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How are banks in the Gulf dealing with large-scale financial defaults? By Yaser Dajani, Associate Managing Director, Kroll Advisory Solutions

In this issue, we bring you a comprehensive overview on anti-trust and competition law authored by Ian Forrester QC, whilst Perdana Saputro of Melli Darsa highlights the strengths and weaknesses of Indonesia's competition regime. Chew Phye Keat of Raja Darryl & Loh contemplates the effectiveness of the Malaysian Competition Act 2012 and Dr. Tuan of LCT Lawyers gives us a fascinating look through the key-hole into the regulatory world of Vietnam's anti-trust framework. ASIAN-MENA COUNSEL also speaks to Vivian Mak, Director and Head of Litigation, APAC, The Royal Bank of Scotland and through her eyes we see the changing tapestry of a litigator's role at the Bank, in our In-House Insight feature.

In our last issue, (Volume 10 Issue 3) we brought you an overview of the key changes to the CIETAC Rules 2012 in “Moving the CIETAC goal posts…for the better.” Here, Harry Liu and Yue Qiu of King & Wood Mallesons guide us through the major differences between the CIETAC Beijing Rules and the CIETAC Shanghai Rules, enlightening us as to how these distinctions have a bearing on choice of venue for the parties involved.

Recent efforts to encourage foreign direct investment in Renminbi (RMB) represent one of several systematic steps taken by the Chinese government in its long march towards full convertibility and internationalisation of the RMB. But just how broad is the ability of foreign investors to use RMB to undertake direct investment in China? Zheng Yu of Gide Loyrette Nouel canvasses recent regulatory developments and examines the sectors where restrictions on foreign investment in RMB may apply.

Anthony Woo and Jenny Zhuang of Kennedys share with us their insights following a momentous judgment in the shipping arena in Hong Kong. For the first time, the meaning of ’control’ in the context of a ship arrest was contemplated by the Hong Kong Courts – paving the way for some much needed clarity for ship owners.

Accounting function, a new profit centre for some

Our cover story takes you through the merits and loopholes of employment legislation in various jurisdictions across the Asia and MENA regions. In addition, Bae Kim & Lee navigate the Korean employment maze and home in on dismissal issues whilst Al Tamimi provide us with an absorbing update on the state of play of employment in the UAE. We are also excited to showcase the results from our External Counsel of the Year survey - where in-house counsel were asked to weigh in on who they believed to be exceptional external counsel in their own jurisdictions. We bring you the results and more here.

The relationship forged between in-house counsel and their external counterparts is a strong one, and in many cases can determine the volume of work directed their way. From our Representing Corporate Asia & Middle East Survey 2011, we have mined in-house counsel’s votes to reveal the winners of ASIAN-MENA COUNSEL'S External Counsel of the Year accolade.