HK competition law will harm mergers Hong Kong has tabled its long-awaited competition bill. In a sop to business, the proposed law does not include a merger review regime
Australia FDI rules push regulatory relationships Australia has released new FDI guidelines. Foreign government-related entities should start building relationships with the national regulator now
Why in-house must talk to Europe European in-house must engage more with regulators to ensure their banks’ practices are fully understood, or risk supervision that is ineffective and restrictive
Hopewell: How renminbi bonds went international Rules allowing companies to pay renminbi dividends to foreign investors have paved the way for a new bond structure in China
Rule 17g-5 impracticality revealed The disclosure requirements imposed by rule 17g-5 highlights the expanding gap between regulators’ intentions and the practical implications of their rulemaking
Rule 17g-5 pushes more unrated deals Six weeks after the amended rule 17g-5’s implementation and issuers are starting to shun rated deals
KHFC: how statutory covered bonds could look in Korea KHFC has closed a $500 million covered bond. It's the country’s first statutory offering – but supplementary contracts were needed to fill gaps in the legislation
English trends in Spanish restructurings English law is having an increasingly important role in the restructuring process of a Spanish company or group
Basel threatens Danish mortgage bonds Liquidity and leverage proposals by the Basel committee could threaten the Danish market in mortgage credit bonds. But the instruments’ business model is very safe
Obama’s signature is just the start Obama’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
Continental: how to structure German law high-yield The first secured high-yield bond to be sold under the new German Bond Act has some innovative features, including the first trustee-like service
Ucits IV funds migrate to Malta Why Malta is set to be the big winner of the EU’s Ucits IV legislation package released this month
Akbank: Turkey’s first private sector bonds Turkish bank Akbank’s $1 billion bond has avoided the usual loan participation structure. It also anticipates expected changes to tax laws
Basel leniency could harm UK banks The 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
Tier-one reprieve for Japanese banks To the relief of Japanese banks, the Basel Committee has scrapped measures that could have invalidated some of their tier-one capital
Market dissects relaxed Basel guidelines Basel’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
HK regulator questions IPO diligence Hong Kong has criticised inadequate standards of diligence and disclosure on initial public offerings. But some argue the regulator must go further
Commitment letters jeopardise HK diligence Listing applicants are demanding commitment letters from their Hong Kong sponsors, potentially compromising the due diligence done on IPOs
How Apollo created a bank Apollo Management’s establishment of a new bank is novel, but it uses old techniques
Mezzanine first in Middle East Metito Utilities’ mezzanine capital raise is the first hybrid deal of its kind in the Middle East
Has Greece caused a credit event? Greece’s situation could already constitute a credit event. What are the consequences if it does?
DX Services scheme clarifies early-bird fees A court decision in the DX Services restructuring has set a useful precedent for UK schemes of arrangement
Foreign banks covered by US capital rules Foreign banks in the US will now have the same capital requirements imposed on them as those applying to domestic bank holding companies
UK ruling could dilute Lehman payouts A UK judgement could mean that payouts to some Lehman Brothers investors will be diluted, and established administration plans thrown into doubt
UK Lehman ruling explained Monday’s ruling means that investors with non-ringfenced assets can make claims against the main cash pool. Here, the judgment and its consequences are explained
First Middle East auto-loan securitisation explained The first auto-loan securitisation in the Middle East has closed thanks to an innovative dual-SPV structure
Belarus bond pushes disclosure standards Belarus’s $600 million debut sovereign bond should raise the disclosure standards for the country’s corporates
IFLR1000 partner moves: July 2010 All the latest moves, steals and promotions in legal markets around the world, from the IFLR1000 team
Takrir: Africa’s largest project financing unravelled Egyptian Refining Company’s $3.5 billion financing has overcome completion risk and credit support fears, in what is Africa's largest project financing
First European private equity event launches International Financial Law Review’s inaugural European Private Equity Forum will be an opportunity for private equity professionals to focus on the key issues affecting regulation and transactions in the industry
Model covenants are no way to standardise A new set of model bond covenants from investment associations has been opposed by European issuers. It’s easy to see why
Tousa ruling deals a blow to lenders The US bankruptcy court's decision means the enforceability of fraudulent transfer saving clauses remains uncertain
Lawyers want more Singapore due diligence Counsel are worried that local standards are inadequate on Singapore IPOs
The first renminbi eurobond unravelled Hopewell’s lawyers explain the significance of the first renminbi-denominated eurobond issued by a foreign corporate outside China
La Seda scheme sets Spanish precedent How a Spanish company has successfully used a UK scheme of arrangement to reach a restructuring agreement with its syndicated creditors
Speakers confirmed for private equity event Two more high-levels speakers have been announced for IFLR’s inaugural Private Equity Forum
Respond to Mifid now The industry must unite in response to Cesr's consolidated tape proposals. They contain some worrying recommendations
UKLA change will reshape reverse takeovers The UKLA has relaxed information requirements for target companies in reverse takeovers. But stricter rules on topcos mean the benefits could be outweighed
In-house profile: Julia Pearce, Nomura Nomura’s legal head of capital markets and financing for EMEA on Vietnamese entrepreneurship, and why a Japanese-US merger might provide the perfect banking model
Tier two proposals shake up Basel plans Lawyers are split on the Basel Committee's move to include tier two regulatory capital in its reforms, but agree that conversion triggers are a more pressing concern
Avoiding the circular China-based companies are moving away from Circular 10 when listing abroad. New work-around structures are emerging
No way to standardise A new set of model bond covenants has been opposed by European issuers. It’s easy to see why
Risk versus reward Corruption is easing in Indonesia but offshore arbitration remains the best choice for foreign parties
Know your exposure Greece’s situation could already constitute a credit event. What are the consequences if it does?
Structured to succeed New bond structures are starting to reappear across markets, with precedent-setting deals dominating central and Eastern Europe and Asia
Distrust needs to be harmonised Rules must be clarified for suspicious activity in cross-border transactions
An unwelcome decision A UK ruling could mean that payouts to some Lehman Brothers investors will be diluted, and established administration plans thrown into doubt
An early success DX Services scheme has clarified that reasonable early-bird fees won’t affect creditor classes
Going backwards Indian listed companies may soon be subject to new takeover rules. If implemented, they will hit both acquirers and minority shareholders
A complete retreat Hong Kong’s lack of merger review regime will lead to legal uncertainty and harm M&A activity
New landscape, same map Alexei Knyazhev and Ethan Heinz of Salans explain how recent legislative changes have affected structuring foreign investment in Russia
