Shadow banking: are the shadows really the banks? - opinion Shearman & Sterling's Financial Institutions Advisory and Financial Regulatory group head, Barnabas Reynolds, outlines why the entire regulatory effort to tackle shadow banking could be one step too far
FSB reveals shadow banking policy options The chair of the securities lending and repo workstream of the Financial Stability Board’s (FSB’s) shadow banking taskforce has laid out the policy options his team is reviewing, giving a real indication of what form the proposals will take
OTC regulation in Asia: where are we now? Regulators across the Asia-Pacific are preparing to implement rules for clearing OTC derivatives transactions. But many jurisdictions are stumbling on legal issues
Fatca delay to break loan negotiation deadlock The extension of grandfathering periods under the US Fatca, will help overcome a deadlock that has plagued loan negotiations between foreign financial institutions
How to revive UK private equity More UK private equity house are tipped to diversify investment mandates after the sector’s deal volumes slid again last quarter
Corruption case could halt Brazil’s first anti-bribery law Brazil’s Mensalão corruption case has been closely-watched by the nation, keen to see the end of corrupt practices among high-level officials. But it could undermine efforts to introduce a tough new anti-bribery law
Australia FDI regime must change for Asia success The 'Australia in the Asian Century' white paper (White Paper) released October 28 signals the country’s intention to develop deeper relationships with Asia. But it must first clarify its foreign investment policies
UK calls for AIFMD implementation delay The UK’s Association of Investment Companies (AIC) has called for the July 2013 implementation date for the Alternative Investment Fund Managers Directive (AIFMD) to be pushed to 2014
Why Kay, Volcker are wrong about ringfencing It is possible to effectively ringfence retail and investment activities without restructuring banks into essentially two separate entities
How Basel III will limit Chinese bank financing Chinese banks’ Basel III concerns are growing as counsel outline how the China Banking Regulatory Commission’s (CBRC) implementation of Basel III will limit Chinese banks’ financing
IFLR awards 2013: research begins The research process for the IFLR’s 2013 awards for the Americas, Asia and Europe has begun.
How a US regulator shake-up would impact financial reform Today's presidential elections could have a dramatic effect on US banking reform. But the additional regulatory impact of the Massachusetts Senate race should not be overlooked
Hong Kong's RMB/HKD equity placement first analysed Hopewell Highway Infrastructure’s share placement marked HKEx's first dual counter equity security. Here's why its structure paves the way for Hong Kong-listed companies to access RMB investors
EU short selling: what US funds need to know The impact of Europe's tough new short selling regime stretches far beyond EU borders, but there is still uncertainty among non-EU investors as to what they should be doing
FSA prudential chief: why banks must be ringfenced The managing director of prudential regulation at the Financial Services Authority (FSA), Andrew Bailey, has publically backed the need for powers to separate trading activities into separate legal entities
US private placement market opens to Latam projects A first-of-its-kind private placement has linked US institutional investors with Brazil’s project market – and revealed them to be a perfect a match
Imminent Argentine debt default? A New York court ruling in favour of holdout creditors has reduced the Argentine government’s ability to repay creditors that participated in two debt swaps through US-domiciled payment agents, raising the potential spectre of default
Why Basel III could jumpstart Asia’s high-yield market Asia’s high-yield market may reach new heights in 2013. But investors must become more open to investing in notes with low credit ratings
Myanmar’s long-awaited foreign investment law analysed Investors have been pleasantly surprised by Myanmar’s new foreign investment law, signed on November 2. IFLR has obtained an unofficial translation of the statute
Argentina ruling to hamper sovereign restructuring plans Governments could have a tougher time agreeing restructuring plans with creditors following a landmark US court ruling on Argentina’s sovereign debt default of 2001
CFTC misses the point with commingling clarification A CFTC interpretive letter on cleared collateral segregation is likely to spur resistance within the financial industry without significantly reducing systemic risk, US lawyers have warned
