US tri-party repo reforms Europeanise market Mandatory changes introduced this week will bring the US tri-party repo market more in line with the European market
New standardised finance for Brazil’s banks The first public offering of Brazil’s latest financing tool indicates the country’s banks will soon have a new standardised form of long-term finance
Isda: uncollateralised exposure lower than expected Uncollateralised exposure of US commercial banks in the OTC derivatives markets is lower than expected, says Isda
Exclusive: Australia to introduce intercreditor framework Australia will introduce a framework of key intercreditor principles that will change the leveraged finance market forever, IFLR can reveal
Uncertainty surrounds Euro’s mezzanine return Mezzanine financing is returning to the European market but uncertainly surrounds how long the trend will last and how restrictive the loans’ covenants will be
Australia's new intercreditor framework: The drafters speak We hear from the lawyers behind Australia's new framework of key intercreditor principles
SEC simplifies filings for Canadian issuers A Dodd-Frank mandated change to SEC forms for Canadian issuers streamlines the filing process. Here's how
Calls for clarity on CLO risk retention roles Collateralised 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
US regulators consider key risk retention CLO exemption Regulators are in dialogue with the US’s loan trading trade body on the potential exemption of open market CLOs from risk retention rules
Andean brokers embrace new Mila exchange The Integrated Latin American Market’s structure has had a promising first three months thanks to collaboration between brokers in Colombia, Peru and Chile. But problems persist
HK ETF managers urged to comply promptly to new rules Hong Kong lawyers have warned fund mangers to respond quickly following the publication of tough new standards on synthetic ETFs
SEC targets mutual funds’ derivatives activities “The law and market realities just didn’t match up,” says Jay Baris of Morrison & Foerster
Fincen finalises new rules for money services businesses MSBs must register with the US Financial Crimes Enforcement Network following an amendment of their definition
Exclusive: Belgian covered bond law expected in November Belgium’s long-overdue covered bond legislation is due by the end of November, according to a lawyer who helped with its drafting
Dutch regulator clarifies banks’ reporting policy The AFM will monitor more closely how banks and insurers report their investments in government debt
India divided over RBI banking rules Opinion is divided as to the benefit of the Reserve Bank of India’s new draft guidelines for would-be entrants to the banking sector
Landmark Nakheel restructuring features sukuk first One of the Middle East’s most complex restructurings has completed through the unique use of a sukuk. Lawyers in the region predict the technique will now be used frequently in UAE restructurings
Banks’ G-Sibs criticism summarised IFLR 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
What Chile’s ban on Irish Ucits means for funds The Chilean pensions regulator has disapproved general investment into Irish domiciled Ucits funds, following the country’s sovereign downgrade to junk status
Canadian companies toughen corporate governance after “watershed” case An increasing number of Canadian companies are looking to revise their international corruption compliance procedures following a “watershed” enforcement under the country’s bribery statute, according to competition partners
Implications of AT&T/T-Mobile antitrust case revealed The lawsuit filed by the DoJ last week to block AT&T’s acquisition of T-Mobile caught the corporate sector by surprise. Here, US antitrust attorneys have their say on the case
Australia calls for change to international insolvency law Australia’s lawyers are calling for the United Nations Commission on International Trade (Uncitral) to broaden the scope of the Cross-Border Insolvency Act 2008 (CBIA) to include multinational corporate groups and their subsidiaries
PBOC could ease small banks’ RRRs The People’s Bank of China is expected to cut the reserve requirement ratio (RRR) for smaller banks before the end of this year.
