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New investment vehicles and listing possibilities could help revive India’s primary markets in 2014

Hedge fund managers must be cautious of litigation risks lurking under the AIFMD

The Netherlands offers a case study of how member states are transposing AIFMD into national law

Reflecting on the Hong Kong Market Misconduct Tribunal’s first 10 years suggests it could be set for a more prominent role

Why permitting underwriters to buy stocks in the aftermarket can stabilise equity offerings

Antonio Felix de Araujo Cintra 2014 has started, and with it a new wave of projections, predictions and, why not use the proper name, guesses for the global economy and markets. In this article I will join the wagon and offer some ideas as to what will happen in Brazil this year. This year promises to be one to ring the changes, in which a late carnival, the FIFA World Cup in June and July, and presidential elections in October (and, depending on the outcome of the first round, again in November) may cause the economy to move at a slow pace.

Dinesh Eedi Karan Talwar There has been lot of uncertainty on the enforceability of exit options in shareholders' agreements (SHAs) of public limited companies (PLCs), especially those listed in India. Conflicting decisions of various High Courts regarding restrictions on the free transferability of securities, orders of the Securities and Exchange Board of India (Sebi) on the legality of put and call options and the intransigence of the government on the same issue created havoc and confusion among the investor community. In an attempt to enhance its business image and clear all ambiguities, sections 5 and 58 of the Companies Act 2013 provide clarity on the validity and enforceability of such provisions in the SHA and Articles of Association (AoAs) of PLCs. The provisions, however, have not yet come into force. Section 5 envisages provisions in the AoA which can only be altered with conditions or procedures that are even stricter than those required for special resolution. Section 58(2) provides that, as a general rule, securities of PLCs shall be freely transferable, but any contract or arrangement for the transfer of securities between two parties shall be enforceable as a contract, implying that contracted restrictions on the transfer of securities (such as right of first refusal, and drag- and tag-along rights) are valid even if they are not specifically spelt out in the AoA.

Soonghee Lee The Supreme Court of Korea rendered an en banc decision on four knock-in/knock-out currency option cases (the KIKO cases) last September. In the KIKO cases, the Korean exporters argued that the KIKO currency option contracts (the KIKO contracts) were void, and should either be rescinded or terminated. They argued that the banks had waived the exercise of their call options, and sought the return of monies paid to the banks as unjust gains; they also argued that the banks had committed tort by violating their obligation to explain and violating the suitability principle during the process of entering into the KIKO contracts, and claimed compensation for damages. A summary of the major legal principles determined by the Supreme Court last September is as follows.

Emil Ruppert Mineral streaming is a transaction whereby an end user or trading company (and these days also investors and hedge funds) makes an upfront capital payment in exchange for the right to purchase a percentage of a mining project's future production. Also known as volumetric production payments or metal purchase agreements, this mechanism provides mining companies with the necessary financing to bring projects to production.