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The key takeways from the first day of IFLR's Asia M&A Forum in Hong Kong

The competition regime for Comesa has been the target of numerous criticisms over its first 13 months. But a senior figure at the regulator has told IFLR that it is taking swift action to resolve its teething problems

Antonio Felix de Araujo Cintra Paulo Roberto Martins de Toledo Leme The Brazilian Securities Commission (CVM) announced in February an important decision from its board of commissioners regarding preferred shares issued by Brazilian publicly-held corporations. During the registration procedures of the initial public offering (IPO) of the Brazilian airline Azul, the company had its request to become public denied by the CVM's technical department. The decision was motivated by a specific section of Azul's by-laws that entitled each preferred share to a dividend equivalent to 75 times the dividends payable to the common shares. For the CVM's technical team responsible for reviewing Azul's application, the provision in Azul's by-laws did not comply with Brazilian corporate law because it violated the general principle that economic rights should be related to shareholders' political rights.

Esin Attorney Partnership's Muhsin Keskin on how the country's comprehensive capital markets reforms will cause fundamental shifts in local primary markets

In Europe, the pace, complexity and interconnectedness of post-crisis regulation continues. New regimes stack on top of old, blocking out the lights of 100 in-house office windows. Directives are replaced and contradicted; domestic interpretations confuse EU regimes; integration with Dodd-Frank looms on the horizon.

Market participants reveal their key concerns with European policymakers’ latest attempt to harmonise and regulate cross-border trading

The further erosion of investor protections is set to define this year's high-yield market. Here are the covenants giving issuers even greater flexibility

RBI faces a difficult decision in how to deal with the United Bank of India State-owned United Bank of India (UBI) might hold the dubious distinction of being Asia's first bank to see its capital ratios fall below Basel III requirements. But while regulators elsewhere have committed to allowing weak banks to fail in an orderly fashion, the Indian government might bail out the bank rather than bailing in bondholders. The move could, however, cause the international community to question the regulator's commitment to Basel III.

What comes first – more deals or harmonised takeover rules?

Besnik Duraj The new Albanian government, formed after the 2013 general elections, has already fulfilled one of its election promises: the reform of the Albanian tax system from flat tax to tiered rates. Significant amendments have been introduced in the national laws on income tax, national taxes, tax procedures, excise, local taxes, value-added tax, the hydrocarbon tax system, and health contributions. The most important changes as of January 1 2014 are briefly presented below.