Search results for

Rocky Alejandro L Reyes In 2013, after several decades of implementing measures to solve its economic problems, the Philippines attained an investment grade rating from the big three credit rating agencies. The investment grade rating and the fast pace of economic development in the Philippines should have attracted a lot of foreign direct investment (FDI). However, Philippine laws' restrictions on foreign ownership of land, educational institutions, public utilities and mass media, to name a few, continued to hinder the growth of such investment. Many foreign ownership restrictions on certain business activities remain in the Constitution and statutes. For example, the ownership of private lands is exclusively reserved for Philippine citizens and corporations with at least 60% of its capital owned by Filipino citizens. The exploitation of natural resources, including all modes of potential energy, is subject to the same nationality requirement. This limited foreign equity investment in renewable energy development, such as hydro, geothermal, wind and solar power generation.

Yesterday the Hong Kong Monetary Authority released its second consultation on its resolution and recovery regime. Here’s what you need to know

Takuya Sonoda In 2014, the Japanese Diet agreed to amend, in two stages, the Act against Unjustifiable Premiums and Misleading Representations. This was following a series of scandals in which the menus used at a number of famous hotels and restaurants in Japan were found to be misleading, listing ingredients not actually used in the dishes. First, the Act for Partial Amendment of the Act against Unjustifiable Premiums and Misleading Representations (Law 71 of 2014) was promulgated on June 6 2014 and came into force on December 1 2014. This amendment introduced the requirement that business operators take all necessary measures to ensure the accuracy of all representations made to customers, including the establishment of appropriate managerial systems. Prime Minister Abe, on November 14 2014, oversaw the publication of guidelines to this amendment, setting out the fundamental policies of the amendment and listing specific examples of measures that must be taken by business operators in Japan.

Clifford Chance’s Francis Edwards, Terry Yang and Yasuyuki Takayami explain why the global requirement can clash with local confidentiality obligations

Pedro Cortés Marta Mourão The Legislative Assembly is appraising a proposal to amend Decree Law 40/95/M of August 14, which establishes the right to compensation for occupational accidents and diseases. To further enhance the protection of rights of injured workers and to clarify the procedures necessary to compensate damages arising from occupational accidents and diseases, the draft law provides for a wider range of situations that may be considered an occupational accident.

State issuers often include carve outs from their waiver of sovereign immunity. But Clifford Chance’s Robert Trefny explains it's not clear whether the law supports such protections

Sub-Saharan sovereigns’ dollar-bond borrowings have spiked. But with macroeconomic conditions worsening, what will stop the build-up of risks in the nascent market?

As its economy begins to cool, Cleary Gottlieb's Richard Cooper and Adam Brenneman assess the position of those with exposure in the Andean nation

Carmen Arribillaga Sorondo Alicia Galindo Aragoncillo The end of the year was extremely busy but successful for the so-called Spanish bad bank, the management company for assets arising from the banking sector reorganisation (Sareb – Sociedad de Gestión de Activos Procedentes de la Restructuración Bancaria). This was due to the sale of several portfolios comprising a large volume of credits (including credits to developers and office buildings and subsidised social housing units), loans (both performing and non-performing) and real estate owned to international institutional investors. These portfolios were carefully selected and structured by Sareb's business team together with external financial advisors to maximise its value. The portfolios were offered to institutional investors in an open competitive process in which they had access to all information through a virtual data room to analyse independently, to then place their binding offers. Many of these transactions (for more than €850 million, or $1 billion, in total) were completed at the end of the year due to their complexity and negotiation process.

Ahmad Zulkharnain Musa On August 21 2014, the Securities Commission (SC) released a public consultation paper on a proposed regulatory framework for equity crowdfunding (ECF) as an alternative funding channel. After input from the public, the SC released the public response paper on September 25 2014, with certain revisions to the proposed framework. Under the proposed framework, issuers must be locally incorporated private companies (other than exempt private companies). They are eligible to participate in the ECF through a web-based ECF platform via a primary offering to retail, sophisticated and angel investors. They can raise up to RM3 million ($842,000) within a 12-month period and a maximum of RM5 million. Sales of existing shares through the ECF will not be permitted.