The best quotes: Sifma’s 2011 Annual Meeting Here we list the the best quotes from a meeting featuring SEC chairman Mary Schapiro, CFTC chairman Gary Gensler and Citigroup CEO Vikram Pandit
Indian FDI liberalisation may lead to policy reform India’s lawyers expect a central bank decision to liberalise the country’s FDI policy to promote further easing of financial sector policies
FDI revisions reveal PBOC’s currency fears A Chinese government decision to fast track rules on renminbi-settled foreign direct investment (FDI) is indicative of authorities’ concerns over the outflow of money from the country, according to market participants
Small companies face tougher FCPA scrutiny Small and mid-cap companies operating internationally are having to readdress their corruption compliance programmes following a record number of Foreign Corrupt Practices Act (FCPA) enforcement actions last year, and a shift away from the Act’s traditional focus on large companies
Why German restructuring reform must be bolder Countdown has begun to the biggest overhaul of Germany’s insolvency legislation, but lawyers predict more amendments are needed if the proposed reforms are to be effective
Euro high yield issuers standardise disclosure Issuers now consistently offer fuller disclosure of intercreditor agreements, said speakers at an Afme conference in London this week
Citi: Retail high yield is too risky While demand for retail high yield issues is likely to be strong, there are still a lot of legal and reputational risks, said a Citi in-house counsel at the Afme high yield conference
Blackrock relieved with final reporting rules Managing director says SEC and CFTC decision to reduce reporting requirements is “a big win"
Lenders expect a fight over revolving credit facilities Protections included in revolving credit facility (RCF) deals and how they will compare to bond transactions is still open to uncertainty
Cut deals to save emerging market HY restructurings Investors should cut a deal with the shareholders of family or oligarch-owned companies, or face the prospect of getting nothing
SEC: Quality of whistleblower filings higher than expected The percentage of whistleblower filings resulting in investigations has been much higher than expected, according to SEC commissioner Elisse Walter.
Nasdaq: Issuers need a voice in US market reform debate New issuers have been overlooked in the US equity market reform debate, but volatility is a bigger concern for them than the market being down
Project sukuk first sets intercreditor precedent The first sharia-compliant greenfield project bond has combined a sukuk with international-standard project bond intercreditor techniques
Schapiro: global harmonisation at its highest level Coordination among US and international regulators is stronger than ever, according to the SEC's Mary Schapiro
Rare bank and bond financing uses accordion facility, SPV Liberty Global's $1.2 billion new-money bank and high yield bond financing utilised an accordion facility and a novel SPV structure to launch in tight issuance windows
New financing for Brazil’s middle market A venture loan programme has paved the way for foreign investors to gain exposure to established companies in Brazil’s mid-market
Landmark Air China financing to prompt copycat deals The first Ex-Im Bank-supported Chinese aircraft financing to launch without a guarantee from a Chinese bank or a sovereign undertaking will prompt copycat transactions
SEC registration exemption for wall-crossing unlikely Market volatility has increased wall-crossing practices among WKSIs. But US lawyers do not expect SEC plans to enable underwriters to offer wall-crossed securities prior to registration to come into effect
Volcker to “dramatically affect” equity liquidity A Volcker Rule approved in its proposed form would dramatically affect liquidity in US equity markets, Goldman Sachs' head of US equities trading has said
Anti-China sentiment to delay Shanghai foreign equities trade Foreign companies will remain unable to sell shares in RMB on the Shanghai Stock Exchange until market sentiment towards China improves
How aggregate covered bonds can help smaller Aus ADIs Australia’s first covered bond has launched. But a European-style aggregate model might be necessary to encourage covered bonds issuance by smaller ADIs
Banks pushed to segment under Sifi framework The new investment bank model could be a scaled-down and fragmented version of today, says Moore Capital Management’s Matthew Carpenter
Anglo American’s De Beers purchase explained Lawyers on the Anglo American/De Beers deal navigated third party pre-emptive equity rights and utilised an anti-embarrassment clause in the $5.1 billion acquisition
Puerto Rico sets P3 example for US The first transaction under Puerto Rico’s public-private-partnership authority (PRPPPA) has set some valuable lessons for budding P3 programmes throughout the US
How MF Global will change customer fund supervision Controls 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
Lawyers attack AIFMD technical advice Esma's technical advice may lead to trouble in the private placement market, confusion around member states of reference and new burdens for depositary managers
Free web seminar: Understanding Volcker Listen 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
Australian covered bond first reveals tax problems The first Australian covered bonds were issued last week but there are tax implications, warn advisers
SEC reverse merger rule’s intentions queried Tough reverse merger rules introduced this month by the Securities and Exchange Commission (SEC) are a misguided response which adds to the US “hysteria” surrounding Chinese companies, according to counsel in both countries
What to expect from Indonesian private equity A lack of vibrancy and liquidity in Indonesia’s capital markets is hampering development in the country’s private equity sector
