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Among the various measures taken by the Brazilian government to stimulate investments in infrastructure and research and development projects, one of them refers to issuance of debt securities to raise funds for such investments, which may be issued as debentures or any other type of securities admitted in Brazilian legislation (Capex Debentures).

On September 20 2012, the Government of India issued several press notes liberalising foreign direct investment norms in sectors such as aviation and multi-brand retail (MBR). The government thus allowed foreign investors to hold up to 51% of the share capital in Indian companies operating in the MBR sector, and allowed foreign airlines to hold 49% in companies operating scheduled and non-scheduled air transport services. Before this liberalisation, foreign direct investment was prohibited in MBR, and foreign airlines were prohibited from investing in air transport services (though foreign entities other than airlines could make investments in this sector).

Bilateral investment treaties could be the weapon of choice for foreign investors holding Greek sovereign bonds

Project financiers have a new set of environmental and human right standards to build into their risk analysis frameworks

Air Liquide has become the first private company to issue bonds meeting socially responsible investors' criteria. The €500 million worth of nine-year notes was placed by Crédit Agricole, Citigroup, HSBC and Société Générale last month.

Freddy Karyadi Oene Marseille The Indonesian Minister of Trade recently issued its Regulation Number 53/M-DAG/PER/8/2012 regarding the Implementation of Franchise. It replaced the Regulation of Minister of Trade Number 31/M-DAG/PER/8/2008 regarding the Implementation of Franchise. The main changes in the 2012 Regulation are as follows:

Continuing its efforts to promote transparency, Vietnam's Ministry of Finance issued Circular No 52/2012/TT-BTC on April 5 2012, guiding the disclosure of information on the securities market (Circular 52). This came into effect from June 1 2012, replacing Circular No 09/2010/TT-BTC (Circular 09). In addition to Circular 52, the State Securities Commission (SSC) promulgated Decision No 515/QD-UBCK dated June 25 2012 enabling the disclosure of information on the SSC website (Decision 515).

Jaime de la Torre Viscasillas On August 31 2012, the Spanish government approved Royal Decree-Law 24/2012 on the restructuring and resolution of credit entities, which implements its commitments assumed in the Memorandum of Understanding agreed with Eurogroup on July 2011 and the proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms that is being discussed at the EU Parliament. Within the next three months, the Fund for Orderly Bank Restructuring (FROB) will incorporate an asset management company named Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria, which will be owned by the FROB, and financial entities (public participation must be less than 50%). The purpose of this company will be the tenancy, management, acquisition and transfer of troubled assets, and it will be authorised to issue obligations or other debt instruments (with no limits on the amounts).

The Central Bank of Cyprus has announced that it has commissioned an independent review of the domestic banking system at the request of the so-called troika (the tripartite committee of the European Commission, the European Central Bank and the International Monetary Fund that is coordinating assistance under EU support mechanisms). The exercise will cover the principal commercial banks as well as the Co-operative Central Bank and a representative sample of affiliated cooperative credit institutions. It will include an asset quality review and a bottom-up stress test aimed at determining the capital needs of each participating institution.

The extension of grandfathering periods under the US Fatca, will help overcome a deadlock that has plagued loan negotiations between foreign financial institutions