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New rules that took effect on August 13 regulate marketing activities relating to Canadian public offerings

Rodrigo de Campos Vieira In a previous article published in this magazine, the author commented on Brazil's unique opportunity to develop the mechanisms for early stage, smaller and also more established medium-sized companies to access the funds they need to grow their business through the equity capital markets. The previous article discussed a project conducted by investment banks, law firms, civil entities, associations and auditors to be presented to the government with alternatives to unlock the growth of Bovespa Mais, the only access stock market in Brazil.

Rodrigo Taboada By decision of the Financial Action Task Force (FATF), an intergovernmental institution, and the Financial Action Task Force on Money Laundering in South America (GAFISUD), in June 2001 Nicaragua became part of the so-called Grey List on those institutions' prevention system for combating money laundering and terrorist financing. This was due to 'strategic deficiencies'. One of the five reasons Nicaragua presented strategic deficiencies was the absence of a financial intelligence unit. The country has now taken steps to stay off the Grey List, through the passage of a law that creates the Financial Intelligence Unit. This was published in the Official Journal (La Gaceta) on June 22 2012 and became effective in September 2012.

Chuks Okoye Nigeria's capital market operators and regulators have recently made significant efforts to deepen the capital market, including the introduction of market markers in the Nigerian Stock Exchange in 2012. The impact of that intervention has already been felt, with the NSE recording a 37% growth in market capitalisation at the close of 2012, making it one of the best choices for investment globally. The recent commencement of trading by two new platforms, the National Association Securities Dealers (NASD) OTC platform and the FMDQ OTC platform promoted by the Financial Markets Dealers Association are progressive attempts at expanding the pie. The NASD OTC provides a regulated platform for the trade in securities of unlisted public companies in Nigeria thus creating an avenue for much needed liquidity and transparency for such securities. The FMDQ OTC on the other hand sets out to promote over the counter trading in financial market instruments such as treasury bills, bonds, repos and foreign exchange. These platforms seek to increase the available channels and instruments for capital market transactions. They also are aimed at catalysing the development and usage of those instruments traded as investors have the incentive of a liquid market and a transparent process.

Aslihan Özbey The Turkish Commercial Code No 6102 (TCC), which was enacted on January 13 2011 and entered into force on June 1 2012, introduced a wide range of new aspects applicable to transactions in Turkey. One of these is the prohibition on share buybacks which also affects financial assistance on acquisition financed transactions. Article 379 of the TCC enables joint stock companies and limited liability companies to undertake share buybacks not exceeding 10% of their capital, subject to certain conditions such as general assembly approval for granting authority to the board, duration of the authority, determination of price, and compliance with the preservation of legal financial reserves. Transactions which exceed the 10% threshold or which are conducted in breach of the provisions of the TCC will be void and any shares acquired must be either sold within six months of their acquisition or cancelled through capital decrease.

China’s courts may increasingly turn to this when considering VIEs The legality of variable interest entities (VIEs) in China is even more uncertain following recent unfavourable rulings in China's highest court and a tribunal of the Chinese International Economic and Trade Arbitration Commission (CIETAC) Shanghai. The structure is also encountering uncertainty in the US, with the Securities & Exchange Commission (SEC) investigating US-listed Chinese companies that have used the model.

Eratat Lifestyle's private placement is thought to be the first asset-backed securitisation sold in the dim sum market. Perhaps more significantly, the deal also introduced the concept of tranching into the market.

The US has taken a tough approach to leverage ratios. Will this embolden European regulators?

US regulators' proposal to impose on the country's biggest banks a leverage ratio that doubles the Basel III standard has been criticised by the country's financial sector. But foreign banks also have cause for concern.

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.