Apra’s tranche restrictions to change Australian securitisation The Australian Prudential Regulation Authority (Apra) has announced details of its much-anticipated securitisation reforms. The market agrees the prudential changes are needed, but there is concern about a proposed two-tranche restriction
The latest Asian high-yield disclosure trends explained Regulation S high-yield issuers in Asia should disclose information to a Rule 144a standard and pay close attention to their email trails, lawyers have warned
Why investors should avoid ChinaCo USD high-yield Chinese real estate companies this month reentered the high-yield space. But bankers and lawyers have warned there are significant risks in the structuring of Chinese offshore high-yield offerings
How lawyers will shape Asian high-yield Lawyers are set to play an important role in shaping disclosure standards in high-yield in Asia, as new market developments facilitate their further involvement
Will Europe’s women on boards quota work? Yesterday's proposed directive from the EC implementing a watered-down version of the women on boards quota has been welcomed. But there are still concerns
Basel III to prompt RMB innovation The China Banking Regulatory Commission's implementation of Basel III will foster greater complexity in the offshore renminbi market
UK lawyers call for restraint in EU membership debate Market participants expect a UK separation from the EU in the course of the next parliament. But lawyers in London have called for constraint
Turkey: how to invest in the next BRIC Sevket Basev, CEO of 3 Seas Capital Partners, speaks with IFLR about how foreign investors can be part of the country's transformation
Cnooc, Petronas’s lessons for SOE investment in Canada Since Canada’s government blocked the takeover of Progress Energy Resources by Malaysian state oil company Petronas last month, there have been concerns it would do the same for Cnooc bid for Nexen
Hong Kong stock exchange reveals reform agenda Ahead of his retirement next year, the Hong Kong Exchange's listing head revealed the bourse's reform agenda at last week's IFLR Asia Capital Markets Forum
Volcker Rule to prompt bank exodus from US US lawyers at IFLR's Asia Capital Markets Forum expect a spate of foreign bank exits from the US. But those who leave may struggle to return
Lawyers opposed to public A1 filings At IFLR's Asia Capital Markets Forum counsel discussed the impact of the proposed public relase of A1 filings on the Hong Kong IPO process
Growth sharing rights: the instrument to save the eurozone? - opinion The economic hardship and resulting political upheaval in various eurozone countries threaten the growth prospects and stability of the global economy. A new security - growth sharing rights - could be the answer
LatAm SMEs to rival MNC’s project dominance Small and mid-sized companies in Latin America will drive the region’s growth in years to come, according to report issued on Friday by the OECD and the Economic Commission for Latin America and the Caribbean
US Basel delay puts heat on Europe Lawyers on both sides of the Atlantic have dismissed speculation that the US Basel III delay gives its banks a competitive advantage over their European counterparts
Why the Vickers ringfence is no panacea Mark Field, Member of Parliament for the Cities of Westminster & London, discusses why a break up of investment banks from retail banks might be more effective than Vickers
EU bank union terms unravelled Lawyers remain doubtful compromise terms, circulated last week, relating to the establishment of a European banking union are enough to effect change
Why SOE’s shouldn’t be shunned - opinion Overseas’ investment initiatives by SOEs – especially those based in China – are coming under critical scrutiny by host governments in North America and Europe. Here's why it's unwarranted
Has the Prospectus Directive regime permanently damaged European ECM? The introduction of Europe’s revised Prospectus Directive has prompted issuers in the region to consider alternative listing venues. But market participants are divided as to whether the market has been permanently damaged
A legal guide to bond execution in 2013 Senior lawyers have warned that recent regulatory developments are complicating bond execution and documentation, making it slower and less efficient
How to prepare bond documents for a Eurozone break-up Lawyers in London have called for banks and law firms to consider recognising redenomination as a risk factor in deal documentation
PE securitisation eliminates pier loan threat Last month's acquisition of a Bank of America business was funded by securitising the target’s receivables, and without a bridge loan. It could signal the beginning of new acquisition finance options
EXCLUSIVE: UK to impose son of FATCA on Crown Dependencies, despite government’s denials A leaked government document seen by International Tax Review reveals that the UK is planning to impose its own version of the US FATCA on its Crown Dependencies and Overseas Territories
