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Iñigo de Luisa We previously wrote about Royal Decree-law 4/2014 of March 7 (RDL 4/2014), which introduced important changes at preinsolvency stages and improved the restructuring tools and schemes in Spain. This piece of law is already effective, but is at the Parliament for final enactment and is subject to additional minor amendments. Now, Royal Decree-law 11/2014 of September 5 (RDL 11/2014), amends once again our insolvency regime both at composition and liquidation phases in order to foster financial restructuring of viable companies. RDL 11/2014, among other key issues, extends to composition agreements some of the key measures introduced by RDL 4/2014 for restructuring schemes at preinsolvency stages. As a result, both general and special privileged creditors (including public entities) could now be specifically affected by composition plans, even in the portion covered by the value of the collateral.

Across Europe, many public-private partnerships are struggling. But a small majority of lawyers believe it’s premature to overhaul the funding model

Debevoise & Plimpton's James Scoville and Vera Losonci explain why an increasing number of foreign companies are using American Depositary Receipts to tap US investors

Foreign investors will soon be allowed to buy and sell shares on the Tadawul. Does it mark the beginning of a new liberalised investment environment?

Professor Chris Brummer analyses the macroprudential issues that will need to be ironed out as the RMB becomes a global currency

Fabrice Cohen, Clifford Chance Alex Bafi, Clifford Chance In London the most active firm in the past month turned out to be JONES DAY. The US firm has been steadily adding to its ranks for the past year but late summer saw a flurry of hires across the finance and corporate teams. Arguably the most high-profile addition was that of high-yield specialist Jonathan Bloom who joined from Ropes & Gray. The New York qualified partner was a founding member of Ropes & Gray's London base in 2009. Joining him at Jones Day are M&A specialist Benedict O'Halloran, who moved from an in-house position at GE, and structured finance and securitisation partner Neil Hamilton who made the switch from Paul Hastings. Another high-yield partner on the move was Gil Strauss. The former Weil Gotshal partner re-joined SIMPSON THACHER & BARTLETT at the end of August. Strauss had only been with Weil since 2012, and with his previous firm – Freshfields – for two years having moved from Simpson Thacher in 2010.

Bain Capital’s acquisition of 50% of socially-conscious Toms Shoes demonstrates how charitable giving can be built into a corporate structure

Stephen Crosswell, Baker & McKenzie Anna-Marie Slot, Ashurst In Hong Kong we have seen early signs of horse trading as KIRKLAND & ELLIS recruited leading Asia restructuring lawyer Neil McDonald and rising star Damien Coles from Hogan Lovells. In return, the UK firm poached corporate partner Steven Tran from Kirkland. As competition law continues to develop in Hong Kong and China, BAKER & MCKENZIE bolstered its offering in the city-state by hiring Clifford Chance partner Stephen Crosswell.

Adil Hussain, Clyde & Co In Saudi Arabia, LATHAM & WATKINS hired corporate partner Sami Al-Louzi from Vinson & Elkins, which has been scaling back its Middle East operation for more than a year. He will work across the firm's Riyadh and Dubai offices, focussing on cross border M&A and equity capital markets deals in the region. CLYDE & CO hired Herbert Smith Freehills partner Adil Hussain, who specialises in advising banks on structuring and developing shariah-compliant products, in Abu Dhabi. Hussain's departure leaves his old firm with only one partner in the country's capital.

The Hong Kong government's successful sukuk signals that more Asian jurisdictions must take Islamic finance seriously. The $1 billion sukuk al-ijarah, issued under Regulation S and Rule 144A, achieved the tightest-ever pricing for a benchmark-sized sovereign issuance from Asia ex-Japan; investors in the Middle East took 36% of that deal.