How to negotiate LatAm public concessions The restructure and refinancing of Costa Rica’s airport expansion is a rare example of how to negotiate concession rights in a politically sensitive project and region
Eurozone: eight redenomination principles for banks With Europe’s leaders locked in debate over what to do next, IFLR looks at the rules of redenomination set to determine the future of the world’s second biggest currency
How eurozone exchange controls will cause chaos Eurozone countries will not be able to carry out any denominational change without also imposing exchange controls. This would cause huge disputes and litigation
Partial eurozone break-up - the key concerns The prospect of a eurozone disintegration and questions of how to deal with it have loomed large recently. This week, they took on a practical significance
Exclusive: LMA confirms new intercreditor agreement IFLR can reveal that the Loan Market Association is in the process of drafting a new intercreditor agreement. Here, the body explains its priorities for the new document
Mezzanine reveals key LMA intercreditor requests Richard Holden, partner at Neovara, a mezzanine-focussed credit investment manager, explains the firm’s hopes for the new LMA intercreditor agreement
India banks call for equity regulatory certainty Equity offerings in India will continue to falter if regulators do not address policy uncertainty in the market
Position limits rule hinges on Dodd-Frank interpretation Litigation over the CFTC's position limits rule could depend on whether the court interprets language in Dodd-Frank as a Congressional mandate
SEC’s settlement options post Citi ruling A judge’s rejection of an SEC settlement is not the beginning of a hard-line policy of the courts. But the SEC is expected to look at different settlement options in future
Does the EU veto really help UK banks? Bankers' counsel don't believe the UK's EU veto will help the financial sector in the way many thought. In fact it may do more harm than good
Deutsche mergers create pan-European bank model A first of its kind bank merger has seen Deutsche Bank use the cross-border merger directive to convert its Portuguese and Hungarian subsidiaries into branches of the German parent company
Brazil antitrust update: Presidential vetoes could slow merger reviews Brazilian attorneys are concerned the country’s antitrust regulator will not complete merger reviews within the maximum 330 day review period following the President’s veto of a key provision in the newly approved law
US prudential standards to exceed Basel III Today the Federal Reserve announced its long-awaited proposal for prudential regulation of systemically important financial institutions (Sifis)
Lessons from Southern Cross restructuring Restructuring solutions are becoming more complex, more expensive and taking longer to implement, according to Clifford Chance’s restructuring team
Aus lawyers welcome retail bond reforms Treasury’s discussion paper on the development of Australia's retail corporate bond market has been well-received. But concerns remain over a possible removal of ADIs' disclosure exemption
Asia awards 2012 - shortlist revealed The nominations for this year’s IFLR Asia awards have been announced. Here is the full list of nominations for deals and teams of the year
How to tap an unpredictable debt market Lawyers in Hong Kong discuss alternatives ways to secure funding in today's debt market
Cocos: where the EBA went wrong With the clock ticking down to the January 20 recapitalisation plan deadline, strict limits the EBA has imposed on cocos have prompted concern
Court ruling leaves two options for Canadian regulator Canadian Parliament was allotted two options in pursuit of a national securities regulator following a Supreme Court ruling that the Securities Act overreached provincial jurisdiction over the regulation of property and civil rights
Esma’s prospectus directive consultation: the key points Esma's proposals could limit the range of retail cascades available to issuers and make withholding tax disclosure compliance impossible
Why US banks might have tougher liquidity requirements Proposed liquidity rules for US financial institutions could exceed international standards following the Basel oversight committee’s promise to ease requirements in times of stress
India welcomes new foreign investment rules Bankers’ counsel have welcomed the decision to allow foreign nationals to invest directly in India ListCos, but expect limited take-up from overseas investors
LMA speaks out on CRD 4 Europe’s Capital Requirements Directive 4 will harm the syndicated loan market and impair a vital source of liquidity for borrowers, according to the Loan Market Association
Lawyers attack China’s RQFII scheme Lawyers in Beijing have branded China’s pilot Renminbi qualified foreign institutional investors (RQFII) programme as unfair and ineffective
Alder: SFC head reveals his 2012 agenda Ashley Alder, the SFC's new chief executive, discusses future regulation of Hong Kong's securities market
Dodd-Frank and Bribery Act: US whistleblowing to hit UK firms It’s only a matter of time before financial incentives to report US securities and commodities law violations start impacting the UK market, lawyers have warned
Brazilian judge: corruption reform to increase FDI Foreign direct investment into Brazil will increase if a bill that make companies liable for corrupt business practices is passed, Sao Paulo Federal Appeals Court Judge Fausto De Sanctis has told IFLR
Eircom highlights euro break-up clause tension The failure of Eircom’s restructuring plan has highlighted tensions around the inclusion of eurozone break-up clauses in corporate contracts
Project finance PFI signals new hope for monoline New financing arrangements for a UK hospital have successfully been put in place, revealing that the troubled monoline model is still relevant for project finance
Novel Serbian dual-currency financing explained A novel cross-border, dual-currency syndicated financing structure has been used to lower currency risk while addressing Serbian banking restrictions
Peru’s Milpo highlights benefits of a dual law-governed pledge A pledge governed by two countries’ laws may be a solution for resource companies looking for enhanced terms on their financing
Europe awards 2012: shortlist revealed The nominations for this year’s IFLR Europe awards have been announced. For all deal and team of the year shortlists, please see below
APLMA: CNH loans need more than Hibor Currency instability and a lack of transparency in domestic bank deal reports is more of an impediment to growth in the offshore RMB loan market than the lack of a reference rate for pricing, APLMA's vice chairman and China committee chair has said
Coeur Défense upheld. French creditor protection saved Today’s Versailles Court of Appeal Coeur Défense ruling has held that SPVs can be protected by safeguard procedures in French restructurings
Why CFTC’s new cleared swaps rules are potentially inadequate MF Global's pre-insolvency recordkeeping illustrates some shortcomings in the CFTC's new Protection of Cleared Swaps Customer Contracts and Collateral rule
Euro contingency plans: what firms need to know How effective will EU firm contingency measures really be in the event of a eurozone break-up?