The Indonesian M&A structuring quirks to watch out for M&A structures in Indonesia are developing strange quirks, as a result of a desire to sell public companies. Here are the key difficulties
Indonesia’s high yield issuers call for clearer export rules Indonesia’s high yield market participants are struggling to make sense of the country’s new Receiving of Export Proceeds regulation, according to lawyers in the country
The future of rupiah bonds issues in Indonesia Indonesian rupiah (IDR) bonds are unlikely to succeed without more direction and structure from the country’s regulators
MAC risks shown by Sberbank merger One of Europe’s biggest banking M&A transactions this year involved intense negotiations over material adverse change (MAC) clauses to deal with market turbulence, according to a lead lawyer on the deal
Banks lobby for Indonesia Material Transaction rule change Southeast Asia bankers and bankers’ counsel are lobbying the Indonesian regulator to amend the country’s Material Transaction rule
Olympus accounting scandal: lessons learnt and questions raised The scandal engulfing Olympus, has thrown into question the country’s readiness for foreign involvement. But a 20-year old call to action on the same compliance issues rubbishes the notion it will prompt any significant regulatory reform
Market defends complex sukuk structures Dubai’s Islamic finance industry has hit back at its regulator’s criticism of the complexity of its products
Cocos: how agencies will approach hybrids Rating hybrids in an environment characterised by regulatory uncertainty and moving targets is giving agencies plenty to think about
What to expect from APRA’s Basel III liquidity reforms Lawyers in Australia have welcomed the Apra's consultation package on the implementation of Basel III liquidity and capital reforms
HKEx and SFC to revise company listings Joint Policy Statement The Hong Kong stock exchange and Hong Kong’s Securities and Futures Commission are to revise their “misleading” Joint Policy Statement on overseas company listings
HKEx: Our listings need to be simplified Market participants in Hong Kong should prepare for the introduction of a more streamlined listing process, the Hong Kong stock exchange has said
HKEx: what to expect in the offshore renminbi equity market The Hong Kong stock exchange is ready for an offshore Renminbi equity market to develop. But liquidity remains a concern for issuers
SFC calls for global approach to financial centre control Hong Kong’s Securities and Futures Commission enforcement head has called for a more global approach to regulatory control of financial centres
Citi triumphs in first Asia Women in Business Law Awards Citi Japan's Akiko Yamahara picked up best in-house lawyer at Legal Media Group's first Asia Women in Business Law Awards. See the full list of winners here
Project sukuk first sets intercreditor precedent The first shariah-compliant greenfield project bond combined a sukuk with international-standard project bond intercreditor techniques to allow the landmark accession of the sukuk to the wider financing market
A grand union China is expanding its OTC markets, which will have a significant effect on securities firms and fund exit structures
Middle East awards All the winning firms, teams and national winners from the fifth annual awards ceremony in Dubai
A difficult landscape The country is on the rise, but questions remain about M&A structuring and capital markets regulation
Predictions for 2012 This year will be a tale of two regions. Emerging markets will see more developments in legal structuring and commercially-minded regulation. Developed markets will see the opposite.
HKEx speaks out Hong Kong Stock Exchange officials outline the future of depositary receipts, the Joint Policy Statement and the offshore renminbi equity market
Foreign access delayed International companies won’t be able to list until market sentiment towards China improves
A new safe haven With US municipal bonds looking more attractive, overseas investors need to understand the complex tax and regulatory requirements associated with them
A new era The SFC is standardising pre-deal research, but questions remain about material information and the role of sponsors
FSB, Deutsche clash over CoCos An IBA panel argument over plans to ban CoCos from G-Sifi buffers highlights regulator inconsistencies
More clarity needed European lawyers welcome Esma’s technical advice on the AIFM directive, but plenty of worries remain
A cure for all ills? The Commission’s proposals must strike a difficult balance between regulatory control and efficient market functioning
A shift of focus Ireland’s new special resolution regime moves the emphasis away from third-party investors and burden sharing. Here’s how it affects creditors, banks and depositors
Will this time be different? The same issues behind Japan’s Olympus scandal were raised 20 years ago. Will attitudes change this time?
A matter of perspective The IFLR1000’s M&A law firm rankings show a lawyer’s view of the market depends on where they’re standing. Here is this year's M&A survey
LatAm’s new competition Brazil, Argentina and Ecuador are the latest to shake-up the region’s diverse and often unusual antitrust rules
After Del Monte A recent Delaware court decision highlighted the risks of conflicts of interest with financial advisers. Here’s how to approach them
A watchdog with a strong bite Hong Kong’s anti-corruption authority has developed into one of the most powerful in the world. Understanding its powers is the key to avoiding its gaze
Europe on alert Chinese state-owned enterprises’ increasing European investments are causing competition concerns at the EC. Here’s what the regulators are focusing on
A lender’s view With Vietnam’s borrowers well into their repayment cycles, it’s important to understand default trigger points, restructuring alternatives and voluntary insolvency proceedings
More deals, new structures As Brazil attracts further foreign project finance investment, lenders are increasingly gaining protection through security liens and step-in rights
