Sai Silks IPO reveals India safety net intentions The first Indian equity offering to include a safety net provision since 2006, has called into question regulatory proposals on safety net norms. Here's why
Asiacell IPO reveals Iraq Stock Exchange future The first Iraq Stock Exchange listing since 2003 is expected to transform the frontier exchange
China's OTC equities markets explained China’s OTC equities markets are kicking off. A selling point is that they will help clear a PE exit gridlock, but more development is needed before they’re an option
How Fibra Uno’s offering transforms Mexico's securities market The third public offering of this Mexican real estate investment trust has been widely reported as a transactional breakthrough with the potential to help the REIT asset class attract new investors from around the world
CRAs slammed for causing CMBS bottleneck Conservative attitudes and inadequate staffing of credit rating agencies is crippling the recovery of European securitisation, in-house counsel have said.
Revealed: the structure behind Commerzbank's covered bond Commerzbank's innovative new funding instrument marks the first time a covered bond-securitisation hybrid has been structured in the German market. IFLR spoke to the key firms involved to find out exactly how it was done
Finra signals end of class actions for brokers A landmark decision means brokerages can prohibit class action lawsuits by their customers. Here's what the market thinks of the new precedent
Singapore working committee reveals IPO regulation trends The Singapore Exchange’s new working group to revise listing rules represents another Asia-Pacific jurisdiction tightening rules to protect retail investors in the equity capital markets
PT Davomas restructuring set to test OJK enforcement Indonesian cocoa producer PT Davomas in the course of its restructuring may be a test case for new regulator OJK's willingness to pursue enforcement actions
Transaction tax could close European trading desks The EU’s proposed financial transaction tax would be so disruptive to securities markets that it could render some FTT zone trading desks uneconomic
Portugal’s transformative privatisation unravelled The privatisation of ANA, a Portuguese airport concession company, has revealed the country’s ability to attract foreign investment notwithstanding its precipitous debt crisis
China outbound M&A to enter new phase Chinese outbound M&A is set to enter a new phase as markets drive down to include mid-cap, privately-owned enterprises and domestic renminbi fund portfolio companies. But this could cause execution and regulatory challenges
Protecting ChinaCo take-privates from US litigation Asian counsel frequently describe securities and class-action litigation as a deterrent to doing business in the US. Here’s how ChinaCos’ special committees can protect themselves from US disputes
Pro-labour competition policies take hold in Africa South Africa’s pro-employment merger review agenda is creeping to other parts of the continent. Global deals with African elements must be prepared for behavioural remedies that promote domestic employment
Asia M&A Forum: private equity key takeaways In case you missed day one of the IFLR Asia M&A Forum, here are the key takeaways from the panel titled How can private equity succeed in Asia?
IFLR Asia M&A Forum: India key takeaways In case you missed day one of the IFLR Asia M&A Forum, here are the key takeaways from the panel titled Completing in challenging jurisdictions: India
IFLR Asia M&A Forum: energy and resources key takeaways In case you missed day one of the IFLR Asia M&A Forum, here are the key takeaways from the panel titled What everyone is talking about: natural resources, energy and mining
IFLR Asia M&A Forum: public M&A key takeaways In case you missed day two of the IFLR Asia M&A Forum, here are the key takeaways from the panel titled Current developments in public M&A
IFLR Asia M&A Forum: acquisition finance key takeaways In case you missed day two of the IFLR Asia M&A Forum, here are the key takeaways from the acquisition finance panel
Clifford Chance, Freshfields shine at Asia Awards Clifford Chance won international law firm of the year last night at IFLR’s annual Asia Awards in Hong Kong. The firm was also involved on two winning deals as well as being shortlisted in all eight team of the year categories
The cost of compliance: due diligence issues in Asia M&A deals Target-related compliance issues have become increasingly important in Asian M&A deals as corporate counsel protect their most important asset - their company’s reputation
APAC acquisition financing: the alternative funding sources explained With the implementation of Basel III set to significantly curtail banks' ability to lend, lawyers in Asia-Pacific have outlined the alternative funding sources they expect to emerge in the region this year
Equity kickers expand in Brazil Financing sweeteners are being used in Brazil to encourage local borrowing by inbound investors, making Brazilian funding potentially more atrractive to foreign investors
What Nigerian project first reveals about South Africa's financing future The groundbreaking $1.2 billion financing of a Nigerian fertiliser project could mark the start of something big in Nigeria’s petrochemicals sectors, sparking a wave of similar projects
CFTC chairman outlines Libor alternatives Interbank lending rates may no longer be a suitable input for financial benchmarks, the US Commodity Futures Trading Commission (CFTC) chairman has said
Hong Kong Islamic finance push won’t challenge regional rivals HK's LegCo is considering a bill that will ease tax burdens on shariah-compliant products. But the city is unlikely to raise its profile as an Islamic finance centre
What's holding back UK private placements? Banks and lawyers are at odds with the UK Association of Corporate Treasurers' private placement working group over the principal barrier to domestic market growth.
