Financial Regulation International

Hamud M Balfas is a lawyer with Ali Budiardjo Nugroho Reksodiputro (ABNR) in, Jakarta, Indonesia. He may be contacted at: hbalfas@abnrlaw. com. Hamud writes articles on various subject of the law extensively ( www.abnrlaw.com ). He is also the author of a book on Indonesian Capital Market (Hukum Pasar Modal Indonesia), now in its second edition.

Dr Gárdos Péter and Gubik Gabriella, Gárdos Füredi Mosonyi Tomori Law Office, Hungary.

Andrew Cornford, Observatoire de la Finance, Geneva, August 2012.

Jun Anthony Garcia is a Fixed Income Compliance Officer for the Longevity Markets, CVA Management and Portfolio Management groups at a leading global bank. This article is written in his personal capacity; any opinions expressed are his own. The author wishes to extend his thanks and gratitude to Vincent O’Sullivan and Jeannette Andre for their invaluable review comments and suggestions.