Bankers lobbying CBRC for secondary loans rule change Syndicated loan market participants in Hong Kong and China are lobbying the China Banking Regulatory Commission to change “onerous” secondary loans trading guidelines
Colfax financing first sets UK Takeover Code precedent A market first secured credit facility for Colfax has revealed that the UK Takeover Panel will require disclosure of flex rates for future leveraged financings
The structure that unlocked Brazilian MBS Brazil became the world’s leading emerging securitisation market last year. A deal that unlocked its mortgage securitisation sector paves the way for a mature m
FDIC concerns spread to foreign covered bonds The FDIC depositor protection concerns over covered bonds have been picked up by regulators in other parts of the world, according to panelists at ASF2012
Benchmark Saudi sukuk signals reform success The success of Saudi Arabia’s first sovereign Islamic bond might signal a new era for Saudi’s nascent debt markets
How European loan docs will change for NY market As the European loan market continues to stall, borrowers are turning to the US market to for LBO financings. But IFLR can reveal large discrepancies between European and NY loan documentation
US risk retention tipped for re-proposal US regulators have promised a risk retention release in Q2, but industry insiders expect a re-proposal not a final rule
What the bifurcation of European securitisation means New securitisation structures emerging in Europe reflect the market’s division into risk transfer tools and funding tools
Market-first subordinated perp: how it was done Analysis of the first Basel III-compliant tier one subordinated bonds to incorporate a write-off feature
How investors' right to litigate will impact returns Why a New York Court of Appeals decision to allow investor litigation against financial advisers may mean higher advisory fees for institutional investors
Indian banks welcome new pre-open trading rules Bankers’ counsel in India have welcomed Sebi's introduction of a new call auction pre-open trading session
Chinese counsel criticise CSRC publication of IPO applicants Why the decision to publish a full list of Shanghai and Shenzhen initial public offering applicants is bad news for China’s secondary A-share market
How the FSA’s listing rules will hurt sponsors The UK’s Financial Services Authority’s proposed amendment to its Listing Rules will profoundly affect sponsors if adopted in their current form
Spanish bank funding rules unlikely to help lending Spain’s new rules demanding banks hold an extra €50 billion of funds to cover troubled real estate assets and encouraging mergers is helpful but by itself won’t get them lending again
Could Volcker make Toronto the next New York? Toronto has been touted as the top choice for foreign banks looking to escape aspects of the Volcker Rule. But is it really feasible?
FREE: Unprecedented foreign regulator complaints to change Volcker More foreign regulators are expected to contact US authorities with complaints about the proposed Volcker Rule's restrictions on sovereign debt trading
Corporate boards could be stuck with supermajority voting An NYSE memo to further restrict the type of corporate governance matters allowing for broker votes of unspecified shares could effectively handcuff corporate boards with supermajority voting policies
What the new Saudi listing rules means for issuers’ costs With new rules requiring issuers to submit due diligence reports and pro forma letters before listing, expect advisors' fees to rise
Standard Chartered: how international regulations will affect Asia’s loan markets Regulatory change will bolster the dominance of Asia’s local banks and prompt a rise in local currency syndicated loans, Standard Chartered’s global head of loan syndications has predicted
FSA official: ring fencing is step ahead of global standards A senior UK FSA official has defended accusations that the UK's plan to ring fence its retail financial institutions contradicts global standards
Listen again: US/EU Recovery and Resolution web seminar Listen to the free recording of the web seminar where Morrison & Foerster and the NYU Stern Business school discussed the differences in recovery and resolution plans between Europe and the US
RBI: India foreign ownership liberalisation will be slow Liberalisation of foreign ownership of Indian banks and insurance companies is likely to be slow due to the difficult political landscape,says an Indian Reserve Bank representative
Bank of China: How London can become the next offshore RMB centre What can London do to position itself as the West’s offshore RMB centre?
