Why Basel III is bad for China Implementing of Basel III in China would result in a vicious downward cycle. Market participants believe it should be postponed
World’s biggest IPP sets Saudi trust law precedent Innovative solutions devised on the debt financing of the Qurayyah IPP have set the benchmark for how lenders will take security under a new Saudi trusts law
Why Trafigura’s oil refinery investment could change the industry Trafigura’s investment in India’s Nagarjuna Oil Corporation's refinery and storage facility establishs a new way of working for independent oil refiners and commodity traders
Indonesian securitisation set to make a comeback Indonesia’s securitisation market to relaunch this year, with the issuance of the country’s first major cross-border securitisation in two decades. Here's how to prepare
Why dual tracks could be the answer for CMBS defaults The Opera Finance commercial mortgage backed security clarifies how the first European CMBS to default at maturity would be worked out
Why LatAm covered bonds are set for US The first attempt by a Latin American issuer to tap US covered bond investors reveals what’s needed for the region’s banks to penetrate the market
OPEN ACCESS: Further fixing of international swaps data expected The US' CFTC moved to encourage international harmonisation of swaps data recordkeeping earlier this month. But the real fix to the swaps data repository indemnification provision of Dodd-Frank is expected to come out of Congress.
CDS redesign to save sovereign bondholders from heavy losses A radical redesign of credit default swaps looks set to save sovereign bondholders from the heavy losses imposed during the recent Greek restructuring
SFC sponsor regulation: The market response Investment banks in Hong Kong could lobby the city’s Securities and Futures Commission to scrap proposals to cap the number of sponsors per IPO.
New trading book rules target value-at-risk The Basel Committee on Banking Supervision’s latest consultation on trading book capital rules signals a move away from the discredited value-at-risk model.
In-house bond platforms: What you need to know BlackRock’s and Goldman Sachs’ bond trading platforms are expected to be the first of many as financial institutions prepare to comply with the Volcker Rule and Basel III. But their success is far from guaranteed
OPEN ACCESS: How Canada’s covered bond framework will impact the market Why the proposed statutory framework for investment in covered bonds could lead to excess demand and a flurry of bank exits
OPEN ACCESS: Mongolia's new foreign investment law explained Mongolia’s parliament is reviewing a new foreign investment law ahead of the country’s June 28 elections. Here's why the proposed changes has alarmed investors
Revealed: Why Myanmar’s new telco law could be shelved Myanmar’s telecommunications regulator could shelf the recent draft of the telecommunications law in light of a recent market-led ‘free telephone initiative’
What ICBC’s approval means for China-US banking A US regulator’s decision to approve for the first time a Chinese bank’s takeover of a US bank marks a vote of confidence in China Inc and a turning point in the US-China relationship
Facilitating payments: why best practice prevails over law The US Department of Justice (DoJ) and Securities & Exchange Commission’s (SEC) investigation of Walmart and its Mexican subsidiary Walmex has brought into sharp focus a controversial exemption under the Foreign Corrupt Practices Act (FCPA)
HSBC/Oman International Bank merger explained The merger between HSBC and Oman International Bank (OIB) piloted a never-before-seen legal structure set to have real significance for the region
Speakers confirmed for inaugural IFLR Africa Forum The final list of speakers has been confirmed for the inaugural IFLR Africa Forum on Thursday, May 31
ResCap’s complex Dip financing One of the most intriguing aspects of Residential Capital’s Chapter 11 reorganisation could be its Dip financing package
OPEN ACCESS: Will Islamic finance dispute panels really work? Despite the idea of platforms to resolve Islamic finance disputes gaining popularity, introducing the schemes could involve hidden risks
How to regulate money market funds Senior industry figures have been debating how to regulate money market funds at the 2012 American Securitization Forum
Mongolia’s draft securities law explained - OPEN ACCESS Mongolia’s long-awaited draft securities law aims to modernise the Mongolian Stock Exchange. Investors expect the proposed changes to be announced ahead of the landmark Erdenes Tavan Tolgoi IPO.
FDIC’s non-bank liquidation strategy: Chairman Gruenberg explains what you need to know Creditors and counterparties to non-bank SIFIs will always be subject to potential losses when the US Federal Deposit Insurance Corporation has to step in as receiver to insolvent SIFIs. Here's why
China junk bonds pilot scheme will have limited impact China will allow SMEs to sell junk bonds under a pilot scheme. But market participants expect the move to have a limited impact
ICMA chief: What global capital markets will look like in 2014 International Capital Markets Association's Martin Scheck believes the regulatory initiatives now being enacted could change the way markets operate for decades.
US covered bonds could replace mortgage finance A proposal by the US Federal Housing Finance Agency should help to bolster the US mortgage market, if legislation is not passed to allow for US covered bonds. But the American Securitization Forum sees value in developing the product.
