Regulatory©2020 IFLR60RegulatoryForce majeure clauses provide coronavirus relief for businessLawyers unpick the contractual fine print and consider the extent to which China’s force majeure certificates – which many companies are making use of – can help, 13 Feb 2020 08:15:00 GMTQuick poll result: Time for (no) actionNo-action letters have been a hallmark of US financial services regulation for some time now. Would European markets benefit from the same tool?, 05 Dec 2019 13:00:00 GMTPRIMER: how to make an EU lawIFLR’s latest primer concentrates on the process of developing a law in the world’s largest trading bloc, 22 Nov 2019 09:00:00 GMTDombrovskis: More progress on banking union neededThe European Commission’s financial services chief stressed the need for compromise as finance ministers met last Thursday, 13 Nov 2019 12:00:00 GMTPOLL: Is it time ESMA issued no-action letters?This month, IFLR is polling the market on whether the European Securities and Markets Authority should be able to issue no-action letters. Have your say now, 04 Nov 2019 17:00:00 GMTLife in the SEC's enforcement divisionAlma Angotti spent more than 10 years at the Securities and Exchange Commission. Here she reveals what regulators are really thinking, 04 Nov 2019 10:30:00 GMTMifid II: what are minor non-monetary benefits?Nearly two years in, senior market participants on both sides are still debating the fundamentals of research unbundling, 01 Nov 2019 09:15:00 GMTESG: Asset managers vary in enthusiasmSome on the buyside are pushing for clearer metrics and labels, but this can’t be said for all. Here they explain why, 24 Oct 2019 09:00:00 GMTCity cautiously optimistic about Brexit breakthroughLatest negotiations could finally signal Brexit progress, but sources suggest it's just the end of the beginning, 18 Oct 2019 12:00:00 GMTAshley Alder: Regulatory fragmentation still a major concernSpeakers at Asia Securities Industry & Financial Markets Association’s annual conference in Tokyo highlighted the work that needs to be done to level the global playing field, 11 Oct 2019 10:00:00 GMTEast African integration plans blow hot and coldThe need to compete with the continental giants such as Nigeria and South Africa has seen East African countries aim for financial consolidation, 30 Sep 2019 09:00:00 GMTFCA chief: best Brexit solution is still equivalenceIn a speech in London in September, Andrew Bailey, chief executive of the UK’s Financial Conduct Authority, acknowledged the significant challenges ahead, 16 Sep 2019 11:00:00 GMTEU gives US a run for its money with 5AMLDBanks face new anti-money laundering scrutiny as the EU comes up to speed with the US. The new directive, focused on transparency, is tougher than ever, 22 Aug 2019 11:00:00 GMTAzerbaijan bonds case reinforces Gibbs ruleThe International Bank of Azerbaijan has been left unable to restructure bonds after being refused a right to appeal a High Court decision, 30 Jul 2019 10:15:00 GMTGDPR bites, and BA is the first victimBritish Airways and Marriott International received huge fines from the ICO as the consequences of the data protection framework begin to haunt companies, 11 Jul 2019 15:00:00 GMTSpotlight on culture, conduct and ethics: how to get it rightLinklaters lawyers explain how financial services firms should address the range of behavioural remedies to have emerged from regulators in recent years, 08 Jul 2019 12:30:00 GMTBanks cautiously optimistic about EU’s sustainability frameworkFour in-house sustainability heads explain how the global shift towards ESG is transforming their businesses, 02 Jul 2019 12:00:00 GMTLANDMARK FEATURE: The influencersIFLR's editorial team provides a rundown of the most influential individuals, organisations, geopolitical events and trends in financial regulation in 2019, 01 Jul 2019 12:30:00 GMTRecent M&A good news for Europe’s cannabis marketDespite a lack of regulatory clarity, medicinal cannabis continues to engage investors looking for diversification, 12 Jun 2019 11:00:00 GMTSustainable finance looks set to dominate the marketIndustry sources warn that financial services firms need to adapt their investment strategies quickly or risk becoming the outliers, 12 Jun 2019 10:00:00 GMTCFTC to vote on three measures from swaps reform whitepaperChairman Giancarlo announced at IDX in London on Wednesday that the Commission will vote on proposals addressing overseas clearing and participant registration, 05 Jun 2019 09:15:00 GMTPRIMER: EU Benchmarks RegulationRegulators’ answer to the Libor-rigging scandal is confusing market participants everywhere. IFLR explains what you need to know in the latest instalment of this free-to-read series, 30 May 2019 17:45:00 GMTROUNDTABLE: What does life after Libor look like?Senior legal, syndicate and treasury directors at the EBRD, ICMA, NatWest and RBC talk frankly on the industry’s transition to risk-free rates, 30 May 2019 13:00:00 GMTFintech Europe 2019: key takeawaysIn case you missed the event in London, here are all the highlights: PSD2, artificial intelligence, intellectual property, blockchain and much more, 24 May 2019 11:00:00 GMTSchemes of arrangement have bigger problems than BrexitLawyers say the main threat to London’s global status as a restructuring hub is not a potential lack of recognition post-Brexit, but new, competing regimes elsewhere in the EU, 24 May 2019 10:00:00 GMTFRTB implementation is out of sync across AsiaDiscrepancies between local regulators makes it significantly more difficult for international banks, but in many areas local rules are necessary to cater to local needs, 23 Apr 2019 01:00:00 GMTWEBINAR: Transatlantic derivatives & the current state of playJoin IFLR and Morrison & Foerster on May 14 to talk Emir, Benchmarks Regulation, initial margin and more, 18 Apr 2019 16:15:00 GMTReg fragmentation provokes exit from USThe CFTC’s efforts to harmonise rules are appreciated, but in the meantime some investors have retreated from certain markets – including the US – over compliance confusion, 18 Apr 2019 01:00:00 GMTIFLR Americas Awards 2019: shortlist revealedAll the nominated deals, teams, firms and individuals have now been announced. Get in touch to book your table at the May 16 dinner in New York, 17 Apr 2019 09:00:00 GMTIreland’s Ucits changes turn it into fastest-growing fund havenRecent amendments to the filing process have been successful in attracting new Ucits funds, according to asset managers, but challenges remain for issuers, 22 Feb 2019 11:15:00 GMTIFLR Europe Awards 2019: shortlist revealedThe team is pleased to announce all the nominated deals, teams, firms and individuals. Get in touch now to reserve your place at the ceremony in London in April, 07 Feb 2019 17:15:00 GMTIDD: European insurance's big bangRegalex manager Robert Devin analyses the impact of the EU's landmark Insurance Distribution Directive on French brokers, 07 Feb 2019 12:00:00 GMTPerpetual bonds raise tax, balance sheet issues for Chinese banksAuthorities are encouraging domestic banks to embrace the instrument, which is inexpensive to issue and popular among shareholders, 16 Jan 2019 07:45:00 GMTTrends to watch in financial regulatory enforcementFinancial regulators are focusing on prevention and enforcement monitoring, 23 Oct 2018 10:30:00 GMTPRIMER: operational risk – prudential regulation perspectiveRegulation and risk management expert Bozena Gulija examines how interest and resources have increased when it comes to this category of risk, 16 Oct 2018 12:15:00 GMTEuromoney Legal Media Group Americas Rising Star Awards: winners announcedAll the winning individuals and firms of Euromoney's first Americas Rising Stars awards, 28 Sep 2018 09:00:00 GMTBrexit novations raise questions over Emir, lifecycle eventsAs banks plough on with repapering, it's now emerged that novation may invalidate Emir grandfathering for millions of derivative contracts, 10 Aug 2018 10:00:00 GMTMifid II: how banks are defending fee nondisclosureVarious legal opinions have emerged, providing comfort to firms who argue that clients aren’t interested in knowing anyway, 02 Aug 2018 13:45:00 GMTPriips: industry reveals its wishlistRead all the latest capital markets regulatory news and analysis on Practice Insight's new website, 19 Jul 2018 13:00:00 GMTMifid II: research unbundling goes globalRead all of Practice Insight's coverage on the new website now, 13 Jul 2018 09:00:00 GMTMifid II: systematic internalisers panicked by FIRDS dataCheck out all of Practice Insight's coverage on the new website, 05 Jul 2018 14:00:00 GMTMifid II & packages: firms still diverging on transparencyThis week's news from Practice Insight features part two of the Libor poll, Isda's Mifid package solutions and Brexit relocation loopholes, 07 Jun 2018 15:00:00 GMTLibor poll: market reveals transition fearsLast week's highlights from Practice Insight features part one of the landmark Libor reform survey and Mifid II updates, 01 Jun 2018 10:00:00 GMTPriips: third-country manufacturers find loopholeToday's news from Practice Insight: firms find a creative Priips solution and banks and researchers set out their views on the FCA's incoming IPO reform, 24 May 2018 11:15:00 GMTPriips, Mifid, Emir squeeze medium-complexity derivativesThis week from Practice Insight: cumulative impact of regulation, best execution update, covered bonds and money market fund reform news, 17 May 2018 15:00:00 GMTPriips & Mifid II: retail platforms still pulling productsToday's news from Practice Insight: investor protection rules still reducing choice, banks refuse to adopt Sonia and covered bond rules, 10 May 2018 11:15:00 GMTHow non-EU firms are side-stepping Mifid II reportingThis week's news from Practice Insight: Mifid extraterritoriality, prospectus rules, MAR market sounding and issuers shunning London for New York, 26 Apr 2018 14:30:00 GMTMifid II: what is a process trade?This week's news from Practice Insight: debunking process trades, banks aren't doing enough on Libor and Priips may soon go international, 19 Apr 2018 16:30:00 GMTPriips: industry begs Commission to clarify scopeThis week's news from Practice Insight: inside the letter sent to the EC on Priips scope, banks warn others against becoming too relaxed on CCP relocation, and Mifid firms' LEI drive runs out of steam, 13 Apr 2018 09:30:00 GMTMifid II's on-venue shift is not all it seemsPractice Insight looks behind the Mifid data so far and reveals banks' concerns on CRD IV and Brexit. Open access for a limited time only, 05 Apr 2018 12:30:00 GMTPriips: no one is reading KIDsThis week's news from Practice Insight: fund managers lament Priips confusion, AIFMD causes more problems than Brexit and banks are unprepared for the UK's new IPO regime, 29 Mar 2018 11:00:00 GMTMifid II: industry calls on Esma to improve FIRDS data qualityPractice Insight news features Mifid II data problems, Brexit's impact on existing and legacy derivatives contracts, and CCP relocation woes, 22 Mar 2018 16:15:00 GMTBrexit: contracts scramble to keep up with the newsPractice Insight focuses in on how both UK and EU firms are preparing for Brexit, as well as more Mifid II best execution analysis. Open access for a limited time only, 15 Mar 2018 14:00:00 GMTMifid II: best execution reports no use to investorsPractice Insight looks at the reality of RTS27 and 28 reporting, Mifid's LEI woes and the merits of standardisation in the Schuldschein market. Open access for a limited time only, 09 Mar 2018 09:15:00 GMTMifid II: market reveals data reporting sticking pointsIn this week's news from Practice Insight, market participants are baffled by inconsistent trade and transaction reports, and lawyers explain how to get around Esma's controversial guidance on DEA, 01 Mar 2018 12:00:00 GMTTime to comply: China implements OECD's financial info exchangeLocal financial institutions have started carrying out due diligence on customers’ tax residency as devised by the CRS. But some questions still remain, 24 Aug 2017 12:30:00 GMTVince Cable: Brexit is a body blow for the CityThe former business secretary said at an event on April 27 that while London is full of resilient institutions and creative people, businesses must get wise to the reality, 28 Apr 2017 12:00:00 GMTTrump's jobs and growth dilemmaThe incumbent's promise to deliver a significant economic expansion must soon begin. A loosening of financial regulations may be one of his only weapons, 10 Nov 2016 23:30:00 GMTGerman MEP: EC equivalence plans are political but necessaryAlthough the system is in need of review, Markus Ferber says the Commission would be foolish not to use it as a bargaining chip, 10 Nov 2016 16:00:00 GMTPfizer-Allergan reignites US inversion debateThe controversial megamerger has sparked speculation over US tax authorities' next move to clamp down on the structure, 16 Dec 2015 10:15:00 GMTItaly's BRRD transposition assessedNicolo’ Juvara and Pietro Altomani of law firm Norton Rose Fulbright discuss the latest version of the two Italian BRRD draft implementing