A Shearman & Sterling/IFLR Invitation Shearman & Sterling, in association with IFLR, invites you to attend a free lunchtime seminar that will guide you through the perks and pitfalls of listing in Hong Kong
KKR’s guide to responsible investment KKR’s Director of European Corporate Affairs and head of sustainability spoke with IFLR on the firm’s image overhaul, Green Portfolio Programme and the ingredients for success in changing market
US lawsuit reveals Cfius review defects, ChinaCo fears The first lawsuit against the US foreign investment regulator reveals a spike in US protectionism, and problems with the national security review of inbound investments
How Cnooc’s bid was structured for foreign investment approval Nexen investors hope Cnooc does not suffer the fate as BHP Billiton, whose bid for Potash was blocked under the Investment Canada Act in November 2010. Cnooc’s arrangement agreement is thought to give it a good shot at approval
How to obtain ChinaCo/US merger approval Chinese companies have proposed several high-profile acquisitions of US companies this year. But the US foreign investment and antitrust regimes are challenging for those unfamiliar with US law
India/Azerbaijan first reveals India's aggressive oil strategy ONGC Videsh’s acquisition of Hess’ stakes in a Caspian oil field and associated Baku-Tbilisi-Ceyhan (BTC) pipeline reveals India’s investment strategy in the oil and gas sector
India retail liberalisation: market reaction In a raft of foreign direct investment reforms released last Friday, India’s Cabinet announced it would permit multi-brand retail on a state-by-state basis
Recent lessons in Brazil's bank receivership process MHM's Antonio Carlos Cantisani Mazzuco and Sylvia Moreira F Camarinha describe the impact of two recent distressed bank scenarios
EU split over banking union decentralisation German support for an EU banking union increased after the European Commissioner Michel Barnier clarified that national regulators will continue to have a role. But non-eurozone member states remain unconvinced
What Europe’s LBO debt wall means for the future of financing Up to $550 billion of European LBO loans are due to mature between now and 2016. What are the options for addressing the huge refinancing burden and what new trends are emerging in this changed financial landscape?
Why EU banks need limited liability Ahead of the anticipated Liikanen Report, UK lawyers have warned that European policymakers should be introducing limited liability for EU banks, not more regulation
Aratinga financing reveals new BNDES possibilities The recent $104 million loan supporting the Aratinga wood-to-energy greenfield project on Brazil's east coast signals the beginning of a new era for project finance, according to local lawyers
Japan Airlines IPO sets restructuring precedent Why JAL's initial public offering could signal a new way for the Japanese government to assist distressed companies with strong assets
Zambia Eurobond first develops new client protection structure Zambia has become the latest Sub-Saharan sovereign to tap the international capital markets, issuing its inaugural sovereign bond
ICE Clear Europe: how clearinghouses can beat margin costs CFTC recognition of ICE Clear Europe’s petition to commingle its foreign and domestic futures and options accounts would represent an industry victory against the burdens of Dodd-Frank
How peripheral markets can join Europe’s HY rush Corporates in the most-affected eurozone countries have been sidelined in Europe’s resilient high-yield market. However, this may be set to change
Asean’s integrated exchange to boost regional liquidity The Association of South East Asian Nations’ (Asean) bourse link-up has the potential to boost liquidity in the region’s exchanges, according to local lawyers. But it will require a strong public relations campaign, and resolution of regulatory uncertainties
CBI: how to improve PD disclosure regime Central Bank of Ireland’s market supervision director, Gareth Murphy, said the lack of post-crisis case law relating to the Prospectus Directive could indicate it sets too low a hurdle for the quality of disclosure
Samurai bonds: what to expect Qatar Petroleum’s samurai bond offering represents one of the first to utilise new regulations that allow primary documentation to be filed in English rather than Japanese
Wheatley’s Libor Review: what will it achieve? Questions as to whether criminal sanctions for manipulating the London Interbank Offered Rate (Libor) will have retrospective effect have dominated the market reaction to this morning’s release of the Wheatley Libor Review’s final report
