Magazine - October 2014

In publication since 1982, IFLR has become the trusted source for in-house counsel and law firms specialising in financial law.

Cover Story

  • The path to internationalising the renminbi

    Amid soaring foreign demand, the renminbi's transition to a global currency seems inevitable. But internationalising the market requires new infrastructure, and presents significant risks

Leaders

Features

  • Poll: long live the PPP

    Across Europe, many public-private partnerships are struggling. But a small majority of lawyers believe it’s premature to overhaul the funding model

  • Deal of the Month: Delta Lloyd's interest rate cap

    The bank’s latest RMBS deal sidesteps the collateral and cost associated with the usual swap solution

  • Inside China: marketing offshore products

    The country's restrictions on promoting offshore products are vague at best. Here’s how foreign marketers can solicit investors, without falling foul of the rules

  • LMA syndicated loan conference highlights

    Volumes in Europe are up this year. But trading issues are damaging liquidity, and hampering the market’s full revival

  • Basel III: shariah finance's next evolution

    Clifford Chance's Stuart Ure and Mark Dickinson describe how the wave of regulations brought on by Basel III has sparked further innovation in Islamic finance

  • Luxembourg: all sukuk welcome

    Vassiliyan Zanev and Arnaud Barchman of Loyens & Loeff explain what Luxembourg has been doing to make it the EU Islamic finance hub

  • OPINION: The challenge of releasing the redback

    Professor Chris Brummer analyses the macroprudential issues that will need to be ironed out as the RMB becomes a global currency

  • Saudi's stock exchange: open for business

    Foreign investors will soon be allowed to buy and sell shares on the Tadawul. Does it mark the beginning of a new liberalised investment environment?

  • Russian eurobond issuers' buyback opportunity

    Market conditions are primed for Russian corporates to buy back their eurobonds. Debevoise & Plimpton's James Scoville, Robert Manson and Dmitry Karamyslov describe the particularities of the original issuance structures that must be taken into account

  • A better solution than CACs

    Many have touted collective action clauses as the answer to future sovereign debt restructures. But Bazinas Law Firm's George Bazinas and Yiannis Sakkas believe that more fundamental legal doctrines offer a better solution

  • What's driving ADRs' renaissance

    Debevoise & Plimpton's James Scoville and Vera Losonci explain why an increasing number of foreign companies are using American Depositary Receipts to tap US investors

  • Hong Kong's sponsor rules: one-year later

    This October marks the one-year anniversary of the city-state’s sweeping sponsor regulations. Slaughter and May's John Moore assesses how the they’ve changed the market

  • Middle East PE's next steps

    After a few quiet years, the market is ramping up for a period of growth. Shearman & Sterling's Marwan Elaraby, James Comyn and Amine Assouad explain the local idiosyncrasies that have caused the sector to develop on its own trajectory

  • APAC competition regulators show their teeth

    The region's new and established authorities are redoubling their efforts. Linklaters' Clara Ingen-Housz and Fay Zhou explain how to manage the risk of increased enforcement

  • Spain's insolvency reforms assessed

    The recent changes are broadly positive. But Borja Garci´a-Alama´n and José María Gil-Robles explain why they don’t mark the end of the journey

  • Activism gains ground in Brazil

    TozziniFreire's Marta Viegas and Oduvaldo Lara Júnior explain how minority shareholders are capitalising on their improved rights. It makes the country a strong contender to be activist investors’ next frontier

  • The challenge of Australian dual tracks

    Strong equity markets have prompted sellers to consider parallel exit routes. But as By Herbert Smith Freehills' Philippa Stone and Nick Baker explain, running two deals at once prompts legal challenges

  • Italy's NPL solution

    The country's financial sector must address its large volume of non-performing loans. Gianni Origoni Grippo's Giuseppe Schiavello analyses a recent reform that could make it easier for banks to offload these portfolios

  • Switzerland's financial regulatory overhaul assessed

    Rashid Bahar and Thomas Reutter of Bär & Karrer analyse two new bills that seek to widen the regulation of Swiss financial services

  • Closing conditions

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

News analysis

People and firms

International briefings