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With many rules not yet finalised, regulators in the Europe and US should reconsider their approach to policing securitisation markets, according to Melissa D Beck of Morrison & Foerster

Bitcoin and other virtual currencies have been in the news recently as one Bitcoin exchange, Mt Gox, went bankrupt and reporters chased the purported creator of Bitcoin around Los Angeles. Given their growing popularity, the Internal Revenue Service (IRS) thought it necessary to issue guidance on virtual currency, such as Bitcoin, in Notice 2014-21. The Notice, which is in the format of answers to frequently asked questions, describes how existing tax principles apply to transactions involving virtual currency.

Shearman & Sterling's Donald N Lamson and Sylvia Favretto explain the significance of the US stress tests for European banks

EBRD's Gian Piero Cigna analyses the results of a study which reveals that regulators in transition countries must reassess their regimes to permit boards to operate independently

Deal counsel must now navigate a minefield of sanctions against Russia. IFLR examines how the restrictions have impacted the country’s business environment

Are reforms to transform China’s IPO approval system into a registration system create a market-based and rule-of-law-based system of funding?

The Netherlands is one of Europe’s most creditor-friendly jurisdictions. NautaDutil's Teun Struycken and David Viëtor explain how the country is vying with Luxembourg as the holding company jurisdiction of choice

Poor old Esma. Tasked with implementing the Markets in Financial Instruments Directive II (Mifid II) and poised to announce its level one consultation, the regulator is increasingly being made aware of its shortcomings.

Pork producer WH Group's decision to pull its Hong Kong initial public offering (IPO) sparked yet another round of criticism aimed at market practices in the city-state. The company had mandated a record 28 banks for its listing. The sheer size of the consortium reportedly made execution difficult, especially with weak demand for the deal.

Gluten-free dieters and dark pool fans have a few things in common Michael Lewis's book Flash Boys has drawn criticism from traders, brokers, banks, lawyers and exchanges about the accuracy of the picture it paints. A joke repeated at conferences and in conversation is that if Flash Boys can't be found in non-fiction section, you should try the best sellers shelf. The most widespread criticism of the book, which looks into the growth and effect of high-frequency trading (HFT) in the US, is that it is full of inaccuracies. But many also say that what Lewis reveals - which is true - isn't news. Everyone, they claim, is aware that time is money, dark pools create issues for transparent markets, and maker-taker can be problematic.