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The first domestic securitisation of consumer loans has been structured in Russia, in the absence of an asset-backed security law

The rules on financial instruments admitted to a central depository in dematerialised form are laid down in different pieces of legislation, including articles 83-bis onwards of the Financial Consolidated Act and the Bank of Italy/CONSOB regulation of February 22 2008 (the 2008 Regulation).

Julian Ries, Gide Loyrette Nouel Javier Morera, Broseta The Middle East has been the busiest region for firm news this month with a number of firms hiring new lawyers, opening new offices or both. UK firm BIRD & BIRD launched its Dubai offering in November after relocating corporate partner Anders Nilsson from its Stockholm branch to lead the office. The new base is the UK outfits' second in the region. Its first in Abu Dhabi, which was founded in 2011, acts as a hub for the firm's work across the Middle East and North Africa.

Assad Abdullatiff Mauritius has, over the last two decades, forged a strong reputation as a premier international financial centre. The combination of fiscal and non-fiscal advantages together with the diverse product-base has been the key ingredient of the Mauritius success story. Although Mauritius is better known as a gateway for the structuring of investments into India and increasingly Africa, it is also being used by professional advisers and their high net worth clients as a jurisdiction of choice for private wealth management services. The enactment of the Foundations Act in 2012 has widened the choice of structures available to wealth management specialists. Traditionally, trusts have been the preferred planning tool in the context of wealth management planning for high net worth families. Mauritius law allows for the setting up of various types of trusts – fixed, discretionary, protective, purpose, spendthrift, Sharia-compliant and charitable trusts. A number of high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) already use a Mauritius trust for estate, succession planning and family office services.

Benjamin Carale,

Neil MacBride,

Carlos Fradique-Mendez Laura Zarzur In an effort to improve the quality of collateral guarantees in Colombian stock lending, the Colombian Stock Exchange introduced the ability for the originator to discretionally elect the type of collateral from a new set of more liquid guarantees. Formerly, the receptor of the security was authorised to choose the collateral among a particular set of less liquid securities, which caused a lack of market penetration of temporary transfer of securities (TTVs), a problem exacerbated by the low quality of collateral used in TTV transactions.

Personnel leasing, which allows for the hire of employees from another employer or temporary employment agency, has become established in Slovakia. A temporary employment agency enters into an employment contract with an employee, and with an employer seeking temporary workers; it then sends the requested type of worker to the temporary employer. The agency handles payroll and any legal issues concerning the temporary employee (dismissal, for example). The temporary employers save money on payroll administration, severance pay when production is down, and they are also saved the hassle of the hiring process. Of course, the temporary employer must guarantee non-discrimination, and the working conditions (including wages) must be at least as good as with a comparable permanent employee working for the temporary employer. Such is personnel leasing.

The growing prominence of European unitranche debt has led to some interesting intercreditor issues

Anup Koushik Karavadi Karan Talwar India, as an emerging economy, has hundreds of foreign companies being registered each year. Setting up business in India may be a complex process with its administrative and procedural compliances, but since the liberalisation policy in 1991, the government has time and again made changes, favourable for foreign investment and entry of foreign companies. One of the recent welcome developments is the enactment of the Companies Act, 2013, (the Act), which is more comprehensive than its predecessor, particularly with regard to the concept of a 'foreign company'. The said term is defined in section 2(42) to mean a company or corporate body incorporated outside India, and which has a place of business in India either by itself or through any agent, physically or through electronic mode, and which conducts any business activity in India in any other manner.