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India’s budget is only the beginning of some much-needed reforms

Regulators' desire for greater market disclosure seems to intensify every year. More data, be it for the benefit of investors or the regulators themselves, seems to be viewed as a key way to prevent the errors of years gone by. On paper, it's a view that's hard to argue against. Transparency should enable better buyside decisions, greater market oversight, and more self-imposed discipline by those who may have been tempted to game the system. In reality, the obvious downside is the massive expense – to be borne by the industry alone – of setting up the necessary compliance, record-keeping and data-gathering systems.

Stephanie Tang Dacheng's historic tie-up with Dentons started 2015 as a year for PRC firms to make global inroads. Yet the past month has been one for international names to move ever closer to China. JONES DAY brought in former China National Development and Reform Commission official Xue Qiang to its antitrust and competition law practice in Beijing. Meanwhile SHEARMAN & STERLING boosted its M&A practice with the addition of Stephanie Tang who joined the firm's China M&A group from Kirkland & Ellis. In Hong Kong FRESHFIELDS BRUCKHAUS DERINGER poached magic circle rival Linklaters' Asia-based US securities head David Ludwick. DEBEVOISE & PLIMPTON welcomed Herbert Smith Freehills' former Asia managing partner Mark Johnson to boost its white-collar crime and regulatory offering in the region.

The UK Financial Conduct Authority's (FCA) review of structured product governance has criticised the ways in which the instruments are developed and sold, warning that binding rules may be necessary.

The non-recourse financing of Deepwater Wind Block Island has caught the attention of other sponsors who are keen to tap the nascent sector

Opportunistic investors are beating a path to the region. But differences in company structures and judicial opposition will ensure the journey won’t be easy

Elias Neocleous The Investment Services and Activities and Regulated Markets Law, Law 144(I) of 2007, requires Cyprus Investment Firms (CIFs) that hold clients' funds to take every possible measure to protect their clients' interests. The Cyprus Securities and Exchange Commission (CySEC) issued detailed guidance to CIFs regarding these obligations in 2012 in its Directive DI144-2007-01, which requires CIFs to have adequate arrangements in place to minimise the risk of loss or diminution of clients' assets as a result of misuse, fraud, poor administration, inadequate record keeping or negligence. CySEC has recently issued a reminder to CIFs that maintain a merchant account for the clearing or settlement of payment transactions that any such merchant account must be completely segregated and may not be used by anyone other than the CIF. Under no circumstances may CIFs' merchant accounts be used by connected persons or third parties, as this does not provide the required degree of segregation and protection of client funds.

Diego Alejos Rivera The market for securities and commodities in Guatemala operates within the legal framework provided by the Securities and Commodities Market Act. The regulation contained in this Act established the playing field in which securities and commodities are negotiated as well as setting out the parameters through which key players in the market behave. Although the Securities and Commodities Market Act is 18 years old and was amended once in 2008, the market remains undeveloped in Guatemala, as the negotiation of securities through public or private placements is limited. To counteract this, the Monetary Board is seeking to pass a new law, which will regulate the market and its players. The Monetary Board through this bill seeks to facilitate the integration and eventual development of the market in Guatemala by substantially modernising the legislation.

Pedro Cortés Marta Mourão Following Notice no 009/2008-AMCM the Monetary Authority of Macau (AMCM) under its supervision power, issued new guidelines to be complied with by insurance institutions and the insurance intermediaries. These guidelines take into account the subsequent developments on anti-money laundering/combating the financing of terrorism (AML/CFT) matters, including the revisions introduced by the Financial Action Task Force on Money Laundering (FATF) in relation to international AML/CFT standards in February 2012. These guidelines are annexed to Notice no 015/2014-AMCM that came into force on January 2 2015, revoking Notice no 009/2008-AMCM.

Aksel Joachim Hageler Thomas Sando On March 4 2015, the Norwegian Competition Authority approved Coop's acquisition of rival grocery chain Ica. The decision ended a saga which has occupied the Competition Authority and the relevant market players for years. The decision also marked the second time in less than eight years that a foreign grocery chain has exited the Norwegian market. German Lidl previously aborted its attempt at penetrating the Norwegian market in 2007. While Coop has emerged as the winner among the grocery chains in the struggle for Ica, the decision leaves some of the spoils for both chains Norgesgruppen and Bunnpris. In the merger decision, the Competition Authority compelled Coop to divest 93 of Ica's stores to these two competitors, apparently leaving no room for either foreign buyers or other Norwegian players.