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Olivier Vermeulen Gabrielle Wong Benjamin Büttner It has been a turbulent 12 months for the Baltics, and on January 1 there was yet another twist in the legal sector's tale. The remaining lawyers from Borenius – following the departure of a team of 13 in Lithuania to Sorainen in September – across all three countries broke their ties with the Helsinki-based firm and joined together with Cobalt. This created the largest Baltic firm by headcount – around 180 lawyers – and severed the final formal tie between a Nordic firm and the Baltics.

Cyprus takes home the NPL prize The Cypriot government has passed a suite of legislative reforms in an attempt to confront the non-performing loan (NPL) problem plaguing its economy.

Counsel in China have high hopes for the proposed overhaul of the country's credit assessment system, but stress that a host of other regulatory issues need to be ironed out, particularly surrounding wealth management.

Tomohiro Koyasu On April 1 2016 the retail electricity market in Japan will be fully liberalised to enable all consumers, including those in the household sector, to choose their preferred electricity supplier. This reform of the power industry is one of the steps taken by the government to address the vulnerabilities of the previous system, which was almost completely monopolised by regional electricity companies. These weaknesses were exposed following the Great East Japan Earthquake and the resulting nuclear disaster in 2011.

Pedro Cortés Calvin Chui Even as 2015 was winding down and coming to an end, the government of the Macau Special Administrative Region was busy putting together a robust draft law to amend various aspects of the legal framework for lease agreements. At present, the rules set out in the Macau Civil Code (1999) govern lease agreements.

John Breslin In Ireland activity continues to increase in the commercial lending, structured and aviation finance markets. The general consensus is that Ireland is firmly in recovery mode. However, recent comments by George Osborne, the UK Chancellor of the Exchequer, warning of the potential impact of global risks to the UK economy merit close attention. These risks include the decline in commodity prices, developments in Asian economies including China, and the potential impact on the world economy of increases in interest rates. In addition, the outcome of a referendum in the UK to decide whether the UK will remain part of a reformed European Union is expected to have a significant impact on the Irish economy.

Bisola Olusoga The Nigerian Petroleum Industry Bill (PIB) is currently being considered for passage into law in distinct parts, each instalment dealing fully with the matters to which it pertains. It is understood that this piecemeal approach represents a policy measure for the convenient management of the controversies which have historically plagued the PIB. The first part to be enacted, the Petroleum Industry Governance and Institutional Framework Bill aims to create efficient and effective governing institutions, with clearly delineated roles within the petroleum industry. It will also establish a framework for the creation of commercially oriented and profit-driven petroleum entities and promote transparency and accountability in the administration of petroleum resources in Nigeria.

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

Daw Khin Cho Kyi Daw Thaw Dar Sein Until July 2013, although Myanmar was a party to the Geneva Protocol on Arbitration Clauses of 1923, it was not a party to the International Centre for Settlement of Investment Disputes Convention (the ICSID Convention) or to other international conventions relating to arbitration. Myanmar deposited its instrument of accession without reservation to become a contracting state of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which became effective on July 15 2013.

Benedicto P. Panigbatan 'Land to the landless!' is a popular battle cry in the Philippines where agriculture is the mainstay of the economy. Accordingly, the Philippines has long embarked on what is known as the Comprehensive Agrarian Reform Programme (CARP) to distribute land to landless farmers. CARP found impetus when Republic Act No. 6657 (R.A. 6657) was enacted and, subsequently, when Republic Act No. 9700 (R.A. 9700) amended it to extend the timeline for land acquisition and distribution.