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To compete with bigger international rivals, Asia’s exchanges are working together through partnerships and networks. But some disconnects must be fixed before they reach their potential

Yukiko Konno According to a public announcement by the Japan Fair Trade Commission (JFTC) dated May 29 2013, the aggregate amount of surcharge payment orders issued by the Commission in fiscal 2012 was approximately ¥25 billion, and was made to 113 business entities (the largest surcharge payment order to a single business entity being approximately ¥ 9.6 billion ($257 million)). It is easy to see that sanctions under the Antimonopoly Act have a great impact on companies with operations in Japan. On May 24, the Japanese Cabinet approved an amendment to the Act. The Bill was submitted to an ordinary session of the Diet in June for approval and is now under discussion. The press release announcing the Cabinet decision can be found on JFTC's website, www.jftc.go.jp/en/ pressreleases/yearly-2013/may/130524.html The most significant amendments in the Bill are the abolition of JFTC administrative appeal procedures for certain JFTC orders, including cease and desist orders and surcharge payment orders, and the introduction of hearing procedures before one of those JFTC orders is issued.

With its communication No 0066209 of August 2 2013, Consob, Italy's securities regulator, has introduced additional information requirements applicable to trusts' shareholdings in listed companies.

José Francisco Meier Traditionally, Peruvian project finance structures have used trusts (fideicomisos) either as passive collateral trusts or cash-flow trusts, to serve as collateral and/or debt service payment mechanisms. Approximately 10 years ago, Peruvian trusts began to be used in a unique manner in project financing structures involving payment certificates for advancement of works issued by the Peruvian government (such as CRPAOs or CR-RPIs). In these structures, the referenced certificates were conveyed by the project developer to a special purpose vehicle, which would securitise or use such certificates as collateral for international securities issuances. In these transactions, payments under such certificates were made through trust structures, which additionally included a private registry of certificate holders to ensure payments were properly made to the applicable certificate holder.

The macroeconomic situation faced by the Spanish economy has affected the existing provisioning obligations of financial entities to classify credits, strengthening their risk management and vigilance duties.

Big institutions are getting excited about infrastructure debt. It seems that wherever you look these days, commercial real estate is being touted as a great investment proposition.

It seems like trends of the 90s have not only returned - in fashion, music, but also in emerging markets. Vietnam is a case in point. Following the 1986 implementation of the Doi Moi campaign – reforms designed to create a socialist-oriented market economy – it was thought that Vietnam might be the next China. But it has not fulfilled its potential. While the country certainly has seen changes since the '90s, structural issues remain. In particular, a lack of transparency is endemic. This year's passage of a new law to suppress dissidents, particularly those active online, was met with a throng of international criticism.

Jennifer Wheater, Duane Morris Partner moves among US firms dominated London's laterals market over summer, with the funds sector being a particular hotspot. DUANE MORRIS hired Proskauer Rose corporate partner Jennifer Wheater in July. Wheater specialises in structuring private equity, venture capital, and other funds including holding companies, carried interest and deal structures. In August WHITE & CASE's European private equity capabilities were boosted by the arrival of Ross Allardice. He joins the firm's London office after an 11-year tenure with Kirkland & Ellis. The same month saw Ropes & Gray announce that it had lured Michelle Moran to its London office. Formerly a partner with Dechert, her practice focuses on investment management and financial services.

Mexico is on the cusp of a regulatory overhaul that will touch every corner of its financial services sector. Three of the country’s senior regulatory officials dissect the upcoming reforms

Miguel Hernandez of Bufete Hernandez Romo explores the ins and outs of commercial court proceedings in Mexico