Speakers confirmed for India Outbound Forum A number of high profile speakers have been confirmed for the IFLR India Outbound Investment Forum at Trident, Nariman Point in Mumbai on July 5
Efama: how regulation will impact fund managers Here's how the European Fund and Asset Management Association director general thinks the raft of European-level regulation will impact the industry
Unicredit: why mandatory haircuts won’t work Mandatory haircuts will diminish the liquidity of the market and increase banks need for unsecured funding, says Unicredit MD
ICMA: how to regulate the repo market ICMA European repo committee chairman has urged regulators not to start from scratch when formulating legislation for the repo market. Here's why
Why Hong Kong’s proposed class actions reform disappoints Hong Kong’s LRC yesterday called for class actions to be adopted in the city. But the move was widely slated as disappointing and too tame. Here’s why
How to get Europe out of the crisis European Central Bank’s General Market Operations director has detailed the six factors that are needed, but not alone sufficient, to get Europe out of crisis. Governance and bank recapitalisation are key concerns.
CACs: Eurozone to face serious structural issues, says HSBC chairman HSBC's Robert Gray on the uncertainties surrounding standardised CACs and how local law soveriegn bonds could be improved
India IPO volume down, regulator inaction blamed India's capital markets are suffering from a lack of decision-making among politicians and regulators
A new way to block Will merging companies in the US be more cautious of entering into confidentiality agreements?
New markets. New rules. In a stunted global economy, frontier markets offer rare hope for investors. But the risks are huge, especially in Asia’s new economies. Success depends on cautious strategy and awareness of home country corruption laws
How Emir compares to Title VII Is OTC derivatives regulation in the US and Europe an ocean apart, or just across the pond?
How broker-dealer standards will change Are uniform regulatory standards for investment advisers and broker-dealers possible?
UK banks’ anti-bribery test The FSA’s latest review of UK investment banks has highlighted a number of inadequacies as well as some good practices
New treatment for Hong Kong IPO sponsors Proposed changes to HKEx listing requirements have the best intentions. But do they threaten Hong Kong’s reputation as a listing venue of choice?
The eurozone crisis’s legacy for US securitisation The eurozone crisis’s lasting legacy in the US will be the search for safe assets and the reinvention of securitisation as we know it
A smoother IPO path under the Jobs Act A new US law will make it quicker and easier for emerging companies to go public, and should also relieve some Sarbanes-Oxley reporting burdens
Analysis of Canada’s reformed merger review process Has the overhaul of Canada’s merger and national security review processes lived up to expectations, or proved people’s fears?
ICBC’s landmark US acquisition For the first time the Federal Reserve has approved a Chinese takeover of a US bank. It signals a new level of cooperation, but with caveats
The evolution of Spain’s companies law Spain’s companies law has undergone a process of evolution aimed at regulatory unification. But a single companies code is yet to appear
ADB’s first shariah-compliant project financing explained The Asian Development Bank has participated in its first shariah-compliant project financing for two wind farms in Pakistan. But the use of Islamic financial instruments was not ADB’s first option.
New Hong Kong takeover rules Changes to Hong Kong’s takeover rules impact the full spectrum of deal participants. Here’s what you must know
Analysis of the Lehman client money judgment The Lehman Client Money judgment will affect creditors of MF Global UK as well as clients of financial firms in the country
The Austria-Switzerland tax treaty On April 13 2012, Austria and Switzerland signed a tax treaty regarding cooperation in the areas of tax and financial markets. The Treaty enters into force on January 1 2013
The economy matters After years of impressive economic growth, the Brazilian economy slowed down in 2011. Dilma Rousseff''s government is not happy, and has decided to take some measures to increase the pace of the country''s economic activity
BVI injunctions in aid of foreign divorce proceedings The area of injunctions in aid of foreign divorce proceedings has expanded in recent years, in particular given the importance of so-called oligarch divorce proceedings.
Important antitrust civil litigation judicial interpretation issued On May 8 2012, the Supreme People's Court of China issued a long-awaited interpretation of the PRC Anti-monopoly Law. This represents significant progress and fills the vacuum left by the lack of judicial guidance on antitrust litigation since the AML took effect in 2008.
Colombian law on public-private partnerships Early in 2012, the Colombian Congress enacted a new Law on Public-Private Partnerships, which intends to promote the development of public infrastructure urgently needed in Colombia. Here's how
Reform of the Cyprus International Trusts Law of 1992 The enactment of the International Trust (Amending) Law of 2012 has completely modernised the international trusts regime in Cyprus.