Vickers report: the biggest questions IFLR spoke to lawyers as soon as the ICB report was published to find out banks' biggest worries
Has Vickers banned UK covered bonds? Probably not The Vickers report needs to clarify its position on UK banks’ ability to sell covered bonds, according to regulatory lawyers
The trouble with ICB’s corporate governance separation Banks will struggle to implement separate corporate governance regimes if the Vickers report is implemented in its current form, according to lawyers
Vickers puts strain on fixed and floating charge The strain on the difference between a floating and fixed charge is going to be considerably greater under current Vickers report proposals
The risks of shadow banking’s growth With the regulatory spotlight fixed on banks and their activities, the shadow banking industry is growing
APRA: 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
US infrastructure bank to offer flexible financing The US government’s planned National Infrastructure Bank would offer a new form of finance for private and public-private partnership projects
Rating agency reform grinds to a halt Despite the best efforts of US and European regulators, financial regulation experts say the market is no closer to finding an alternative to credit rating agencies
US swap market stunted until rules finalise Delays to US swaps rules, combined with a regulator’s disapproval of an industry-proposed clearing framework in anticipation of the proposed rule is upsetting the market
Esma launches empty voting investigation Esma has called for evidence asking for examples of empty voting at listed companies. But lawyers have warned against changing the company law to guard against it
Tracking stocks return in BofA plan Bank of America’s inclusion of tracking stocks in its contingency plan requested by the Fed is the first mention of the security in a long time. But it's not returning
JP Morgan trader predicts reg impact on loan market Increasing bank regulation will impact on loan market behaviour within two months, according to a JPMorgan loan trader
Asia private equity eyes Singapore tax benefits Asia-based private equity firms should consider Singapore-domiciled funds for more favourable tax treatment
China buyers warned on tax diligence following Circular 698 Buyers should carry out tax due diligence prior to signing so as to avoid potential tax liabilities
Asia PE urged to respond to Esma’s third country paper Lawyers in Hong Kong have urged private equity houses in the region to respond to Esma’s AIFM directive consultation paper on third country issues
How best to structure renminbi funds RMB denominated funds present some of the biggest challenges in terms of complying with ILPA private equity principles
Asia PE: how to get the best value on exit Private equity firms can use the volatility in global equity capital markets to their advantage, if they plan for a flexible exit strategy
Shareholder proxy access survives despite court ruling The SEC has vacated its universal proxy access rule, but companies still can't block shareholder board nominee proposals
Meister: CFTC to target third party muni managers The CFTC will target third party managers with municipal securities in their portfolios, according to the its Director of Enforcement, David Meister
US 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
Listen again: IFLR regulatory webinar Listen 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
Formal sale does not expose UK Takeover loophole Pension provider Pointon York’s formal sale does not expose a loophole in the UK Takeover Panel’s new requirement for bidder identification, a corporate lawyer has warned
SAB/Foster’s merger uses scheme, equity swaps SABMiller’s A$9.9 billion ($10.2 billion) recommended cash offer for Australian liquor company Foster’s Group is structured through a scheme of arrangement and utilises cash-settled equity swaps, it has been announced
First Bribery Act prosecution defies international focus The anxiously awaited first prosecution under the new UK Bribery Act (UKBA) has surprised the industry
Stronger DoJ enforcement on vertical mergers New US Department of Justice (DOJ) guidelines on conduct remedies suggest more vigorous enforcement of vertical mergers, some attorneys have commented
IFLR Middle East awards: international and in-house shortlists revealed The nominations for the international and in-house categories of this year’s IFLR Middle East awards have been announced. For the full shortlists, read on
Bank of China HK calls for greater Rmb understanding Bank of China (Hong Kong) has urged overseas issuers to get better acquainted with the offshore renminbi products on offer
US P3: misapplied availability payments risks US government agencies should resist taking the traffic risk in road and bridge public-private-partnerships for political reasons. Here are the alternatives
How to kick-start US P3 Political and regulatory uncertainty is the biggest impediment to the US’s fledgling P3 industry. What's needed before projects can begin under the newest state P3 regimes?
