Magazine - September 2004

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

Cover Story

  • Is the UK wrong about trustee liability?

    The UK Law Commission's proposals on preventing trustees from limiting their liability should not apply to capital markets trustees. Jane Borrows and Eoin Gillen explain why

Features

  • Timing rules narrow window for French IPOs

    The revival of the French equity markets is putting the country's untested initial public offering rules on trial. Andrew Bernstein and Valérie Lemaitre make the initial assessment

  • Legislators fix unwieldy securities laws

    France is modernizing its securities laws by removing outdated concepts and quirks that have exasperated securities practitioners for years. Martine Dalet and Pierre Descheemaeker explain the new securities ordinance

  • France brings synthetic structures onshore

    Xavier de Kergommeaux and Colin Mercer describe how French regulators are on the verge of expanding and clarifying the role of the country's securitization vehicle

  • German banks caught in bad-loan trap

    German banks are looking with increasing urgency at ways to rid themselves of their portfolios of non-performing loans, but legal hurdles remain, say Oliver Kessler and Melanie Schlage

  • Insolvency reform poses risks for lenders

    Spain's new insolvency law comes into force this month. It increases legal certainty, but lenders must still beware. Gabriel Núñez and Cristina Pérez Cajal explain why

  • Isda definitions unclear, says US court

    A ruling by the US Court of Appeals for the Second Circuit has shown that the 1999 Isda Credit Derivatives definitions are not as unambiguous as intended. James Warnot and Justin Williamson explain

  • SEC plan to register advisers fails to convince

    Questions remain over how effective SEC proposals to register hedge fund advisers will be in preventing fraud, say Mark Bergman, Yvonne Chan and Marco Masotti

  • New capital rules affect ABCP liquidity

    US banks that support ABCP programmes are preparing for life under new capital requirements. James Croke and Peter Manbeck explain

  • What China's bankruptcy reform means for creditors

    Sandor E Schick analyzes the detail in China's proposed bankruptcy laws and what it means for creditors and private businesses in particular

  • Why Asia's central-bank bond fund will fail

    Asian central-bank bond funds will fail to prompt issuance and increase general liquidity, but might inadvertently succeed in promoting reform. Paul Lejot and Douglas Arner say why

  • Why innovative securitization is far from dead

    Securitization remains innovative despite a wave of commoditization, says Paul Ali

  • Banks must not ignore the legal risks in China

    Foreign banks that want management influence over their China investments risk litigation as their western business systems based on law clash with local systems based on connections, says William Gamble

  • Protectionists threaten Japanese economy

    If Japan doesn't push ahead with the necessary tax reforms to tempt foreign investors to buy stakes in domestic companies, productivity and economic growth will continue to lag. But, as Andrew Crooke reports, change won't come without a fight

  • Interview: Helping Japan compete in the global securities race

    Naohiko Matsuo, director for international financial markets at Japan's Financial Services Agency, tells Andrew Crooke about a spate of planned reforms to try to instil confidence in the country's securities markets and attract much-needed foreign investment

News analysis

International briefings