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Kerem Turunç of TURUNÇ describes some of the recent changes to Turkish securities regulation

Beatriz Causapé Guayente Gállego Spanish Royal Decree-Law 4/2014, passed on March 7 2014, has considerably changed the rules for the court-sanctioning of so-called Spanish schemes of arrangement. Among those changes, the reform has lowered the majorities required to achieve a Spanish scheme. Currently, a majority of at least 51% of the financial liabilities held by all creditors at the time of the refinancing agreement (acuerdo de refinanciación) approval, will suffice to request the insolvency judge to sanction the agreement, so it is considered ring-fenced and protected from any challenge for rescission.

Klaus Henrik Wiese-Hansen Christoffer N Sortland Implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Norway is gradually nearing. On February 18 2014, the Ministry of Finance sent a draft for new regulations on public hearing, with a deadline for comments of May 18 2014. This article provides a short summary of the draft regulations, which partly concerns the EU Commission Delegated Regulations under the AIFMD. Norwegian authorities failed to implement the AIFMD within the transposition deadline of July 22 2013. The Ministry of Finance is drafting an AIFM Act, which is expected to be proposed before Easter 2014. Implementation of the AIFMD in Norway will probably take place on or around July 1 2014.

Selva Quintero In the 1990s, the National Government decided to carry out a comprehensive reform of the electricity sector.? To this end, it enacted the Law of January 26 1996 (Law 26), which created the then-called Regulator of Public Services, an entity in charge, as its name implies, of regulating the telecommunications, potable water, and electricity sectors.

Noyan Turunç and Kerem Turunç of TURUNÇ discuss Turkish law developments concerning fund formation

Benjamín Valdez Tamayo Enacted in 2007, the Salvadorian Future Flows Securitisation Act (Ley de Titularizacion de Activos) regulates the issue of bonds through the Salvadorian stock exchange, to be paid by future cash flows generated by a specific asset. Since then, future flows securitisation has become a relevant finance option in El Salvador, for private enterprises and public institutions alike; to this date, more than $100 million in bonds have been issued. Among those entities that have accessed funding through this type of offerings are schools, industrial paper plants, the Salvadorian Department of Transportation, and beach side resorts. Technically speaking, future flows securitisation is the process by which an independent estate is incorporated with assets capable of generating future cash flow (for example, lease agreements, decreasing credit lines, the right of government institutions to collect taxes) and whose sole purpose is the payment of principal and interests of publicly issued bonds. In other words, a company issues securities through a stock exchange (thus obtaining funds for a specific business project) which will be repaid, with interest, with the cash flow generated by the securitised asset. A company, duly authorised by the Superintendenciadel Sistema Financiero (the Salvadoran equivalent to the Securities and Exchange Commission) is tasked with the administration of the assets and the cash flow necessary for the payment of the bonds.

The Korean law on class action lawsuits which went into effect on January 1 2005 is the Securities Class Action Lawsuits Act. As of now, this statute applies only to securities-related claims for damages based on false securities reports and information circulars, false business reports, semi-annual or quarterly reports, use of non-public information, stock price manipulation or negligent auditing by an external auditor. Due to various strict requirements in addition to such limited grounds for the commencement of a class action lawsuit in Korea, this statute has rarely been used. Thus far, only six class action lawsuits have been filed, and even among such lawsuits, not one has progressed to a final decision from the court of first instance. Due to criticisms of this status quo, the National Assembly and citizens' groups have been discussing a complete overhaul of the Securities Class Action Lawsuits Act.

Vijaya Sampath As of April 1 2014, 283 sections of the Companies Act 2013 (of the total 470 sections) and the related rules dealing with these sections have been notified by the Ministry of Corporate Affairs. Many new concepts have been introduced, the scope of others has been widened and many sections in the previous Act of 1956 have been dropped. Some of the new concepts range from new classes of one person and small companies to shareholder empowerment through class action suits. Certain profit-making companies have to spend 2% of their average net profits in the three preceding financial years on specified social schemes, or explain their reasons for not doing so.

Noyan Turunç of TURUNÇ discusses collective labour relations under Turkish law

Kemal Aksel and Begum Incecam at Kolcuoglu Demirkan Kocakli give an overview of squeeze-out mechanisms in Turkey, as regulated by the new Communiqué on Squeeze-out and Sell-out Rights