Magazine - February 2004

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

Cover Story

  • The hunt for pari passu

    A new interpretation of the pari passu clause in cross-border debt says borrowers must pay creditors on a ratable basis. If correct, this would change the patterns of international finance. But this ratable- payment theory is a fallacy. Lee C Buchheit and Jeremiah S Pam explain why

Features

  • Americans hold grip as Euro high yield takes off

    Issues of convertible and exchangeable bonds almost doubled in 2003. The European high-yield market had the best year since its inception. And tier I regulatory capital issuance grew by nearly a half. Simon Crompton reports on the leading advisers for each

  • How the SEC plans to curb short selling

    The SEC's proposed restrictions on short selling are a missed opportunity to examine its effects, say Steven Lofchie and Tal Tirosh

  • How US reporting can trap foreign banks

    As Crédit Lyonnais has found, US reporting rules can prove hazardous to foreign banks operating in the country. Brian Volkman of Bayerische Landesbank in New York explains why

  • Court upholds Isda's flawed-asset provision

    A new ruling clarifies the rights of a non-defaulting counterparty to stop making outstanding payments without closing-out transactions in an insolvency, says Scott Farrell

  • China seeks openness with new funds law

    The effort to bring international standards to the PRC's growing investment funds industry may fall short because of self-imposed limits, say Effie Vasilopoulos and Katherine Abrat

  • Why India must resist a derivatives crackdown

    India's securities regulator will stifle the country's $4 billion derivatives market if it misjudges the riskiness of participatory notes and imposes unnecessary regulation. By Sandeep Parekh

  • EU sets new framework for stabilization

    Chris Bates looks at the new demands that recently adopted EU rules will impose on stabilization managers for new issues and secondary offerings

  • Government considers UK Reits law at last

    The UK is set to legislate to allow real estate investment trusts for the first time. James Dakin considers how a new law might look

  • Consob turns sights on unauthorized offers

    The Italian regulator is taking a firm stance on companies’ unauthorized communication with noteholders. By Giuseppe Scassellati Sforzolini, Luca Enriques and Pietro Fioruzzi

News analysis

International briefings