ICMA: next steps to clarify EU debt framework The European Union’s patchwork of unfinished capital markets rules continues to complicate issuers’ efforts to structure new debt offerings
Volcker calls for faster rulemaking Former US Federal Reserve chairman Paul Volcker has called for a regulatory system with fewer regulators, faster rule implementation and better enforcement
Asia's cornerstone investors: the emerging market rules explained Cornerstone investors are essential to completing HK and Singapore IPOs. But they have yet to enter markets such as Indonesia, the Philippines, Thailand and Vietnam
Identifying South Africa’s hidden business risks The Black Economic Empowerment (BEE) initiative may not be a legal requirement, but it is one of the most important business requirements for potential investors into South Africa today. Here's why
Italy's anti-corruption and bribery laws explained Gianni, Origoni, Grippo, Cappelli & Partners' Emanuela Bertolli explains how the administrative liability of entities under Legislative Decree No. 231/2001 also applies to the crimes of bribery among private persons
Italian debt securities: the market opens up The Italian government has introduced a series of reforms aimed at encouraging economic growth, including a significant relaxation of legal and tax restrictions on the issuance of debt securities by Italian unlisted companies
F&N’s break fee that drives higher bids Fraser & Neave’s take-private marked the first time Singapore’s securities regulator used an auction to break a stalemate in a contested takeover, and used an innovative break fee structure
Morocco’s new securitisation law explained Morocco has fully revamped its securitisation law. Clifford Chance outlines how the changes could impact alternative financing for the real economy
Spain’s emerging banking sector The Spanish banking sector is undergoing a significant transformation. Consolidation, de-leveraging and shadow banking are creating new opportunities
The in-house view on closing deals in Africa Ahead of IFLR’s Africa Forum on May 14, Barclays’ Amol Prabhu, a panellist, revealed his predictions for the continent’s financing future
Poll: How should regulators protect retail investors? Vote now on IFLR's poll to determine which of the regulatory attempts to protect retail investors is likely to be most effective
Japan's proposed insider trading regulations explained Following 2012's insider trading scandals, market participants hope proposed insider trading regulations will bring domestic standards in line with international expectations
Vitro reorganisation prompts new clause in debt offerings The restructuring proceedings of Mexican glassmaker Vitro concluded with an unusual settlement agreement last week. Counsel have responded by clarifying the rights of creditor subsidiaries in new debt instruments
Why Chinese merger review takes so long Glencore – Xstrata is just the latest example of Mofcom's Anti-Monopoly Bureau delaying a merger approval review. But it’s crucial to consider its resources
New Italian rules for high-yield bonds Italy’s high yield bond rules aim to open the country’s debt markets. Here’s what prospective bondholders need to know about the new regime
Italy’s transaction tax: early lessons Italy has become the latest EU nation to introduce a financial transaction tax. But who do the rules apply to, and how will the tax will be levied?
Why Vietnam's bank FDI proposal falls short Vietnam's proposed bank reforms aim to increase flows of foreign investment into its troubled banking system. Here's why the impact of the suggested reforms is expected to be limited
India's banking sector reforms analysed RBI's final guidelines regarding the licensing of new banks will broaden the banking industry. But it is unclear who will take advantage of the rules
How banks can profit in the new mortgage market The mortgage loan market will be two-part, as lenders decide whether to prioritise higher yields or safe harbours following the implementation of new regulatory initiatives
Commerzbank’s SME covered bond The German bank’s hybrid debt instrument could revolutionise SME lending in Europe, and is a test case for securitising non-traditional assets
The big bang for Chinese asset management China’s asset management industry is seeing a drive towards expansion and unification. But will it benefit all parties?
