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Imminent reforms will reveal the identity of those behind companies registered in the UK. The new disclosure obligations promise to create among the highest levels of transparency in the world

Africa’s governments are pushing the indigenisation of major projects. For international sponsors and lenders, it introduces home and host country compliance concerns

Luis Gabriel Morcillo-Méndez Maria Camila Ordoñez The Colombian Ministry of Finance enacted Decree 1648 of 2014, by which it incorporated hybrid instruments into the Colombian regulation, particularly in connection with financial institutions. This comes as a result of recommendations made by the Basel Committee on Bank Supervision (BCBS) regarding hybrid instruments and their incorporation as mechanisms for issuers' absorption of losses. By means of such decree, the Ministry included hybrid instruments as part of the additional basic capital of the Colombian institutional entities and established the required criteria for losses absorption. This innovative action allows financial institutions, from now on, to issue hybrid instruments and use them not just as a temporary financing source, but as a future losses absorption mechanism, which will prevent them from an actual liquidation or facilitate their financial recovery.

Beatriz Cabal In a move designed to further discourage the use of bearer shares in the Republic of Panama, the Panamanian Superintendency of Banks issued, on December 2 2014, the General Resolution of the Board of Directors SBP-GJD-0009-2014 in which they established measures for the identification of the real owners or final beneficiaries of Panamanian corporations. This latest resolution sets out a list of requirements that all Panamanian banks must comply with in a period of twelve months counted from the issuance of the resolution, for clients whose corporations allow the issuance of bearer shares.

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

John H Choi and Changhun Lee of Shin & Kim look at amended guidelines on the unreasonable exercise of IP rights

Kyle Shin, CEO of Korean hedge fund Gen2 Partners, discusses the domestic regulatory regime and the future for hedge funds in the country

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).

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

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