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Huong Thi Thanh Nguyen Vietnam started opening its market for distribution services in 2007, immediately upon its official accession into the World Trade Organisation (WTO). Until 2010, the door for foreign trading companies was fully open for three main trading services, namely: (i) commission agent services, (ii) wholesale trade services, and, (iii) retailing services, except for certain kinds of products that were expressly reserved under Vietnam's WTO commitments as regards services; and the limitation on the permitted number of retail outlets, which was subject to the so-called economic needs test.

Bassam Moussa The Egyptian Electricity Law (law number 87) was issued in July 2015 (Electricity Law). Along with its executive regulation, which is expected to be issued before the end of the year, this law will represent the general legal framework for the electricity sector for decades to come. A long awaited reform, the Electricity Law paved the way to transition from a state monopoly into a free market for electricity.

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

John Breslin Ireland has a shared legal tradition with the UK. Even though UK decisions are not binding in Ireland (but have persuasive authority), decisions of superior courts in the UK (such as the Supreme Court) merit close attention. This is undoubtedly true for the recent UK Supreme Court decision on contractual penalties in two joined appeals cases: Cavendish Square Holding v El Makdessi/ParkingEye v Beavis ([2015] UKSC 67) (Cavendish decision).

Julian M Hashim Jeannie Goon Section 133A of the Companies Act 1965 (Companies Act) explicitly prohibits the provision of financial assistance to persons connected with the directors of a company, including an associated company. Paragraph 8.23 of the Bursa Malaysia Main Market Listing Requirements (MMLR) on the other hand provides that, except as otherwise provided under law and subject to certain pre-conditions, a public listed company or its non-listed subsidiaries may provide financial assistance in the form of advance, guarantee, indemnity or to provide collateral for a debt in favour of its associated company.

Işıl Ökten Erdi Yıldırım Sukuk issuances were regulated under the Communiqué on Lease Certificates and Asset Lease Companies Serial III, number 43 (Former Communiqué) dated April 1 2010, by the Capital Markets Board of Turkey (CMB). Three years later, the CMB published the new Communiqué on Lease Certificates III-61.1 (New Communiqué) dated June 7 2013, which introduced new types of sukuk (lease certificate) issuances.

Maria Pía Talavera Barclay A merger is a corporate reorganisation that involves the combining of different companies into a single company in order to enhance the financial and operational strengths of the corresponding organisations. Peruvian law provides that by virtue of a merger, one or more companies transfer in a single act all of their assets (property, rights, obligations and/or liabilities) in favour of a new or existing company, which absorbs them in their entirety, causing in turn the dissolution of the companies transferring their assets. Due to the relevance of the legal implications of a merger (among other things, the transfer of all of the assets of a company), it is pivotal to have certainty on the effective date of such corporate reorganisation. Unfortunately, Peruvian corporate laws are not clear in this respect.

Still with Dentons, the headline in Asia last month was that it would be adding more numbers to its headcount when it agreed merger terms with GADENS in Australia and RODYK & DAVIDSON in Singapore. This follows a number of other mergers the firm has pursued across the globe in the last two to three years.

Paul Volcker, former Federal Reserve chairman, spoke exclusively to IFLR about his eponymous rule last month. He said the Volcker Rule, a part of the 2010 Dodd-Frank Act, has carried out his basic intent: banning federally-backed banks from speculative activity. But Volcker believes that more clarity is needed over the regulation.

Something for boards to aspire to European boards are finally prioritising the implementation of defence plans against activist investors as volumes look set to break records.