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The BRRD’s lack of prescriptive approach could be a reason EU member states have differing views on recovery and resolution strategies for their banks

Buyers looking to finance acquisitions in government-run auctions are finding their commitment letters under increasing scrutiny

Urs Kägi Daniel Küpfer In public M&A deals, bidding and target companies often agree on payments in the event that the deal cannot close. Payments from the target to the bidder are known as (direct) break fees. Reverse break fees are payments from the bidder to the target. Both types of fee serve to protect the deal and to control parties' behaviour.

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

Market participants in the US are considering the impending challenges posed by the so-called Basel IV framework

Non-performing loans are contaminating banks’ balance sheets. Securitisation may be the solution, but it won’t be easy. Success depends on improvements in servicing, enforcement and foreign involvement

The country should reinstate the withholding tax exemption for the country's sovereign debt income. The same treatment for won-denominated corporate bonds would help too

Yoshitaka Kato On April 28 2016, the Ministry of Economy Trade and Industry published a practice guide for the introduction of restricted stock as a new incentive award for directors and executive officers in Japan. The introduction of restricted stock is a common performance-based award in western countries. According to the practice guide, it will enable Japanese companies to globally acquire highly-talented management personnel and manage this personnel in a uniform way. Additionally, the Japanese Corporate Governance Code, which the Tokyo Stock Exchange published in 2015, provides that in order for management remuneration to operate as a healthy incentive for sustainable growth, the proportion linked to mid- to long-term results and the balance of cash and stock should be set appropriately.

Radka Sláviková Geržová Martin Ilavský A new law governing real estate expropriation came into force in Slovakia on July 1 2016. The new rules repealed the applicable part of the Building Act of 1976.

John Breslin It is a basic rule of common law that a court will not uphold a claim founded on an illegal act. This rule is important for internal and external counsel acting for financial service providers to keep in mind. Financial service providers operate in a highly regulated environment. Even exercising all due diligence, and with highly resourced compliance systems, mistakes and errors of judgement occur. Applying the strict common law approach can result in unjust and disproportionate results, particularly in cases of technical breach.