As of today, 22 July 2013, the regime of the Alternative Investment Fund Managers Directive ("AIFMD") applies in the Netherlands. The AIFMD introduces harmonized requirements for managers of a wide variety of investment institutions that do not constitute undertakings for collective investment in transferrable securities ("UCITS"), and which are marketed to professional investors in the EU. These include private equity funds, hedge funds and real estate funds. Dutch national law provides for additional rules on marketing to retail investors.

According to Justice Ministry statistics, 32,656 insolvency petitions were filed in the Czech Republic in 2012.

In this latest issue of Global Insight, our global Restructuring team reports and comments on breaking legal developments in restructuring law across borders and in jurisdictions around the world. http://viewer.zmags.com/publication/a8d990fd#/a8d990fd/1

The Court of Appeal’s judgment in The Trustees of the Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA [2013] EWCA Civ 643 has clarified what is required to fall within the definition of an ‘establishment’ for the purposes of the EC Insolvency Regulation (the Insolvency Regulation).

Patrick Elliot discusses a recent case with a number of implications for cross-border insolvencies

In two rulings on 2 October 2012, the French Supreme Court (Cour decassation) made clear that, outside the scope of the European Insolvency regulation and pursuant to French international Law, instead of using French Insolvency law to abide to actions of avoidance in foreign insolvency proceedings, these must be subjected to the law applicable in those Insolvency proceedings.

TheCrime & Courts Act 2013 (“the Act”) introduces into UK law the concept of deferred prosecution agreements (“DPAs”) for commercial organisations. DPAs are a law enforcement tool more commonly associated with US regulators such as the Department ofJustice or the Securities & ExchangeCommission.

The Court of Appeal’s judgment in HSBC Bank v Tambrook Jersey Limited ([2013] EWCA Civ 576) has confirmed that section 426 of the Insolvency Act 1986 (the Act) empowers English courts to ‘assist’ a foreign insolvency court in circumstances where no insolvency proceedings are underway or in contemplation before that court. This decision overturns the judgment of Mann J in the High Court and affirms the wide access enjoyed by foreign-registered companies to English rescue procedures under section 426.

2013 is shaping up to be the year of the European Insolvency Regulation (“EIR”). The review process which began in 2012 is due to conclude with responses being expected from national authorities and interested parties on the draft amending regulation that was issued by theEuropean Commission on 12 December 2012.

The law of 6 April 2013 on dematerialised securities entered into force on 19 April 2013. It introduces a legal regime for dematerialised securities, inspired by existing regimes in Belgium, Switzerland and France.