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The financial services industry is urging the country’s regulators to seriously reconsider the proposed net stable funding ratio rule

Ignacio Buil Aldana Marcos Perales Mellado The measures introduced by the 2014 reform of the Spanish Insolvency Act represent a step forward for debt-for-equity swaps. The reform aims to give operationally viable but financially constrained companies a flexible and attractive debt capitalisation regime, while also respecting the creditor's legitimate expectations.

Elias Neocleous In April 2016, four months after the required date, Cyprus implemented Directive 2013/50/EU of October 22 2013 (the Amending Directive). The Transparency Requirements (Transferable Securities Trading on Regulated Market) (Amendment) Law of 2016 amends the Transparency Requirements (Traded Securities in Regulated Market) Laws of 2007 to 2014 to transpose the Amending Directive into domestic law.

Nguyen Hoang Ly On December 31 2015, the State Bank of Vietnam issued Circular 40, which regulates the opening and use of capital accounts denominated in Vietnamese Dong (VND) for the offshore issuance of securities in Vietnam.

Carlos Augusto Junqueira Eduardo Abrantes Recent investigations into a high-profile corruption scandal in Brazil have spurred discussions surrounding the quality of the management of the country's state-owned enterprises (SOEs). These discussions mainly focus on the nomination of public office candidates by political patronage. As a result, federal Law 13.303, published on July 1 2016, creates a new regime for SOEs that play a role in strategic sectors of Brazil's economy.

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

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

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.

Oene Marseille Emir Nurmansyah In July 2016, Indonesia's president Joko Widowo issued a new regulation clarifying a previously issued presidential regulation which had set a minimum authorised capital amount of IDR 50 million (approximately $4,000) for the establishment of companies.

João Nuno Riquito Bruno Almeida Macau continues to face the challenges resulting from the 26 month-long dip in local casino revenue. However, amid expectations of a recovery, the city's gaming regulator is introducing structural adjustments to the gaming industry. These adjustments aim to encourage the diversification and sustainable development of Macau's economy.