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Fernando de las Cuevas and Ferran Foix Miralles of Gómez-Acebo & Pombo assess the country’s high yield framework

Contributors include to this year's special focus include Clifford Chance, RBS and Commerzbank

Issuers may continue to face uncertainty, but Commerzbank’s Scott Boothby explains that the market’s ability to handle instability shows a maturing asset class

Michael Dakin of Clifford Chance explains why issuers and sponsors can’t afford to take a homogeneous approach to disclosure in an expanding market

Akin Gump's Christopher Leonard, Ezra Zahabi and Chris Poon on how Esma’s long-awaited technical advice on the directive moves the EU one step closer to a single regulatory framework

Norton Rose Fulbright partners Nigel Dickinson and Daniel Franks, and associate Charlotte Brown explain the key distinctions between European institutions' plans to regulate securities lending and repo transactions

Luis Gabriel Morcillo-Méndez Lyana De Luca A new collective investment scheme for real estate investments was recently created to manage and develop real estate projects in Colombia. Foreign real estate managers now have the opportunity of creating this type of vehicle in Colombia to be managed from their countries of domicile (without requiring local licensed presence but acting in cooperation with a local fiduciary entity or stock broker that remains liable before the superintendence of finance for the fund's investments). Decree 2142 of 2013 introduced the Real Estate Collective Investment Funds (RECIF), which are closed-end investment collective vehicles that hold at least 75% of their total value in real estate assets. This is a break-point in the local industry. Since 2007, real estate funds have been incorporated under the form of private equity funds (fondos de capital privado) managed by a local administrator and a general partner, which could be either a local or foreign unregistered entity. RECIFs are a separate investment vehicle with specific requirements in governance and managing structure.

The long-awaited changes promise to create a more evolved business environment for foreign participants

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

Maria Jose Cole The Costa Rican Securities Regulator (Superintendencia General de Valores or Sugeval), through the National Council for Supervision of the Financial System (Consejo Nacional de Supervisión del Sistema Financiero or Conassif), recently adopted amendments to the rules governing project finance and securitisation in Costa Rica. The amendments make structural and operational reforms to address the concerns market participants have reiterated regarding limitations set out in the previous regulations, on topics such as asset collateral, related party financing and government approvals.