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What will trigger a write-down in Korea? Clarifications of the write-down requirements for Korean banks' Basel III-compliant bonds are expected to encourage deals and appeal to investors. Korean regulators recently clarified the terms and conditions of Basel III-compliant bonds from banks in the jurisdiction. Previously either a management improvement order (MIO) by the relevant regulators or regulator's designation of the financial institution as insolvent would trigger a write-down.

Gabriela Vásquez Through Law 131(Law) of December 2013, Panama amended the arbitral process for both domestic and international commercial arbitration. The newly enacted law replaces previous regulation on the matter, developing new guidelines that respond to the increasing popularity of arbitration as a fast method for the alternative resolution of conflicts. Law 131 sets out, among other things, new terms and deadlines for all parties involved in the arbitration process (plaintiff, defendant, arbitral tribunal, judicial tribunals, and the Fourth Chamber of the Supreme Court of Justice), to act or proceed. As a prime example, the new law reduces the timeframe for the Arbitral Tribunal to issue the arbitral award which settles the dispute.

Sanjay Mohanasundram The July/August briefing covered the introduction of the Construction Industry Payment and Adjudication Act 2012 (CIPAA) which came into operation on April 15 2014. The purpose of CIPAA is to facilitate regular and timely payment and provide a mechanism for speedy dispute resolution through adjudication. CIPAA is regulated by the Kuala Lumpur Regional Arbitration Centre (KLRCA). In the first of the KLRCA circulars on the administration of CIPAA, it is provided that CIPAA will apply to construction contracts that were entered into before April 15 2014 but the dispute in issue must have arisen after this date. The intent of this circular is clear: to ensure CIPAA has an immediate impact on the construction industry. Regretfully, questions have been raised about the validity of this KLRCA circular and it has been suggested by some parties that CIPAA can only apply prospectively to construction contracts that were entered into after April 15 2014. It is being argued in court that this would defeat the very intent of CIPAA. Therefore, it is suggested that even though CIPAA may have an impact on parties' contractual rights, it would still be necessary for CIPAA to apply to contracts that were entered into before April 15 2014.

The lighter side of the past month in financial law

Until AIFMD is fully transposed, can AIFMs be confident that they can use the marketing and management passports as seamlessly as they are intended?

Gerardo Nuñez Money and assets laundering is the process by which the sources of funds generated by illicit or criminal activities are covered or hidden. Laundering creates the illusion that the funds are the result of legitimate activities moving smoothly within the financial system. This process of contamination is a complex and serious threat to the international community, which directly affects the financial system, government and social welfare of the nations involved. Therefore, it needs to be made a priority on their financial, economic and political agendas, so they can develop dynamic and coordinated systems of prevention and control along with legal entities and regulations capable of preventing the growth and spread of this practice.

In Slovakia, an employee may be obtained from another employer or temporary employment agency through what is called temporary assignment of employees. This is very popular, primarily due to the financial savings associated with payroll administration, and particularly the savings involved with the costs incurred in the event of a sudden drop in production. Another advantage is that job openings can be quickly filled by suitable employees. Also, in the event of a sudden drop in production the employee that was allocated can simply be returned, effectively terminating the employment relationship without the need for a notice period and without the obligation of paying severance to the employee.

Zaheer Mauritius (Zaheer), a Mauritius tax resident company, invested in Indian companies engaged in real estate in India. It entered into a Securities Subscription Agreement (SSA) and a Shareholder's Agreement (SHA) with Indian companies Vatika Limited (Vatika) and SH TechPark Developers (JV company). Vatika partly exercised the call option under the SHA and subsequently Zaheer transferred further equity shares and compulsorily convertible debentures (CCDs) in the JV company to Vatika.

Rose Marie M King-Dominguez In a May 8 2014 opinion, the Philippines' Securities and Exchange Commission (SEC) advised that the provision of 'an online platform intended to increase the sale of a particular product' is a mass media activity. Under the Constitution, ownership and operation of mass media enterprises is wholly reserved to Filipino citizens.

Kyohei Mizukoshi The Financial Services Agency of Japan (JFSA) published the amendment to the Guidelines for the Disclosure of Corporate Affairs (Disclosure Guidelines) on August 27 2014. The Disclosure Guidelines do not constitute statutory laws of Japan, but provide matters to be considered in applying the laws and regulations concerning corporate disclosure, including the Financial Instruments and Exchange Act of Japan (FIEA). This amendment abolishes the waiting period for the securities registration for certain 'well-known companies' and clarifies which acts do not constitute a 'pre-filing offer'. Generally, where a listed company conducts a public offering, it must file a securities registration statement (SRS), then wait for seven days before it can issue its securities to investors. This waiting period is designed to give investors time to decide, based on the information disclosed, whether to acquire and purchase the securities. Under the amended Disclosure Guidelines, only in cases involving the filing of an SRS by certain well-known companies, the SRS becomes effective on the date of filing and such companies can issue their securities to investors from the filing date. This exemption is available to certain types of equity offerings by well-known companies whose shares are listed on a stock exchange in Japan and whose market capitalisation is ¥10 billion ($93 million) or above. Additionally, this exemption is available to a non-Japanese company which meets these requirements.