Is CFTC wrong about position limits The CFTC’s plan to appeal a decision to void the position limits rule doesn't serve the interests of small investors, US lawyers have said
Why uncertainty remains after FCPA guidance Lawyers have welcomed guidance on the US Foreign Corrupt Practices Act from the Department of Justice and SEC. But uncertainty over which parties qualify as a public officials remains
Revealed: what's next on Dubai's regulatory agenda Dubai International Financial Centre's Chief Legal Officer, Roberta Calarese, on the DIFC plans to bolster Dubai's standing as a global financial hub and what this means for businesses setting up in the region
Frontiers: a new breed of private equity In recent months, Africa’s nascent private equity industry has attracted greater interest. Zain Latif, founder of TLG Capital, discusses the dos and don’ts for private equity firm’s looking at frontiers
Sebi looking to HK disclosure rules Sebi is increasingly looking towards international regulation in mandating tougher disclosure rules, said counsel at IFLR’s India Capital Markets Forum
Why Sebi’s new rules are causing concern Although Sebi’s enforcement regime has previously been criticised for a lack of activity, its new standards have counsel concerned
How 2012 regulation has changed syndicate deal execution 2012 may have been a positive year in terms of deal size, pricing and structure, it was also a year in which the market faced significant regulatory challenges
Argentine debt battle will set terms of future bond issuances The legal struggle over Argentina’s payments to its bondholders will shape the terms of future bond issuances in Argentina and beyond, Argentine lawyers said
How Europe can avoid a lost decade By 1983, Latin America faced mountainous debt and a policy response that was to condemn the region to it's lost decade. Here Cleary Gottlieb Steen & Hamilton's Lee Buchheit outlines how the eurozone could better cope with its crisis
Why Volcker changed his mind on Glass-Steagall - opinion In 1986, the Federal Reserve, led by Chairman Paul Volcker, began a series of actions that ultimately led to the demise of the Glass-Steagall Act. Allen & Overy's partner, Douglas Landy, assesses why Volcker has now changed his mind
What we should have learned from the US 1980s market crash - opinion The US market crash of the 1980s should have acted as a warning of the systemic crises to follow, explains David Spencer of Spencer Law Office
The Basel reforms dissected Banks are increasingly focused on meeting Basel III's tough new capital requirements. But as Richard Reid of the International Centre for Financial Regulation's explains, the global bank reform story started long before the 2008 crisis
Exclusive: Canada’s US Ambassador on improving Canada/US trade Canada’s US ambassador, Gary Doer, opens up on the impact of the Canada-United States Free Trade Agreement and reveals how he hopes Canada-US trade to progress
The US rules that shaped today's capital markets - opinion Milbank, Tweed, Hadley & McCloy's Phillip Fletcher outlines how the Naughty Nineties expanded access to capital markets
A fateful year for EU banking regulation - opinion Weil Gotshal & Manges' James Leavy outlines the legacy problems arising from the failure of the 1992 Maastricht Treaty
Morgan Stanley: the truth about emerging markets Ruchir Sharma, head of emerging markets at Morgan Stanley Investment Management, dispels some emerging market myths
How Edgar came of age - opinion The implementation of the SEC's electronic filing system in 1994 added a new dimension to the public company concept, says David Bernstein of K&L Gates
Exclusive: Hong Kong’s SFC CEO on the city’s financial hub future Ashley Alder, head of the Hong Kong SFC, outlines how the city-state has developed since the 1997 Handover to Chinese control
The euro's future assessed Thirteen years after its introduction, the euro faces a questionable future. Charles Grant, director of the Centre for European Reform, explains how the currency reached today's fragmentation debate
Are we too reliant on credit ratings? Credit rating agencies attracted a fair chunk of the blame for the global financial crisis. But that's nothing new, says Mark Adelson, former chief credit officer at Standard & Poor's
How the PCAOB changed US auditing The Public Company Accounting Oversight Board (PCAOB) founding board member, Daniel Goelzer, reveals the need for independent oversight of public company accountants didn't make it any easier to implement
How the global Islamic finance market developed Ten years after the first global sovereign sukuk, international corporates are increasingly turning to shariah finance. Qudeer Latif, global head of Islamic finance at Clifford Chance, describes how the 2002 offering has impacted the development of Islamic finance