Glencore-Xstrata merger terms explained Glencore and Xstrata’s proposed $90 billion (£56.8 billion) recommended all-share merger will be conducted as a scheme of arrangement, includes a £298 million reverse break fee and requires antitrust clearance in five countries
Canadian Competition Deputy Commissioner: new merger guidelines not a policy change A Canadian Competition Deputy Commissioner has responded to concerns over the January 11 Merger Review Process Guidelines, saying the new rules are a reflection of current practice
BoA Merrill Lynch speaks out on new clearing rules In-house counsel calls for a gradual phase-in of clearing obligations as a priority for Emir
How national implementation will create CRD IV uncertainty Capital conservation and counter-cyclicality buffers which need to be implemented by national laws will create additional uncertainty for banks already facing a huge workload to implement Basel III and CRD IV on time
Brazil’s local content requirements set to increase The Brazilian oil sector’s controversial local content requirements are set to increase – and be replicated in different industries and other countries
FREE: The five hottest structured finance products of 2012 Despite substantial volatility, there are glimmers of hope for structured products in 2012. Here, BNP Paribas's derivative in-house head outlines his five tips for the year
Rascals: a settlement processes warning The Lehman Brothers Rascals case has offered two clear lessons: investment banks should revisit their settlement processes and investors must ensure they know who their counterparty is
How to approach emerging market PPPs Opportunities for PPP in India are plentiful. Among the major projects in the pipeline are express ways and four-laning. Here, leading bankers' counsel offer their tips
How lenders are protecting eurozone periphery loans Lenders to peripheral eurozone countries are including euro definitions and tightening up the currency wording in their facility agreements to offset the risks of a redenomination
Eurozone: tips for establishing repayment currency An analysis of a loan’s jurisdiction, governing law, currency of payment and place of payment can give clues to the likely currency in which a loan must be repaid in a redenomination
Why Schaeffler high yield bond is new market standard Almost a year after campaigning for bondholder rights, European high yield investors may have finally got their way, with Schaeffler's market-moving bond sale
How to prepare for Frankfurt's unregulated market shutdown Frankfurt stock exchange decision to shut its unregulated market segment has left companies with little time to rethink strategies and evaluate alternative listing venues
FREE: First renminbi gold ETF explained The world’s first renminbi-denominated physical gold exchange traded fund listed on the Hong Kong stock exchange this week.
FREE: HKMA to speak out on failing banks’ resolution frameworks The general counsel of the HKMA is set to outline what he believes to be the most important components of a resolution framework at IFLR's Asia M&A forum on February 22
Linklaters and Clifford Chance scoop Asia awards Linklaters won international law firm of the year last night at IFLR’s annual Asia awards in Hong Kong. Clifford Chance also enjoyed success across the board.
IFLR Asia Awards - who's coming? IFLR will announce the winners of its Asia Awards 2012 at an awards ceremony to be held at Hong Kong’s Island Shangri-La hotel this Thursday
FREE: Banks' and industry bodies' short selling criticisms summarised Banks and industry bodies have a number of criticisms of Esma's proposed rules on short selling. Here we summarise the key concerns
CFTC registration of CPOs highlights regulator split Despite the hope of two former SEC regulators, a rule finalised by the CFTC on February 9 serves as yet another example of US bifurcated regulation
Execution risk grows in China take-privates Private equity firms dealing in take privates on Chinese companies are facing increased execution risks, with due diligence costs spiralling
Asia PE firms call for less restrictive Hong Kong rules Asia private equity firms have called for Hong Kong’s Takeovers Code to be brought in line with international standards
Asian hostile takeovers to increase Lawyers in Hong Kong expect hostile takeovers to become more common in Asia’s M&A sector
Orange Austria sale: key challenges explained The landmark sale of Orange Austria to Hutchison Whampoa required structuring not usually seen in private M&A to account for simultaneous on-sale transactions
How Hyva - Unitas high yield will influence Asia M&A Unitas Capital’s May 2011 purchase of Netherlands-based hydraulics firm, Hyva Holdings, sets a structural standard for future acquisitions in the region
How the euro crisis changed LatAm project terms The liquidity crisis in Europe has led to more borrower restrictions in Latin American project financings, bank executives have told IFLR
David Webb: Why HK should back competition law and class actions Hong Kong’s corporate governance advocate, David Webb, has called for lawyers to back the planned introduction of competition law in the city
Apra: Asia’s lawyers need broad compliance focus Apra's chairman has urged Asia’s legal community to broaden its compliance focus. Adhering to black letter rules is not enough to ensure prudent risk management
