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Cristina E Thayer In early 1995, a non-profit organisation called The City of Knowledge Foundation was created to manage some areas to be reverted to Panamanian control located at a former military facility (Fort Clayton). The aim was to create a new cluster for research, knowledge exchange, innovation and sustainable development not only for the country, but for the region as well. In 1998, Executive Order number 6 brought the idea into fruition, providing for the assignment of the Fort Clayton land and infrastructure to the Foundation, and describing the terms, obligations and incentives for the execution of The City of Knowledge (TCK). By eliminating the quantitative limitations established by the Labor Code and establishing special visas for researchers, professors and technical personnel, entities affiliated to TCK were allowed to hire foreign professionals as needed. Furthermore, tax incentives were granted to the Foundation and its affiliates whereby import and sales taxes were exempted for equipment, machinery, furniture or materials if necessary for the development of the project; and international transfers of funds were exempted from taxes when those transfers are made for the furtherance of the project's objectives.

Borys D Sawicki Times of economic slowdown create additional challenges for businesses. Limited availability of external financing and delays in payments from contractors prompt entrepreneurs to seek tools that could improve their financial position. Factoring is certainly one of the instruments at which it is worth taking a closer look. In Poland, factoring is an unregulated agreement as opposed to typical agreements regulated by the Civil Code, such as sale, donation or construction contracts. The parties are, therefore, free to structure their legal relationship as they see it fit, provided that its substance and/or purpose is not contradictory to the nature of the relationship, the law or the principles of community life. Usually, they will model the arrangement in accordance with the prevailing market practice and taking into account views expressed by legal commentators.

Thomas Thorndike The energy industry in Peru is divided into three main sub-sectors: generation, transmission and distribution. The development of energy projects, regardless of the sub-sector, requires the execution of a concession agreement with the relevant governmental agency, authorising the sponsors to develop the project, and establishing the applicable terms. Such concession agreements set out the technical and contractual conditions of the project, including certain terms and conditions as to how it is to be financed.

Daniel Futej Rudolf Sivak As of January 1 2013, an amendment to the Slovak Act on energy efficiency of buildings came into force introducing several changes with respect to energy efficiency and certification of buildings. According to new legislation, provisions of the Act will not apply to buildings which are used for only a limited time during the year (during weekends or in summer, for example). The non-application is subject to the condition that the expected energy consumption of the building does not exceed 25% of the yearly expected energy consumption.

On April 23 2013 Canadian securities regulators provided exemptive relief to a number of foreign investment banks, so that under certain circumstances, foreign issuers (including governments) can make private placement offerings to permitted clients in Canada as part of a global offering, without supplemental Canadian disclosure.

Important lessons have been learnt following a series of high-profile restructurings in Latin America. These are the issues would-be investors must consider

Freddy Karyadi Oene Marseille Indonesia's Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) has recently issued Decree No KEP-716/BL/2012 on Investor Protection Fund Organisers. It includes details on Organisers stipulated under the Decree's Appendix, Rule VI.A.5 on Investor Protection Fund Organisers. Decree 716 is a follow up to Decree 715, which establishes an Investor Protection Fund. In order to operate as an Organiser, a party must secure a business licence from Bapepam-LK. This can be obtained by submitting Form VI.A.5-1 along with the required documents as stated in Paragraph 13(a) of Decree 716. Bapepam-LK will either approve or deny the application.

Thomas A Humphreys Remmelt A Reigersman Late last year, House Ways and Means Committee chairman David Camp sent a letter to the House Committee on Financial Services (HFSC) outlining amendments to the Covered Bond Act (CBA) that significantly alter the tax treatment of covered bond pools segregated from the issuer's estate after an event of default. Covered bonds are debt obligations that are recourse either to the issuing entity or to an affiliated group to which the issuing entity belongs, or both. Upon an issuer default, covered bond holders also have recourse to a pool of collateral (known as the cover pool), separate from the issuer's other assets.

On December 25 2012, the Financial Services Agency of Japan (FSA) published a report titled Development of Systems Concerning Insider Trading Regulation Based on Recent Violations and Financial and Corporate Practices. The report summarises the problems with the present insider trading regulations in Japan and presents recommended revisions. The present insider trading regulations in Japan are expected to be reformed based on the recommendations presented by the report in the future.

Özge Okat of Pekin & Pekin examines new challenges for acquisition financing in Turkey following the introduction of the new commercial code