Magazine - August 2001

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

Cover Story

  • Italian first points to bright future for telecoms securitization

    Following Telecom Italia’s securitization of fixed-line telephone bills, Thomas Williams reports on how a new market is opening up for European telecommunications companies, and their legal advisers, who are struggling to raise finance now the TMT bubble has burst


  • Is ISDA documentation reliable in case of early termination of the Master Agreement?

    Alain Gauvin of Coudert Brothers, Paris, reviews the Peregrine/Robinson ruling and argues that market quotations are not sufficient when settling payments in such cases

  • Brumark ruling sheds light on book debts

    Fixed or floating? When examining a charge over a company’s uncollected book debts it is sometimes hard to say, but in June the UK Privy Council gave a new and helpful opinion in Brumark. Justin Bickle of Cadwalader, Wickersham & Taft, London, examines the case and its implications

  • How fraud unravels performance bonds

    The UK’s Court of Appeal ruled last month that a bank can avoid payment on a performance bond if it has been acquired fraudulently. Paul Friedman and Philip Young of Baker & McKenzie, London, review the case and assess its implications for banks and bondholders

  • Cleaning up French company law

    French company law has for a long time been the source of some confusion over the differing roles of management groups. The New Economic Regulations Law has now been passed with the intention of clearing up the mess and giving greater rights to works councils. Olivier de Précigout of Lovells, Paris, and Arnaud Latscha of Siméon & Associés look at the reforms

  • Has Turkey got its new Banks Act right?

    Following a series of crises in the country’s banking sector, and various attempts at reform, the Turkish government has at last made significant amendments to its banking law. Mehmet Irmak Canevi and Halide Çetinkaya of Derman Ortak Avukat Bürosu, Istanbul, examine the changes and ask if the government has finally got things right?

  • US regulators put analysts under siege

    In the wake of the collapse in shares, regulators in the US are attempting to promote increased independence among analysts and greater openness about their interests. Diane Mage Roberts of O’Melveny & Myers, London, looks at the new guidelines and argues that it is time for analysts to assert their neutrality or lose relevance in the market

  • Hong Kong completes rules for 3G auction

    On July 18 2001 Hong Kong’s telecoms regulator published the information memorandum and auction rules that will govern the auction of four 3G licences. Applications to participate in the auction must be submitted on September 17 or 18 2001. Vivianne Jabbour, Gabriela Kennedy and John Hartley, of Lovells’ Hong Kong office, consider some of the most important issues raised by the rules

  • The future for Hong Kong securitization

    Despite having one of the most securitization-friendly legal regimes in Asia, Hong Kong’s originators have not yet embraced the technique. Patrick Lines of Freshfields Bruckhaus Deringer in Hong Kong reviews the development of the market and the possibilities for growth

  • Australia gets closer to financial services reform

    The Australian government has taken an active and progressive view on financial legislation, this year introducing a series of significant reforms. Don Harding of Freehills, Sydney, assesses the new Corporations Act and the progress being made towards reform of financial services provision

  • Hong Kong prepares for a hard landing

    The post-handover rollercoaster ride for Hong Kong looks like it is heading for another dip as economic growth stalls. Nick Ferguson reports on the divergent strategies taken by law firms in the territory and assesses their likely success in cushioning the landing and preparing firms for when the ride takes off again

  • How to survive in interesting times

    Volatile markets, near defaults, attorney lay-offs, protests, record debt swaps, new capital markets rules, street barricades, law firm break ups. It’s all happening in Argentina. But which firms are faring best in the crisis that doesn’t seem to end? Tom Nicholson went to Buenos Aires to find out

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