David Webb’s alternative deal of the year awards Hong Kong’s corporate governance advocate, David Webb, revealed his own set of alternative award winners at this year’s IFLR Asia Awards
Exclusive: APLMA to overhaul loan documents The APLMA is undergoing a general overhaul of its standard documentation following the recent publication of new loan documentation by the organisation’s sister agency, the LMA
Polkomtel Pik: a sign of things to come? Polkomtel’s $200m (£126m) Pik has prompted speculation that the bonds are making a comeback. But many believe that Piks remain an uncommon feature of finance structures
Industry calls for Ucits to allow retail loan funds Banking lawyers and PE managers have called for loans to be an eligible asset for investment by Ucits funds to inject much-needed liquidity into the market
Should companies be allowed to prohibit shareholder litigation? Following Carlyle’s withdrawal of shareholder mandatory arbitration,?IFLR asked lawyers in the US whether companies should be allowed to prohibit shareholder litigation
How European borrowers and US lenders need to compromise on terms As eurozone instability continues, European corporates are turning to New York’s investors for their financing. Easier said than done. By Tom Young and Lukas Becker in London, with additional reporting by Danielle Myles in New York
What to do when Rule 144A is not available Rule 144A is not always available for non-US issuers offering securities into the US. Here is an alternative
Structured products forum: the five hottest structured products of 2012 While regulation is a concern for many, participants at the IFLR?Structured Products and Derivatives Forum see a strong 2012 for derivatives in Europe
Why a Greek euro exit needs to be legal to be effective An exit from the euro needs to be legal to achieve its purpose
The future of conventional and Islamic financial products in Libya Libya’s regulatory framework offers plenty of room for growth in the conventional and Islamic finance sectors once stability is achieved
OTC derivatives clearing: how the agency and principal models compare Two and a half years after the G20’s commitment to centralised clearing, many countries have yet to decide between the agency and principal models. Here we analyse both approaches and highlight the differences
How the proposed US Sifi standards will affect non-bank covered companies The proposed prudential standards for Sifis could dramatically affect the economic model of non-bank covered companies
What we can learn from the SEC’s Office of the Whistleblower’s initial report The SEC’s Office of the Whistleblower report on its first seven weeks gives clues as to its focus and its activities. Here’s what companies should do next
Why Asian businesses shouldn’t ignore US sanctions Asian businesses should not assume Burma, North Korea and Iran sanctions are only a US concern
What to expect from the UK’s new twin peaks regulatory model With the Financial Services Bill reaching the second reading in the House of Commons, the new regime is getting closer. What will the changes mean in practice?
How Spanish and UK anticorruption laws compare While Spain’s new anti-corruption laws are similar to the UK Bribery Act, the legal effects of corporate compliance differ significantly
Canada's competition deputy commissioner: new merger guidelines are not a policy change The Canadian competition deputy commissioner says the country’s new merger guidelines are not a policy change
Asia M&A Forum: lawyers call for less restrictive HK takeover rules Lawyers at the forum call for less restrictive takeover rules in Hong Kong and highlight new execution risks
New US whole-business securitisation option explained A new WBS proposed by Colorado State University could end lawyers' search for a workable WBS model under the US bankruptcy regime
CFTC swap rules could squeeze small banks out A pending CFTC rule on the definitions of swap dealer and major swap participant could force smaller banks and commodity merchants out of the market
How the Eurocrisis is changing European IPOs Continuing uncertainty in the Eurozone is leading European companies to adopt US IPO structures
Japan’s Samurai bond market needs industry standard Lawyers in Japan have called for Samurai bond market participants to establish industry-standard terms and conditions
The Fed’s “cautionary note” on bank M&A The Federal Reserve approved the first two bank acquisitions subject to Dodd-Frank’s financial stability requirement. But H Rodgin Cohen says more complex M&A deals will be difficult
Alternatives to the LSOC model explained The legally separated but operationally comingled model for protection of customer collateral would not address the MF Global problem. The present futures model could offer greater protection through an online reporting regime
Shanghai's yuan hedge fund rules expected this month Lawyers in Shanghai expect new guidelines enabling foreign asset management firms to set up yuan-denominated hedge funds in the city to be finalised this month
PBOC relaxes RMB settlement rules to offset EU trade risk The People’s Bank of China's decision to relax renminbi settlement rules has been heralded as a positive policy move by market participants
Europe awards – who’s coming? IFLR will announce the winners of its Europe Awards 2012 at a ceremony in London on March 22. But who will be there on the night?