decrees, 19 Oct 2015 00:00:00 GMTThe Bank Recovery and Resolution Directive in SpainThe new Spanish BRRD transposition introduces the bail-in tool, clarifies the role of the regulators and paves the way for tier 3 instruments, 23 Jul 2015 00:00:00 GMT2015 Bank Capital Report: Austria, 11 May 2015 00:00:00 GMT2015 Bank Capital Report: Portugal, 15 Apr 2015 00:00:00 GMT2015 Bank Capital Report: Belgium, 27 Mar 2015 00:00:00 GMT2015 Bank Capital Report: Greece, 27 Mar 2015 00:00:00 GMTAT1 Coupon cancellation risk: consequences of MREL and TLAC breachesThe two initiatives share common objectives, but the approaches - and their possible impact on investors - are materially different, 16 Feb 2015 00:00:00 GMTDanish National Bank pushes case for banking unionThe Danish National Bank launched a dedicated banking union page on its website, adding weight to the arguments for the country participating in the initiative, 04 Feb 2015 00:00:00 GMTECB clarifies AT1 impact of dividend recommendationA recent ECB recommendation that banks should be conservative when making distributions to investors does not refer to AT1 coupon payments, 31 Jan 2015 00:00:00 GMTWhy the PRA’s pillar 2 approach is good news for investorsThe UK's Prudential Regulation Authority counsults on pillar 2 capital adequacy, including proprosals for a capital charge for banks with weak risk management, 24 Jan 2015 00:00:00 GMT2014 Bank capital report: SwedenAnnika Walin and Michela Hallberg Westin of Cederquist summarise the country's treatment of regulatory capital for financial institutions, 12 Dec 2014 00:00:00 GMTMember states rush over BRRD deadlineEU members are required to transpose the BRRD into local law by January 1. With less than a month to go Germany is the only country that has taken all the necessary steps already, 11 Dec 2014 00:00:00 GMTTLAC for G-SIBs: The first stepThe concept behind the FSB TLAC propsal appears simple and intuitively correct. But regulators face significant challenges in converting it into a concrete framework, 24 Nov 2014 00:00:00 GMTGermany’s clarification of AT1 tax rulesGermany's April clarification of its tax treatment of additional tier 1 issues was welcomed. But not all instruments are covered, 11 Nov 2014 00:00:00 GMTPoll: Does Basel III go far enough? As the Basel Committee on Banking Supervision announces its final major Basel III reform, IFLR's poll asks whether the capital requirements will prevent another crisis, 03 Nov 2014 00:00:00 GMTEBA report threatens loose AT1 languageA European Banking Authority monitoring report on additional tier 1 (AT1) instruments could result in less future-proof language in deals, 30 Oct 2014 14:00:00 GMTStress test: 7% hurdle puts spotlight on German banksFourteen additional banks would have failed the stress test’s adverse scenario had the EBA used the minimum CET1 requirements banks must meet once capital buffers are fully applied, 28 Oct 2014 00:00:00 GMTThe 2014 European stress tests: impact reportInitial reactions to the European stress tests will focus on capital shortfalls. But the real value of the tests is much broader, 28 Oct 2014 00:00:00 GMTStress tests: why national CET1 calculations could varyThe EBA’s emphasis on consistent national data and results for its upcoming stress test were examined on Sunday, with the ECB and EBA revealing how banks fared, 24 Oct 2014 00:00:00 GMTKorea Basel III change to boost dealsClarifications of the write-down requirements for Korean banks’ Basel III-compliant bonds are expected to encourage deals and appeal to investors, 14 Oct 2014 00:00:00 GMTThe nationalisation of SNS – lessons learnedIn February 2013 Dutch SNS Reaal Group was nationalised. An earlier adoption of planning and preparation measures might have helped to identify SNS' structural issues more quickly, 14 Oct 2014 00:00:00 GMTSpain’s favourable AT1 tax treatment under threatEarlier this year a Spanish law confirmed the country’s favourable tax treatment of AT1s. But a new bill now going through parliament threatens to change this, 07 Oct 2014 00:00:00 GMTNetherlands confirm favourable tax treatment of AT1sFrom a tax perspective, the treatment of AT1s is inconsistent across the EU. The Netherlands are among the first member state countries to clarify their position, 06 Oct 2014 00:00:00 GMTHow Basel III impacts ECA-backed project financeCommercial bank activity in project finance has hit hurdles under Basel III. But the new regulations are also affecting the appeal of ECA debt, 04 Jul 2014 00:00:00 GMTMaijoor: Mifid II liquidity easier to recognise than defineEsma's chairman has admitted that the regulator is still grappling with definitions of what instruments should be defined as illiquid or liquid, 06 Jun 2014 00:00:00 GMTMaijoor: board intervention is strongest supervisory tool Intervening at board level and removing board members involved in poor conduct and poorly designed financial products is a regulator’s most effective supervisory tool, according to the chair of the European Securities and Markets Authority, 05 Jun 2014 00:00:00 GMTMaijoor: Esma needs more data, market feedbackThe Esma chairman has pleaded for more feedback and data from market participants, following the release of Mifid II’s level 1 consultation last month, 05 Jun 2014 00:00:00 GMTRBI loosens offshore structured products restrictionsIndia’s banking regulator has allowed domestic banks’ offshore branches in global financial centres to sell structured products that are banned onshore. But the onshore market remains closed, 05 Jun 2014 00:00:00 GMTEurope's ABS principles positive but flawedHigh-level proposals to resurrect the securitisation market are well intentioned but flawed, according to lawyers working in the sector, 04 Jun 2014 00:00:00 GMTA guide to the rise of shadow bankingShadow banking. Alternative credit providers. Direct lending. Call it what you will, funding by non-traditional lenders has increased as quickly as post-crisis reforms reined in banks’ ability to provide credit. Here is IFLR's guide to the latest developments, 18 May 2014 00:00:00 GMTIFLR’s guide to Dodd-Frank, 04 May 2014 00:00:00 GMTHong Kong analyst disclosure regulations need clarityHong Kong’s sponsor regulations have caused increased concern over pre-deal reports by underwriting banks’ analysts. One lawyer thinks he has a solution, 19 Feb 2014 00:00:00 GMTWhat’s wrong with London’s listing rulesThe market has criticised London’s proposed new listing rules for companies with a controlling shareholder, pointing to ineffective sanctions and a lack of clarity in key areas, 27 Jan 2014 00:00:00 GMTLord Turner’s iron law of bankingEvery 15 years, one of the world’s banking system extends excessive credit to the real-estate sector creating threats to the overall economy, 15 Nov 2013 00:00:00 GMTCFTC's new chairman: the market respondsPresident Obama this week announced his choice to succeed Gary Gensler as the head of the Commodity Futures Trading Commission, 13 Nov 2013 00:00:00 GMTIBA Daily News, Boston 2013 - Thursday edition Industry leaders have outlined the path to success in the legal profession, 10 Oct 2013 00:00:00 GMTIBA Daily News, Boston 2013 - Wednesday edition Industry leaders have warned regulatory efforts to clean up global banks must work within the current system, 09 Oct 2013 00:00:00 GMTIBA Daily News, Boston 2013 - Tuesday edition Panelists at this week's IBA annual conference called for tougher human trafficking sanctions, 08 Oct 2013 00:00:00 GMTIBA Daily News, Boston 2013 - Monday editionThe former US Secretary of State Madeleine Albright opened this year's International Bar Association annual conference in Boston, 07 Oct 2013 00:00:00 GMTUnlocking justice for womenDelegates at the IBA's annual conference have heard expert insight on how access to justice can be improved for women in Africa, 29 Sep 2013 00:00:00 GMTEsma calls for increased focus on consumer protectionSix years after the financial crisis, one of Europe’s top regulators has called for consumer protection measures to be moved up the reform agenda, 25 Sep 2013 00:00:00 GMTASIC: why behavioural economics is the futureRegulators need to use behavioural economics to help them understand market forces, and determine how to formulate more effective regulation, according to Australian Securities and Investment Commission's chairman, 24 Sep 2013 00:00:00 GMTBank of England’s Andrew Haldane: an IFLR video series exclusiveThe Bank’s head of financial stability assesses the implications of 'zero interest rates', outlines his priorities for bank and non-bank regulation and reveals why he believes leverage ratios are the bank solvency metric for the future, 10 Jun 2013 00:00:00 GMTBill threatens Swiss bank secrecy modelA recent bill permitting Swiss banks to share information with US tax authorities will prompt a new Swiss banking model – even if the bill is not passed, 04 Jun 2013 00:00:00 GMTSEC and ASIC reveal Emir equivalency concernsAlthough Dodd-Frank has attracted frustration about its extraterritorial regulation of OTC derivatives, the market is now turning its attention to its European counterpart, 04 Jun 2013 00:00:00 GMTWhat new US-China accounting MoU really meansThe PCAOB’s Memorandum of Understanding with China's Securities Regulatory Commission is a step in the right direction. But issues with the SEC remain, 04 Jun 2013 00:00:00 GMTIndustry calls for new secondary trading model Secondary debt capital markets face a game-changing and unsustainable situation, industry leaders have said, 03 Jun 2013 00:00:00 GMTADB outlines Asia’s investment future Asia is a region rich in opportunities. But an Asian Development Bank vice president has warned would-be investors to be mindful of its challenges, 29 May 2013 00:00:00 GMTADB: Asian leaders fear Abenomics more than eurocrisis Asian leaders' concerns about Europe's recession-plagued economies have now been usurped by the Bank of Japan’s quantitative easing measures, 29 May 2013 00:00:00 GMTBank of England: how to solve Too Big To FailIn an IFLR video exclusive, the Bank of England’s Andy Haldane reveals why he hasn’t ruled out imposing limits on the size of big banks, 29 May 2013 00:00:00 GMTRevealed: the future for asset managementKey industry figures have outlined the major trends impacting the asset management industry since the financial crisis, and what they mean for its future development, 28 May 2013 00:00:00 GMTBank of England: the future for bank solvency metricsIn an IFLR video exclusive, the Bank of England’s Andy Haldane on why leverage ratios must form part of quest to simplify bank solvency metrics, 23 May 2013 00:00:00 GMTBank of England: the risk of ‘zero interest rates’In an IFLR video exclusive, the Bank of England’s Andy Haldane outlines the unintended consequences of zero interest rates, 23 May 2013 00:00:00 GMTApra’s approach to Basel III liquidity rules explained Following the Basel Committee's guidance for meeting the LCR, Australia's Prudential Regulatory Authority has adopted a more conservative stance, 21 May 2013 00:00:00 GMTBoE reveals the risk posed by an extended period of ‘zero interest rates’The Bank of England's executive director for financial stability, Andrew Haldane, met with IFLR this month to discuss the key risks to financial stability, 20 May 2013 00:00:00 GMTEuromoney Legal Media Group Australasian Women in Business Law Awards 2013- Shortlist announced The shortlist for the Euromoney Legal Media Group Australasian Women in Business Law Awards has now been published, 20 May 2013 00:00:00 GMTHow to grow a business when banks won’t lendGrowing companies have been hit particularly hard by the squeeze on bank finance. But, despite the retreat of traditional sources of credit, financing is available to those that are willing to innovate, 20 May 2013 00:00:00 GMTBoE: the questions that must determine financial reformReform of the UK’s financial sector has reached an inflection point, the Bank of England’s executive director for financial stability has said. These are the questions that should form the new regulatory battleground, 18 May 2013 00:00:00 GMTIFLR Middle East and North Africa awards 2013: research beginsThe research process for the 2013 IFLR Middle East and North Africa awards has begun. Full details are here, 16 May 2013 00:00:00 GMTUS banks’ regulatory capital question continuesMorrison & Foerster's Anna Pinedo explains why there is still a lack of consensus in the US regarding how to approach regulatory capital and prudential regulation, 16 May 2013 00:00:00 GMTCCP resolution: the latest design considerationsA recent Bank of England report stated that clearinghouses should have a well-mapped plan for how they will assign losses to members, if an event of a default burns through the company’s emergency funds, 08 May 2013 00:00:00 GMTEXCLUSIVE: Mexico’s imminent financial overhaul dissectedUnder the guise of a law to boost retail lending, Mexico is about to overhaul its financial system. Amendments could pass as early as next