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Corporate governance failings could be banks' biggest weakness in future stress tests, new research has revealed.

A remuneration policy led by non-executives and which is clearly disclosed in the directors' remuneration report is one of five key ingredients to good corporate governance, Barclays' chairman said last month.

Is it possible infrastructure debt funds have too much?

Clean Energy Finance Corporation's (CEFC) loan to an Australian wave energy company introduced a new financing structure for projects that are not yet commercialised.

Ekflodia Leskaj The Government of Albania has issued the final version of the draft law on value-added tax (VAT). According to the Minister of Finance, once approved by the Parliament, the new VAT law is expected to enter into force on January 1 2015 and replace the existing law on VAT, as well as all respective regulations. The draft law has been prepared with the support of the EU, setting as its principal aim the harmonisation of legislation on VAT with the acquis communautaire, in compliance with the Stabilisation and Association Agreement. One of the main intentions of the draft law is to remove double VAT taxation for transactions between Albanian and foreign businesses located in any EU member state (according to the destination principle).

Kartick Maheshwari, Khaitan & Co Mabel Lui, Winston & Strawn In Hong Kong, WINSTON & STRAWN hired a four-lawyer team from DLA Piper that included the firm's Asia corporate head Mabel Lui. DLA PIPER is relocating M&A partner Paul Chen from its Silicon Valley office in June to take over Lui's leadership role. Harry Prabawa from Prabawa & Hayya in Jakarta has joined HANAFIAH PONGGAWA & PARTNERS as partner. Prabawa specialises in World Trade Organisation rules and disputes and will head the firm's international trade practice group.

Antonio Felix de Araujo Cintra The Brazilian Securities Commission (the CVM) and the Brazilian Government have recently proposed and enacted some regulatory changes aimed at incentivising the entry of small and medium-sized local companies into the stock markets. These efforts are the result of a long and focused campaign by several players who believe that the development of financing alternatives for small and medium-sized companies is key for the future development of the economy in Brazil. Instruction CVM number 391, which governs the formation and organisation of private equity funds (Fundos de Investimentos em Participacoes, or FIPs), has been amended. The main change here will be an increase in investments by FIPs in companies listed in a special listing segment of the Brazilian Stock Exchange, known as Bovespa Mais, which is directed to small and medium-sized companies. The amended rule now provides that FIPs may invest up to 35% of their portfolio in companies listed in Bovespa Mais, without being subject to the general rules governing FIPs that require them to always ensure that they have an effective influence on the invested company's management.

Oene Marseille Emir Nurmansyah The Finance Ministry of Indonesia has issued a new regulation clarifying its internal procedures for selecting foreign lenders in government procurement areas. Under this new regulation, the directorate-general of debt management would invite certain pre-selected international lenders to submit proposals to fund government procurement plans. The directorate would choose the bidder who offered the lowest cost on comparable loan packages. The directorate would initiate the bidding process by sending out requests for proposals to at least five qualified foreign lenders, determined to be the most suitable creditors. These prospective lenders' outstanding loans would have to fall within a permissible limit. In this regard, the government would consider the amount of outstanding loan these creditors have extended to the government's counterparty. The government would also look at the type and origin of the goods to be procured. The prospective lender closest to the goods' location would receive priority. Finally, these prospective lenders would have to have a track record of providing commercial loans to the government.

Mark Griffiths, Norton Rose Fulbright The past four weeks have been relatively quiet across the Middle East region with one notable exception. KING & SPALDING welcomed back a familiar face, recruiting Iraqi outfit Confluent Law Group's managing partner Zaid Al-Farisi. A former counsel in the US firm's New York and Riyadh offices, Al-Farisi will join the finance practice working across the Dubai and Riyadh offices. In South Africa, NORTON ROSE FULBRIGHT recruited Barclays Africa Group in-house counsel Mark Griffiths for its competition practice. CLYDE & CO has announced it will enter the market with offices in Johannesburg and Cape Town. The confirmed team includes five lawyers from Linklaters ally Webber Wentzel, though there are plans to increase this figure prior to launch. Initially the focus of the work will be dispute resolution and insurance but there are plans to expand this practice to include trade and infrastructure.

Azleen Mohammed Saleh The central bank of Malaysia, Bank Negara Malaysia (BNM), issued an updated Capital Adequacy Framework for Islamic banks (capital components) on November 28 2012, which took effect on January 1 2013 (Framework). The Framework will be in line with the international standards on capital adequacy promulgated by the Basel Committee on Banking Supervision and the revised Basel Capital Accord. Although the Framework took effect on January 1 2013, there are certain requirements that are subject to transition arrangements, including the minimum capital adequacy requirements and the capital buffer requirements. These will only take full effect on January 1 2015 and in 2019 respectively.