Hong Kong market queries HKEx commodities shift The Hong Kong stock exchange (HKEx) is to refocus on commodities as opportunities slow in the equities market. But market participants are questioning the rationale behind the move
Why Greek bondholder law is “too awful to think about" With bondholder talks unresolved and a default likely, lawyers are concerned about a law that would force bondholders into a debt exchange
Europe sees example in US ratings reform The US’s often-criticised approach to credit rating agency reform has been held up as an example for European regulators at the American Securitisation Forum in Las Vegas
Americas awards 2012: shortlist revealed The nominations for this year’s IFLR Americas awards have been announced. For all the deal and team of the year shortlists, click here
Why securitisations could worsen under Volcker Bank counsel fear that the SEC reconsideration of registration exemptions for asset-backed security issuers could further worsen securitisation’s plight under the Volcker rule
Market Abuse Directive: what the EC did wrong Proposed changes to the market abuse regime may have a far-reaching impact, beyond what even the EC had in mind when it drafted the law
Speakers confirmed for Structured Products & Derivatives Forum An impressive line-up of speakers has been confirmed for the second IFLR Structured Products & Derivatives Forum in London on February 9
FREE: Regulators explain the perfect comment letter The pressure on stakeholders’ ability to write successful comment letters is increasing. IFLR spoke with major regulators to get their views on the perfect industry response
OCC chief defends derivatives John Walsh, acting head of the Office of the Comptroller of the Currency (OCC) has warned against overreaction and misperception surrounding the risks of derivatives
Dodd-Frank stress tests could destabilise market Financial institutions could face market overreactions over publicly disclosed summaries of financial data following the release of proposed stress testing rules mandated by Section 165 of Dodd-Frank
How to prepare for Mofcom’s new M&A rules Lawyers in Mainland China have urged companies to screen all M&A deals, regardless of size or location, ahead of new Ministry of Commerce of the People's Republic of China (Mofcom) merger rules which take effect February 1
Carlyle’s mandatory arbitration – why more could follow Copycat cases are expected if the Securities and Exchange Commission (SEC) approves Carlyle Group’s mandatory shareholder arbitration clause in the registration statement for its planned initial public offering (IPO)
Alder: Why CSRC-SFC policy interaction is critical Hong Kong’s SFC CEO reveals how he plans to work with the CSRC, and discusses his agenda priorities for 2012.
Time for a eurozone M&A Mac? IFLR asked European corporate lawyers whether it was time to include a eurozone Mac clause in M&A documentation
Alder: Why CSRC-SFC policy interaction is critical In an exclusive interview, new SFC head Ashley Alder reveals his plans for closer cooperation with the CSRC and talks tough on sponsors’ obligations
Bribery: what multinationals need to watch out for Over the past few years a number of countries have increased the firepower of their bribery and corruption legislation. Here we explain how they affect multinationals and what to do about it
How to deal with business corruption risks in Mexico Companies operating in Mexico face significant corruption risks. Recognising them can help minimise any damage
How to mitigate bribery and corruption risks The UK, US and Australia are now aggressively targeting bribery and corruption. Here’s why it matters, and how to mitigate the business risks
Why multinationals must be wary of China’s anti-corruption authorities Multinationals must beware the Chinese anti-corruption authorities’ recent attention to the supply-side of bribery
Apra’s John Laker on tough regulation and the future of Australia’s debt markets The Australian Prudential Regulation Authority has showed the world how to regulate a financial crisis and its aftermath. Here, its chairman John Laker discusses strong regulation, Basel III implementation and the future of Australia’s debt markets
Regulators explain the perfect comment letter European regulators reveal what they really want to see in comment letters
Could Judge Rakoff’s SEC-Citi judgment usher in a new regulatory era? Judge Rakoff’s SEC-Citigroup judgment may usher in a new era of fewer settlements and more trials
Japanese securities enforcement trends revealed The Japanese securities regulator is taking a global approach to enforcement. Here’s what it’s focusing on
How financial law will change in the next five years Over the next five years changes in financial law will be constant and rapid. Here are the six biggest factors shaping these changes
What to consider when drafting an English opinion letter New guidance has given clarity to lawyers providing English opinion letters
How to raise capital in Austria Companies in Austria are finding the capital markets harder to access than most. But there are options
How samurai bonds can save both Europe and Japan Samurai bonds may be the right tool to solve Europe’s debt and Japan’s currency strength problems. Here’s why, and how they work
New French rules to limit tender offer conditions New rules which aim to promote shareholder interest could instead slash the number of tender offers in France
Why multinationals should use asset purchases in China Asset purchases are a popular way to make strategic acquisitions in China while avoiding red tape. But they should be approached with caution
How US and UK intercreditor agreements differ The structure and detail of US and English law intercreditor agreements can vary greatly. It is vital to understand the differences