month, 08 May 2013 00:00:00 GMTPE needs help before SEC enforcement blitzUS private equity has entered a new phase of tougher enforcement. But the industry needs further assistance from the SEC to comply with its new obligations, 03 May 2013 00:00:00 GMTSpeakers confirmed for IFLR Africa Forum 2013 in LondonOver 20 speakers have been confirmed for the second annual IFLR Africa Forum at the Waldorf Hotel in London later this month., 01 May 2013 00:00:00 GMTBasel III expected to prompt tier 2 decline Lawyers in Europe have predicted a decline in tier 2 issuances as banks work to meet Basel III’s capital quality requirements, 23 Apr 2013 00:00:00 GMTHow shadow banking rules would hit Europe project financeInstitutional investors are set to lend $25 billion to European projects in 2013. But the shadow banking rules are threatening the future of these funds, 23 Apr 2013 00:00:00 GMTNew rules for Brazil’s credit rights investment funds, 23 Apr 2013 00:00:00 GMTThe future of offshore and onshore RMBAlthough RMB internationalisation might occur by 2015, market participants must consider the distinctions between onshore and offshore renminbi, 23 Apr 2013 00:00:00 GMTBlackrock: why Asia’s capital markets must developSpeaking at the IPBA 2013 Annual Meeting and Conference in Seoul, Blackrock Asia-Pacific chairman Mark McCombe urged further development of Asia's capital markets, 18 Apr 2013 00:00:00 GMTRevealed: the unsavoury truth about the FTTAlthough the European Commission’s Financial Transaction Tax is scheduled to be implemented across 11 EU member states, its effects are far more damaging that many realise. These are the facts about the true impact of the FTT, 11 Apr 2013 00:00:00 GMTCan Europe covered bonds count as tier 1 capital?The final CRD IV draft seems to make a specific carve-out for Danish covered bonds. But can other juridictions adapt their markets to qualify as tier 1 capital?, 10 Apr 2013 00:00:00 GMTNZ’s Open Bank Resolution: a new option for bank reform?Imposing haircuts on Cypriot banks’ depositors drew attention to New Zealand’s Open Bank Resolution. But it might provide a better model for bank resolution, 10 Apr 2013 00:00:00 GMTNY judges adopt new standards for settlement agreements Although courts are giving greater scrutiny to settlement agreements involving banks , it is still uncertain if they will require admissions of culpability, 04 Apr 2013 00:00:00 GMTHong Kong clamps down on electronic tradingThe Hong Kong SFC's consultation conclusions on the regulation of electronic trading takes a broad scope, going beyond just algorithms and HFT. But few adjustments have been made based on market responses, 27 Mar 2013 00:00:00 GMTCSRC’s reforming chairman steps down CSRC chairman Guo Shuqing stepped down last week. It is unclear why Guo, a dynamic reformer, left and whether his successor will continue his policies, 25 Mar 2013 00:00:00 GMTWhat the bonus cap really means for Europe’s banksEurope is set to adopt the toughest bonus regime in the world. But what exactly do the new rules mean, 25 Mar 2013 00:00:00 GMTDavis Polk wins again at IFLR Americas AwardsDavis Polk & Wardwell won the Americas law firm of the year at the annual IFLR Americas awards ceremony held in New York last night - becoming the first to win the coveted award two years in a row, 22 Mar 2013 00:00:00 GMTAfma’s retail structured product approval principles explainedAfma’s principles for retail structured product approval present an example of international best practice across the Asia-Pacific. Here's why, 21 Mar 2013 00:00:00 GMTJapan's proposed insider trading regulations explainedFollowing 2012's insider trading scandals, market participants hope proposed insider trading regulations will bring domestic standards in line with international expectations, 12 Mar 2013 00:00:00 GMTPoll: How should regulators protect retail investors?Vote now on IFLR's poll to determine which of the regulatory attempts to protect retail investors is likely to be most effective, 12 Mar 2013 00:00:00 GMTMorocco’s new securitisation law explainedMorocco has fully revamped its securitisation law. Clifford Chance outlines how the changes could impact alternative financing for the real economy, 11 Mar 2013 00:00:00 GMTVolcker calls for faster rulemaking Former US Federal Reserve chairman Paul Volcker has called for a regulatory system with fewer regulators, faster rule implementation and better enforcement, 07 Mar 2013 00:00:00 GMTFinra signals end of class actions for brokersA landmark decision means brokerages can prohibit class action lawsuits by their customers. Here's what the market thinks of the new precedent, 26 Feb 2013 00:00:00 GMTPT Davomas restructuring set to test OJK enforcementIndonesian cocoa producer PT Davomas in the course of its restructuring may be a test case for new regulator OJK's willingness to pursue enforcement actions, 26 Feb 2013 00:00:00 GMTSingapore working committee reveals IPO regulation trendsThe Singapore Exchange’s new working group to revise listing rules represents another Asia-Pacific jurisdiction tightening rules to protect retail investors in the equity capital markets, 26 Feb 2013 00:00:00 GMTTransaction tax could close European trading desksThe EU’s proposed financial transaction tax would be so disruptive to securities markets that it could render some FTT zone trading desks uneconomic, 26 Feb 2013 00:00:00 GMTEuropean awardsThe shortlist for IFLR’s 2013 Europe awards has been announced, 20 Feb 2013 00:00:00 GMTIFLR Asia awards 2013: shortlist revealedThe nominations for this year’s IFLR Asia awards have been announced, 09 Feb 2013 00:00:00 GMTWhy Australia’s proposed corporate bond boost won't workProposed amendments to Australia's Corporations Act are intended to encourage the issuance of retail corporate bonds. But market participants have branded them too restrictive. Here’s why, 07 Feb 2013 00:00:00 GMTReg AB requirements quirks analysed If finalised as proposed, Regulation AB would bring loan level data transparency to the US securitisation industry. But market participants say tweaks must be made to the proposal for the industry to continue its recovery, 31 Jan 2013 00:00:00 GMTExclusive: inside Colombia's Interbolsa collapseThe collapse of Colombia’s biggest brokerage has caused a firestorm of litigation, leading some to call for a local version of the Volcker Rule, 29 Jan 2013 00:00:00 GMTAustralia's shadow banking regulations revealedAustralian regulators are looking into new shadow banking regulations. But counsel are sceptical. Here's why, 28 Jan 2013 00:00:00 GMTHow to fund commercial litigation in 2013One of the most striking trends in the UK system is exploring different ways to fund litigation, according to Jonathan Nash QC, a barrister with 3VB Gray’s Inn, 28 Jan 2013 00:00:00 GMTStronger Volcker Rule set for first quarter After flooding regulators with comment letters, the market was hoping for a more flexible Volcker Rule. All indications suggest that will not be the case, 24 Jan 2013 00:00:00 GMTLEIs will hit hurdlesThe global legal entity identifier system will launch by March 2013. But much must be resolved before regulators worldwide can issue LEIs, 24 Jan 2013 00:00:00 GMTClearing houses to commingle This year, clearing houses will look to comingle options contracts in an attempt to use margin offsets to lower Dodd-Frank compliance costs – for themselves and swaps traders, 24 Jan 2013 00:00:00 GMTUK banking reform’s next chapter2013 could be the year that consensus on the best approach to reform the UK's banking sector is finally achieved. Here's why, 24 Jan 2013 00:00:00 GMTAPAC regulators to protect emerging markets from extraterritorialityRegulators in Asia-Pacific have called for closer jurisdictional cooperation to protect emerging markets from onerous extraterritorial regulations, 17 Jan 2013 00:00:00 GMTDubai FSA: Regulators pay must equal private sector Regulators have called for new hires to be paid on par with the private sector., 16 Jan 2013 00:00:00 GMTIFLR Asia Awards 2013 – who’s coming?The speakers and attendees for this year's Asia awards ceremony have been revealed, 09 Jan 2013 00:00:00 GMTDodd-Frank's legacy outlinedThe US's biggest financial overhaul since the great depression represents a fundamental shift in regulatory philosophy, says Morrison & Foerster's Anna Pinedo. And its legacy will be felt far beyond the US, 08 Jan 2013 00:00:00 GMTExclusive: Sifma CEO calls for stronger Financial Stability Oversight Council leadershipThe Securities Industry and Financial Markets Association president and CEO, Timothy Ryan, reveals his regulatory frustrations to IFLR and outlines how lobbying and trade groups can better work together, 08 Jan 2013 00:00:00 GMTIBA calls for total review of law firm practicesThe International Bar Association's (IBA) president outlines why it's now time for international law firms to seriously review their practices, 08 Jan 2013 00:00:00 GMTHas US Fed overstepped on foreign Sifi rules?A US Federal Reserve proposal could mean risk-managment, liquidity and capital requirements for foreign bank's US operations. But the industry still has avenues to push back, 20 Dec 2012 00:00:00 GMTLord Goldsmith: UK needs more flexible DPA modelThe former UK attorney general has called for a more flexible form of deferred prosecution agreement than that proposed by the government, 19 Dec 2012 00:00:00 GMTPaul Gillis: SFC should not regulate auditorsThe Hong Kong SFC's sponsor regulations lack teeth without an independent audit regulator, according to PCAOB standing advisory group member and Peking University professor Paul Gillis, 16 Dec 2012 00:00:00 GMTTMA’s Hibor reforms explainedThe Hong Kong Treasury Markets Association’s Hibor review has clear implications for future contracts as well as future Hibor tenors. Here's why, 16 Dec 2012 00:00:00 GMTWhy small firms suffer under SFC sponsor rulesNew sponsor rules released by the Hong Kong Securities and Futures Commission are expected to have a disproportionate impact on smaller sponsor firms and smaller companies looking to list. Here's why, 16 Dec 2012 00:00:00 GMTHK SFC's IPO sponsor regulation conclusions: clarifications neededThe SFC’s long-awaited conclusions on its consultation paper on sponsor regulations were released this week. But counsel agreed that questions remain, 14 Dec 2012 00:00:00 GMTEurope’s banking union: the market respondsEurope has agreed to hand the ECB powers to directly supervise the region’s biggest banks. Here EU lawyers outline the key questions remaining, 13 Dec 2012 00:00:00 GMTEXCLUSIVE: Asifma announces new cross-markets and fixed income executive directorIFLR spoke to Patrick Pang, Asifma's new cross-markets and fixed income director, about his priorities for his new role, 02 Dec 2012 00:00:00 GMTArgentine debt battle will set terms of future bond issuances The legal struggle over Argentina’s payments to its bondholders will shape the terms of future bond issuances in Argentina and beyond, Argentine lawyers said, 30 Nov 2012 00:00:00 GMTExclusive: Asean’s path to 2015 revealedThe Association of Southeast Asian Nations’ director of finance, industry and infrastructure, Dr. Somsak Pipoppinyo, outlines what’s next on the Association’s reform agenda, 30 Nov 2012 00:00:00 GMTExclusive: Hong Kong’s SFC CEO on the city’s financial hub future Ashley Alder, head of the Hong Kong SFC, outlines how the city-state has developed since the 1997 Handover to Chinese control, 30 Nov 2012 00:00:00 GMTHow FIIs changed Indian capital marketsThe Indian securities regulator’s scheme aimed at foreign trades was a key step in liberalising the country’s capital markets, explains Ajay Vaidya, chief legal and compliance officer of Kotak Mahindra Capital, 30 Nov 2012 00:00:00 GMTHow the global Islamic finance market developedTen years after the first global sovereign sukuk, international corporates are increasingly turning to shariah finance. Qudeer Latif, global head of Islamic finance at Clifford Chance, describes how the 2002 offering has impacted the development of Islamic finance, 30 Nov 2012 00:00:00 GMTMorgan Stanley: the truth about emerging marketsRuchir Sharma, head of emerging markets at Morgan Stanley Investment Management, dispels some emerging market myths, 30 Nov 2012 00:00:00 GMTRevealed: Dubai's regulatory agenda for 2013Roberta Calarese, Chief Legal Officer at the Dubai International Financial Centre Authority, reveals how the eurozone will impacted DIFC's strategy in 2013, 30 Nov 2012 00:00:00 GMTHow 2012 regulation has changed syndicate deal execution2012 may have been a positive year in terms of deal size, pricing and structure, it was also a year in which the market faced significant regulatory challenges, 29 Nov 2012 00:00:00 GMTIs CFTC wrong about position limitsThe CFTC’s plan to appeal a decision to void the position limits rule doesn't serve the interests of small investors, US lawyers have said, 27 Nov 2012 00:00:00 GMTEXCLUSIVE: UK to impose son of FATCA on Crown