals or amendments, or the scope of discretion for project approval.

Karan Talwar Noorul Hassan According to a recent Thomson Reuters M&A report, M&A deals in India were lowest in the last four years at $23.8 billion for January-September 2013. However, total cross-border M&A involving India grew 36.7% to $19.3 billion, driven by a 178% spike in outbound M&As, while inbound deals slipped 2.3% to $10.8 billion from the first nine months of 2012. The Companies Act, 2013 (the Act) has replaced the archaic 50 year old company law in India. The new Act promises to revamp the landscape of corporate restructuring and M&A in India, with fast track mergers between small companies and holding-subsidiary companies coupled with simplified procedures. More importantly, section 234 of the new Act now allows both inbound and outbound mergers and amalgamations with foreign companies as opposed to the earlier law, which specifically disallowed a foreign company from being a transferee company. The term foreign company has been defined as any company or 'body corporate' incorporated outside India, whether or not it has a place of business in India. However, only foreign companies established in jurisdictions yet to be notified by the government shall be allowed to merge with Indian companies.

Carlos Fradique Me´ndez Laura Villaveces Hollmann Colombia has made great stride towards contributing to the development of its markets. In particular, construction has experienced a boom in the past months as the sector grew about 16.9% in the first quarter of 2013 compared to 2012, residential buildings increased 14.7% and non-residential 21.8%. Maintenance and repair also grew 2.7% and construction licences 31.5%. All of which creates an interesting scenario, further supported by new regulations providing for useful real property investment models that are attractive to both foreign and national investors. Real-estate funds in Colombia were created rather late compared to international standards, and were only allowed since 2007. Yet the impact was not that great because of the regulatory restrictions that hindered their development.

The lighter side of the past month in the world of financial law

The IMF’s Michaela Erbenova discusses the role of alternative credit, and the best approach to supervision

Canada is the only country in the industrialised world without a national financial regulator. Will a cooperative approach address its fragmented securities regime?

The UK government’s questionable strategy to transform London into an offshore RMB hub

Still the poster child for equity market reform

Anne Tolila,