Search results for

A rare Indonesian power project is set to spark renewed interest in the country's geothermal sector. Here's why

The French company has completed a financing first that gives French sponsors a new way to avoid safeguard proceedings

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.

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.

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.

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.

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).

Riaz Janjuah, White & Case Johan Ysewyn, Covington & Burling The big news in Brussels was the departure of Clifford Chance EU competition partner Johan Ysewyn to COVINGTON & BURLING. Having only joined Clifford in 2011 from Linklaters, the news is timely for Covington following the loss last year of its head of competition. Ysewyn will be joined by former Covington lawyer Peter Camesasca is returning to the firm after running his own competition outfit. Elsewhere in the city, public law specialist Barteld Schutyser has rejoined EUBELIUS from DLA Piper, having previously been an associate partner with the firm from 2002-07. In particular his work focuses on public procurement law and public-private partnerships (PPP) and regulatory litigation.

Niloy Pyne Barnik Ghosh Private Equity (PE) firms entering the Indian market have adopted two types of indigenous models for investment, since the model of leveraged buy-out followed in many western markets is not permitted in India. These models are: (i) the growth model, where PE funds acquire a minority stake in a company with some affirmative rights and a board seat primarily for oversight, but no involvement in the day-to-day management; and (ii) the buy-out model, where PE firm buys an ownership stake either on its own or with other PE firms in the expectation of exit through public listing. PE firms need an approval from the Foreign Investment Promotion Board (FIPB) for foreign investments into funds which have been registered as trusts under the Alternative Investment Funds (AIF) Regulations 2012. Indian asset managers sponsoring PE funds set up offshore vehicles, which need to first be registered with the Securities and Exchange Board of India (SEBI), which takes about a month or so. The application is then sent to the Reserve Bank of India, which generally takes an additional six months for clearing the application. Simultaneously, an application needs to be filed with the FIPB for foreign direct investment clearance in case of foreign investments.