US tax rules block bail-in capital development Tax laws are proving a major hurdle in the US’s development of Basel III-compliant contingent capital
Tier two definition complicates IFC’s VietinBank investment Vague regulations relating to definitions of tier two capital have added complexity to International Finance Corporation’s investment into VietinBank
ChiNext listing requirements set to tighten CSRC will tighten listing requirements for ChiNext, China’s small-to-medium enterprise exchange platform, ahead of its establishment of a new OTC board.
HK offshore Rmb needs streamlined repatriation A leading securities group has called for China’s central government to develop a more streamlined repatriation approval process in the offshore renminbi market
How Kalahari decision will clarify UK Takeover Code The UK Takeover Panel’s final decision in the takeover of Kalahari Minerals will provide much-needed clarity on the UK Takeover Code, say those close to the matter
US collateral segregation highlights OTC discrepancy The CFTC has favoured a legal segregation model for cleared swap margin requirements, bringing discrepancies between US and EU OTC derivative reforms to the fore
Singapore regulators to limit offshore RMB risk Lawyers in Singapore expect heightened scrutiny from risk-averse regulators as its offshore renminbi market develops.
Asia's first bond-financed LBO explained The covenants of a high yield bond used in Asia’s first bond-financed LBO have combined Chinese and European practices to give bond holders deeper layers of protection
Walker and Knight to review FSA’s report into RBS Lawyer Bill Knight and former chairman of Morgan Stanley, Sir David Walker, have been appointed to review the FSA's report into the collapse of RBS.
HK 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
Ratings agency comfort pushes Oz CMBS Lawyers on Australia’s first commercial mortgage backed securities deal this year think the deal will lead to further activity in the market
US FX swap exemption not a loophole US counsel have dismissed talk that the exclusion of FX swaps from clearing, trading and collateral requirements will be abused
Uncertainty over AIFMD’s form as deadline nears Observers 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
Moody’s Spanish covered bond criticism is ‘confused’ The report on faults in Spanish banks’ covered bonds represents a wider distrust of the country’s financial system, say to lawyers.
South African covered bonds coming soon South African covered bond regulations should be implemented next year following three years of lobbying by local banks and lawyers
New India regulations push derivatives corporate disclosure The Reserve Bank of India’s new guidelines will allow for greater corporate transparency and disclosure according to one Indian derivatives specialist
Taiwan’s corporate governance stance to shield shareholders Taiwan’s regulators are scrambling to protect minority shareholder’s rights in light of recent merger activity in the country
Exclusive: HKEx announces business trust plans The Hong Kong Stock Exchange has outlined its plans for business trusts to list, IFLR can reveal
Private equity welcomes offshore fund clarification The clarification of the UK’s offshore fund regulations on May 6 has been welcomed by private equity and funds
New legal head of SEC announced Mark Cahn has taken over as general counsel of the US Securities and Exchange Commission
US trade-at debate reignited Introducing a trade-at rule would not resolve market volatility concerns and overlooks the benefits of dark liquidity, according to US counsel
Fallen angels to drive German high yield deals Recovering German corporates are set to drive the next stage of German law high yield due to their preference for local law and advisors
Asia 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
Funding cost stifling competition in Oz securitizations The cost of funds set by global debt capital markets is stifling competition in Australia’s securitisation market
Slovenian offering may open floodgates for foreign listings The first dual listing on the Ljubljana and Warsaw stock exchanges has closed. It had to contend with an absence of links between the Ljubljana and Warsaw exchanges
China suspected of banning listed company derivatives action Chinese authorities suspected of circulating an internal directive banning 'mass action' derivatives lawsuits against Chinese-listed companies
Derivative disclosure increases under Chapter 11 The change creates a new consideration for hedge fund investment strategies, but it shouldn't deter distressed investing
CCI’s Competition Act to slow India M&A The Competition Commission of India’s revised merger control regulations will create uncertainty, slowing M&A activity in the region