IFLR-IPBA Asia M&A Forum highlights Chinese corporates have their eyes fixed on foreign targets. But this new phase of M&A comes with risks and challenges
The journey to ECM success As US and UK exchanges loosen listing rules, Asia is cracking the regulatory whip to improve market integrity. Which is the best approach for long-term success?
A call to protect Asia’s securities regulators are firmly focused on protecting retail investors. But there are limits to what they can achieve
What to expect from the UK’s new regulators What can the financial services industry expect from the new UK regulatory authorities?
Swiss foreign fund distribution: goodbye private placement! Distributors of foreign QIFs must soon adapt to the revised Swiss rules. Here’s what they need to do
Forum shopping: another sovereign debt dilemma Forum shopping in sovereign insolvency proceedings, including NML v Argentina, reveals the need for an international insolvency regime
How Emir will affect corporates Financial institutions are at the centre of Europe’s incoming OTC reforms. But corporates must prepare too. Here’s how
Coeur Défense: a final twist for creditor rights In the latest twist to the Cœur Défense case, a Versailles court has recognised creditors’ rights. The counsel who pleaded the case explains the rulings
The sustainability case under the Equator Principles In-house have a critical role in implementing the Equator Principles. Here’s how due diligence processes must converge with independent reviews
A judgement-based approach: the UK’s new playbook The UK FSA’s replacement authorities will take a new approach to enforcement. What should the financial services industry expect?
WTO: how membership has changed rules in Russia Alexander Nadmitov and Sergey Lapin of Nadmitov Ivanov and Partners describe the transformative first six months of Russia’s accession to the WTO
The interview: Encouraging growth Larry Bates, president of the American Chamber of Commerce in Japan, discusses its structural reform recommendations, the Trans-Pacific Partnership and foreign direct investment into Japan
Merger control: Why is competition law relevant to M&A? Paolo Palmigiano, head of competition law at Lloyds and non-governmental advisor to the Office of Fair Trading, outlines why competition law is increasingly becoming a make-or-break factor for M&A deals
Renewable energy: Taking advantage of the feed-in tariff regime Junichi Ikeda of Nagashima Ohno & Tsunematsu discusses the promotion of renewable energy through Japan’s feed-in tariff regime
South Korea: Beware of breaches Joon-Woo Lee and Sang-Hyun Ahn of Yoon & Yang explore South Korea’s still developing laws on breach of fiduciary duty in leveraged buyouts
Vietnam: A path to success Tuan Nguyen of bizconsult law unravels the complexities of investing in Vietnam’s fast-moving M&A market
Japan prepares for next phase of growth Larry Bates, president of the American Chamber of Commerce in Japan, discusses its structural reform recommendations, the Trans-Pacific Partnership and foreign direct investment into Japan
Challenges and opportunities in Japan’s bank sector Paul Hunter, secretary general of the International Bankers Association of Japan, shared his thoughts on Japan’s business environment, the newly-established Japan Financial Markets Council and global regulatory issues
Taking advantage of Japan’s feed-in tariff regime Junichi Ikeda of Nagashima Ohno & Tsunematsu discusses the promotion of renewable energy through Japan’s feed-in tariff regime
A class action system for Japan? Yoshinori Ono and Miki Fujita of Nishimura & Asahi explore the potential impact of the introduction of a class action litigation system
Japan’s new corporate governance considerations Takashi Toichi and Takeshi Fukatsu of Anderson Mori & Tomotsune examine recent revisions to the corporate governance regime in Japan
Japan’s minority shareholder cash-out procedures Asa Shinkawa, Hiroko Shibata and James Emerson of Nishimura & Asahi look at Japan’s streamlined minority shareholder cash-out procedures and protections
Buyer beware: new patent rights in Japan Kenji Tosaki of Nagashima Ohno & Tsunematsu examines a recent High Court opinion which should make it easier for foreign companies to recover damages against rights infringers in Japan
Japanese regulators’ latest administrative tools Akihisa Shiozaki and Peter Armstrong of Nagashima Ohno & Tsunematsu provide guidance on dealing with the increasingly popular administrative tools of the Japanese regulators
