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Greece is amending parts of its out-of-court workout regime but the country’s economic situation may prove an obstacle to their successful implementation

Private equity-backed Chinese enterprises have been on a global shopping spree this year. But the situation is not without its challenges

Elias Neocleous The Cyprus Securities and Exchange Commission (CySEC) recently issued a draft circular for consultation with Cyprus Investment Firms (CIFs) and other stakeholders. The paper sets out the proposed changes to, and clarifications of, the detailed procedures that CIFs must follow to fulfil their obligations to safeguard clients' funds. The consultation period ran until November 18 2016; the new guidance is expected to be issued early in 2017.

Carlos Fradique-Méndez Sebastián Boada Morales On September 30 2016, the Colombian Central Bank (Banco de la República de Colombia or BRC) issued External Regulation 14. It eliminated the obligation to file a foreign exchange declaration through a foreign exchange intermediary in respect of the remittance of funds under an exchange operation with a Colombian resident.

John Breslin The 2015 decision of the UK Supreme Court in Bank of Cyprus UK v Menelaou highlights the utility of subrogation as a remedy where traditional mechanisms (damages, injunction) are inadequate. The case also highlights the developing role of the law of restitution. Subrogation and restitution are well-established doctrines in Irish law.

Fabiola Cammarota de Abreu Ricardo Lara Gaillard In August 2016, the tribunal of the Brazilian antitrust authority (the Administrative Council for Economic Defense or Cade) reversed a previous decision of its General Superintendence. This previous decision held that down payments violated the so-called gun jumping rules laid down in Cade's guidelines. In doing so, Cade issued its first precedent on the legality of a down payment and the payment of reverse break-up fees in M&A transactions, vis-à-vis the current gun jumping regulations.

Daniel Futej Dalimir Jančovič The new act on local development fees came into force in Slovakia on November 1 2016. Under the act, a fee will be charged for certain construction activities that take place in municipalities and cities. The act is a response to the extensive development in towns and municipalities that need new infrastructure but do not have the finances to fund the building. Investors pay the fee, and local governments should use the revenue to build technical and social infrastructure.

Rodrigo Taboada Ana Carolina Álvarez On October 6 2016, the Nicaraguan Congress approved the Ley de Garantías Mobiliarias (the Law of Security on Movable Assets). This has been described as a legal instrument that will, among providing other benefits, enable small producers, and micro- and medium-sized companies to access bank credit and micro finance institutions using their own assets as security. This will be done through the subscription of a written agreement between the grantor and the creditor that may be in a public, private or electronic document.

Franco Aristotle G Larcina Arlene M Maneja On August 31 2016, the Philippine Competition Commission (PCC) issued a new merger notification form, which applies to notification submissions from September 1 2016. Below are the noteworthy new requirements.

João Nuno Riquito Rui Filipe Oliveira In line with the recent regulatory tendency to focus on the real estate property market, the Macau government has prepared new legislation to regulate the management of a condominium's common areas.