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The Irish High Court recently ruled on the test for determining whether the transfer of a debt is a 'true sale' or is by way of a charge. It has adopted the market analysis based on English cases which emphasise that the legal form of the transaction adopted by the parties will determine its nature, provided the contract is not a 'sham'. The decision in the Eteams (International) Limited case concerned invoice discounting, but its ramifications are important in the context of 'true sale' opinions in structured and asset finance transactions.

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

After a months-long clampdown on PRC corporates and their excessive outbound M&A transactions, Chinese authorities have shown they are determined to tackle the roots of such a shopping spree: the banks that have been extending loans to these M&A hungry companies.

Brazil is late to the party when it comes to tackling corruption. But recent scandals involving a number of state-controlled companies have led authorities to implement the Clean Company Act, with the aim of enforcing better business practices. The Latam nation wants to change its corporate culture, but better business practices and transparency can't be built in a day

The Cyprus Companies Law Cap 113 has been amended to transpose the EU Accounting Directive (2013/34/EU) into domestic law with effect from September 23 2016.

On June 12 2017, a new regime for the exchange of information with foreign entities on tax matters was published in the Macau Official Gazette – Law 5/2017. Subsequently, on June 28 2017, the Executive Order 211-2017 was gazetted, approving the Common Reporting Standard and Due Diligence Procedures. These rules will now govern the exchange of information by Macau SAR in the carrying out of international agreements and conventions to which it is a party on double taxation and/or on prevention of tax evasion.

It has been more than three decades since the enactment of the law that regulates the Fideicomiso. The Fideicomiso, in general terms, is the legal act whereby a settlor transfers assets to a fiduciary (trustee). The trustee in turn agrees to manage those assets according to the provisions established in the Fideicomiso instrument (trust), for the benefit of a beneficiary, which could be the settlor itself.

Effective May 25 2018, the existing Data Protection Directive 95/46/EC and the Slovak data protection act will be replaced by the new EU General Data Protection Regulation (GDPR). Although the GDPR will be directly applicable in all EU member states, certain national particularities will remain even after the GDPR comes into force. A new version of the data protection act in Slovakia that accounts for the GDPR is in the process of inter-ministerial consultation and will replace the existing data protection act.

In this digital age, the value of data is increasing exponentially. Digital information is everywhere. It is generated, collected, analysed, stored, shared and sold for personal, business and political use. With such rapid growth, strong data protection rules must be in place to maintain privacy and prevent abuse in the disclosure of personal information. Recent events have also shown a steady surge of data breaches which further highlight the importance of data protection.

Foreign investors are now permitted to run companies themselves in a bid to attract investment and boost growth