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High profile developments in schemes of arrangement have masked the emergence of another important trend: the gradual erosion of a dissenting creditor’s ability to block a scheme

Oene Marseille Emir Nurmansyah The Indonesia Finance Ministry has issued Minister Regulation 137.1/PMK.011/2014 on July 7 2014, imposing a tariff on the importation of certain iron and steel products into Indonesia. This Regulation is issued following recommendations from the Trade Safeguard Committee of Indonesia (KPPI). The KPPI determines that the tariff is necessary to prevent serious injury that are deemed to have arisen from increased importation of steel and iron products into the country. The KPPI states that steel importation into Indonesia has increased from 79,279 tons in 2008 to 251,315 tons in 2012 and found a causal relationship between the increase and the threat of serious injury.

India's recent launch of a Polar Satellite Launch Vehicle rocket carrying five foreign satellites was heralded as a major step towards the modernisation and digitalisation of India's science and technology sector. The Prime Minister showered accolades on the Indian Space Research Organisation (ISRO) and the Department of Space (DoS), declaring his vision of a Digital India in the years to come. In reality, its implementation is constricted by many factors, including in particular, the archaic Satellite Communication Policy 1997 and the norms framed under the Policy in 2000.

Rodrigo de Campos Vieira Ricardo Mastropasqua On June 25 2014, the Brazilian Exchange Securities Commission (CVM) issued CVM Instruction 549. This instruction partially amends CVM Instruction 409, which governs the organisation, management, operation, and disclosure of information regarding investment funds in Brazil and also creates the Share Investment Funds – Access Market, or FMA (Fundo de Investimento em Ações – Mercado de Acesso). The creation of the FMA is the result of the CVM's efforts to improve the Brazilian regulatory environment for smaller companies, enabling them to access capital markets and finance themselves by means of public offerings of shares. The FMA has features aimed at allowing investors to participate in the transition process from the pre- to post-initial public offering phases.

Wataru Matsumoto The Guidelines Regarding Executive Guarantees (Guidelines), which aim to reduce dependence on guarantees provided by executives in Japanese small and medium sized companies (SME), became effective in February 2014. Despite not having legally binding power, the Guidelines are considered to have the potential to alter the nation's finance practice, which has hindered smaller enterprises from implementing early turnaround and restructuring of their businesses. Traditionally, much of the financing provided to Japanese SMEs (especially those managed by sole owners or their relatives) must be accompanied by joint and several guarantees by the executives of such companies, such as a president or representative director. On the one hand, those unlimited liabilities have facilitated financing for start-up businesses that are less resourceful in their own properties. On the other hand, they have made it difficult for executives to take drastic measures due to the fear of losing their private assets (typically houses) by the execution of guarantee obligations if the companies find themselves in financially distressed circumstances where such drastic measures might, in the long term, have been prudent.

Elias Neocleous The Law Regulating Companies Providing Administrative Services and Related Matters of 2012 (ASP Law) transposed the provisions of Directive 2005/60/EC into national law and provided Cyprus with an effective regulatory framework. A number of practical issues and uncertainties have emerged since the law took effect. Following discussions between various stakeholders and the regulatory bodies concerned (the Cyprus Securities and Exchange Commission, the Cyprus Bar Association and the Institute of Certified Public Accountants of Cyprus), the Law Regulating Companies Providing Administrative Services and Related Matters (Amendment) was enacted in July 2014 to resolve these issues.

Carlos Fradique-Méndez Felipe Isaza The Colombian derivatives market has been growing since 2006. According to data provided by the Colombian Central Bank, last year was record-breaking for the over-the-counter (OTC) derivatives market, with $279 billion traded up to September 2013. Last month, the Colombian Superintendence of Finance proposed a new regulation intended to modify certain existing regulations regarding the derivatives industry. The draft was expected to be issued in July and it may have an important impact on the negotiation of these instruments, especially on OTC derivatives.

Diego Alejos Financing in Guatemala has seen a recent expansion in the different options offered by financial institutions, national and foreign, to Guatemalan companies. This has allowed Guatemalan corporations to expand their operations by having a wide portfolio of finance products from which to select the most adequate means of acquiring the funds to develop their operations. Traditionally in Guatemala, corporations, both national and foreign, have obtained their financing from Guatemalan financial institutions; they have tended to enter into traditional options such as Lombard credits, syndicated loans and in some cases project finance. However, these options did not meet the funding needs required by corporations. In some cases, the limits imposed on Guatemalan financial institutions by law regarding the concentration of investments and contingencies restricted the funding offered to corporations. In other cases, the financing structure offered to the corporations by the financial institutions did not meet the corporation's needs. This situation changed to some extent with the entering of foreign financial institutions into the Guatemalan financial market, as the limits regarding the concentration of investments were somewhat lessened, allowing for bigger loans and financing.

Lei Wun Kong Nuno Soares da Veiga Following the enactment of the Foreign Account Tax Compliance Act (Fatca) by the US Government, financial institutions in the Macau SAR are analysing the impact of complying with it. Under Fatca, foreign financial institutions (FFIs) are required to report information directly to the Internal Revenue Service (IRS) regarding the accounts of customers who are treated as US persons for US tax purposes, and customers who have been identified as having links to the US. Moreover, Fatca provides that non-compliant FFIs will be subject to a 30% withholding tax on their US investments and US-source income. While the purpose of Fatca may be to combat the tax evasion of US taxpayers, compliance with Fatca poses a challenge to Macau financial institutions striving to comply with local laws, in particular the Financial System Act (FSA).

Panagiotis Drakopoulos Mariliza Kyparissi Recent amendments to Greek legislation on commercial leases provide for shortened minimum lease terms (three-year statutory minimum) and early termination clauses. This affects the Greek real estate market and raises business and investment expectations. New provisions invite a more market-friendly and business-oriented approach, restricting the previous protective framework for the lessee, and granting an enhanced set of powers to the lessor, in the hope of reversing the idle investment climate in the Greek market. The recently introduced lease term and termination clauses favour market mobility, allowing for more flexible arrangements among parties and preventing properties from staying locked down over long periods of time. Before their final investment move, investors are now able to explore opportunities with high growth potential and may freely negotiate and agree on prices, terms and conditions of the lease agreement, achieving predictability in their business planning. It is expected that the successful implementation of the new law on commercial leases will lead to the creation of new investment schemes. It aims to attract the interest of real estate investment companies (REICs) and other institutional and individual investors seeking to expand their investment scope and main activities. Single investors or investment groups should therefore opt to expand their activity in a growing real estate market, invest in commercial and tourist property, promising real estate development projects, and vacant units and unused commercial premises, taking advantage of the flexible provisions and boosting real estate portfolios' valuations. Therefore, commercial real estate property of previously limited demand, such as secondary retail, warehouses and non-prime office buildings, should be successfully targeted by domestic and foreign investors through the emergence of investment schemes, securing the recovery of the property market and boosting its flexibility and mobility.