Search results for

Roberto MacLean Article 106 of the Peruvian Ley General de Sociedades (Law of Corporations) establishes that a corporation may not grant loans or provide guarantees to third parties, in support of the acquisition of shares issued by such corporation. Some argue that this constitutes an absolute prohibition, and that any agreement providing such financing is null and void. With this in mind, some practitioners have designed structures that they believe avoid the prohibition simply because they avoid the form of a direct financing prohibited by article 106, hoping form will prevail over substance if the case comes to court.

Sarah El Serafy The Qatar Financial Markets Authority (QFMA) issued rules on margin trading on September 10 2014. Prior to the issuance of the Margin Trading Rules, margin trading was only mentioned as a regulated activity under Law 8 of 2012 (QFMA Law) among other activities listed in the definition of 'financial services. The margin trading process for customers of a QFMA-licensed financial services company is spelt out in detail under the Margin Trading Rules. The Rules cover the opening of the account up to the registering of shares with the Qatar Central Securities Depository (QCSD), as well as registering increases on the customer's accounts opened by the financial services firm managing the account for the customer.

Iñigo de Luisa After several years of economic turmoil, Spain's GDP forecasts anticipate a two to three percent increase for the next two years. This is probably the best performance of all EU members. Consumption rates are improving and foreign investors' interest is high. However, it is true that the unemployment rate remains too high (above 20%) and this year of elections (regional, municipal and Spanish government) could have an unexpected impact on investors' attitudes. It is clear that the appetite of international investors, distressed and special situations funds and debt trade desks will continue in 2015. They have previously revolved around the usual well-known corporate names, but this should change and new names will come into action.

Isil Ökten Aslihan Özbey Akbank TAS has established a covered bond programme in an aggregate principal amount of up to €1 billion ($1.1 billion), which is the first ever mortgage-backed bond programme in Turkey. The first mortgage covered bond programme in Turkey was established on December 23 2014 on the approval of the base prospectus by the Central Bank of Ireland, after a challenging process. This programme comes after many years of hard work by the legislator, the issuers and the arrangers. Numerous changes have been made to the legislation to enable the first issue, and it would still benefit from further clarifications.

Sky Yang of Bae Kim & Lee outlines recent legislative changes as South Korea finally comes round to tightening its data protection regulations

For decades, taxpayers have been bedeviled by the distinction between trading in stocks and securities (eligible for a safe harbour) and lending (generally a taxable business).

David Ethridge, senior vice president and head of capital markets at the New York Stock Exchange, discusses opportunities for Korean companies in the US equity capital markets

The private equity firm’s acquisition of a majority stake in the German hearing aid business used a new-style management participation vehicle and novel warrants

Dong Chul Kim of Paul Hastings charts the rise of international offerings by Korean issuers

The UK government’s plans to prohibit the use of cancellation schemes on takeovers is expected to lead to an increase in transfer schemes in the country