Wells Fargo to prompt subscription credit facility revival US lawyers expect Wells Fargo’s $6 billion acquisition of the subscription-lending portfolio of WestLB to prompt a resurgence in subscription credit facility use. Here’s why
Q&A: AFMA’s David Lynch David Lynch, executive chairman of the Australian Financial Markets Association, spoke with IFLR on Australia’s market developments and priorities for the future
Wheatley correct to scrap A$ Libor Phasing out Australian dollar rates from the London Interbank Offered Rate is the right decision, according to local lawyers
How market rumours shape global M&A With public M&A bidding rules varying from country to country, there is an uneven playing field developing for shareholders and boards from around the world
IBA Daily News, Dublin – Monday edition The former World Bank chief economist Joseph Stiglitz opened the IBA Dublin Conference 2012 yesterday. Here's why he believes austerity measures will not solve the global financial crisis
Sophisticated investor must be redefined The major stock exchanges have become increasingly focused on protecting the minority and retail investor base post-crisis. But regulators must rethink the definition of sophisticated investor
European bank reform: the Liikanen Report revealed The Liikanen Committee has today revealed its recommendations for how Europe's banking structure should reform. Here are the key proposals
How to correct for conflicts of interest Recent US court decisions have clarified the parameters of a board’s fiduciary role towards its shareholders, and provided guidance on how to properly correct for conflicts of interest without jeopardising the integrity of a deal
How to split up the euro 2013 will be crunch time for the Eurozone, panellists at the IBA’s Legal Practice Division Showcase: ‘The euro area crisis – thinking the unthinkable’ have warned
US tax court recharacterises preferred equity as debt in Hewlett Packard case In Hewlett-Packard Co v Commissioner (TC Memo. 2012-135), the Tax Court recharacterised HP’s preferred equity as indebtedness and denied HP foreign tax credits and a capital loss on the exit transaction.
Asia Women in Business Law Awards 2012: shortlist announced We are delighted to announce the shortlist for the second Euromoney Legal Media Group Asia Women in Business Law Awards.
How to improve Indonesian corporate governance Allegations against PT Bumi Resources, Indonesia’s largest coal company, revealed important lessons about national corporate governance standards
India FDI reforms explained India’s FDI reforms were a landmark event for foreign investors discouraged by the country’s notorious policy paralysis. But in-house counsel cautiously await their implementation
Mongolia's foreign investment reform: what to expect Local lawyers assess Mongolia's foreign investment landscape following last month's release of the government's reform platform for 2012 to 2016
Middle East awards: all the winners revealed The winners of this year’s IFLR Middle East awards have been announced. For all deal, team and firm of the year winners, please see below
SEC questions efficacy of ‘one size fits all’ kill switch The US Securities and Exchange Commission has questioned the efficacy of a one-size-fits-all ‘kill switch’ in regulating the country’s high frequency trading platforms
Goldman Sachs: how US regulation needs to change Increasing federal regulation may inhibit the effective and healthy functioning of the financial markets, US market participants have warned
Philippines free float rules welcomed Counsel expect that the Philippine Stock Exchange’s free float rules will deliver crucial liquidity to the exchange
Liikanen Report: market concerns UK lawyers have branded the Liikanen Committee’s recommendations counterproductive. Here's why
Axiata sukuk signals use of new assets in Islamic finance Axiata’s multi-currency sukuk programme marks a new level of flexibility for underlying assets in an individual deal
Sabana reit convertible paves way for Islamic finance growth Sabana's landmark sukuk is the first to be convertible into units in a reit. It could mark Singapore’s push to rival Malaysia as an Islamic financial centre
Why an EU banking union poses an existential threat to the UK - opinion A banking and fiscal union in the Eurozone would represent an almighty challenge to the UK, says Cities of London & Westminster MP, Mark Field
