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Economic turbulence does not affect sanitation as much as it does other infrastructure industries. Demand is inflexible, revenue stream is predictable and services are monopolistic by nature, which is not the case with other industries – transportation, for example, is more permeable to economic downturns.

The single supervisory mechanism has impressed, but filing requirements and JSTs should be addressed

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

Following up on the issuance of a peer-to-peer lending regulation by Indonesia's Financial Service Authority (OJK) late last year (which was the subject of the Indonesia briefing back in February 2017), the OJK has released a circular letter setting up further guidelines on the governance and risk management aspects of peer-to-peer lending operators in Indonesia.

Following up on an article published last year in IFLR by Consortium Legal – Honduras regarding anti-money laundering (AML) legislation, on June 6 2017 the National Banking and Insurance Commission (CNBS) issued the Regulation on the Registration of Non-Financial Professions and Activities (Regulation). Beginning June 15 2017, attorneys, accountants, and various non-financial businesses, including but not limited to car dealerships, casinos, jewellery retail shops, real estate companies, and companies that grant loans without performing financial intermediation, will have to register with the AML registry for non-financial professions and activities of the CNBS.

The Central Bank of Ireland (CBI) recently announced that its financial regulatory operations will be restructured to meet the new demands of the regulatory landscape. They will be restructured to comprise two 'pillars' or functions. The first will be prudential regulation covering credit institutions, insurance and reinsurance undertakings and asset management. The second will be financial conduct covering consumer protection, securities, markets supervision and enforcement. There will also be a policy and risk directorate which will support both pillars, but will be part of the financial conduct function for administrative purposes.

On May 23 2017, Law 3/17, which amends the law on the prevention of money laundering activities – Law 2/2006 (AML Law) – came into force. (Further details of the objectives and particulars of the amendments can be found in the March 2017 Macau briefing here: www.iflr.com/Article/3664320/Macau-AML-framework-developments.html).

Transfer limits are affecting liquidity. Changes need to be made to the framework to allow more flexibility

A brief summary of recent legal developments in Thailand affecting doing business in the country follows.

Dennis M Kelleher, president and CEO, Better Markets and Peter J Wallison, senior fellow, American Enterprise Institute share their views on how the landmark legislation has impacted the financial services sector