Dependencies, despite government’s denialsA leaked government document seen by International Tax Review reveals that the UK is planning to impose its own version of the US FATCA on its Crown Dependencies and Overseas Territories, 23 Nov 2012 00:00:00 GMTApra’s tranche restrictions to change Australian securitisationThe Australian Prudential Regulation Authority (Apra) has announced details of its much-anticipated securitisation reforms. The market agrees the prudential changes are needed, but there is concern about a proposed two-tranche restriction, 13 Nov 2012 00:00:00 GMTArgentina ruling to hamper sovereign restructuring plansGovernments could have a tougher time agreeing restructuring plans with creditors following a landmark US court ruling on Argentina’s sovereign debt default of 2001, 13 Nov 2012 00:00:00 GMTCFTC misses the point with commingling clarificationA CFTC interpretive letter on cleared collateral segregation is likely to spur resistance within the financial industry without significantly reducing systemic risk, US lawyers have warned, 13 Nov 2012 00:00:00 GMTFSA prudential chief: why banks must be ringfencedThe managing director of prudential regulation at the Financial Services Authority (FSA), Andrew Bailey, has publically backed the need for powers to separate trading activities into separate legal entities, 07 Nov 2012 00:00:00 GMTHow a US regulator shake-up would impact financial reform Today's presidential elections could have a dramatic effect on US banking reform. But the additional regulatory impact of the Massachusetts Senate race should not be overlooked, 06 Nov 2012 00:00:00 GMTFatca delay to break loan negotiation deadlockThe extension of grandfathering periods under the US Fatca, will help overcome a deadlock that has plagued loan negotiations between foreign financial institutions, 30 Oct 2012 00:00:00 GMTFSB reveals shadow banking policy optionsThe chair of the securities lending and repo workstream of the Financial Stability Board’s (FSB’s) shadow banking taskforce has laid out the policy options his team is reviewing, giving a real indication of what form the proposals will take, 30 Oct 2012 00:00:00 GMTOTC regulation in Asia: where are we now?Regulators across the Asia-Pacific are preparing to implement rules for clearing OTC derivatives transactions. But many jurisdictions are stumbling on legal issues, 30 Oct 2012 00:00:00 GMTShadow banking: are the shadows really the banks? - opinionShearman & Sterling's Financial Institutions Advisory and Financial Regulatory group head, Barnabas Reynolds, outlines why the entire regulatory effort to tackle shadow banking could be one step too far, 30 Oct 2012 00:00:00 GMTCFTC’s dilemma over capping market positions The court for the District of Columbia has vacated and remanded the rule to cap market positions. The CFTC is now left with two options, 16 Oct 2012 00:00:00 GMTHow India flash crash could affect algosThe National Stock Exchange’s flash crash could trigger another overhaul of market rules in India, especially regarding electronic trading, 16 Oct 2012 00:00:00 GMTWhy a swap conflicts of interest rule is unlikely Two years ago the CFTC proposed to cap swaps trader ownership in clearinghouses and swap exchange platforms. IFLR look at why the rule is unlikely to come off the backburner, 15 Oct 2012 00:00:00 GMTMiddle East awards: all the winners revealedThe winners of this year’s IFLR Middle East awards have been announced. For all deal, team and firm of the year winners, please see below, 08 Oct 2012 00:00:00 GMTAsia Women in Business Law Awards 2012: shortlist announcedWe are delighted to announce the shortlist for the second Euromoney Legal Media Group Asia Women in Business Law Awards., 04 Oct 2012 00:00:00 GMTIBA Daily News, Dublin – Thursday editionHighlights from Day 4 of the IBA Dublin conference 2012, 04 Oct 2012 00:00:00 GMTIBA Daily News, Dublin – Tuesday editionHighlights from Day 2 of the IBA Dublin conference 2012, 03 Oct 2012 00:00:00 GMTIBA Daily News, Dublin – Wednesday editionHighlights from Day 3 of the IBA Dublin conference 2012, 03 Oct 2012 00:00:00 GMTEuropean bank reform: the Liikanen Report revealedThe Liikanen Committee has today revealed its recommendations for how Europe's banking structure should reform. Here are the key proposals, 02 Oct 2012 00:00:00 GMTHow to split up the euro2013 will be crunch time for the Eurozone, panellists at the IBA’s Legal Practice Division Showcase: ‘The euro area crisis – thinking the unthinkable’ have warned, 02 Oct 2012 00:00:00 GMTIBA Daily News, Dublin – Monday editionThe former World Bank chief economist Joseph Stiglitz opened the IBA Dublin Conference 2012 yesterday. Here's why he believes austerity measures will not solve the global financial crisis, 01 Oct 2012 00:00:00 GMTQ&A: AFMA’s David LynchDavid Lynch, executive chairman of the Australian Financial Markets Association, spoke with IFLR on Australia’s market developments and priorities for the future, 28 Sep 2012 00:00:00 GMTRecent lessons in Brazil's bank receivership processMHM's Antonio Carlos Cantisani Mazzuco and Sylvia Moreira F Camarinha describe the impact of two recent distressed bank scenarios, 28 Sep 2012 00:00:00 GMTWheatley correct to scrap A$ Libor Phasing out Australian dollar rates from the London Interbank Offered Rate is the right decision, according to local lawyers, 28 Sep 2012 00:00:00 GMTLiikanen poll: Volcker/Vickers hybrid wrong for Europe’s banksAhead of the Liikanen review, IFLR questioned market participants as to whether a combined Volcker/Vickers approach was right for Europe’s biggest banks, 18 Sep 2012 00:00:00 GMTWhy CRA3 must be scrappedSantander Global Banking & Markets’ securitisation head, Afme’s securitisation division managing director, and Mayer Brown’s Kevin Hawken spoke with IFLR on the most damaging aspects of the rules, 18 Sep 2012 00:00:00 GMTWhy small banks need Volcker rule amendmentsCounsel explain why Volcker will cause a greater competitive disadvantage for small banks, even if regulators make improvements to the rule, 18 Sep 2012 00:00:00 GMTMyanmar investment: US and EU reporting requirements explainedAlthough Myanmar’s Parliament passed a foreign investment law last week, multinationals may find that there are investment hurdles closer to home in the US’ reporting requirements and the EU’s recently lifted sanctions, 13 Sep 2012 00:00:00 GMTMyanmar's latest draft investment law welcomedMyanmar’s Parliament last week passed the country’s long-awaited foreign investment law. Here’s why counsel expect the latest draft to work, 13 Sep 2012 00:00:00 GMTExclusive: Russian loan standardisation to debut in 2013A set of standardised loan documents governed by Russian-law will be rolled out to banks from next year, IFLR can reveal, 04 Sep 2012 00:00:00 GMTHow China state secrecy law challenges Hong Kong independenceLegal actions against Ernst & Young have called the one country, two systems approach into question and may test Hong Kong’s independence. Here's why, 04 Sep 2012 00:00:00 GMTHow Standard Chartered changes the rules for foreign banks The New York Department of Financial Services’ order against a Standard Chartered subsidiary looks set to over-turn the rules for foreign banks, 04 Sep 2012 00:00:00 GMTWhy Dodd Frank extraterritoriality is fundamentally flawedDodd Frank's proposed swap rules could result in a shut-out of US persons in Asia’s OTC market. Here's why, 04 Sep 2012 00:00:00 GMTWould US listing rules save Europe ECM? Lawyers explain why European and UK equity capital markets must adopt a US-style regulatory regime to remain competitive, 04 Sep 2012 00:00:00 GMTASAS shariah board accreditation set to fail, says Islamic scholarsKuala Lumpur’s Association of Islamic Scholars is set to introduce shariah board accreditation processes this year, in a bid to address concerns over the integrity of shariah scholars. Here’s why scholars believe the move is set to fail, 30 Aug 2012 00:00:00 GMTHK SFC reveals its enforcement agenda Hong Kong Securities and Futures Commission's Mark Steward opens up the regulator's enforcement agenda, 21 Aug 2012 00:00:00 GMTUS Iran probe will reveal money laundering a way of life, says ex- Iranian bankerBankers in the UK have warned the US probe into Iranian money laundering is set to get much worse. Here's why, 21 Aug 2012 00:00:00 GMTWhat TSC Libor report means for London’s reputation The Treasury Select Committee’s preliminary report on fixing Libor called for reform in several areas of the UK banking sector. Here’s why market participants consider it a defining moment for financial regulation, 21 Aug 2012 00:00:00 GMTIFLR Middle East awards shortlist revealedThe nominations for this year's IFLR Middle East awards have been announced. Here's all the deal and team of the year shortlists, 20 Aug 2012 00:00:00 GMTUS SEC enforcement chief: How to avoid troubleSEC's Robert Khuzami speaks exclusively to IFLR on what to expect from US enforcement, 17 Aug 2012 00:00:00 GMTHow Knight Capital increases SEC trade certaintyThe SEC ensured that few trades were cancelled after last week’s error. Here's how another SEC-backed initiative might have further limited busted trades, 07 Aug 2012 00:00:00 GMTThe new CCP resolution template explainedHere's how Iosco’s recent consultation and LCH Clearnet’s newly-launched clearing service could provide a CCP resolution template, 07 Aug 2012 00:00:00 GMTWhy new German HFT rules won't stop another Knight CapitalGermany's proposed new law could slow down HFTs. But lawyers have warned that closer HFT supervision may not be enough, 07 Aug 2012 00:00:00 GMTDeferred prosecution agreements possible for Libor chargesUK white collar prosecutors look set to receive a new enforcement tool following the MoJ's consultation, 06 Aug 2012 00:00:00 GMTExclusive: France’s AMF reveals lessons learnt post-crisisAMF's Edouard Vieillefond opens up to IFLR about the huge changes in financing economy, what he has learnt from the eurozone crisis, and his worries about the unintended consequences of regulation, 31 Jul 2012 00:00:00 GMTMoroccan Financial Board’s Hicham Zegrary - Q&AThe head legal affairs at the Moroccan Financial Board, Hicham Zegrary, tells IFLR why Morocco is the ideal launch pad for investment into Africa, 31 Jul 2012 00:00:00 GMTMorgan Stanley: BoE must replace BBA on LiborMorgan Stanley has called for the Bank of England to replace the BBA in running the Libor settings. But changes need to happen for the move to be effective, 26 Jul 2012 00:00:00 GMTAfma: what Libor can learn from Australia’s benchmark rateThe Australian Financial Markets Association on how principles underpinning Australia’s benchmark interest rate could be used to improve the Libor, 24 Jul 2012 00:00:00 GMTHow banks could have Libor cases dismissed US class action law suits claim international banks colluded at the expense of investors, community banks and others. But banks are not without their own ammunition, 24 Jul 2012 00:00:00 GMTLibor probe proves banks too big for UKThe Libor probe has confirmed international banks have become too big for the UK, general counsel have warned. But splitting commercial banks from investment banks is the wrong solution, 24 Jul 2012 00:00:00 GMTWill the KID make Prips too risky for retail?Following release of the European Commission’s (EC) finalised draft rules on packaged retail investment products (Prips) on July 3, the countdown to implementation has begun. But market participants are debating whether fundamental issues stemming from the key investor document (KID) will result in Prips no longer being sold to retail investors, 24 Jul 2012 00:00:00 GMTMoroccan investment: How to attain Casablanca Finance City status The head of CFC Status and legal affairs at the Moroccan Financial Board, Hicham Zegrary, opens up to IFLR on criteria needed to gain CFC status, 23 Jul 2012 00:00:00 GMTShadow banking rules: AMF MD reveals regulatory agendaShadow banking has been preoccupying regulators for months. IFLR asked Edouard Vieillefond, MD of the French regulator's regulatory policy and international affairs division, how the activity should be supervised, 23 Jul 2012 00:00:00 GMTWhy US swap definitions need clarifying quicklyThe SEC and CFTC have defined how the term swap would be treated under Dodd-Frank. The clock is now ticking but some still don’t know whether they have to comply, 23 Jul 2012 00:00:00 GMTIndian regulation: what to watch out forIndia’s regulatory regime has become increasingly onerous in the last year. At last week’s IFLR India Outbound Investment Forum, issues with regulators were discussed at length. Here’s what market players think, 17 Jul 2012 00:00:00 GMTBarclays rate-fixing scandal: Libor alternatives analysedBarclays' rate-fixing scandal has highlighted widespread inefficiencies within the Libor setting process. IFLR asked readers should Libor be scrapped? Here’s what they said, 10 Jul 2012 00:00:00 GMTCFTC swap trader guidance exempts some Foreign commodity-based swap traders could avoid