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Karan Talwar Noorul Hassan According to a recent Thomson Reuters M&A report, M&A deals in India were lowest in the last four years at $23.8 billion for January-September 2013. However, total cross-border M&A involving India grew 36.7% to $19.3 billion, driven by a 178% spike in outbound M&As, while inbound deals slipped 2.3% to $10.8 billion from the first nine months of 2012. The Companies Act, 2013 (the Act) has replaced the archaic 50 year old company law in India. The new Act promises to revamp the landscape of corporate restructuring and M&A in India, with fast track mergers between small companies and holding-subsidiary companies coupled with simplified procedures. More importantly, section 234 of the new Act now allows both inbound and outbound mergers and amalgamations with foreign companies as opposed to the earlier law, which specifically disallowed a foreign company from being a transferee company. The term foreign company has been defined as any company or 'body corporate' incorporated outside India, whether or not it has a place of business in India. However, only foreign companies established in jurisdictions yet to be notified by the government shall be allowed to merge with Indian companies.

The lighter side of the past month in the world of financial law

The IMF’s Michaela Erbenova discusses the role of alternative credit, and the best approach to supervision

John Breslin The Irish Parliament passed the Personal Insolvency Act 2012 (the Act) in December 2012, as part of its commitment to reform key areas of Irish law in the context of troika funding. It is being implemented over the course of 2013, and is not yet fully in force. The Act represents a major reform of personal insolvency law, creating new processes as an alternative to bankruptcy. The suitability of any of the new processes in a given situation will depend on the level of the debt, and whether it is secured or unsecured. The Act also makes fundamental changes to bankruptcy law in Ireland. It has significant implications for banks holding or purchasing distressed assets. The highlights of the Act are as follows:

A fragmented regulatory framework, relationship-based lending and legal restrictions have hindered the development of China’s debt capital markets

Mutual recognition, stronger capital markets, and extraterritoriality are at the heart of the region’s growth prospects

One of Europe's senior political figures has said that small and medium-sized enterprises (SMEs) will not provide the region with the major funding required to return it to growth.

On October 3, ICBC became the first Asian bank to issue USD-denominated Basel III-compliant Tier 2 notes, establishing a pricing benchmark for future issuances from Asian banks

Isil Ökten Tolga Çabakli Debt assumption mechanisms constitute one of the major issues for lenders in public-private partnership (PPP) projects, and have been recently revisited by the Turkish Parliament to ensure certainty, clarity and sustainability in this respect. In March 2013, Act 4749 on Public Finance and Debt Management (the Public Finance Act) has been amended by Law 6428. The new article (8/A) of the Public Finance Act enables a treasury debt assumption mechanism for certain PPP projects on the following conditions:

The key compliance considerations for private investment funds caught by the looming US statute