Amendments to the law of international services The necessity to attract foreign investment to El Salvador is clear; in this regard the public sector must reverse the low rates of economic development seen in past years, encouraging amendments to the Law of International Services.
Squeeze-outs Today, publicly-listed stock corporations in Germany are faced with a complex set of statutory reporting and transparency duties, the fulfillment of which is often a cumbersome and costly task.
An exemption paradox Recent informal guidance issued by the Securities and Exchange Board of India has taken a view which well misses the woods for the trees.
New implementing regulation to general tax law Indonesia's new implementing regulation of the General Provisions of Taxation Law explained
Identification of professional public clients The Italian Ministry for Economy and Finance approved on November 11 2011 Ministerial Decree No. 236. Here's how it identifies professional public clients.
Government control of Tepco On March 29 2012, the Tokyo Electric Power Company applied to amend Japan's financial support requirements due to the significant amount of compensation estimated to be issued pursuant to the series of accidents at Tepco's Fukushima Daiichi Nuclear Power Station.
The tone at the top The financial crisis has prompted legislators and supervisory authorities to reconsider their priorities and objectives. In the Netherlands, this has lead to a renewed focus on corporate governance of financial institutions
Creating a charge over custody assets Here's how the availability and/or pricing of loans in Nigeria's capital and money markets may depend on the borrower's ability to offer some form of security to the lender
Labour topics in 2012 This year will probably become one of the most important regarding labour regulation changes in Peru. There are several matters to which companies, trade unions and employees in general should pay special attention.
Clarification on minimum Philippine ownership On June 28 2011, the Philippine Supreme Court issued a landmark decision on a legal issue that has remained unresolved for over 75 years since the 1935 Constitution
Securing of syndicated financings in Poland (part three) Amendments to the Act of July 6 1982 on the land and mortgage registry books have brought revolution to the Polish regime.
Revisions to the corporate governance code A revised Code of Corporate Governance has been issued by the Monetary Authority of Singapore to enhance the corporate governance landscape in the city. Here are the key changes
More reports of money laundering in Switzerland In 2011, the Money Laundering Reporting Office Switzerland registered a significant increase in the number of incoming suspicious activity reports. Here's why
This quarter’s significant developments in Brazil On April 26 2012, the Central Bank of Brazil issued a new Resolution (No 4.073/12) revoking Resolution No 3.165/2004
An education Carlos Eduardo Martínez Rico of Creel García-Cuéllar Aiza y Enriquez explains why taxation has a crucial role in developing Mexico’s capital markets
Opportunities open up Héctor Arangua and Gunter A Schwandt of Nader Hayaux & Goebel explain two instruments which are revolutionising Mexican structured finance
Closing stages Thomas Heather of Heather & Heather provides an overview of considerations when restructuring businesses in Mexico
Harnessing the wind Basham Ringe & Correa’s Juan Carlos Serra discusses developments in Mexico’s renewable energy sector
Getting the right package Rogelio López-Velarde and Jorge Jiménez Arana of López Velarde Heftye y Soria describe the road to financing a project in Mexico
Naturally rich Mexican mining opportunities for foreign investors is discussed by Fernando Todd Dip of Todd & Asociados
Minority support Carlos Obregón Rojo and Rodrigo Conesa Labastida from Ritch Mueller provide the must-know details of tender offers in Mexico
Conflict resolution A brief introduction to commercial court proceedings in Mexico, by Miguel Angel Hernandez-Romo Valencia of Hernandez Romo
Striving for world-class A solid economy, multilateral investment, plus trade and tax relations have greatly benefited foreign direct investment into the country, as explained by Miguel Jáuregui Rojas and Miguel Irurita Tomasena of Jáuregui y Navarrete
Do not pass go Fernando Estavillo-Castro and Citlali Perez-Renteria of Miranda & Estavillo provide an update of competition law in Mexico
The bigger picture A wrap up of the hottest sectors and developments in the country’s M&A, finance and project markets
Corporates beware This year has brought into sharp focus some lingering as well as new threats to companies operating in Mexico
Helping back home Mexico’s banks have fared well in recent years, but Basel III and other key reforms will significantly affect cross-border capital and investment flows. By Ryan Bolger
Outside of the box Mexico became known as Latin America’s securitisation leader off the back of mortgage-backed securities. Since the global real estate market collapsed, the country has been on the hunt for alternatives. Danielle Myles takes a look at its most promising finds
Navigating new opportunities Real estate financing in Mexico has experienced a wave of innovation. Evercore Partners’ Augusto Arellano Ostoa has been involved at every stage. He shares his experience and insights with Danielle Myles
A success story Mexico’s pension funds are the country’s cornerstone institutional investors. Pedro Ordorica, head of the sector’s regulator Consar, gives his views and plans for the industry’s future. By Danielle Myles
