Barclays rate-fixing scandal: Libor alternatives analysed Barclays' rate-fixing scandal has highlighted widespread inefficiencies within the Libor setting process. IFLR asked readers should Libor be scrapped? Here’s what they said
Why IKEA’s India entrance is overhyped International media heralded IKEA’s India investment as a signal that India will soon allow multi-brand retailers, such as Wal-Mart and Tesco, to enter the country. But local lawyers say the deal will do no such thing.
Project bond template needed for 2020 success The success of the European Investment Bank’s (EIB) recently approved project bond programme will depend on the efficacy of the first deal template, lawyers have said
How to finance Peruvian PPP without federal backing Lima’s first municipality-backed public-private partnership (PPP) toll road project closed despite significant construction risk and no federal government guarantee
How to fix Libor The US Federal Reserve chairman yesterday branded the Libor setting process as structurally flawed. US and UK market players outline the required reforms. But equivalent indices must also change if confidence in the system is to be restored
The Dodd-Frank Act at two years old Morrison & Foerster's Anna Pinedo's status update for Dodd-Frank on its two year anniversary
EXCLUSIVE: The law that will open Saudi Arabia's stock exchange Speculation as to when Saudi Arabia will open its official stock exchange to foreign investment ends here. Lawyers have revealed parts of the draft law to IFLR. Here’s what firms need to know
Portugal's newest ABS structure analysed The first Portuguese ABS deal in five years prioritised reserve fund replenishment, removed counterparty risk, and used an exposure portfolio mechanism to cover set-off risk
Consolidated audit trail to hit broker-dealers It is unclear whether US exchanges and Finra will modify an existing trade repository or start from scratch to implement a CAT. Equity markets are in for some big changes either way
New financial regulation in Spain brings distressed opportunities Iñigo de Luisa of Cuatrecasas Gonçalves Pereira looks at the latest measures to reinforce financial stability in Spain
Shadow banking rules: AMF MD reveals regulatory agenda Shadow banking has been preoccupying regulators for months. IFLR asked Edouard Vieillefond, MD of the French regulator's regulatory policy and international affairs division, how the activity should be supervised
Exclusive: France’s AMF reveals lessons learnt post-crisis AMF's Edouard Vieillefond opens up to IFLR about the huge changes in financing economy, what he has learnt from the eurozone crisis, and his worries about the unintended consequences of regulation
Moroccan Financial Board’s Hicham Zegrary - Q&A The head legal affairs at the Moroccan Financial Board, Hicham Zegrary, tells IFLR why Morocco is the ideal launch pad for investment into Africa
Moroccan investment: How to attain Casablanca Finance City status The head of CFC Status and legal affairs at the Moroccan Financial Board, Hicham Zegrary, opens up to IFLR on criteria needed to gain CFC status
Why US swap definitions need clarifying quickly The SEC and CFTC have defined how the term swap would be treated under Dodd-Frank. The clock is now ticking but some still don’t know whether they have to comply
Afma: what Libor can learn from Australia’s benchmark rate The Australian Financial Markets Association on how principles underpinning Australia’s benchmark interest rate could be used to improve the Libor
How banks could have Libor cases dismissed US class action law suits claim international banks colluded at the expense of investors, community banks and others. But banks are not without their own ammunition
Will the KID make Prips too risky for retail? Following release of the European Commission’s (EC) finalised draft rules on packaged retail investment products (Prips) on July 3, the countdown to implementation has begun. But market participants are debating whether fundamental issues stemming from the key investor document (KID) will result in Prips no longer being sold to retail investors
Libor probe proves banks too big for UK The Libor probe has confirmed international banks have become too big for the UK, general counsel have warned. But splitting commercial banks from investment banks is the wrong solution
Foreign companies now more exposed to US antitrust law Foreign companies are more exposed to US antitrust law following a recent appellate court decision that overturned precedent. More extraterritorial class action civil suits and higher fines are expected
China reconsidering VIE structure The variable interest equity structure has long been used by foreign investors wishing to invest in China’s prohibited or restricted industries. But an investigation into New Oriental Group has led to calls to fully-open foreign investment
Stronger say-on-pay means Shareholder Spring to stay Proposed introduction of binding say-on-pay shareholder votes in the UK will add to the momentum of the so-called Shareholder Spring. It means shareholders will be firmly focused on executive compensation until macroeconomic conditions improve.
