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Closing conditions

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

September 26 2016

Switzerland: Reporting money laundering

Andrew M Garbarski In a recent milestone decision dated May 24 2016 (decision 6B_503/2015), the Swiss Federal Supreme Court (SFSC) held, for the first time, that the duty of financial intermediaries to report suspicions of money laundering may extend beyond the end of the relevant business relationship.

September 26 2016

China’s crackdown on illegal PE funds lacks steam

The China Securities Regulatory Commission (CSRC) has conducted a sweeping crackdown on illegal private equity fundraising activities onshore, but rules and regulations specifically tailored to address them remain outstanding.

September 26 2016

Vietnam: Overtime work in Vietnam

Nguyen Thi Thanh Huong Cheaper labour and long-working hours are advantages for developing countries wishing to attract foreign investment. Vietnam is one Asian country which has these advantages. According to Labor Code 2012, a normal working day is eight hours-long, which amounts to 48 hours a week. The current minimum wage for low-skilled employees in private companies ranges from VND2,400,000 to VND 3,500,000 ($109 – $159).

September 26 2016

Guatemala: New financing legislation

Diego Alejos Bill 4895 (the Factoring Agreement and Discount Law) and Bill 4896 (the Leasing Agreement Law) have been thoroughly discussed in Congress recently. Both aim to help the development of the nation's economy, by providing individuals with new financing methods. Both bills also introduce some interesting concepts which, if applied, could be beneficial to the contracting parties.

September 26 2016

Indonesia: Mandatory tender offer rules

Oene Marseille Emir Nurmansyah The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan, or OJK) is expected to release a circular letter abolishing the mandatory tender offer requirements for participants of the tax amnesty programme that buy or become the controller of more than 50% of the shares of a public company.

September 26 2016

Cyprus: Client identity checks

Elias Neocleous In June 2016 the Cyprus Securities and Exchange Commission (CySEC) issued circular 143, which clarifies the effect of recent amendments to article 62 of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007. Article 62 sets out the requirements regarding verifying the identity of clients and beneficial owners.

September 26 2016

First pay-for-performance environmental bond reviewed

A new instrument linking financial returns to environmental or social goals could thrive. But securities law conditions need to be met first

IFLR Correspondent, September 26 2016

Deal of the month: Poland looks east

The nation is the first European entity to tap the third-largest bond market in the world, setting the benchmark for others to follow

September 26 2016

Europe Middle East and Africa

Guilain Hyppolyte Sonya Paul Ben Davis The Baltics has seen the creation of its latest alliance. Aivar Pilv in Estonia, Fogels Vītols & Paipa in Latvia and Balčiūnas & Grajauskas in Lithuania will rebrand as the LEADELL group of firms, known as Leadell Pilv in Estonia, Leadell Fogels Vitols & Paipa in Latvia and as Leadell Balčiūnas & Grajauskas in Lithuania.

September 26 2016

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