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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.

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.

Décret Alstom reinforces France’s control over inbound foreign investment. Despite its dubious motivations, the European Commission has approved the reform

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

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.

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.

Richard Birns, Gibson Dunn & Crutcher Hugh McDonald, Troutman Sanders George Madison, Sidley Austin Many of summer's lateral moves have taken place in the corporate and M&A realm. PAUL HASTINGS hired Philip Stamatakos as a partner in Chicago in August. Formerly with Jones Day, Stamatakos specialises in M&A, joint ventures, recapitalisations, foreign investments, and distressed company transactions. In another high-profile move, corporate lawyer Richard Birns moved from Boies Schiller & Flexner to GIBSON DUNN & CRUTCHER in New York. Birns focuses on M&A and joint ventures, often with a private equity component. In Houston BRACEWELL & GIULIANI recruited former Cadwalader Wickersham & Taft partner Michael Niebruegge. He works on loans and securitisations, and oversees negotiations among creditors and borrowers in project financings.

Greenko’s bond shows how to capitalise on one of the country’s recent foreign investment reforms

The programmes have been at the forefront of outbound investment. But have foreign asset managers made the most of the reforms?

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.