Cautious welcome for latest Prospectus Directive advice Part two of Esma's level two Prospectus Directive advice has been cautiously welcomed by the legal industry, however minor clarifications are still required.
The “banking lottery” post-Lehman’s client money case The UK Supreme Court’s ruling in the Lehman Brothers International Europe (LBIE) client money case highlights the tensions of a legal framework that must deal with both sophisticated financial institutions and ordinary retail investors
Apple: the last large-cap to adopt majority voting Apple’s adoption of majority voting in board member elections at its February 23 shareholder meeting brings it into line with 80% of S&P 500. Experts believe that leaves only smaller companies to make the switch
Why AIJ scandal will be the first of many Japan’s investment management sector expects more scandals to emerge as regulatory scrutiny of the country’s domestic fund managers intensifies
Germany’s bankruptcy changes to boost creditors Amendments to Germany’s bankruptcy code, introduced on March 1, are expected to create an insolvency culture that encourages reorganisation rather than liquidation
Foreign-invested RMB funds’ new terms Opt-out agreements which enable foreign-invested renminbi (Rmb) funds to quickly revert to a purely-domestic RMB entity are set to become commonplace
EC shadow banking reforms to focus on entities With the EC’s consultation paper on regulating shadow banking due out next week, the market is waiting to see how European regulators will tackle the next major project on its agenda
EXCLUSIVE: SEC to review US private placement rules The SEC is reconsidering the ban on journalist solicitation during private placements, and may review reporting requirements for foreign private issuers in the US
How more financiers can be tax-equity partners New tax-equity structures being explored by renewable energy investors are expected to increase opportunities for smaller financiers to take advantage of the model
Cov-lite: Securitas is misleading Market participants should not confuse investors taking substantial cov-lite risk on a high yield deal with a fully-fledged return of the risky pre-crisis lending feature, according to Barcap's Jason Meers
Regulatory overreaction to AIJ to ‘hollow out’ Japan Japan's fund management sector fears a regulatory overreaction to the AIJ Investment Advisors scandal will add to a further hollowing out of Japan.
Bulgaria’s first licensed photovoltaic project explained Bulgaria’s first licensed photovoltaic power plant utilised a partial recourse financing to overcome the country’s changing feed-in tariff structure
What UK in-house want from their law firms Some of the UK’s leading in-house have revealed exactly what they look for in outside counsel and how pressure on costs is changing their expectations
China counsel call for primary market pricing mechanism overhaul Mainland China lawyers have called for a fundamental overhaul of the country’s primary market pricing mechanisms
First GDN listing explained Why the first-ever listing of global depositary notes on a regulated exchange improves emerging markets debt distribution
Why China’s asset securitisation pilot is set to fail Why China’s new asset securitisation pilot programme cannot succeed without the resolution of regulatory conflicts-of-interest and more buy-in from domestic banks
Center Parcs financing sets high yield precedent How the UK holiday provider's first of its kind financing package allows it to repay existing debt while also raising funds for expansion and growth.
US lawyers welcome TruPS court decision US lawyers have welcomed a court decision to enjoin an asset spin-off of Trust preferred securities holders that would have left outstanding claims without revenue generating assets.
