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The Irish Court of Appeal has recently confirmed that the sale of a bare right of action to litigate in the Irish courts is invalid under Irish law (SPV Optimal SUS v HSBC Institutional Trust Services (Ireland) (2017)). This may be unwelcome news for particular sectors of the distressed debt market. However, the decision will be welcomed by depositaries, managers and other fund service providers. Further, it is clear that the decision has no impact on the regular market for the transfer of loan portfolios and other debt (for example, as part of collaterised loan obligation deals).

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

On March 3 2017, the bills for amending the Financial Instruments and Exchange Act (the Amendment Bills) were submitted to the Diet. They set out some basic rules surrounding the fair disclosure rule, the introduction of which is in line with an international trend – the US and EU have already introduced similar disclosure rules. The main purpose of the fair disclosure rule is to ensure that when a company provides inside information to a third party before its public disclosure, such information is also provided to other investors.

The presidential election and the case against EU membership have raised questions as to the member state’s options in the event of an exit. But legal obstacles would make the process difficult

China is closing the doors to investment offshore as it tightens the grip on capital flows. Some of its corporates risk being left behind

Technology for technology’s sake won’t help address the current business puzzles financial institutions face, nor will it solve regulatory challenges in the EU

A new avenue has been opened up for Indian issuers to raise rupee-denominated bonds from the international debt capital markets

The process for restructuring a business in distress used to be driven by the extent of the company’s legal obligations. However, recent history has shown the growth of tensions between legal and actual liabilities

In a bid to better conform to international standards and improve the quality of information disclosure, the Financial Services Authority of Indonesia (OJK) issued a new regulation in March 2017 detailing public disclosure obligations of certain shareholders of Indonesian public companies.

The amended Act on Residence of Foreign Nationals came into force in Slovakia on May 1 2017. The priority of this amendment is the transposition of European directives governing seasonal employment and intra-corporate transfers of workers. In terms of business immigration, worth mentioning is the introduction of a simplified procedure for obtaining temporary residence for the purposes of carrying out a business involving an innovative project.