Morgan Stanley: BoE must replace BBA on Libor Morgan Stanley has called for the Bank of England to replace the BBA in running the Libor settings. But changes need to happen for the move to be effective
China Nonferrous Mining Corporation IPO explained China Nonferrous Mining Corporation’s IPO and subsequent listing marked the first Africa-based company to list on the Hong Kong Stock Exchange. Practitioners believe it could spark a wave of copycats. Here’s why
What ChinaCos can learn from Bright Food's French acquisition Bright Food’s second high-profile acquisition of the year has sent the company into the French-wine industry. But Chinese companies still have a lot to learn when it comes to outbound investments
ONO refinancing sets new Euro debt model ONO’s multi-stage refinancing programme has established a new refinancing model for European companies
Wampu deal unleashes Indonesian renewables A hydropower project built in a protected North Sumatran forest is set to unlock the bankability of Indonesia’s renewable power sector
Record Colombian loan finances pipeline The largest-ever syndicated project loan to be exclusively financed by Colombian banks has funded the first phase of the $4.2 billion Bicentario Pipeline
Tibor & Sibor reforms set to follow UK The UK’s FSA today revealed it is considering scrapping Libor. Lawyers in Tokyo and Singapore expect Tibor and Sibor amendments to follow those made in the UK and US
Mongolia Salkhit financing sets foreign security precedent The Salkhit wind farm is Mongolia’s first renewable energy independent power project. It provides an important template for foreigners negotiating restrictions on taking security in the country
Italian private company bonds: what's expected Unlisted Italian corporates are a step closer to tapping the debt capital markets after the government’s capital raising reforms were passed by the lower house of parliament last week
RIDEA paves way for US-Canadian Reit The largest joint venture between US and Canadian real estate investment trusts took full advantage of the US Reit Diversification and Empowerment Act 2007. Here's how
TMX-Maple merger: IIAC raises favouritism concerns TMX Group shareholders’ approval of Maple Group Acquisition Corporation’s tender offer on July 31 ended the multi-year sale of the Toronto Stock Exchange. But it also raised concerns over market favouritism
What NAFMII’s asset-backed MTNs mean for securitisation in China China’s National Association of Financial Market Institutional Investors (NAFMII) has released draft rules for a securitisation instrument for non-financial issuers. Here’s why this could signal the reopening of China’s securitisation market
Deferred prosecution agreements possible for Libor charges UK white collar prosecutors look set to receive a new enforcement tool following the MoJ's consultation
How Knight Capital increases SEC trade certainty The SEC ensured that few trades were cancelled after last week’s error. Here's how another SEC-backed initiative might have further limited busted trades
The new CCP resolution template explained Here's how Iosco’s recent consultation and LCH Clearnet’s newly-launched clearing service could provide a CCP resolution template
Why new German HFT rules won't stop another Knight Capital Germany's proposed new law could slow down HFTs. But lawyers have warned that closer HFT supervision may not be enough
How the new TMX was created Canadian securities trading will never be the same now that a consortium of investment companies has taken private the Toronto Stock Exchange and associated entities. It creates real potential for conflict, but new efficiencies abound
What DIFC's new chief must prioritise The Dubai International Financial Centre Authority has announced Jeff Singer as its new chief executive. The appointment is part of a major shake-up of the Authority’s senior management in preparation for its next phase of growth
What to watch under India’s new companies law Indian lawyers eagerly await the passage of India’s Companies Bill 2011 to replace the outdated Companies Act 1956. But they are concerned by the new law’s corporate-social responsibility (CSR) requirement and layering restrictions
What's new in Brazilian corporate law Antonio Mazzuco, Byung Soo Hong and Nathalie Regnier of Madrona Hong Mazzuco on the country's revised money laundering law, Brazilian Central Bank Circular 3604 and more
How ERC Mostorod financing closed with no sponsor guarantee Africa’s biggest project financing has closed after six years. The Mostorod refinery delivered an engineering, procurement and construction contract robust enough to avoid the need for completion guarantees, showcasing a never-seen-before capital structure
Vietnam's PPP framework: what needs to change Public-private partnerships (PPPs) have been popular throughout Southeast Asia, but they haven’t yet taken off in Vietnam despite a desperate need for infrastructure. Here’s why
How the US Jobs Act helped Man U offering Deal counsel explain how last week's Manchester United initial public offering on US exchange took advantage of the US Jobs Act
CIS region sukuk first analysed The Development Bank of Kazakhstan’s sukuk offering is the first such issuance out of the former Soviet Union. But compliance with local laws proved considerable challenging for deal counsel.
