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Borys D Sawicki The relative positions of bank and borrower are not equal. Typically, the bank enjoys a privileged position, being entitled to unilaterally affecting the legal relationship created by a loan agreement by terminating it in the event of a termination prerequisite. Under the applicable provisions of the Polish Banking Law, if the borrower fails to comply with the conditions of granting the loan or loses their creditworthiness, the bank may reduce the amount of the loan or terminate the loan agreement. However, it would seem reasonable to require banks not to stick to the literal wording of the above-mentioned provision of the Banking Law, but rather look at the purpose of the regulation, which serves as a tool for the safe management of credit risk, allowing for the maintenance of the bank's financial liquidity.

Anna Cristina Valdes In 2010, the Republic of Panama added to its Tax Code a new chapter regarding the adequacy of double tax conventions for the avoidance of double taxation. The arm's length principle was defined, as well as the term related parties, and the scope of application of transfer pricing in the Republic of Panama. Operations realised by Panamanian tax-payers with related parties will be valued according to the arm's length principle. In other words, ordinary as well as extraordinary income, costs and necessary deductions to realise operations should be determined based on the price and amount agreed by independent parties under similar circumstances.

Soonghee Lee In Korea, most securities, except for electronic short-term bonds, are issued in paper form and managed through a central deposit. As of January 2014, however, 31 OECD (Organisation for Economic Co-operation and Development) countries and China have adopted an electronic securities system, whereby securities are not issued in paper form and registration in an electronic registry is performed instead. Under this electronic securities system, the rights of securities holders are recognised, and the transfer, establishment of security over and exercise of rights are performed. The adoption of the electronic securities system allows cost savings compared with the issuance of securities in paper form, and it also removes risk factors resulting from the custody and management of securities in paper form. Further, through the foreclosure, in principle, of tax evasion, money laundering and other illicit transactions, the adoption of the electronic securities system is expected to result in the adoption of real-name securities transaction and holding systems; it is also expected to contribute considerably to investor protection and the formation of a fair trading order through prompt provision of information on the issuance and circulation of securities. As such, the National Assembly of Korea is discussing legislation for the adoption of an electronic securities system in order to improve capital market efficiency by facilitating the issuance and circulation of, and exercise of rights with respect to, electronic securities.

The region’s regulators are proving indecisive on FDI reforms, but forging ahead with new technologies like cloud computing

Regulatory and market developments will rein in the convergence of cov-lite, term loan B and high-yield terms across Europe and the US

Growing hype over fleeting market trends should not overshadow the regulatory and finance developments that will outlive this stage of the cycle

Daniel Hayek and Alexander Flink of Prager Dreifuss discuss the differences between German and Swiss culpa in contrahendo liability in M&A

The clandestine nature of high-frequency trading makes it nearly impossible to police. Thankfully a new, fairer market is emerging

African Development Bank’s Tas Anvaripour explains how Africa50, the continent’s new project finance platform, will plug funding gaps and improve project bankability

Common terms agreements are bringing together syndicate banks that would not ordinarily be able to participate together. Hogan Lovells' Rustum Shah and Faraz Naqvi explain how