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Takashi Itokawa On November 5 2013, the cabinet order and accompanying regulations amending Japanese short-sale regulations came into force. The amendments consist of three main points: (i) relaxation of the uptick price rule; (ii) confirmation of the reporting and disclosure obligations concerning short-sale positions; and (iii) confirmation of the prohibition of so-called naked short sales. Previously, conducting short sales on a Japanese stock exchange at a price equal to or lower than the market price was prohibited. Following the introduction of the amendments, this uptick price rule will only apply if the price of the relevant stock should decline by 10% or more from the closing price of the preceding business day. This rule is applicable for the period from the day such a decline occurs through to the close of trading the following business day. The amended uptick price rule will also apply to short sales conducted through the proprietary trading systems (such as after-hours stock trading systems provided by certain securities brokers).

Jaime de la Torre Viscasillas On May 7 2013, a new alternative fixed-income securities market (Mercado Alternativo de Renta Fija, the MARF) was created in Spain through a resolution passed by the Associate in Insurance Accounting and Finance (AIAF) management company's board of directors. The MARF is a way for companies (whose circumstances prevent them accessing official secondary markets) to obtain financing through the issue of fixed-income securities. Other European countries already have alternative markets listing fixed-income securities, such as Germany's Eurex Bonds GmbH, Luxembourg's EuroMTF, and Ireland's Global Exchange Market – GEM.

An overview of financial risk management developments in post-crisis China

The announcement of JP Morgan Chase's $13 billion settlement with the US Department of Justice has caused many to question what it means for the wider market.

A recent judgment by Germany's Federal Supreme Court that makes it easier for public companies to delist is tipped to facilitate take-privates and spur new public takeover tactics.

Neil MacBride,

Benjamin Carale,

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.

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

After the Alibaba listing saga, many are querying whether HKEx should allow dual-class share structures