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All the winners from IFLR’s annual European awards

Daniel Futej Rudolf Sivak As of January 1 2013, an amendment to the Slovak Act on energy efficiency of buildings came into force introducing several changes with respect to energy efficiency and certification of buildings. According to new legislation, provisions of the Act will not apply to buildings which are used for only a limited time during the year (during weekends or in summer, for example). The non-application is subject to the condition that the expected energy consumption of the building does not exceed 25% of the yearly expected energy consumption.

Özge Okat of Pekin & Pekin examines new challenges for acquisition financing in Turkey following the introduction of the new commercial code

Alexei Bonamin The way in which a security interest is perfected may have a significant impact on the ability of the borrower to raise finance. A security perfected with the minimum delay and cost and the maximum of certainty and flexibility brings enormous advantages for borrowers and creditors. In 2011, the Brazilian congress approved a bill that, among other things, aimed to simplify the creation of security over securities and financial assets. The bill was signed into Law 12,543, but to produce its complete effects the law had to be regulated by the government.

Borys D Sawicki Times of economic slowdown create additional challenges for businesses. Limited availability of external financing and delays in payments from contractors prompt entrepreneurs to seek tools that could improve their financial position. Factoring is certainly one of the instruments at which it is worth taking a closer look. In Poland, factoring is an unregulated agreement as opposed to typical agreements regulated by the Civil Code, such as sale, donation or construction contracts. The parties are, therefore, free to structure their legal relationship as they see it fit, provided that its substance and/or purpose is not contradictory to the nature of the relationship, the law or the principles of community life. Usually, they will model the arrangement in accordance with the prevailing market practice and taking into account views expressed by legal commentators.

The Telkomsel bankruptcy is the latest example of Indonesia’s creditor-friendly insolvency laws being put to questionable use

The final draft of the Capital Requirements Regulation (CRR) has widened the proposed definition of assets considered as top class regulatory capital. Certain covered bonds could now be treated as tier 1 capital, alongside sovereign bonds.

Ed Sheremeta, Skadden Arps Slate Meagher & Flom Kenji Taneda, Morrison & Foerster There was more news from South Korea this month, as HERBERT SMITH FREEHILLS became the latest firm to be granted a licence to practice in the country. The new office will be led by disputes partner Tony Dymond and corporate specialist Lewis McDonald and the team will focus on M&A, projects, antitrust and disputes. Similar news emerged from China where the country's Ministry for Justice granted ASHURST a licence to open a representative office in Beijing. Patrick Phua will lead the new office, having joined from legacy Mallesons last year, which will focus on banking and finance work.

Islamic finance is flourishing in Brazil’s high-growth economy. Here’s how potential investors can capitalise on the sector’s untapped opportunities

Banji Adenusi With private equity (PE) transactions in Africa now grossing an excess of $1 billion each year and growing, it is no surprise that the regulators are turning their spotlight on the sector to prevent abuse. Most recently, Nigeria's Securities and Exchange Commission brought out specific rules to govern the operations of private equity funds in Nigeria. This demonstrates the Commission's recognition of the growing importance of PE funds in driving investments in the country, especially considering the buoyancy of sectors such as telecoms, healthcare and real estate. It is furthermore a recognition of the management of the operational and investment risks associated with these funds – underscoring the need for a robust risk assessment and management framework for investment advisers. The rules apply to PE funds established in Nigeria with a minimum commitment of N1 billion ($6.3 million) of investors' funds; the funds are restricted to sourcing investments from qualified investors alone (Rule 249(d)(4)). The revised rules impose a minimum capital requirement of N20 million on PE fund managers, which is justified on the basis of the risk exposure of the fund. This capital requirement is a fair cap, especially when juxtaposed with the EU directive on the regulation of private equity (the Alternative Investment Fund Managers or AIFM Directive), which imposes a capital requirement of €125,000 ($164,000) for external managers of funds and €300,000 for a fund manager that is an internally managed fund. The AIFM Directive also requires, however, that the manager provide additional funds equal to 0.02% of the amount by which the value of the portfolios exceed €250 million.