Cfius review needs greater transparency - opinion Cfius review is a more frequent hurdle to foreign investment. Here, US counsel explain how the Agency could reduce uncertainty around its decisions
How Liikanen will impact Vickers implementation European banking reforms, as proposed by the Liikanen Commission, are likely to supersede or replace the UK’s Vickers, lawyers have predicted
Why a swap conflicts of interest rule is unlikely Two years ago the CFTC proposed to cap swaps trader ownership in clearinghouses and swap exchange platforms. IFLR look at why the rule is unlikely to come off the backburner
How EU Liikanen will change global banking Lawyers discuss how Liikanen proposals will impact global trading and outline how European banks can continue to work within the new framework
Could US-style Liikanen reform work? Following US Republican Presidential nominee Mitt Romney’s pledge to repeal the Dodd-Frank Act, if elected, speculation has grown as to whether US-style Liikanen reforms could feasibly replace Volcker
CFTC’s dilemma over capping market positions The court for the District of Columbia has vacated and remanded the rule to cap market positions. The CFTC is now left with two options
Global regulators to copy UK’s relaxed capital rules Other countries are tipped to follow the UK Financial Services Authority’s (FSA) lead and soften bank capital requirements ahead of Basel III implementation
How India flash crash could affect algos The National Stock Exchange’s flash crash could trigger another overhaul of market rules in India, especially regarding electronic trading
The best contractual mechanisms for European M&A today Social turmoil and regulatory forces have slowed growth in European M&A. In this environment, corporate lawyers recommend two contractual mechanisms to remove uncertainty in M&A transactions
SFO bribery guidance fuels self-reporting dilemma Companies that report bribery within their ranks are not necessarily immune from criminal charges, according to new guidance from the UK Serious Fraud Office. The announcement heightens the risk attached to self-reporting and has divided market opinion
Greek PE deal overcomes eurozone fears A US private equity firm’s acquisition of a Greek company signals eurozone fears are beginning to thaw, deal counsel have said
Why impact investing is the next corporate innovator Oxfam’s £1 billion loan to Mongolia’s Xac Leasing blurs the line between private equity funds and not-for-profit organisations, and highlights the growing trend of impact investmentsprivate equity funds
Shanghai’s MNC policy reveals RMB convertibility plans Multinationals have further incentive to move their regional headquarters to Shanghai under new rules released by the city’s Ministry of Commerce. The rules also signal new measures for RMB convertibility
BRIC regulators defend their competition regimes Deals in Brazil, Russia, India and China (BRIC) have faced greater scrutiny in recent years, as merger review standards around the world have become more harmonised
More Thai corporates to tap US-dollar markets PTT Global Chemical’s $1 billion bond listing on the Singapore Exchange is the largest single-tranche US dollar bond offering by a Thai corporate. And there are more to come
The year is 2020. Basel 6: how did we get here? - opinion The shift away from complex risk-weighting towards absolute minimum capital levels suggests Basel III will look very different in just a few years time
Why Indonesian coal is best avoided Panelists at IFLR's Indonesia forum on why foreign investors should buy into Indonesia's coal market with caution
Liikanen outlines consequences of EU's bank overhaul The proposed European bank reforms could increase shadow-banking activity, Erkki Liikanen, chairman of the European Union High Level Experts Group has warned
Why new US stress tests could mean more capital for smaller banks More financial companies will have to develop models and systems to run stress tests following rules jointly finalised by the Federal Reserve Board, the Office of the Comptroller of the Currency and the FDIC
US shadow banking: the key concerns outlined Knight Capital last week reported a quarterly loss of $389.9 million. The colossal fallout has renewed concerns that the shadow-banking sector threatens the stability of the US financial system
Indonesia could spark renewables sea change Indonesia is on the cusp of sparking a sea change in global renewable energy development. But discussions on so-called feed-in tariffs will make or break the success of the market