The year that changed research analyst coverage Three crucial developments in 2003 changed the future of research analyst regulation. Bank of America Merrill Lynch's Glen Rae, and Morrison & Foerster's Anna Pinedo and Jim Tanenbaum, explain how
Revealed: Dubai's regulatory agenda for 2013 Roberta Calarese, Chief Legal Officer at the Dubai International Financial Centre Authority, reveals how the eurozone will impacted DIFC's strategy in 2013
How European private equity came of age - opinion Cuatrecasas Goncalves Pereira partner Enric Picanyol describes the year that the world stood up and took notice of European private equity
Exclusive: Sifma CEO calls for stronger Financial Stability Oversight Council leadership The Securities Industry and Financial Markets Association president and CEO, Timothy Ryan, reveals his regulatory frustrations to IFLR and outlines how lobbying and trade groups can better work together
China's anti-monopoly regime dissected The passage of China's anti-monopoly law in 2007 was tipped to be a game-changer. But as McDermott Will & Emery's Frank Schoneveld explains, it has received mixed reviews during its settling in period
Rodgin Cohen: how the EU crisis response falls short Wall Street's most influential lawyer, was at the centre of US regulators' attempt to save Lehman Brothers. Here he compares the US and EU regulatory reactions post-crisis
Dodd-Frank's legacy outlined The US's biggest financial overhaul since the great depression represents a fundamental shift in regulatory philosophy, says Morrison & Foerster's Anna Pinedo. And its legacy will be felt far beyond the US
IBA calls for total review of law firm practices The International Bar Association's (IBA) president outlines why it's now time for international law firms to seriously review their practices
EXCLUSIVE: Asifma announces new cross-markets and fixed income executive director IFLR spoke to Patrick Pang, Asifma's new cross-markets and fixed income director, about his priorities for his new role
US ISS outlines the future of poison pills Patrick McGurn, special counsel at Institutional Shareholder Services (ISS) discusses the role of shareholder rights plans in today’s age of shareholder activism
Revealed: the true cost of Volcker, Vickers and Liikanen Allen & Overy’s Philip Wood, Linklaters’ Simon Davies and Morgan, Lewis and Bockius’ Christian Zschocke assess the impact of the banking sector reforms proposed so far
Exclusive: Asean’s path to 2015 revealed The Association of Southeast Asian Nations’ director of finance, industry and infrastructure, Dr. Somsak Pipoppinyo, outlines what’s next on the Association’s reform agenda
What KKR did next KKR member and global public affairs head, Ken Mehlman, KKR's European corporate affairs director, Ludo Bammens, and KKR head of sustainability, Elizabeth Seeger, discuss their firm’s image overhaul and the ingredients for success in changing market
Mexico’s bellwether case for sovereign debt restructuring By 1984, Mexico had amassed sovereign debt stocks totaling around $96.6 billion. Whitney Debevoise, a partner with Arnold & Porter and a former US executive director of the World Bank explains how a new debt service programme nearly paved the way for recovery
How FIIs changed Indian capital markets The Indian securities regulator’s scheme aimed at foreign trades was a key step in liberalising the country’s capital markets, explains Ajay Vaidya, chief legal and compliance officer of Kotak Mahindra Capital
How to bank in the Caucasus Azerbaijan’s credit metrics have stabilised since the height of the global crisis. The market’s supervisory and governance frameworks have played no small role
The rules of Rule 144A Non-US issuers, take note: how to comply with the choice registration exemption under the Securities Act of 1933
New rules for premium listings analysed The UK Listing Rules have recently changed. Here’s what you must know
Cooperation among Asia-Pacific securities regulators Mutual assistance under Iosco’s Multilateral MoU has become an important enforcement and supervision tool for the region’s securities regulators
Tell me before taking the seat Directors of multinationals investing in China must be aware of their potential civil, administrative and criminal liabilities. Here’s how to navigate the pitfalls
How have PE bidders fared under the new UK Takeover Code? It’s been over a year since the changes to the UK’s Takeover Code took effect. Have fears over the changes’ impact on private equity materialised?
Euromoney's Richard Ensor: the cost of regulatory vice tightening Is it time to return to less policed days? Euromoney's chief executive weighs up the arguments
A capital calculation Are banks best-placed to assess their risks when calculating regulatory capital charges?
