Magazine - July / August 2009

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

Cover Story

Features

  • Asia's first covered bond; JP Morgan proves it can raise equity; Honsel undertakes its restructuring

  • How should derivatives be regulated?

    Over-the-counter products have earned themselves a poor reputation over the past two years, but new regulation should be careful not to destroy them completely

  • We do have a clear plan

    Andrew Baker, chief executive officer of Aima, responds to criticism of the body's reaction to the draft Alternative Investment Fund Managers Directive

  • SEC: inconsistent treatment

    In Tokyo, the view is that the SEC has been distracted from badly needed work on foreign private issuers

  • Don't give it to the Bank

    There is little evidence that the Bank of England would have coped better in this financial crisis than the FSA

  • Still waiting for clarity

    Vague drafting and political one-upmanship is getting in the way of concrete legislation, but the inevitable is just being delayed

  • Investors need protection

    Every partner's now an insolvency and restructuring lawyer, or so the joke goes. But this has only fuelled debate about the best tactics to use

  • Be fair, not greedy

    JJB's successful CVA has brought this rare procedure into the spotlight, and government reforms could make it easier. But potential copycats will have to be diligent, realistic and fair

  • Innovation in the autumn

    Although rights issue instructions have slowed, they will return later in the year. And they'll include Pipes, convertibles and strategic investments

  • Get equity on the quiet

    US companies are turning to the seldom-used rights offer as a quick and easy way to earn equity

  • Time for Euro-Talf

    It worked in the US and is needed in Europe. It wasn't the Commission's first priority, but the time is now right for a European Talf to kick start the capital markets

  • Emerging practice

    More European issuers have US shareholders and need their involvement in rights offerings. Three structures have developed in the past year to deal with the legal issues

  • Call for reform

    India must adopt best regulatory practices followed by China, Japan and the US or it will miss out on outbound deals

  • It all depends on 14 people

    Poor drafting in India's competition law will burden an inexperienced commission with creating a workable regime

  • Replace the clearing system

    The problems with the PCCW scheme show that the Hong Kong clearing system has had its day. And that the courts will take a more active role in future schemes

  • No passivity or breakthrough

    These principles have been removed from the law. But takeover defences may be challenged elsewhere

  • Local power, no solution

    The regulation about to come into force will create arbitrage between national supervisors, stunt international cooperation and fail to solve the problems with ratings themselves

  • Alarming lessons from Siemens

    The US is aggressively pursuing corruption, everywhere

  • How to deal with a downgrade

    Structured transactions are running into problems with letters of credit from downgraded banks. Here are the options available

  • Mercury's impact - cost and delay

    The signing and closing of deals by electronic means is no longer straightforward. Even with best practice established by a working group, there will be complications

  • Lender control slipping

    Lenders have the power now - but how long will it last?

  • Human rights not negotiable

    Everyone agrees that stabilisation clauses should not restrict human rights. But no one has tried to use them in such a way, so why the commotion?

  • Don't panic at Satyam

    Amend your arbitration agreements. The alternatives are far worse

  • Wrestling Fannie and Freddie

    Isda's David Geen relates the late nights and controversy surrounding the collapse of Fannie Mae, Freddie Mac and Lehman Brothers

  • Markets emerge

    Nicholas Moore and Justin Vaughan of Herbert Smith in Moscow show how onshore and offshore investments operate

International briefings