Three problems with hung high yield bridges Hung high-yield bridge loans are on the rise. Hastily agreed provisions are being scrutinised, with three key areas causing headaches
What to expect from Asian CoCos Bankers in Asia expect CoCos structures to develop idiosyncratically across the region
Structural flex creating trustee angst The trend towards structural flex provisions in high yield documents is creating headaches for trustees, according to a Clifford Chance partner
Securitisation reforms endanger Canada’s exempt market Canadian regulators’ proposal for stricter securitisation standards similar could close parts of the private market
US government supports sales of private company shares Investors 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
Belvedere case clarifies French insolvency law A Cour de Cassation’s ruling on the Belvedere case has provided much-needed clarification on the role of the trustee in French insolvency proceedings
RBI’s proposed rule revisions to slow Indian securitisation RBI plans to amend its securitisation transaction guidelines have been criticised by the domestic banking sector as potentially harmful to the market. But lawyers argue that can only be a good thing
EU contract law may cover financial services Yesterday’s publication of the EC’s proposals have prompted speculation that the scheme will soon encompass financial services
New IFLR book for foreign issuers in the US IFLR has worked together with Latham & Watkins to release the book ‘Accessing the US capital markets from outside the United States: an overview of key legal issues’. View it here
Indian PE will suffer under FDI changes Foreign investment into India will be significantly hampered by revisions to the country’s foreign direct investment (FDI) policy
Volcker: more questions than answers The 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
PD level two to force multiple summaries, say issuers Esma’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
Singapore Companies Act changes critiqued Lawyers in Singapore see proposed amendments to the Singapore Companies Act as symbolic of a move away from a UK-centric to a more locally-customised corporate law.
Brics exchange alliance to promote new asset class The newly-formed alliance between emerging market stock exchanges could encourage a so-called Brics asset class, HKEx's Charles Li has told IFLR.
BBA takes lead on liquidity swaps regulation British banks have criticised the UK FSA’s handling of liquidity swaps between banks and insurers
US welcomes pay-to-play no-action letter Investment advisers have welcomed the SEC no-action letter on pay-to-play requirements
Non-bank Sifis not likely to include hedge funds Most hedge funds will not be deemed systemically important financial institutions if an Financial Stability Oversight Counsel’s proposal is enacted
Lessons in RTM assignment restrictions A more prudent approach to third party consents may be required when closing reverse triangular mergers (RTM) following an unexpected Delaware Court of Chancery decision earlier this year
Exclusive: HKMA rejects CoCos for now Contingent convertible bonds will need to be more widely-tested before the instrument is recognised in Hong Kong, the HKMA has told IFLR
Brazil’s antitrust overhaul: less deals reviewed, more could be blocked Fewer deals will face antitrust review under Brazil’s long-awaited antitrust bill, expected to soon be signed into law. But a larger number could be blocked
Mifid II: first reaction Investment banks and asset managers look set to be among the biggest losers after today’s adoption of the twice-delayed Mifid II proposals
Mark 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
How to manage madness Volatility is the new US market paradigm, and it’s here to stay. The country’s regulators are struggling to tackle its causes but banks are resisting
Bribery Act headaches Which aspects of the UK Bribery Act are causing the biggest problems for companies and practitioners worldwide?
Another fine mess The Volcker Rule contains a large number of inconsistencies and ambiguities. Here are the main issues
New issue, new summary Esma’s level two Prospectus Directive technical advice effectively forces multiple summaries. Issuers aren’t happy
More work needed The Independent Commission on Banking’s findings on retail competition were cursory and do not justify the proposed remedies
Opening up South Korea is liberalising its financial services industry, strengthening investment banking and mezzanine finance
A question of scope Rule 15Ga-1’s disclosure requirements are over-inclusive. Here’s how they can be fixed
Certainty at last A French ruling on the Belvédère case has shed light on the role of the trustee in insolvency proceedings
A new lease of life Certificates of deposit offer exciting growth opportunities in Hong Kong’s capital markets but should be approached with caution
Cut your exposure An in-house lawyer explains how to develop an FCPA compliance programme for a large financial institution
Clarity in the turbulence The IFLR1000’s 2012 law firm rankings provide an insight into an unsettled and ever-changing market
Don’t forget Asia Parties involved in multinational deals must adjust to a multipolar world of international merger control
A useful toolkit The US bankruptcy code provides opportunities for foreign companies to purchase or protect assets in the US
Sponsors lose post-crisis loan covenants Leveraged loan covenants are showing banks’ hesitancy to finance all but the strongest of credits. More robust market flex terms and bigger equity checks have characterised deals coming to market during summer
Kazakhstan eyes bank lending alternative Kazakhstan’s private equity market is set to benefit from a decline in bank lending, with its government reforming regulations to make the country more attractive to project finance investors
All the winners: 2011 Middle East awards The winners of the 2011 Middle East awards have been announced. Read on to find out who went home with awards
Middle East award winners announced IFLR's annual Middle East awards ceremony has taken place. Read on to find out the night's winners
Why winning bidder finance survives Del Monte Settlement in Del Monte’s closely-watched shareholder litigation does not mark the end of stapled finance or winning bidder finance, but US counsel predict market expectation to shift away from banks working both sides of deals
Lawyers urge CBRC to not curtail shadow banking China’s lawyers have called for the country’s regulators to liberalise its shadow banking system
Russian exchange merger to set new market standard A first-of-its-kind merger of Russia’s two biggest exchanges will set a new market standard for protecting the rights of minority shareholders
Why conservative CLOs have a short future Despite their resilience, CLOs have been swept up in the conservatism of post-crisis structuring. But perhaps not for long
Hedger costs set to outweigh CFTC position limit benefits The benefits of a CFTC rule to finalise speculative position limits for 28 types of commodity futures and swaps contracts are unclear. But the cost to hedge funds is not
Exclusive: Hong Kong to standardise pre-deal research Hong Kong’s investment banking sector is set to change forever with an industry-wide standardisation of its pre-deal research processes, IFLR can reveal
DFSA slams complex Islamic structures Structures such as the Nakheel sukuk leave open the potential for disruptive behaviour, according to a Dubai Financial Services Authority regulator
FSB, Deutsche clash on CoCos A 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
How shareholder activism has changed Shareholder passivity, executive compensation and the role of the media emerged as the topics to watch in the IBA session ‘Shareholder activism: how shareholders drive change and how boards and advisers respond’ on Wednesday November 2
Three PE deal-breakers revealed Negotiations between companies and private equity investors can be difficult, requiring time, diplomacy and collaborative discussions
Why anti-bribery is a global problem Although the UK Bribery Act has focused attention on the UK regime, other countries ramping up their anti-corruption initiatives
IBA speakers critcise Basel III capital requirements Basel III plans to raise banks’ capital requirements were slammed at an IBA session as both short-sighted and ineffectual
When you need a US fairness opinion Fairness opinions are an important part of most deal agreements, but are not always necessary and will not help justify transactions where the financial analysis is crafted to rationalise the deal. This is the position affirmed in recent Delaware Court of Chancery shareholder litigation
PRA’s discretionary regulatory powers criticised Sir 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
FSB admits bail-in weak spot The absence of senior unsecured debt to bail-in in a resolution scenario is a “weak spot”, an FSB official has admitted