CFTC registration rules. But not everyone will qualify, 10 Jul 2012 00:00:00 GMTEsma AIFM remuneration guidelines: IMA chief speaks outEsma has published its proposed guidelines on remuneration of AIFMs. But some think the paper is overly restrictive and fund managers remain uncertain on what action to take, 10 Jul 2012 00:00:00 GMTHong Kong’s new competition law explainedLegCo has enacted Hong Kong’s Competition Ordinance. Practitioners say that Hong Kong businesses should begin reviewing their practices, 26 Jun 2012 00:00:00 GMTHow Dodd-Frank is changing fundraisingAs fund advisors become accustomed to Dodd-Frank's new filing requirements, investors want to know who will bear the associated compliance and regulatory expenses, 26 Jun 2012 00:00:00 GMTIndonesia’s new regulator: what to expectIndonesia has appointed a new head to its newly-formed financial services authority. Here’s how he will change Indonesia’s regulatory environment, 26 Jun 2012 00:00:00 GMTUK insurance law reform: the market responseUK insurance companies are expected to lobby against the UK Law Commission’s proposed reform of national insurance rules, 26 Jun 2012 00:00:00 GMTMF Global client funds: how new NFA proposal would workNFA's recent proposal could make it easier to prove liability for transfer of funds from segregated customer accounts. Here's how it would work, 25 Jun 2012 00:00:00 GMTUK Treasury White Paper: where the government went wrong The UK Treasury has published its plans to implement the ICB's banking reforms. But lawyers have raised doubts on several key points, 25 Jun 2012 00:00:00 GMTCFTC position limit rule exemption following market petitionHere's why US market has welcomed the Commodity Futures Trading Commission's proposed exemptions to the affiliate aggregation requirements of its position limits rule., 12 Jun 2012 00:00:00 GMTFed’s Basel III rules: Global harmonisation wins approvalThe Federal Reserve’s proposal on Thursday of rules implementing Basel III represents the biggest post-crisis step towards a harmonised global capital framework., 12 Jun 2012 00:00:00 GMTFed's Basel III: How US banks lose The US Federal Reserve's Basel III implementation creates a dubious future for US banks. Here's why, 12 Jun 2012 00:00:00 GMTNRSRO compensation models: SEC to report on alternatives The US Securities & Exchange Commission is considering seven alternatives in preparation of a report due to Congress next month. But there is a frontrunner., 12 Jun 2012 00:00:00 GMTBank Indonesia policy shift: How DBS can bypass new rules to acquire Bank DanamonBank Indonesia last week proposed a cap on individual ownership in domestic banks, jeopardising DBS’s acquisition of Bank Danamon. But Indonesia lawyers say DBS can still legally bypass the rules. Here’s how, 07 Jun 2012 00:00:00 GMTWhy Hong Kong’s proposed class actions reform disappoints Hong Kong’s LRC yesterday called for class actions to be adopted in the city. But the move was widely slated as disappointing and too tame. Here’s why, 01 Jun 2012 00:00:00 GMTIndia IPO volume down, regulator inaction blamedIndia's capital markets are suffering from a lack of decision-making among politicians and regulators, 31 May 2012 00:00:00 GMTFDIC’s non-bank liquidation strategy: Chairman Gruenberg explains what you need to knowCreditors and counterparties to non-bank SIFIs will always be subject to potential losses when the US Federal Deposit Insurance Corporation has to step in as receiver to insolvent SIFIs. Here's why, 24 May 2012 00:00:00 GMTIn-house bond platforms: What you need to knowBlackRock’s and Goldman Sachs’ bond trading platforms are expected to be the first of many as financial institutions prepare to comply with the Volcker Rule and Basel III. But their success is far from guaranteed, 15 May 2012 00:00:00 GMTNew trading book rules target value-at-riskThe Basel Committee on Banking Supervision’s latest consultation on trading book capital rules signals a move away from the discredited value-at-risk model., 15 May 2012 00:00:00 GMTOPEN ACCESS: How Canada’s covered bond framework will impact the marketWhy the proposed statutory framework for investment in covered bonds could lead to excess demand and a flurry of bank exits, 15 May 2012 00:00:00 GMTOPEN ACCESS: Mongolia's new foreign investment law explainedMongolia’s parliament is reviewing a new foreign investment law ahead of the country’s June 28 elections. Here's why the proposed changes has alarmed investors, 15 May 2012 00:00:00 GMTRevealed: Why Myanmar’s new telco law could be shelvedMyanmar’s telecommunications regulator could shelf the recent draft of the telecommunications law in light of a recent market-led ‘free telephone initiative’, 15 May 2012 00:00:00 GMTBlackRock MD on securities lending lawsAddressing the European Commission’s shadow banking conference, Joanna Cound, managing director, government relations at BlackRock, emphatically disagreed with Paul Tucker’s earlier comment that securities lending is a form of banking, 02 May 2012 00:00:00 GMTETFs should be regulated as collective investment fundsProposals from the International Organisation of Securities Commissions (Iosco) have been widely criticised for distinguishing between exchange traded funds (ETFs) and collective investment funds (CIFs), 02 May 2012 00:00:00 GMTShadow banking: what regulators must doKey industry figures have said that the highly complex universe of shadow banking must be better understood before regulation can be developed effectively, 02 May 2012 00:00:00 GMTECB: how to create a central EU repo databaseVitor Constâncio, vice-president of the European Central Bank, has proposed the creation of a central database to provide information on the European repo market, 01 May 2012 00:00:00 GMTFSB shadow banking head reveals policy optionsThe chair of the FSB's shadow banking work stream on securities lending and repo has revealed potential policy options that his team is looking at, 01 May 2012 00:00:00 GMTIs single-counterparty credit limits Volcker II?Single-counterparty credit limits is US banks’ top concern under Dodd-Frank at present, with a bankers’ counsel describing it as Volcker II., 01 May 2012 00:00:00 GMTOPEN ACCESS: US investment advisers react to self-regulator proposalInvestment advisers have criticised a US House Financial Services Committee proposal to implement a self-regulatory organisation in the retail market, 01 May 2012 00:00:00 GMTRegulating money market funds: first reactionRecently published proposals from the International Organisation of Securities Commissions’ (Iosco) have not eliminated concern from key market participants on regulating money market funds (MMFs), 01 May 2012 00:00:00 GMTLatest insight on final Volcker Rule The inventory risk turnover metric, negative presumption and foreign trades are problematic areas of the proposed Volcker Rule tipped to change in the final rule, 30 Apr 2012 00:00:00 GMTPaul Tucker’s ten commandments of shadow banking The deputy governor of the Bank of England, Paul Tucker, has set out ten recommendations aimed at moving the shadow banking debate towards a concrete policy agenda, 30 Apr 2012 00:00:00 GMTWhat banks must do during Volcker conformance periodBankers' counsel have warned against overlooking the subtly-worded conformance period compliance requirements, 27 Apr 2012 00:00:00 GMTOPEN ACCESS: Maldives to modernise commercial lawsThe Maldives is to modernise its commercial laws in a bid to attract foreign investment outside the tourism sector, 23 Apr 2012 00:00:00 GMTChina RMB band move likely to be first of manyLawyers have predicted China’s central bank decision to widen the RMB trading band will prompt a continued and gradual loosening of trading band widths, 17 Apr 2012 00:00:00 GMTExclusive: Myanmar to dramatically lower Telco costs with satellite launch Myanmar is coordinating a planned satellite launch to significantly lower spiraling mobile phone costs, but analysts are skeptical the approach will be successful, 17 Apr 2012 00:00:00 GMTTrade associations clash over principal tradesDueling comment letters from the US investment industry’s foremost trade associations have brought principal trades to the forefront of the long running debate on broker-dealer fiduciary obligations, 17 Apr 2012 00:00:00 GMTEC’s Prospectus Directive final terms amendments welcomedThe EC’s decision to differ from Esma’s technical advice on certain elements of final terms and summaries has been largely welcomed by European lawyers, 16 Apr 2012 00:00:00 GMTAttorneys call for asset managers' Sifi exemptionUS attorneys have called on the Financial Stability Oversight Council to exempt asset management companies from being designated as Sifis, 13 Apr 2012 00:00:00 GMTAustralia to help Myanmar build mining regulatory regimeMyanmar’s government in discussion with Australian officials to establish a mining regulatory regime that closely mirrors the Australian system, IFLR can reveal, 10 Apr 2012 00:00:00 GMTExclusive: Myanmar to redraft Special Economic Zone LawMyanmar’s government is to completely overhaul its Special Economic Zone Law less than four months after the new law became effective, 10 Apr 2012 00:00:00 GMTExclusive: Myanmar to streamline foreign company registrationMyanmar is set to streamline the company registration process for foreign investors, a Myanmar government official has revealed, 10 Apr 2012 00:00:00 GMTMyanmar: The real reason for removal of Western sanctionsThe removal of Western sanctions on Myanmar will be more motivated by a desire to halt China’s growing influence in the country, according to senior government officials, 10 Apr 2012 00:00:00 GMTMyanmar presidential economist ‘frustrated’ with Western sanctionsMyanmar’s presidential economists have branded the US government’s plans to instigate a targeted easing of sanctions as “frustrating” and called for more international assistance with regulatory reform, 05 Apr 2012 00:00:00 GMTBoAML: great uncertainty in Myanmar game changeBank of America Merrill Lynch has warned of over-enthusiasm and great uncertainty in the opening up of Myanmar, 03 Apr 2012 00:00:00 GMTEmir adopted, but still more questions than answersThe European Parliament has approved the draft legislation of Emir, however lawyers have warned regulators not to rush the rulemaking process, 03 Apr 2012 00:00:00 GMTGoldman: how Emir should introduce indirect clearing model Key industry figures have said that Emir must make indirect clearing a genuine and practicable option for certain market participants, 03 Apr 2012 00:00:00 GMTJobs Act could expose banks to litigation risksThe imminent Jobs Act will make life easier for issuers but may expose banks to litigation risks, lawyers have warned, 03 Apr 2012 00:00:00 GMTTier 2 capital penetrates Costa Rica Banco de Costa Rica has become the country's first bank to use Tier 2 capital, but lawyers want more guidance from regulators on how it can be used, 03 Apr 2012 00:00:00 GMTEXCLUSIVE: Myanmar regulator reveals who will benefit first from new Telecom lawMyanmar’s telecom regulator expects special orders allowing domestic companies to provide telecom services to be issued before a proposed new communications law is enacted, 21 Mar 2012 00:00:00 GMTEC shadow banking consultation: first reactionThe EC's consultation paper has lawyers concerned about how to ensure international consistency in the treatment of shadow banking, 20 Mar 2012 00:00:00 GMTFREE: Why Myanmar’s revised foreign investment law is over-hyped Despite positive press reports, market participants in Myanmar say the alleged new draft of Myanmar’s foreign investment law is over-hyped, 20 Mar 2012 00:00:00 GMTHector Sants’ resignation: the questions UK financial regulation partners have their say on why Sants resigned now and what it means for the twin peaks model, 20 Mar 2012 00:00:00 GMTUS stress test results show Basel III readinessThe positive results of the US Federal Reserve’s stress tests are understood by legal experts to suggest US preparedness for the implementation of Basel III, 20 Mar 2012 00:00:00 GMTWhat to expect from Tunisia’s Islamic finance reformsTunisia will opt for a simple decree amendment limited to sukuk issuance before working on a global structure for Islamic finance, according to local lawyers, 20 Mar 2012 00:00:00 GMTColombia to allow foreign bank branches in 2013The change heads a series of reforms planned for 2013 which will liberalise the country’s financial sector and give foreigners improved market access, 19 Mar 2012 00:00:00 GMTWhat UK in-house want from their law firmsSome of the UK’s leading in-house have revealed exactly what they look for in outside counsel and how pressure on costs is changing their expectations, 13 Mar 2012 00:00:00 GMTEXCLUSIVE: SEC to review US private placement rulesThe SEC is reconsidering the ban on journalist solicitation during private placements, and may review reporting requirements for foreign private issuers in the US, 09 Mar 2012 00:00:00 GMTEC shadow banking reforms