Vietnamese IPP first paves the way for future deals Clarification of legal ambiguities on the debt financing for the Mong Duong two coal-fired power plant looks set to accelerate the development of future projects in Vietnam
African loan documentation standardised Loan documentation in Africa is about to become far more uniform thanks to the launch on Thursday of the African Loan Market Association
French renminbi first highlights China investment pitfalls Air Liquide, a technology company, has become the first French issuer of renminbi denominated bonds
Traders 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
Controversial ruling jeopardises Italian derivatives A recent Italian ruling looks set to deter banks from contracting with Italian local authorities
ABS conflict rule creates prohibited trades uncertainty The SEC has taken an unusual approach in its rule banning conflicts in ABS transactions. It risks leaving market participants unsure over prohibited trades
Ten things you need to know about the EU financial transactions tax As the EC finally comes forward with a proposal for an EU-wide financial transactions tax, here are 10 things you cannot afford to miss
Dodd-Frank to drive more exchange mergers Cost efficiencies and regulatory changes are behind this year’s spate of exchange mergers. And Dodd-Frank is set to encourage even more
Investment analysts slam proposal to tax munis Municipal bond experts opposed the proposal to remove longstanding municipal bond tax exemptions during a Securities Industry and Financial Markets Association (Sifma) conference on September 27
Moving carefully forward The Asian private equity industry is growing but still has concerns about renminbi funds, tax structures and exit strategies
Australia’s intercreditor journey Australia’s disparate intercreditor documentation is set to tighten up with a framework of agreed principles. While it is tipped to boost the subordinated market, not everyone is happy
The regulators strike back A full analysis of the Vickers report, G-Sibs buffers and US living wills rules; plus Volcker Rule latest and the future for hybrid capital
The state of play Following a busy few months of regulatory proposals, here we summarise European banking and insurance reform and its effects on different stakeholders
The Vickers verdict The Independent Commission on Banking’s report heralds the biggest shake-up of the UK bank sector in decades. But what did the lawyers have to say?
The Atlantic questions Regulatory lawyers from both sides of the US and UK discuss transatlantic derivatives reform, credit rating alternatives and the future of hybrid capital
Show us the sums IFLR’s analysis of responses to Basel’s proposed G-Sibs assessment methodology shows banks are most concerned about transparency and the focus on sheer size
Here, there and everywhere The EC needs to take a coherent approach to the location of financial services in Mifid II
Whose skin, whose game? Compliance with Article 122a poses some unique challenges to the European CLO markets
The key to compliance New Finra guidance highlights to US broker-dealers the importance of establishing detailed social media policies and procedures
Learning from the crisis Isda’s 2011 equity derivatives definitions reflect changing product features and risk allocation provisions
Signs of life Three bills introduced to Congress would give private companies flexibility regarding capital formation
Contracts at risk? An article of the French Commercial Code may open the door to challenges to agreed deals if they are not balanced
The final hurdle The last element of Nakheel’s restructuring utilised an innovative trade creditor sukuk to settle its numerous claims. Here’s how it was done
Take your pick The Cayman Islands and BVI are the best way into Mongolia whether through direct investments or offshore listings
Turkish funding gap intensifies calls for non-recourse model Industry insiders agree that Turkey’s liberalising energy market is an investment opportunity not to be missed. However, ambiguity surrounds the final financing terms
Muni bond experts defend underwriting advice Giving advice is an integral part of the underwriting service, says Kenneth Gibbs of Jefferies & Company
Drop the high hopes for Volcker draft Bankers' counsel don't expect a granular proposal, and even Finra admits it will be difficult to identify prohibited trades under the rule
Market reforms would not prevent August stock volatility Comparing less drastic price movements with the May 6 flash crash is counterproductive for equity market reform, say speakers at Sifma conference
Article 122a clarification welcomed CLO lawyers have welcomed the EBA’s clarifications of the Capital Requirements Directive's skin-in-the-game rules
Takeover Code first reveals new private equity strategies The first offer announced under the new UK Takeover Code shows how the rules are pushing private equity firms towards different deal structures.
TSX board election rule leaves room for OSC enhancement Canadian companies listed on the Toronto Stock Exchange (TSX) may be subject to new regulations on board elections sooner rather than later. The TSX bypassed the slower Ontario Securities Commission (OSC) rulemaking process and proposed its own reforms last month
Four legal tools to restructure Greek debt The political element of the Greek debt crisis might be riddled with ambiguity, but the legal tools at Europe’s disposal are relatively clear
PE firms must not ignore warning against VIE structures Companies that ignore Chinese Securities Regulatory Commission’s (CSRC) internal memo on the use of variable interest entity (VIE) structures in private equity investments into China are playing a dangerous game, industry advisers have warned
Leaked Volcker Rule – first reaction It 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
How FCMs will change post-MF Global The business model and customer fund investment strategies used by Future Commission Merchants face fundamental changes following Commodity Futures Trading Commission rule changes this week