Global Bank’s covered bond first The Panamanian bank has used a contractual structure to issue Latin America’s first cross-border covered bond
Asia Women in Business Law Awards The region’s foremost female lawyers were celebrated at Euromoney Legal Media Group’s second annual Asia Women in Business Law Awards last month
India Capital Markets Forum highlights India’s securities regulator is looking for inspiration abroad. Here’s how the US and Hong Kong are changing local enforcement and disclosure rules
Asia Capital Markets Forum highlights Less foreign listings, a stricter SFC, and global regulations have all threatened Asia’s growth story. These are the market developments that will maintain its momentum
What recent Dodd-Frank guidance signals for structured finance Structured products, securitisations and commodity pools must navigate a patchwork of Dodd-Frank regulations. But recent interpretive guidance means all is not lost
Esma’s U-turn on indirect clearing – will it help? European regulators have recently retracted two controversial clearing proposals. But how much will this help an industry grappling with indirect clearing models?
2012 M&A Review The IFLR1000’s 2013 law firm rankings reveal a cautious market that’s strategising for better days
Asian SOEs’ future in Canada’s non-conventional O&G sector What does the Canadian government’s initial rejection of the Petronas/Progress deal signal for SOE investment, and Cnooc’s bid for Nexen?
Russia’s Civil Code changes to boost FDI Amendments proposed to Russia’s Civil Code could change the attitude of foreign investors
Nigeria: Lessons from Shell Ken Etim and Dipo Okuribido of Banwo & Ighodalo describe the challenges and achievements of a formerly struggling oil and gas industry
Indonesia: An economic masterplan Ibrahim Assegaf and Yanu Wiriasmoko of AHP describe how PPP deals are beginning to take off in Indonesia, thanks to a series of government initiatives
Germany: Making the switch Salans’ Bernhard Gemmel and Peter Mayer discuss Germany’s shift from nuclear to renewables energy
Dominican Republic: Snapshot of a growing market Ernesto Bournigal Read and Ingrid María Jesús Rodríguez of OMG describe a project finance market where debt and equity opportunities are ripe for the picking
Interview: A glass half full If you are a sponsor looking for finance, you’ve no doubt seen better days. Here’s the bank counsel’s perspective on how to navigate today’s market
Ukraine: Capacity for growth Oleksander Plotnikov of Arzinger in Ukraine explores the country’s exciting economic environment and analyses the risks for foreign investors
UAE: Attractive yet challenging Atiq Anjarwalla and Ian Gaitta of Anjarwalla Collins & Haidermota examine the factors that make the UAE an attractive yet challenging regional investment destination
Turkey: A year of big changes Dogan Eymirlioglu and Ceyda Aydin of Ersoy Bilgehan examine a number of recent changes to Turkey’s laws which will impact foreign investors
Philippines: Capital restructuring Norma Margarita B Patacsil, Aris L Gulapa and Pamela Joy L Alquisada of Caguioa & Gatmaytan assess a recent Philippine court interpretation’s effect on foreign investments
Panama: Hub of the Americas Cristina E Thayer, Julieta Rodríguez and Edgar Herrera of Galindo Arias & López explain why Panama may make the ideal location for foreign investment
Mozambique: Mining for success Taciana Peão Lopes, Paulo Ferreira and Márcio Paulo of Couto Graça & Associados explain the attractions and challenges of investment in Mozambique’s mining sector
Malta: Island of opportunity Dr Joseph Vella and Dr Albert Grech of GVTH Advocates explore the benefits that foreign investors can find on the island of Malta
Malaysia: Solid middle ground Tan Hon Yik and Khairul Idham Ismail of Naqiz & Partners examine the factors that make Malaysia an attractive foreign investment destination
Indonesia: Being a part of it Chandra A Nataadmadja and Stella A Nataadmadja of Suria Nataadmadja & Associates present a primer on investment in Indonesia
India: Relaxing framework Vijaya Sampath and Sonali Kapoor of Lakshmikumaran & Sridharan look at the likely effects of the most recent changes to India’s framework policy on foreign investment
Indonesia: An economic masterplan Ibrahim Assegaf and Yanu Wiriasmoko of AHP describe how PPP deals are beginning to take off in Indonesia, thanks to a series of government initiatives