Thai hybrid bond first reveals disclosure-based regime shift PTTEP's hybrid bonds issuance is the first such offering by a Thai non-financial institution. Deal counsel expect it to prompt more complex debt capital markets transactions in Thailand. Here's why
US SEC enforcement chief: How to avoid trouble SEC's Robert Khuzami speaks exclusively to IFLR on what to expect from US enforcement
IFLR Middle East awards shortlist revealed The nominations for this year's IFLR Middle East awards have been announced. Here's all the deal and team of the year shortlists
HK SFC reveals its enforcement agenda Hong Kong Securities and Futures Commission's Mark Steward opens up the regulator's enforcement agenda
US Iran probe will reveal money laundering a way of life, says ex- Iranian banker Bankers in the UK have warned the US probe into Iranian money laundering is set to get much worse. Here's why
What TSC Libor report means for London’s reputation The Treasury Select Committee’s preliminary report on fixing Libor called for reform in several areas of the UK banking sector. Here’s why market participants consider it a defining moment for financial regulation
Lloyds sale revamps PE secondary market potential Coller Capital’s acquisition of £1.03 billion of private equity assets from Lloyds Banking Group is the largest unsyndicated secondaries deal ever completed. It reflects the secondary market’s growing popularity as an acceptable way to move capital around
Canadian boards want proxy recommendation rebuttals Canadian directors will have the chance to respond to negative vote recommendations by proxy advisory firms if the Canadian Securities Administrators defer to their requests
Will UAE investment crackdown halt DIFC growth? Foreign funds looking to market their units in the UAE mainland must soon contend with stricter rules. The tougher regulatory scrutiny could threaten the DIFC’s position as an investment hub
Why Vietnam bank merger could spark copycat deals Sahabank and Habubank’s merger is part of the State Bank of Vietnam’s plan to reform the country’s troubled banking sector. And it could spark copycat deals
Asia M&A trends analysed As Dutch bank ABN AMRO opened its escrow and settlement services in Hong Kong this month, Asia lawyers outline why the escrow business is growing in Asia
AFME calls for help in CRA3 lobbying efforts Europe’s securitisation market will be severely damaged if the proposed credit rating agencies regulation comes into effect, as planned, before year’s end
Why bank liability could reinforce Fannie and Freddie as mortgage guarantors Proposed amendments to Regulation Z of the Truth in Lending Act could increase investment in residential mortgages guaranteed by Fannie Mae and Freddie Mac just as the US government moves to unwind the government sponsored enterprises
South Korea’s new short-term Cofix rate raises concerns Investigations into South Korea’s CD rate-setting prompted the country’s FSC to introduce the Cofix benchmark for short-term lending rates. But there are issues with Cofix setting too
Is Glass-Steagall our future? Following a spate of scandals, IFLR asked bankers’ counsel if it’s time to break up the mega-banks
Schaeffler’s retail high-yield precedent The German engineering company has shown the region’s high-yield issuers how to tap retail investors
How to make Libor work The Libor rate-fixing scandal has spared few banks, and tainted some of the world’s most influential regulators. The benchmark rate needs to change. The question is how?
Why fixing algos will only cause trouble HFT critics have pounced on the Knight Capital, Bats and Facebook trade glitches. But some reforms could do more harm than good
Foreign listing alternatives for US growth companies Many US emerging growth companies find it hard to raise capital at home. Here’s why London and Oslo may provide good alternatives
Kalashnikov bonds: Russia’s new local currency instrument First were samurai and dim sum bonds, now foreign issuers have a local currency instrument in Russia. Here’s how to use Kalashnikov bonds to tap rouble liquidity
Spanish debt crisis’ impact on EU resolution and banking union proposals Spain’s banking crisis has accelerated Europe’s recovery and resolution planning proposal, but the EU banking union initiative may require major changes
How successful are the latest EU prospectus framework changes? Recent amendments to the EU prospectus framework make it easier to issue publicly-traded securities. But questions remain
US equities trading under a Consolidated Audit Trail The SEC has adopted requirements for a Consolidated Audit Trail, but it leaves critical questions unanswered
Bonds: the next mainstream source of project finance Project bonds carry huge potential. But sponsor concerns must be eased – or debunked – for the instrument to reach its full potential
Arbitration: the latest dispute mechanism for finance contracts Spurred by a specialist global arbitration panel and Isda’s consultation, the financial sector is embracing different dispute resolution clauses
Why Shariah finance and real estate are a perfect match Sharia finance and real estate are a perfect match. And they work together beyond the traditional Islamic finance markets
When is amend-and-extend the best refinancing option? As Europe approaches its debt maturity wall, amend-and-extend requests are piling up. As a solution, it’s easier said than done
The Mexican insolvency that tested US bankruptcy laws The bankruptcy of Mexico’s Vitro tested US international insolvency laws, and serves as a warning to both creditors and debtors
Business in Turkey under new Commercial Code Turkey’s new Commercial Code brings the country’s trade and corporate rules into line with EU standards. Here are the key reforms
Corruption and bribery civil litigation risks An FCPA or Bribery Act allegation is troubling enough, but the larger threat could be collateral lawsuits
How to notify under Brazil’s new pre-merger antitrust regime Pre-merger notification has arrived in Brazil. Here’s a practical guide to obtaining competition clearance under the new rules
German and French attempts to encourage pre-bankruptcy proceedings German and French insolvency reforms are trying to deter forum shopping and encourage pre-bankruptcy proceedings. But are they working?
Oaxaca II and IV sets Mexican renewable energy financing precedent The August pricing of a dual-tranche $300 million bond offering by Mexican wind farms Oaxaca II and IV set a precedent for renewable energy financing in the region. Here’s why
Russia loan standardisation timeline revealed Diversification of Russia’s banking sector following its accession to the WTO will be constrained by raising global capital requirements. But the sector should be bolstered by loan standardisation expected this year