A third of QFIIs without full access to China market A third of Qualified Foreign Institutional Investors (QFIIs) are struggling to gain full access to China’s local market
No renaissance for Piks yet Payment-in-kind notes are on the rise, but lawyers in Europe have warned against the structure emerging too soon
Nasdaq disclosure pushes China listings to Taiwan Chinese technology companies with financial disclosure problems on Nasdaq will soon consider Taiwan as an alternative to raise capital
Holdco bonds could solve hy disclosure fears High yield investors concerned about slim disclosure and voting on enforcement should shift their attentions to holdco bonds
2011 GMRA harmonises with Isda Master Agreement The 2011 GMRA will boost harmonisation with the Isda Master Agreement and securities lending documentation, according ICMA
Banks 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
Canada’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
Goldman: too big to prosecute? The Department of Justice's decision to investigate Goldman is no coincidence. At least it gives the regulators a break
HKEx Guernsey-listing approval a bid to tap into AIM HKEx approves Guernsey listings in a bid to tap into London’s Alternative Investment Market, following a rise in secondary listings
Covered bond first will redefine Taiwanese market The first-ever Taiwan dollar-linked US dollar-denominated convertible bond is set to redefine the country’s convertible bond market
Senior bondholders face uncertainty in Sweden Sweden’s bail-in model will ensure that senior bank investors share losses in insolvencies. Bondholders are worried
Chinese property developer tests investor appetite with new perpetuals Beijing real-estate developer tests appetite under China’s challenging credit environment, with a first-of-its-kind perpetual bond
Banks face more scrutiny under new PRA The head of the PRA has reiterated that there will not be a return to light touch regulation for UK banks
South Africa shuns covered bonds The South African Reserve Bank has withdrawn its support of covered bonds, catching local lawyers by surprise
Ucits gaining from AIFMD uncertainty Impatience with the AIFMD continues to drive hedge-fund managers to invest in Ucits
New 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
Scope of Shanghai-Hong Kong ETF cross-listings agreement questioned Questions remains over scope and timeline of proposed Hong Kong-Shanghai ETF cross-listings agreement
Chinese banks kept in the dark on Tier 1 contingent capital China’s CBRC gave banks no warning over contingent capital in its new Basel III guidelines.
Why Delaware judgments will shock Asia M&A China’s M&A market should pay greater attention to judgments made by Delaware’s Chancery Court
How France can regulate HFT Edouard Vieillefond, managing director with French regulator, AMF, sets the record straight over shadow finance, high frequency trading and its priorities this year
Are US equity price bands correct? Lawyers have high hopes for the limit-up/limit-down approach to curbing market volatility, but opinions differ on the proposed price bands
A cross-border paradox Chinese regulations regarding international capital flows is leading to a two-tiered cross-border M&A market
Pride or prejudice? A better understanding of the English law risks of corporate trustees can benefit a large number of investors
Where do we go from here? Should the Australian government extend its support to lower-rated RMBS tranches?
Setting standards A new legal agreement for repurchase transactions aims to provide stability in the repo market in Europe – and beyond
Russia looks outwards Regulators may allow domestic companies to place shares abroad to expand access to capital
Looking to lead The Australian Securitisation Forum is aiming high with its new standards for residential mortgage-backed securities
The return of J-Reits New regulations and improving Japanese markets may help resuscitate the structure
Where there’s a will Regulators have proposed living wills as a way to end too big to fail status. But they are no use without more international cooperation
Sharing is caring Satoru Araki of Japan’s market watchdog explains how regulators can exchange information with foreign counterparts
Under the microscope US regulatory authorities have stepped up scrutiny of Chinese reverse merger companies
The antidote to class actions The AT&T Mobility v Concepcion decision will have a significant effect on enforceability of arbitration agreements with class action waivers
Protecting the pill The Air Products v Airgas decision regarding hostile takeover defences leaves a number of questions unanswered
