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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.

Daniel Futej Patrik Daniska As of May 1 2013, several important changes to the Act on Residence of Aliens came into force in Slovakia including those relating to residence permits for the purpose of business. This applies to the members of statutory bodies of business companies who are not employed, as well as self-employed entrepreneurs. (In Slovakia, a foreigner who is both a member of a statutory body and an employee must apply for temporary residence for the purpose of employment only. This means that employment purpose of stay will prevail over business purpose of stay.)

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.

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

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.

Was this consulted in the selection process?

"Don't rule out the US. It is restructuring itself in a very quiet but deliberate way."

How many foreign banks are considering this for their US operations?

Miguel Jáuregui Rojas and Patricia Juliana Schroeder Radecke of Jáuregui y Navarrete provide an overview of two important areas for investors in Mexico: property and taxes