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Spain has overhauled its bankruptcy regime in a bid to make it easier for ailing companies to avoid liquidation. But the long-anticipated reforms will likely need further amendments to ensure they are workable

Virtual currencies are set to play a key role in the evolution of finance. But developing links between the two worlds won't be easy

Statutory amendments taking effect in May give investment funds greater scope when investing in the African region. These are the soon-to-be-available structuring tools

UBS’s purchase of StabFund from Swiss National Bank ended the stabilisation transaction it launched in 2008. Here’s what it means for the country’s banks

Enforcement places a significant strain on the finances of liable parties, and as such the legislation on enforcement should offer not only a legal basis for effective enforcement, but it should also ensure reasonable protection for the liable parties.

Soonghee Lee In late 2013, the Supreme Court rendered a decision involving the issue of whether the contents of an investment prospectus is contractually binding if it differs from the contents of the trust agreement provided to the investor under an investment trust agreement. In this case, the plaintiffs claimed damages against financial companies on the grounds that the asset management company, without the plaintiffs' prior consent, changed the transaction counterparty to Lehman Brothers Asia, which was different to that stated in the investment prospectus. Further, they stated that the sales companies sold more than W20 billion ($18.5 million) of beneficiary certificates for the fund without considering the possibility of such change in transaction counterparties, and therefore, since the plaintiffs were provided information which made it impossible for them to be aware of the relevant facts (due to the different investment subject and investment limit from those contained in the investment prospectus) such acts constituted tortious conduct and default of contractual obligations. At the appellate level (before appeal to the Supreme Court), the plaintiffs partially prevailed against the asset management company. But the Supreme Court reversed the appellate court's decision on the grounds that (among others): (i) since the part of the investment prospectus which stated that the transaction counterparty to the OTC derivative products was BNP Paribas, cannot be viewed as merely an elaboration on the terms of the trust agreement, such contents cannot be viewed as a part of the terms of the investment trust agreement and contractually binding; and (ii) given that the bankruptcy of Lehman Brothers could not have been predicted, the change of the transaction counterparty to the OTC derivative product due to unavoidable circumstances, with a payment guarantee of Lehman Brothers (which has a similar credit rating as BNP Paribas) cannot be viewed as a breach of the investment prospectus or breach of fiduciary duty.

Sanctions placed on Russian and Ukrainian officials by the US and EU are constantly evolving, forcing banks and other financial institutions to take a proactive approach to due diligence and financing

Recent progress in proposals to amend the European Insolvency Regulation could change how debt restructurings are carried out in the region

The US has proposed a $1 billion loan guarantee programme for Ukraine. Arnold & Porter's Steven Tepper explains why this marks a significant expansion of the government's foreign assistance tool

The public auction of the Australian diary company saw local and foreign bidders use regulatory processes to win board votes and stall competitors