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The introduction of new substance requirements for global business companies operating from Mauritius, which will become effective on January 1 2015, are part and parcel of a strategy to further boost financial services and increase their input to the country's gross domestic product (GDP).

Carlos Fradique-Mendez Luis Gabriel Morcillo During 2013, the Colombian Government enacted several regulations simplifying private equity and venture capital (PE/VC) funds' legal framework, providing legal stability and confidence to local and foreign investors (including foreign funds). As of June 2013, local funds may be structured with different participation units reflecting variable fees, preferred returns, or investor types, and which should be now placed in the custody of independent trust companies, following international trends on the protection of funds' interests. A significant reform was the introduction of a new category of investment funds focused on real estate assets, which should now be managed through a regulated management structure that permits large numbers of real estate properties to be exploited through these types of funds. At the same time, one concern remains relating to the issuance of Decree 1848 of 2013, which modified tax withholding rules on the distribution of PE/VC funds. However, the Colombian private equity industry relies on some structured competitive advantages that attract foreign investment, such as treating carried interest as a capital gain and not as ordinary income commonly subject to a tax rate of 10%, or that the fund itself is not subject to income tax (the transparency principle). Decree 1848 introduced a specific methodology that must be applied by the local fund's administrator when determining the portion of the corresponding distribution that is subject to withholding tax.

Costas Stamatiou Following the bail-in of depositors as a condition of international financial support to Cyprus in March 2013, restrictive measures were imposed on deposits within the Cyprus banking system as of March 15 2013. These restrictions are gradually being relaxed, and the government has announced that it hopes to remove them entirely in the first few months of 2014. It should be noted that the restrictive measures apply only to funds within the Cyprus banking system as of March 15 2013. Any funds introduced after that date are free of any restriction. Further progress towards the normalisation of the banking system has been made with the release by Bank of Cyprus, the largest commercial bank, of €950 million ($1.3 billion) of blocked deposits. When the bank was recapitalised in July 2013, €2.9 billion of deposits were blocked. The target date for release of the first tranche of €950 million was the end of January 2014, with an option for the bank to roll over the deposits for a further period of six months. Having established evidence of improving stability in its deposit base and an increasing level of customer confidence, the bank's management determined that there was no need to exercise the option to roll over the deposits, and accordingly released them. The Ministry of Finance and the Central Bank of Cyprus have welcomed this move as a significant step in strengthening the confidence of the public and investors, and as an indication that the banking system is on course for stabilisation.

The first Fibra to raise international debt offers important lessons for Mexico’s budding real-estate investment trust sector

The lighter side of the past month in the world of financial law

Katia Merlini, Hogan Lovells Mid-January to mid-February saw a flurry of moves between firms in Paris, several involving Dentons. Among them was the departure of the former Sonier & Associés restructuring and insolvency duo Gabriel Sonier and Caroline Texier. Having left their original boutique to join Salans in 2011, the pair has now made for GIDE LOYRETTE NOUEL. The hire fills a gap at Gide following the loss of department head Oliver Puech to Bredin Prat. Dentons also lost corporate partner Johannes Jonas (also originally from Salans) to mid-sized US firm COHEN & GRESSER, which made the hire to help launch its Paris office. Jonas has an international background, having previously worked with Bruckhaus Westrick Stegemann and Cleary Gottlieb Steen & Hamilton in Germany, the US and France. The launch creates the firm's third office after New York and Seoul.

Martin Irwin, Baker & McKenzie Howard Lam, Latham & Watkins SLAUGHTER AND MAY finally broke its lateral hire deadlock by recruiting directly into partnership for the first time in its 125-year history. This piece of history happened in Hong Kong through the hire of Morrison & Foerster's (MoFo) co-head of China capital markets John Moore. Last month saw a string of other hires in the city-state. LATHAM & WATKINS welcomed banking partner Howard Lam from Freshfields Bruckhaus Deringer, while HERBERT SMITH FREEHILLS brought in financial services regulatory expert William Hallatt from Linklaters. WEIL GOTSHAL & MANGES recruited investment funds specialist Albert Cho from Kirkland & Ellis, and DLA PIPER hired restructuring and insolvency partner Mark Fairbairn from O'Melveny & Myers.

Jan Willem Möller of Loyens & Loeff analyses why the country is emerging as the eurozone’s hub for dim sum bonds

After Hong Kong, which city has the most potential as an offshore RMB hub? Vote now

Besnik Duraj The new Albanian government, formed after the 2013 general elections, has already fulfilled one of its election promises: the reform of the Albanian tax system from flat tax to tiered rates. Significant amendments have been introduced in the national laws on income tax, national taxes, tax procedures, excise, local taxes, value-added tax, the hydrocarbon tax system, and health contributions. The most important changes as of January 1 2014 are briefly presented below.