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Gonenc Gurkaynak of Elig Attorneys at Law explains the recent Draft Law and Regulation, which aim to bring Turkish competition law in line with more streamlined EU standards

Kemal Aksel and Begum Incecam at Kolcuoglu Demirkan Kocakli give an overview of squeeze-out mechanisms in Turkey, as regulated by the new Communiqué on Squeeze-out and Sell-out Rights

Memet Yazici, managing partner at TRPE Capital, explains why he thinks SMEs are the next big thing in Turkey

As Europe's sixth and the world's eighteenth largest economy, Turkey is one of the most promising high-growth markets. And with projected growth of at least five percent each year in the medium-term, the country still has significant untapped potential.

Kerem Turunç of TURUNÇ describes some of the recent changes to Turkish securities regulation

Noyan Turunç and Kerem Turunç of TURUNÇ discuss Turkish law developments concerning fund formation

Carlos Fradique-Mendez María Andrea Estrada Rugeles On March 6 2014, the Colombian Stock Exchange became the fourth stock market in Latin America to adopt a market makers programme (the programme). The programme permits the structuring and implementation of a stockbroker's commitment to buy or sell equity shares, in order to increase liquidity of those shares. BlackRock, general partner of the exchange-traded fund (ETF) iCOLCAP in Colombia, instructed Cititrust (who acts as the ETF's administrator) to enter into an agreement with BTG Pactual Colombia (the market maker), for purposes of providing market-making services to promote the liquidity of the ETF shares. The market maker is required to execute daily transactions on its own behalf, with its own funds and on a permanent basis, entering buy and sell bids over the ETF shares. The agreement was recently approved by the Colombian Stock Exchange, becoming the first market maker in Colombia over equity securities.

Klaus Henrik Wiese-Hansen Christoffer N Sortland Implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Norway is gradually nearing. On February 18 2014, the Ministry of Finance sent a draft for new regulations on public hearing, with a deadline for comments of May 18 2014. This article provides a short summary of the draft regulations, which partly concerns the EU Commission Delegated Regulations under the AIFMD. Norwegian authorities failed to implement the AIFMD within the transposition deadline of July 22 2013. The Ministry of Finance is drafting an AIFM Act, which is expected to be proposed before Easter 2014. Implementation of the AIFMD in Norway will probably take place on or around July 1 2014.

Benjamín Valdez Tamayo Enacted in 2007, the Salvadorian Future Flows Securitisation Act (Ley de Titularizacion de Activos) regulates the issue of bonds through the Salvadorian stock exchange, to be paid by future cash flows generated by a specific asset. Since then, future flows securitisation has become a relevant finance option in El Salvador, for private enterprises and public institutions alike; to this date, more than $100 million in bonds have been issued. Among those entities that have accessed funding through this type of offerings are schools, industrial paper plants, the Salvadorian Department of Transportation, and beach side resorts. Technically speaking, future flows securitisation is the process by which an independent estate is incorporated with assets capable of generating future cash flow (for example, lease agreements, decreasing credit lines, the right of government institutions to collect taxes) and whose sole purpose is the payment of principal and interests of publicly issued bonds. In other words, a company issues securities through a stock exchange (thus obtaining funds for a specific business project) which will be repaid, with interest, with the cash flow generated by the securitised asset. A company, duly authorised by the Superintendenciadel Sistema Financiero (the Salvadoran equivalent to the Securities and Exchange Commission) is tasked with the administration of the assets and the cash flow necessary for the payment of the bonds.

Following the Renewable Energy Act 2011 (RE Act) which came into force in December 2011, the implementation of the feed-in tariff (FIT) mechanism under the RE Act has been an overwhelming success. After the FIT mechanism was implemented in Peninsular Malaysia over a period of two years, Malaysia had a cumulative total of 119MW of renewable energy connected to the grid as opposed to only 61.2MW of renewable energy capacity connected to the grid from the implementation of the earlier, small renewable energy power programme, which spanned a period of 10 years.