CFTC reveals cross-border swaps compliance agenda The Commodities Futures Trading Commission will finalise guidance on the cross-border application of the Dodd-Frank Act by and phase-in compliance with swaps rules in 2013, the CFTC Chairman has announced
How to improve Indonesian capital markets Lawyers in Jakarta have revealed their wish list of market reforms that could invigorate the country's equity capital markets, if implemented
The next generation of Indonesian project finance explained Indonesia’s renewables market expects more local bank involvement and more commercial bank led-deals that do not rely so heavily on ECAs political risk mitigation elements
Softbank’s investment in Sprint Nextel explained Softbank’s $20.1 billion investment in Sprint Nextel is the largest US inbound acquisition by a Japanese company. And it allowed the target to remain a public company
Alan Greenspan calls to break up too-big-to-fail banks The biggest shortfall of the Dodd-Frank Act is its inability to remove incentives that encourage banks to misuse savings under an understanding that they are too big to fail, Former Federal Reserve Chairman Alan Greenspan has claimed
SEC outlines money market funds regulatory agenda The US Securities and Exchange Commission is conducting further analysis of the costs and benefits of money market fund regulation, SEC chairman Mary Schaprio has said
SEC IPO rules to provoke conflicts of interest Regulatory changes that would permit research analysts at investment banks to attend pitch meetings with prospective IPO clients will do little to relieve the compliance burden hindering US IPOs
The changing role of cornerstone investors in Asia Cornerstone investors have become fundamental to IPOs in Asia, with offerings such as those of Felda Global Ventures and Astro dependent on their support. But rules are vague and significantly differ throughout jurisdictions
Sabana Reit’s convertible sukuk The landmark offering is an early sign of Singapore’s push to rival Malaysia as an Islamic financial centre
Middle East Awards: The region’s best All the winning deals and teams from the sixth annual IFLR Middle East awards
The keys to growth Debate at last month’s Indonesia forum revolved around renewables, the next wave of project financiers, and the need for IPO reforms
How Spanish bank regulation is prompting deals EU and country-level reforms aimed at fighting Spain’s debt crisis have proved an unlikely source of new transactions
Opportunities for asset managers under Solvency II For asset managers willing to make their products attractive to a market coming to terms with Solvency II, the potential rewards are huge
Morocco’s plan to introduce Shariah finance Shariah finance is set to arrive in Morocco. Here’s what the industry needs to know
How to list in Hong Kong - the due diligence process Hong Kong’s securities regulator is cracking down on sponsor due diligence. But there may be a fine line between protecting investors and damaging the city’s competitiveness
Bilateral investment treaties for foreigners holding Greek debt Bilateral investment treaties could be the weapon of choice for foreign investors holding Greek sovereign bonds
Icma’s initiative to promote covered bond transparency How a recent initiative by the Covered Bond Investor Council is helping Europe make informed investment decisions
Using UK cash shells to raise funds Cash shells are an increasingly popular way to raise funds. But they have divided market opinion
The enforcement gap plaguing EU merger control The Ryanair/Aer Lingus deal reveals a shortfall in EU merger control regarding minority shareholdings. But is reform appropriate?
Will squeeze-outs under Korea’s new Commercial Code work? Will compulsory acquisitions under the amended Korean Commercial Code work in practice?
The next best thing The IFLR1000’s 2013 law firm rankings provide an insight into an ever-changing market
Bankability issues challenging Colombian PPP Bankability issues could prove an important challenge to the Colombian government’s PPP push
Has the LMA’s revised Intercreditor Agreement helped mezzanine? The LMA’s revised intercreditor agreement has only gone so far in addressing mezzanine creditor concerns. Here’s how to negotiate around the shortfalls
Italian companies’ two financial assistance options Italian companies can provide financial assistance in two ways. But each has its pitfalls
The latest Equator Principles for project financiers Project financiers have a new set of environmental and human right standards to build into their risk analysis frameworks