to focus on entitiesWith the EC’s consultation paper on regulating shadow banking due out next week, the market is waiting to see how European regulators will tackle the next major project on its agenda, 08 Mar 2012 00:00:00 GMTAlternatives to the LSOC model explainedThe legally separated but operationally comingled model for protection of customer collateral would not address the MF Global problem. The present futures model could offer greater protection through an online reporting regime, 06 Mar 2012 00:00:00 GMTCautious welcome for latest Prospectus Directive advicePart two of Esma's level two Prospectus Directive advice has been cautiously welcomed by the legal industry, however minor clarifications are still required., 06 Mar 2012 00:00:00 GMTPBOC relaxes RMB settlement rules to offset EU trade riskThe People’s Bank of China's decision to relax renminbi settlement rules has been heralded as a positive policy move by market participants, 06 Mar 2012 00:00:00 GMTShanghai's yuan hedge fund rules expected this monthLawyers in Shanghai expect new guidelines enabling foreign asset management firms to set up yuan-denominated hedge funds in the city to be finalised this month, 06 Mar 2012 00:00:00 GMTThe Fed’s “cautionary note” on bank M&A The Federal Reserve approved the first two bank acquisitions subject to Dodd-Frank’s financial stability requirement. But H Rodgin Cohen says more complex M&A deals will be difficult, 06 Mar 2012 00:00:00 GMTApra: Asia’s lawyers need broad compliance focus Apra's chairman has urged Asia’s legal community to broaden its compliance focus. Adhering to black letter rules is not enough to ensure prudent risk management, 28 Feb 2012 00:00:00 GMTCFTC registration of CPOs highlights regulator splitDespite the hope of two former SEC regulators, a rule finalised by the CFTC on February 9 serves as yet another example of US bifurcated regulation, 21 Feb 2012 00:00:00 GMTFREE: Banks' and industry bodies' short selling criticisms summarisedBanks and industry bodies have a number of criticisms of Esma's proposed rules on short selling. Here we summarise the key concerns, 21 Feb 2012 00:00:00 GMTIFLR Asia Awards - who's coming?IFLR will announce the winners of its Asia Awards 2012 at an awards ceremony to be held at Hong Kong’s Island Shangri-La hotel this Thursday, 21 Feb 2012 00:00:00 GMTFREE: HKMA to speak out on failing banks’ resolution frameworksThe general counsel of the HKMA is set to outline what he believes to be the most important components of a resolution framework at IFLR's Asia M&A forum on February 22, 17 Feb 2012 00:00:00 GMTHow national implementation will create CRD IV uncertaintyCapital conservation and counter-cyclicality buffers which need to be implemented by national laws will create additional uncertainty for banks already facing a huge workload to implement Basel III and CRD IV on time, 13 Feb 2012 00:00:00 GMTRBI: India foreign ownership liberalisation will be slowLiberalisation of foreign ownership of Indian banks and insurance companies is likely to be slow due to the difficult political landscape,says an Indian Reserve Bank representative, 08 Feb 2012 00:00:00 GMTCorporate boards could be stuck with supermajority voting An NYSE memo to further restrict the type of corporate governance matters allowing for broker votes of unspecified shares could effectively handcuff corporate boards with supermajority voting policies, 07 Feb 2012 00:00:00 GMTCould Volcker make Toronto the next New York?Toronto has been touted as the top choice for foreign banks looking to escape aspects of the Volcker Rule. But is it really feasible?, 07 Feb 2012 00:00:00 GMTFREE: Unprecedented foreign regulator complaints to change Volcker More foreign regulators are expected to contact US authorities with complaints about the proposed Volcker Rule's restrictions on sovereign debt trading, 07 Feb 2012 00:00:00 GMTFSA official: ring fencing is step ahead of global standardsA senior UK FSA official has defended accusations that the UK's plan to ring fence its retail financial institutions contradicts global standards, 07 Feb 2012 00:00:00 GMTListen again: US/EU Recovery and Resolution web seminar Listen to the free recording of the web seminar where Morrison & Foerster and the NYU Stern Business school discussed the differences in recovery and resolution plans between Europe and the US, 07 Feb 2012 00:00:00 GMTStandard Chartered: how international regulations will affect Asia’s loan marketsRegulatory change will bolster the dominance of Asia’s local banks and prompt a rise in local currency syndicated loans, Standard Chartered’s global head of loan syndications has predicted, 07 Feb 2012 00:00:00 GMTWhat the new Saudi listing rules means for issuers’ costsWith new rules requiring issuers to submit due diligence reports and pro forma letters before listing, expect advisors' fees to rise, 07 Feb 2012 00:00:00 GMTSpanish bank funding rules unlikely to help lending Spain’s new rules demanding banks hold an extra €50 billion of funds to cover troubled real estate assets and encouraging mergers is helpful but by itself won’t get them lending again, 06 Feb 2012 00:00:00 GMTHow the FSA’s listing rules will hurt sponsorsThe UK’s Financial Services Authority’s proposed amendment to its Listing Rules will profoundly affect sponsors if adopted in their current form, 02 Feb 2012 00:00:00 GMTEurope sees example in US ratings reformThe US’s often-criticised approach to credit rating agency reform has been held up as an example for European regulators at the American Securitisation Forum in Las Vegas, 31 Jan 2012 00:00:00 GMTOCC chief defends derivativesJohn Walsh, acting head of the Office of the Comptroller of the Currency (OCC) has warned against overreaction and misperception surrounding the risks of derivatives, 31 Jan 2012 00:00:00 GMTWhy securitisations could worsen under VolckerBank counsel fear that the SEC reconsideration of registration exemptions for asset-backed security issuers could further worsen securitisation’s plight under the Volcker rule, 31 Jan 2012 00:00:00 GMTAlder: Why CSRC-SFC policy interaction is criticalHong Kong’s SFC CEO reveals how he plans to work with the CSRC, and discusses his agenda priorities for 2012., 30 Jan 2012 00:00:00 GMTDodd-Frank stress tests could destabilise marketFinancial institutions could face market overreactions over publicly disclosed summaries of financial data following the release of proposed stress testing rules mandated by Section 165 of Dodd-Frank, 26 Jan 2012 00:00:00 GMTFREE: Regulators explain the perfect comment letterThe pressure on stakeholders’ ability to write successful comment letters is increasing. IFLR spoke with major regulators to get their views on the perfect industry response, 25 Jan 2012 00:00:00 GMTMarket Abuse Directive: what the EC did wrongProposed changes to the market abuse regime may have a far-reaching impact, beyond what even the EC had in mind when it drafted the law, 25 Jan 2012 00:00:00 GMTAlder: SFC head reveals his 2012 agenda Ashley Alder, the SFC's new chief executive, discusses future regulation of Hong Kong's securities market, 12 Jan 2012 00:00:00 GMTCourt ruling leaves two options for Canadian regulatorCanadian Parliament was allotted two options in pursuit of a national securities regulator following a Supreme Court ruling that the Securities Act overreached provincial jurisdiction over the regulation of property and civil rights, 11 Jan 2012 00:00:00 GMTEsma’s prospectus directive consultation: the key pointsEsma's proposals could limit the range of retail cascades available to issuers and make withholding tax disclosure compliance impossible, 11 Jan 2012 00:00:00 GMTIndia welcomes new foreign investment rulesBankers’ counsel have welcomed the decision to allow foreign nationals to invest directly in India ListCos, but expect limited take-up from overseas investors, 11 Jan 2012 00:00:00 GMTLawyers attack China’s RQFII schemeLawyers in Beijing have branded China’s pilot Renminbi qualified foreign institutional investors (RQFII) programme as unfair and ineffective, 11 Jan 2012 00:00:00 GMTLMA speaks out on CRD 4Europe’s Capital Requirements Directive 4 will harm the syndicated loan market and impair a vital source of liquidity for borrowers, according to the Loan Market Association, 11 Jan 2012 00:00:00 GMTWhy US banks might have tougher liquidity requirementsProposed liquidity rules for US financial institutions could exceed international standards following the Basel oversight committee’s promise to ease requirements in times of stress, 11 Jan 2012 00:00:00 GMTCocos: where the EBA went wrongWith the clock ticking down to the January 20 recapitalisation plan deadline, strict limits the EBA has imposed on cocos have prompted concern, 10 Jan 2012 00:00:00 GMTAus lawyers welcome retail bond reformsTreasury’s discussion paper on the development of Australia's retail corporate bond market has been well-received. But concerns remain over a possible removal of ADIs' disclosure exemption, 05 Jan 2012 00:00:00 GMTUS prudential standards to exceed Basel IIIToday the Federal Reserve announced its long-awaited proposal for prudential regulation of systemically important financial institutions (Sifis), 20 Dec 2011 00:00:00 GMTDoes the EU veto really help UK banks?Bankers' counsel don't believe the UK's EU veto will help the financial sector in the way many thought. In fact it may do more harm than good, 13 Dec 2011 00:00:00 GMTPosition limits rule hinges on Dodd-Frank interpretation Litigation over the CFTC's position limits rule could depend on whether the court interprets language in Dodd-Frank as a Congressional mandate, 13 Dec 2011 00:00:00 GMTSEC’s settlement options post Citi rulingA judge’s rejection of an SEC settlement is not the beginning of a hard-line policy of the courts. But the SEC is expected to look at different settlement options in future, 13 Dec 2011 00:00:00 GMTHKEx and SFC to revise company listings Joint Policy StatementThe Hong Kong stock exchange and Hong Kong’s Securities and Futures Commission are to revise their “misleading” Joint Policy Statement on overseas company listings, 02 Dec 2011 00:00:00 GMTSFC calls for global approach to financial centre controlHong Kong’s Securities and Futures Commission enforcement head has called for a more global approach to regulatory control of financial centres, 02 Dec 2011 00:00:00 GMTWhat to expect from APRA’s Basel III liquidity reformsLawyers in Australia have welcomed the Apra's consultation package on the implementation of Basel III liquidity and capital reforms, 30 Nov 2011 00:00:00 GMTFree web seminar: Understanding VolckerListen again to yesterday's FREE web seminar, where IFLR and Morrison & Foerster reviewed the proposed rules and the consequences for particular trading and fund activities, 22 Nov 2011 00:00:00 GMTLawyers attack AIFMD technical adviceEsma's technical advice may lead to trouble in the private placement market, confusion around member states of reference and new burdens for depositary managers, 22 Nov 2011 00:00:00 GMTHow MF Global will change customer fund supervisionControls on futures and OTC customer funds will be stricter following allegations of MF Global’s use of customer funds in the days before its collapse, 21 Nov 2011 00:00:00 GMTBanks pushed to segment under Sifi frameworkThe new investment bank model could be a scaled-down and fragmented version of today, says Moore Capital Management’s Matthew Carpenter, 17 Nov 2011 00:00:00 GMTSchapiro: global harmonisation at its highest levelCoordination among US and international regulators is stronger than ever, according to the SEC's Mary Schapiro, 14 Nov 2011 00:00:00 GMTSEC: Quality of whistleblower filings higher than expectedThe percentage of whistleblower filings resulting in investigations has been much higher than expected, according to SEC commissioner Elisse Walter., 11 Nov 2011 00:00:00 GMTIndian FDI liberalisation may lead to policy reformIndia’s lawyers expect a central bank decision to liberalise the country’s FDI policy to promote further easing of financial sector policies, 08 Nov 2011 00:00:00 GMTThe best quotes: Sifma’s 2011 Annual MeetingHere we list the the best quotes from a meeting featuring SEC chairman Mary Schapiro, CFTC chairman Gary Gensler and Citigroup CEO Vikram Pandit, 08 Nov 2011 00:00:00 GMTFSB admits bail-in weak spotThe absence of senior unsecured debt to bail-in in a resolution scenario is a “weak spot”, an FSB official has admitted, 07 Nov 2011 00:00:00 GMTPRA’s discretionary regulatory powers criticisedSir Mervyn King’s calls for the Bank of England to be given discretion to force banks to restructure or cut borrowing has been met with hostility by some lawyers, 07 Nov 2011 00:00:00 GMTFSB, Deutsche clash on CoCosA Financial Stability Board official and a Deustche Bank in-house have clashed over the Board’s plan to ban CoCos from being used in G-Sifi buffers, 02 Nov 2011 00:00:00 GMTIBA speakers critcise Basel III capital requirementsBasel III