Asia: Finance and Banking

In an ordinary alternative investment fund (“AIF”), investors participate in all investments of the scheme in proportion to their commitments. Since November 2024, this principle has not merely been market convention; it is reflected in the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Alongside this pro-rata requirement, the AIF Regulations also require investors to be treated pari-passu in respect of other rights available to them.

China's securities regulator has released the first-ever departmental regulation specifically governing private fund fundraising, establishing comprehensive rules for qualified investors, fundraising entities, investor suitability, settlement fund accounts, prohibited behaviors, and legal liabilities. This groundbreaking framework systematically addresses the root causes of most private fund disputes and will fundamentally reshape how courts adjudicate fundraising-related litigation, investor protection pat

In the September edition of our monthly newsletter “Legalaxy”, our team analyses some of the key developments in securities market, banking and finance, labour, foreign investment and maritime

In an ordinary alternative investment fund (“AIF”), investors participate in all investments of the scheme in proportion to their commitments. Since November 2024, this principle has not merely been market convention; it is reflected in the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”). Alongside this pro-rata requirement, the AIF Regulations also require investors to be treated pari-passu in respect of other rights available to them.

Vietnam officially transitions from Frontier Market to Secondary Emerging Market status under FTSE Russell's classification framework on September 21, 2026, marking the culmination of eight years of regulatory reform and capital market infrastructure improvements. This reclassification opens Vietnam to a fundamentally different international investment universe, making it eligible for inclusion in major global benchmarks followed by institutional investors worldwide.

Labuan IBFC Inc. and TRX Corporation (TRXC) have signed a Memorandum of Understanding to explore joint market development initiatives and strengthen Malaysia's position as a regional financial gateway. The collaboration aims to connect complementary capabilities between Malaysia's international business and financial centre and its International Financial Centre, creating clearer pathways for businesses and investors across the region.

On 24 August 2026, ASIC released its 2026-2027 Corporate Plan, announcing that it is committed to being easier to deal with for those trying to comply with the law, while being harder to avoid for those causing harm.

The sustained growth of fund financing in private credit is strengthening the relationship between banks and private credit participants as the market continues to scale.

On 19 August 2026, the Federal Government announced a package of reforms in response to the Shield and First Guardian collapses, which impacted almost 12,000 people...

Airline insolvency presents a particularly difficult problem for insolvency law because the assets most critical to keeping the airline operational may not belong to the airline at all. Aircraft are frequently held under operating leases. When an airline enters insolvency, therefore, the resolution professional (“RP”) may be required to preserve the corporate debtor as a going concern while the aircraft lessor seeks to enforce its contractual and international-law rights to recover possession of its aircraft.

Aircraft maintenance reserve clauses and redelivery conditions are the two provisions most likely to trigger multi-million dollar disputes at the end of an aircraft lease agreement. This article examines the mechanics of Maintenance Reserve Funds, explores escrow versus lessor-retained custody structures, and provides detailed guidance on drafting quantified redelivery conditions that eliminate ambiguity when exposure is highest.

Vietnam has fundamentally overhauled its aviation legal framework with the Civil Aviation Law 2025 and implementing decrees, effective July 1, 2026. The reforms establish explicit rules for private investment in airport infrastructure, streamline airport certification procedures, introduce a comprehensive framework for airport concessions, and modernize aircraft leasing regulations. How will these changes impact foreign investors, airport operators, and airlines operating in Vietnam's rapidly expanding avia