Brazilian SPAs: latest local practice Side letters, seller warranties and Ebitda calculations are key differences between US and Brazilian M&A practice today, according to partners from the two countries
Colombia to allow foreign bank branches in 2013 The change heads a series of reforms planned for 2013 which will liberalise the country’s financial sector and give foreigners improved market access
US stress test results show Basel III readiness The positive results of the US Federal Reserve’s stress tests are understood by legal experts to suggest US preparedness for the implementation of Basel III
Hector Sants’ resignation: the questions UK financial regulation partners have their say on why Sants resigned now and what it means for the twin peaks model
FREE: Why Myanmar’s revised foreign investment law is over-hyped Despite positive press reports, market participants in Myanmar say the alleged new draft of Myanmar’s foreign investment law is over-hyped
What to expect from Tunisia’s Islamic finance reforms Tunisia will opt for a simple decree amendment limited to sukuk issuance before working on a global structure for Islamic finance, according to local lawyers
EC shadow banking consultation: first reaction The EC's consultation paper has lawyers concerned about how to ensure international consistency in the treatment of shadow banking
FREE: IFC China WTE warrant subscription explained IFC's subscription to a warrant issuance by C&G Environmental Protection Holding will boost its involvement in China's renewable energy sector. But the use of warrants was not the IFC’s preferred option.
Inside Amundi's two-programme single-issuer securitisation How the EU asset manager established a €10 billion English law programme and a €10 billion French law programme for secured structured products through a single Luxembourg securitisation vehicle.
EXCLUSIVE: Myanmar regulator reveals who will benefit first from new Telecom law Myanmar’s telecom regulator expects special orders allowing domestic companies to provide telecom services to be issued before a proposed new communications law is enacted
Euromoney LMG Americas Women in Business Law Awards 2012 – shortlist announced The shortlist for the inaugural Euromoney Legal Media Group Americas Women in Business Law Awards has been announced
How Lehman emerged from Chapter 11 Derivatives creditors of a Lehman Brothers Holdings (Lehman Brothers) subsidiary agreeing to a smaller share of distributions than they might have recovered through litigation paved the way for the bank’s landmark exit from Chapter 11 bankruptcy
How UK’s competition overhaul will affect corporates The UK’s competition reforms may increase efficiencies and lower costs, but they could lead to far more individual cartel prosecutions and jeopardise the country’s respected dual-level system for investigations
Clifford Chance triumphs in IFLR Europe awards Clifford Chance has won international law firm of the year at IFLR’s Europe awards in London
Settlements to change under Mexican collective action law Public companies could be more vulnerable under shareholder law suits following Mexico’s collective action law enacted on March 1, lawyers have said. But much remains unclear regarding the potential costs to companies
FREE: How to protect investments in Asia In-house counsel should consider bilateral investment treaties for an additional layer of protection when making investments in Asia.
Why local lenders dominate in Andes Improved liquidity has fostered more sophistication in Chile and Colombia’s banking sectors, and reduced the necessity of international banks
Why PPPs, Asian banks will drive region's projects Asia’s commercial banks are expected to ramp up project financings this year, as their international counterparts retreat to their home markets. But lawyers in Hong Kong have warned new entrants must be prepared for a highly-complex, relatively immature market
Davis Polk leads at IFLR Americas awards Davis Polk & Wardwell won Americas law firm of the year at the annual IFLR Americas awards ceremony held in New York last night
Exclusive: Why Mila exchange won't see Phase II development Here's why the Latin American stock market won't develop via phase II operation as originally planned
Colombian banks fight new OTC termination rights How an International Swaps and Derivatives Association opinion on Colombia's new close-out netting rules has sparked calls for new termination rights in OTC derivatives
Exclusive: HKICPA to amend accounting report standards Proposed changes to Hong Kong’s accounting report standards will clarify accountants’ role in the city’s listing process. But sponsors in the city are concerned where the move will leave them.
What the BATS crash teaches us about circuit breakers Last week’s trading halt of Apple shares on the US BATS exchange has highlighted the impracticality of circuit breakers and why equity infrastructure needs to be refined
RBS, Barcap: are sukuks the answer for emerging markets? Senior bankers debated the merits of the shariah-compliant bond market at a debtwire conference last week. Some remain sceptical