plans to raise banks’ capital requirements were slammed at an IBA session as both short-sighted and ineffectual, 02 Nov 2011 00:00:00 GMTMark Wetjen appointed to CFTC Senior senator advisor Mark Wetjen was appointed as the new commissioner of the Commodities Futures Trading Commission (CFTC) on Friday morning, 21 Oct 2011 00:00:00 GMTExclusive: HKMA rejects CoCos for nowContingent convertible bonds will need to be more widely-tested before the instrument is recognised in Hong Kong, the HKMA has told IFLR, 20 Oct 2011 00:00:00 GMTMifid II: first reactionInvestment banks and asset managers look set to be among the biggest losers after today’s adoption of the twice-delayed Mifid II proposals, 20 Oct 2011 00:00:00 GMTBBA takes lead on liquidity swaps regulationBritish banks have criticised the UK FSA’s handling of liquidity swaps between banks and insurers, 18 Oct 2011 00:00:00 GMTNon-bank Sifis not likely to include hedge fundsMost hedge funds will not be deemed systemically important financial institutions if an Financial Stability Oversight Counsel’s proposal is enacted, 18 Oct 2011 00:00:00 GMTPD level two to force multiple summaries, say issuersEsma’s technical advice for level two of the Prospectus Directive will effectively force companies to redo their summaries each time they issue, according to an issuers’ group, 18 Oct 2011 00:00:00 GMTUS welcomes pay-to-play no-action letter Investment advisers have welcomed the SEC no-action letter on pay-to-play requirements, 18 Oct 2011 00:00:00 GMTVolcker: more questions than answersThe 298-page Volcker rule proposals released last week by four regulators poses 383 questions - more than most senior practitioners have ever seen in one rule, 18 Oct 2011 00:00:00 GMTUS government supports sales of private company sharesInvestors can purchase shares in private companies not subject to US SEC registration and disclosure requirements, if legislation drafted by US Representative Patrick McHenry is passed, 13 Oct 2011 00:00:00 GMTLeaked Volcker Rule – first reactionIt looks like financial institutions will have plenty of opportunity to influence the final form of the Volcker Rule. Here are the key questions and inconsistencies, 06 Oct 2011 00:00:00 GMTDrop the high hopes for Volcker draftBankers' counsel don't expect a granular proposal, and even Finra admits it will be difficult to identify prohibited trades under the rule, 04 Oct 2011 00:00:00 GMTClarification needed on workman definition, 01 Oct 2011 00:00:00 GMTTraders to benefit from Canadian securities regulator Canadian traders are likely to see a decrease in compliance costs if a national securities regulator is approved by the Supreme Court of Canada, 28 Sep 2011 00:00:00 GMTListen again: IFLR regulatory webinarListen to the recorded webinar where Simon Gleeson and Donald Lamson discussed derivatives reform, alternatives to ratings agencies, the future of hybrid capital and the Volcker Rule delay, 20 Sep 2011 00:00:00 GMTMeister: CFTC to target third party muni managersThe CFTC will target third party managers with municipal securities in their portfolios, according to the its Director of Enforcement, David Meister, 20 Sep 2011 00:00:00 GMTShareholder proxy access survives despite court rulingThe SEC has vacated its universal proxy access rule, but companies still can't block shareholder board nominee proposals, 20 Sep 2011 00:00:00 GMTUS living wills: more changes possible for foreign banks The US living wills framework fell short of foreign banks’ principal demands, but some key requests have been accommodated, 20 Sep 2011 00:00:00 GMTAsia PE urged to respond to Esma’s third country paperLawyers in Hong Kong have urged private equity houses in the region to respond to Esma’s AIFM directive consultation paper on third country issues, 19 Sep 2011 00:00:00 GMTBanks’ G-Sibs criticism summarisedIFLR has sifted through the consultation papers in response to the Basel Committee’s proposed methodology for calculating G-Sibs. Here are the key points from the banks, 18 Sep 2011 00:00:00 GMTAPRA: First-mover disadvantage on Basel III?The Australian bank regulator’s push for faster Basel III implementation could leave domestic banks less internationally competitive. Here, the country's banking industry has its say, 13 Sep 2011 00:00:00 GMTIndia divided over RBI banking rulesOpinion is divided as to the benefit of the Reserve Bank of India’s new draft guidelines for would-be entrants to the banking sector, 06 Sep 2011 00:00:00 GMTFranchising guidelines revamped, 02 Sep 2011 00:00:00 GMTCalls for clarity on CLO risk retention rolesCollateralised loan obligation investors need clarity on the level of involvement of the retention holder before the market can recover, according to those close to the LMA, 01 Sep 2011 00:00:00 GMTNew US ABS reporting criteria set to disappointDodd-Frank-mandated rule will exempt ABS issuers from burdensome periodical reporting requirements. But not as many as expected, 25 Aug 2011 00:00:00 GMTUS preemption rules risk bank restructures Federal preemption rules codified by Dodd-Frank may force US banks to restructure, 25 Aug 2011 00:00:00 GMTCFTC’s new swaps head announcedLinklaters partner Gary Barnett will head the Commodity Futures Trading Commission’s (CFTC) new swaps division, 23 Aug 2011 00:00:00 GMTCFTC and SEC communicating "harmoniously" on swapsTwelve months of Dodd-Frank rulemaking has shown a heightened degree of cooperation between the two US regulators, say lawyers, 29 Jul 2011 00:00:00 GMTIndian banks to benefit from relaxed FDI policyIndia’s bankers' counsel have welcomed government plans to liberalise the country’s foreign direct investment policy, 22 Jul 2011 00:00:00 GMTIn-house attack India PE private company rulesA proposed revision of private placement guidelines for India’s unlisted public companies has been criticised by bankers counsel in the country, 22 Jul 2011 00:00:00 GMTCapital charges: international arbitrage is just “shopping”Forget the international arbitrage mantra - the real risk is the domestic movement of capital from regulated sectors to the shadow banking system, 20 Jul 2011 00:00:00 GMTConcern over rumoured Ucits reclassificationAs the Ucits V review approaches, there is concern that new proposals could lead to too many funds being excluded from the retail market., 20 Jul 2011 00:00:00 GMTCRD 4 limits minimum capital requirement flexibilityEU member states will not be able to set their own minimum bank capital requirements, but can raise countercyclical buffers on individual banks where appropriate, 20 Jul 2011 00:00:00 GMTMifid II commissions uncertainty could create splitHuge discrepancies between European member states over the treatment of commission payments to distributors is likely to lead to another EU split, 20 Jul 2011 00:00:00 GMTPhilippines court judgment to slow foreign investmentA Supreme Court judgment on the sale of shares in Philippine Long Distance Telephone Company to foreign entities could slow down foreign investment into the country, 20 Jul 2011 00:00:00 GMTPrepare for the Sifi trickle-down effectUS counsel have warned that the country’s systemic risk regime will filter into the mid-market, 20 Jul 2011 00:00:00 GMTBasel clarifies FAQ dividend stopper confusionThe Basel Committee has clarified to IFLR its inconsistencies over allowing dividend stops on hybrid capital, 15 Jul 2011 00:00:00 GMTDodd-Frank’s first derivatives rule could be politicisedThe first substantive derivative rule passed under Dodd-Frank does not reflect industry warnings against lowering the scienter standard, 15 Jul 2011 00:00:00 GMTAustralia banks ignoring controversial netting rulesBanks must not overlook the ramifications of proposed amendments to close-out netting contracts, released last week by Australian parliament, 13 Jul 2011 00:00:00 GMTIndonesian currency bill forces banks to redraft contractsForeign banks with onshore operations in Indonesia must redraft contracts to include Indonesian rupiah settlement provisions or risk potential criminal liability, 27 Jun 2011 00:00:00 GMTIndonesian clamp-down prompted by foreign bank misconductIndonesia's regulatory clamp-down on foreign banks is a reaction to recurring misconduct by international financial institutions in the region, 03 Jun 2011 00:00:00 GMTChinese banks kept in the dark on Tier 1 contingent capitalChina’s CBRC gave banks no warning over contingent capital in its new Basel III guidelines., 30 May 2011 00:00:00 GMTNew State Bank of Vietnam guidelines lack clarity for foreign shareholders Lawyers in Vietnam have urged the State Bank of Vietnam for more clarity on issues arising from last month’s new circular, 26 May 2011 00:00:00 GMTUcits gaining from AIFMD uncertaintyImpatience with the AIFMD continues to drive hedge-fund managers to invest in Ucits, 25 May 2011 00:00:00 GMTBanks face more scrutiny under new PRAThe head of the PRA has reiterated that there will not be a return to light touch regulation for UK banks, 23 May 2011 00:00:00 GMTBanks react to Goldman MBS investigation Banks have played down the implications of this month’s announcement that Goldman Sachs is undergoing criminal investigation by the DoJ, 20 May 2011 00:00:00 GMTCanada’s covered bond plans raise registrar fears Breadth of the registrar’s role is the key concern arising from the first outline of Canada’s covered bond legislation, 20 May 2011 00:00:00 GMTGoldman: too big to prosecute?The Department of Justice's decision to investigate Goldman is no coincidence. At least it gives the regulators a break, 20 May 2011 00:00:00 GMTHKEx Guernsey-listing approval a bid to tap into AIMHKEx approves Guernsey listings in a bid to tap into London’s Alternative Investment Market, following a rise in secondary listings, 20 May 2011 00:00:00 GMTAsia regulators must harmonise stock exchanges rules Asian regulators must harmonise their stock exchange regulatory and corporate governance regimes to aid more exchange integration in the region, 16 May 2011 00:00:00 GMTNew legal head of SEC announcedMark Cahn has taken over as general counsel of the US Securities and Exchange Commission, 12 May 2011 00:00:00 GMTTaiwan’s corporate governance stance to shield shareholdersTaiwan’s regulators are scrambling to protect minority shareholder’s rights in light of recent merger activity in the country, 11 May 2011 00:00:00 GMTUncertainty over AIFMD’s form as deadline nearsObservers are unsure whether the AIFMD's brevity will lead to a welcomed light touch regulatory approach or will simply be supplemented by more lengthier rules, 10 May 2011 00:00:00 GMTUS FX swap exemption not a loopholeUS counsel have dismissed talk that the exclusion of FX swaps from clearing, trading and collateral requirements will be abused, 10 May 2011 00:00:00 GMTHK structured products amendment to speed up approvals The Securities and Futures Commission's (SFC) new structured products amendment should speed up regulatory approval for new deals, 06 May 2011 00:00:00 GMTSingapore regulators to limit offshore RMB riskLawyers in Singapore expect heightened scrutiny from risk-averse regulators as its offshore renminbi market develops., 06 May 2011 00:00:00 GMTUS collateral segregation highlights OTC discrepancyThe CFTC has favoured a legal segregation model for cleared swap margin requirements, bringing discrepancies between US and EU OTC derivative reforms to the fore, 06 May 2011 00:00:00 GMTCEPS: Euro bank resolution scheme must be piecemealA common European bank resolution scheme would have to be targeted and piecemeal or not at all, says Centre for European Policy Studies CEO Karel Lannoo, 21 Apr 2011 00:00:00 GMTRegulators admit HFT deficiencyRegulators have admitted they don’t have the technology or the resources to effectively monitor high frequency trading, 21 Apr 2011 00:00:00 GMTWould the ICB report really breach EU law?The ICB interim report has been criticised for being fundamentally irreconcilable with EU Law because it aims to ring-fence national markets and subject UK branches to a distinct national regulatory regime, 21 Apr 2011 00:00:00 GMTExclusive: Euro u-turn on OTC clearing revealedIFLR can reveal that the power has shifted over which body decides which over-the-counter (OTC) derivatives are mandatorily clearable in Europe, 15 Apr 2011 00:00:00 GMTICB report raises competition issues for banks, regulatorsThe Independent Commission on Banking proposals may create competition issues not only for banks, but for the regulators, 12 Apr 2011 00:00:00 GMTPremium recapture rules threaten securitisation structuresProposed rules requiring sponsors to retain 5% credit risk in securitisations have lawyers in the US concerned about two things, 07 Apr 2011 00:00:00 GMTCDS naked shorting ban under fire, 31 Mar 2011 00:00:00 GMTIn-house reveal concerns about EU derivatives plansIn-house counsel are concerned about the top-down approach that the Esma could apply to the clearing of OTC derivatives, 15 Dec 2010 00:00:00 GMTSwiss Prips paper proves regulatory convergenceFinma‘s