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The European Commission’s decision to exclude pension funds from Solvency II-style capital rules has removed a potential hurdle to the investor-class becoming more active project financiers

According to the ECB's executive board member, Benoît Cœuré, a single resolution mechanism must be in place, if a genuine EU banking union is to be achieved. Here he outlines the key components required for the SRM to be effective

Key industry figures have outlined the major trends impacting the asset management industry since the financial crisis, and what they mean for its future development

Ordinance No 06/2013/UBTVQH13 on foreign exchange controls was passed on March 18 2013, amending and supplementing Ordinance No 28/2005/PL-UBTVQH dated December 13 2005. The new Ordinance, which takes effect from January 1 2014, focuses on issues critical to investors, including: foreign investment into Vietnam; Vietnamese investment overseas; usage of foreign currency in Vietnam; and, foreign loans for residents. The State Bank of Vietnam (SBV) has prepared many drafts of legal instruments to implement the new Ordinance.

El Salvador enacted its Competition Law (CL) by Legislative Decree No 528, which entered in effect as of January 1 2006. Reforms to the law were introduced in 2007 to grant the competition authority more powers for the enforcement of the legislation.

With interest rates still low, yield-hungry investors are flocking to global debt capital markets. Freshfields Bruckhaus Deringer’s Peter Allen, Mark Trapnell and Denise Ryan discuss the key market drivers and reveal the next high-yield product

International banks face regulatory uncertainty when underwriting India block trades

The Securities and Exchange Board of India (Sebi) is considering easing restrictions on put and call options, which may lessen M&A uncertainty

Leonardo Fernández Rodríguez According to Law 9/2012 on restructuring of credit entities and Royal Decree 1559/2012 that develops Law 9/2012, the Spanish bad bank Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria (Sareb) is entitled to incorporate separate estates under the form of bank assets funds (fondos de activos bancarios, or FABs) to which it may assign either assets or assets and liabilities from its balance. FABs will operate as a mix of a securitisation fund and a collective investment vehicle. Assets eligible to be transferred to any FAB are not limited to those previously assigned to Sareb by credit entities subject to public aid according to applicable legislation, since the eligibility criteria also extends to money and deposits as well as fixed income notes listed in any official secondary market.

On April 11 2013, the Philippine Bureau of Internal Revenue issued Revenue Regulations No 6-2013 (RR 6-2013) amending certain provisions of Revenue Regulations No 6-2008, which provides for, among other things, the rules involving the determination of the fair market value of shares of stock not listed and traded in the local stock exchanges. These regulations implement the provisions of the Philippine National Internal Revenue Code (the Tax Code) relating to the imposition of capital gains tax on the sale or transfer of shares that are not traded through a local stock exchange. The general rule under the Tax Code is that gains realised from the sale or disposition of shares of stock is subject to a capital gains tax of 10% (other than a sale of shares through a stock exchange, which is generally subject to a stock transfer tax of 0.5%). For the purposes of calculating the tax, the gain is the amount by which the selling price or fair market value of the shares (whichever is higher) exceeds the seller's acquisition cost. Under the previous set of rules, the fair market value of the shares was deemed equal to their book value, as shown in the financial statements duly certified by an independent certified public accountant nearest to the date of sale. In case the fair market value of the shares of stock sold or transferred was greater than the amount of money and/or fair market value of the property received, the excess received as consideration will be deemed a gift subject to the donor's tax under section 100 of the Tax Code (at a rate of up to 30% of the net gifts).