move to improve investor protection on structured products is an unusual one that proves regulatory convergence is increasing across Europe, 02 Dec 2010 00:00:00 GMTPrivacy laws could hinder Dodd-Frank whistleblower provisionsPrivacy laws outside the US could obstruct the SEC's efforts to let companies self-report fraud, 24 Nov 2010 00:00:00 GMTDirective could force out small fundsThe day-to-day impact of the AIFM Directive is being overlooked. It could force some smaller funds out of the market, 22 Oct 2010 00:00:00 GMTAsia funds will lobby despite AIFM approvalAsia’s hedge fund industry will continue to lobby even though the draft agreement of the EU’s AIFM directive has been accepted, 21 Oct 2010 00:00:00 GMTUS regulators’ CDS roundtable previewed The SEC and CFTC are holding a joint roundtable today that could help define how the credit default swaps market is regulated, 21 Oct 2010 00:00:00 GMTFormer SEC chairman criticises Dodd-FrankDodd-Frank is a “complex, misunderstood behemoth,” that leaves too much up to regulators and lobbyists, according to former SEC chairman, Arthur Levitt., 14 Oct 2010 00:00:00 GMTIndustry fears extension of exchange-trading rulesForcing OTC derivative trades onto regulated exchanges could be “the thin end of the wedge”, warned speakers at an industry conference in Zurich this week, 01 Oct 2010 00:00:00 GMTFSA paper hints at Basel trading book reformThe FSA's discussion paper on trading book reform provides valuable clues on what the Basel Committee could deal with in its next set of guidelines, 22 Sep 2010 00:00:00 GMTGaps remain in EC short-selling rules Though the EC proposals to regulate short selling and CDS stretch to 43 pages, much technical detail still needs to be finalised. The industry must continue to engage to shape the final rules, 22 Sep 2010 00:00:00 GMTBasel and Dodd-Frank clash over definitionsUS regulators must consider the Dodd-Frank Act as they prepare for new Basel III capital requirements. Questions remain as to how the global rules will interact with the domestic legislation, 17 Sep 2010 00:00:00 GMTSpanish banks reform ahead of BaselMuch has been made of the impact the Basel III rules could have on the German Landesbanken. But Spanish savings banks have already been undergoing legislative reform with one eye firmly on the new guidelines, 17 Sep 2010 00:00:00 GMTLawyers welcome reduced role for ESAsEU proposals that limit the role of the new European Supervisory Agencies have been welcomed. But lawmakers have been careful to leave scope for extra powers, 10 Sep 2010 00:00:00 GMTMore detail required on imminent AIFM directiveThe AIFM directive looks set to be finalised in the next six weeks. But big questions about the treatment of non-EU managers and private equity companies still need to be addressed, 10 Sep 2010 00:00:00 GMTFSA copies Volcker with trading book proposals Lord Turner’s agenda to limit proprietary trading has worked its way into the FSA proposed reforms to the trading book regime, 06 Sep 2010 00:00:00 GMTUK: Don’t abolish the trading bookAbolishing the trading book will not solve capitalisation problems, as proposed by the FSA in its discussion paper on the prudential regime for trading activities, 06 Sep 2010 00:00:00 GMTBasel threatens Danish mortgage bonds, 31 Aug 2010 00:00:00 GMTBasel leniency could harm UK banksThe Basel Committee’s plans to relax liquidity restrictions will mean that the UK FSA's regime will be stricter, and could leave UK banks at a competitive disadvantage, 29 Jul 2010 00:00:00 GMTMarket dissects relaxed Basel guidelinesBasel’s proposed relaxation of liquidity and capital guidelines is good news for banks. But regulators must still provide more clarity, and be careful not to water down their original intentions too much, 29 Jul 2010 00:00:00 GMTTier-one reprieve for Japanese banksTo the relief of Japanese banks, the Basel Committee has scrapped measures that could have invalidated some of their tier-one capital, 29 Jul 2010 00:00:00 GMTObama’s signature is just the startObama’s signing of the Dodd-Frank Act marked the end of a year-long effort for legislation. But it is not the end for confusion over how the law will affect banks, 23 Jul 2010 00:00:00 GMTIssuers hit by US rating agency rule, 20 Jul 2010 00:00:00 GMTRule 17g-5 impracticality revealedThe disclosure requirements imposed by rule 17g-5 highlights the expanding gap between regulators’ intentions and the practical implications of their rulemaking, 14 Jul 2010 00:00:00 GMTWhy in-house must talk to EuropeEuropean in-house must engage more with regulators to ensure their banks’ practices are fully understood, or risk supervision that is ineffective and restrictive, 07 Jul 2010 00:00:00 GMTHow foreign funds can launch UcitsAs AIFM restrictions loom for fund managers, a growing number of US, Asian and Middle Eastern hedge funds are turning to Ucits vehicles in Europe, 24 Jun 2010 00:00:00 GMTOsborne's reforms: key quotesOpinion is divided over the FSA’s abolition. Here are some of the initial reactions from Europe’s leading lawyers, 18 Jun 2010 00:00:00 GMTHow regulators want to regulateRegulators want necessary rulemaking to be made easier and would like their own accountability to be broadened, 11 Jun 2010 00:00:00 GMTVolcker: US will lead global reform US financial reform legislation will pass in two to two-and-a-half weeks according to Paul Volcker, 10 Jun 2010 00:00:00 GMTIssuers hit by US rating agency ruleNew rules for rating agencies in the US will add uncertainty to deals, increase costs for issuers and threaten the revival of the structured finance, 03 Jun 2010 00:00:00 GMTAima: Asia should wait for funds directiveAs Europe considers the latest two versions of the AIFM directive, Aima believes third-country regulators should resist pre-emptive changes, 20 May 2010 00:00:00 GMTHow to deal with Bafin’s remuneration circular, 05 May 2010 00:00:00 GMTChinese banks’ risk management improves, slowlyForeign banks in China believe that their domestic competitors’ risk management is only a little more robust than a year ago, 05 May 2010 00:00:00 GMTBanks are ignoring EsmaThe European Securities and Markets Authority’s powers will grow dramatically in the next three years, but some worry that banks aren’t preparing for the new regulator, 30 Apr 2010 00:00:00 GMTBanks must build regulator tiesWhy forging relationships with European supervisory bodies should be top of firms’ list of priorities, 28 Apr 2010 00:00:00 GMTBasel: industry begs regulators to slow down Banks are calling for the Basel Committee to launch another consultation period before finalising its regulatory plans, 28 Apr 2010 00:00:00 GMTIntrusion will keep FSA ahead of banksThe FSA is preparing to be more intrusive in its supervision of internal banking practices, 28 Apr 2010 00:00:00 GMTWhy SEC not Goldman must reformThe investigation of Goldman Sachs highlights the need for reform - of the regulators themselves, 28 Apr 2010 00:00:00 GMTAustralia: Basel should stick to principlesThe Basel Committee should formulate broad principles on quality of capital, and not adopt a prescriptive approach, say Australian lawyers, 16 Apr 2010 00:00:00 GMTBasel consultation fears revealedThe consultation period for the Basel Committee’s liquidity and risk proposals closes today. The banks want to delay implementation, 16 Apr 2010 00:00:00 GMTSEC issues stricter securitisation rulesThe SEC has voted to toughen up the regulation of securitisation in the US, 09 Apr 2010 00:00:00 GMTSEC approves alternative uptickYesterday, the Securities and Exchange Commission voted 3-2 in favour of an alternative uptick rule to regulate short selling, 31 Mar 2010 00:00:00 GMTAIFM withdrawal undermines EU rulesThe withdrawal of the AIFM Directive from the agenda of Ecofin’s meeting has thrown its future into doubt and undermined EU rules, 29 Mar 2010 00:00:00 GMTHelp the agedRegulatory capital rules could destroy innovation that funds pensions and much more, 25 Mar 2010 00:00:00 GMTIndia accounting changes will harm dealsDeals could be put into jeopardy as companies struggle to implement India's new accounting systems, 15 Mar 2010 00:00:00 GMTCesr short-selling rules allow for arbitragePlans for a pan-European short-selling disclosure regime will help establish a level-playing field, but national discrepancies could still occur, 09 Mar 2010 00:00:00 GMTNew HK practice note on cash confirmationHong Kong’s SFC is set to issue a new practice note on cash confirmation by the end of March. It will replace PN 15, 04 Mar 2010 00:00:00 GMTBasel threatens German hybrids, 23 Feb 2010 00:00:00 GMTGrandfathering provisions offer US bearer bonds reprieveConcerns that the proposed Foreign Account Tax Compliance Act would severely hamper the ability of US companies to issue bearer bonds have been eased by an amendment, 01 Feb 2010 00:00:00 GMTProspectus Directive reaction: summary still too simpleAn updated draft report on changes to the PD rules has removed the worrying liability clause, 01 Feb 2010 00:00:00 GMTBasel could force derivatives onto exchangesNew Basel proposals apply large haircuts to securitisations exposures used as collateral to hedge counterparty risk. They could ramp up charges and force derivatives trades based on that risk onto exchanges, 01 Feb 2010 00:00:00 GMTChinese regulator prompts more derivatives adviceBanks could demand that their corporate counterparties in China seek more advice on trades, after a senior Chinese regulator criticised international banks for ''maliciously'' selling derivatives, 01 Dec 2009 00:00:00 GMTEurope wholesale market fears retail regulationEU regulation designed to streamline European investor protection documentation could encroach on the wholesale market and limit access to certain investor groups, 01 Dec 2009 00:00:00 GMTPhilippine Reits structure prompts concern, 01 Nov 2009 00:00:00 GMTSFC has last word on HK investigationsFollowing comments from lawyers over its investigation methods this week, the Securities and Futures Commission’s executive director of enforcement, Mark Steward issued this response to IFLR, 28 Oct 2009 00:00:00 GMTHow Asian funds will avoid EU directive, 01 Sep 2009 00:00:00 GMTCounsel bank on a Tory government, 01 Sep 2009 00:00:00 GMTUS Treasury needs to help Tarp fraud, 01 Sep 2009 00:00:00 GMTFSA crackdown conflicts with US disclosure, 01 Sep 2009 00:00:00 GMTAre banks abusing stabilisation?Greenshoes can create large profits for underwriters if stabilisation purchases are successful. But no one knows at what point it becomes market abuse, 01 Sep 2009 00:00:00 GMTUnprecedented move on US bank pay, 01 Jul 2009 00:00:00 GMTObama's plan unclear for companies and private funds, 01 Jul 2009 00:00:00 GMTFormer regulators debate Obama's regulatory reform, 01 Jul 2009 00:00:00 GMTSingle US regulator would undermine relationships, 01 Jul 2009 00:00:00 GMTUS will get more than expected from bank warrants, 01 Jul 2009 00:00:00 GMTAima’s campaign against directive will failThe Alternative Investment Management Association’s attempts to lobby against the draft European Alternative Investment Manager Directive is unstructured and will fail, 25 Jun 2009 00:00:00 GMTGerman private equity chief berates regulation, 01 Jun 2009 00:00:00 GMTCesr chairman prefers disclosure for shorting, 01 Jun 2009 00:00:00 GMTUS stress tests force government control on banks, 01 Jun 2009 00:00:00 GMT''Monumental fallout'' of hedge fund directive, 01 Jun 2009 00:00:00 GMTRegulators must choose where Tarp goes next, 01 May 2009 00:00:00 GMTLegal uncertainty means Talf is not working, 01 May 2009 00:00:00 GMTFSA's Turner endorses a single EU regulator, 01 Apr 2009 00:00:00 GMTUK increases hedge fund scrutiny, 01 Apr 2009 00:00:00 GMTComprehensive Talf finally launches in US, 01 Apr 2009 00:00:00 GMTExclusive: Hong Kong U-turnListing committee backs down on black outs, 01 Mar 2009 00:00:00 GMTSay-on-pay beyond banksCongress plans to extend compensation rules, 01 Mar 2009 00:00:00 GMTFDIC programme tweaksPressure builds for a broader TLGP, 01 Mar 2009 00:00:00 GMTExecutive pay rules will spread beyond US banks, 01 Mar 2009 00:00:00 GMTAsia needs Glass-Steagall ActRegulators want to split up bank activities, 01 Mar 2009 00:00:00 GMTEurope split on swap contracts clearingEuropean regulators and industry bodies are divided over how to structure a European clearing system for credit default swaps, 01 Mar 2009 00:00:00 GMTUS hedge fund regulation will “destroy the market”, 01 Feb 2009 00:00:00 GMTHong Kong ignores advertsBlackout plans will continue despite protests, 01 Feb 2009 00:00:00 GMTContradictory short sellingUK removes ban but keeps disclosure. Why?, 01 Feb 2009 00:00:00 GMTNew SEC head will ramp up enforcement, 01 Feb 2009 00:00:00 GMTIndia allows buybacksRules on convertibles have been loosened, thankfully, 01 Feb 2009 00:00:00 GMTSEC stops “race to the bottom” on ratings, 01 Feb 2009 00:00:00 GMTCox to unite regulators nowThe SEC head plans merger before January, 01 Dec 2008 00:00:00 GMT