New bankruptcy law could clarify China’s shadow bank dilemma China’s government might not allow its banks to default until it finalises its bankruptcy regulations for financial institutions
POLL: the next offshore RMB hub After Hong Kong, which city has the most potential as an offshore RMB hub? Vote now
Comesa competition watchdog: new rules imminent The competition regime for Comesa has been the target of numerous criticisms over its first 13 months. But a senior figure at the regulator has told IFLR that it is taking swift action to resolve its teething problems
IFLR Asia M&A Forum: Day 1 highlights The key takeways from the first day of IFLR's Asia M&A Forum in Hong Kong
Allen & Overy triumphs at IFLR Asia Awards Allen & Overy won international law firm of the year last night at IFLR’s annual Asia Awards in Hong Kong. Read the full list of winners here
IFLR Asia M&A Forum: Day 2 highlights The key takeaways from the final day of IFLR's Asia M&A Forum in Hong Kong
China private equity enters new phase Chinese private equity has evolved, and funds are now more involved in the mid-cap and large-cap spaces. Here's what to expect
Tender offers mitigate ChinaCo take-private risks A recent change to US takeover rules is expected make tender offers more advantageous to Delaware-incorporated US-listed ChinaCos, creating new take-private options
New Argentinian law further restricts FDI The Supreme Court of Argentina's decision to uphold the 2009 Broadcast Media Law will force the country’s largest media companies to restructure their businesses
Morrocan PPPs' next generation A draft law promises to revamp the country's public-private partnership regime. Gide Loyrette Nouel's Mariam Rouissi analyses the funding opportunities that will follow
2014: the year of AT1 Bank capital investors and issuers should prepare for a busy 10 months, as some of Europe’s biggest market players tip 2014 as the year regulatory capital comes of age
How Moody’s may change CoCo ratings A senior representative of Moody’s has confirmed that the agency is reviewing its approach to rating new regulatory capital structures
Necessity is the mother of CoCo invention European banks intend to standardise their bond issuances, prioritising consistency over innovation in regulatory capital securities
New-style asset managers to dominate AT1 The core investor base for Additional Tier 1 has shifted over the past 10 months, signalling the asset class’s maturation
New rule could make UK a CoCo tax hub New UK regulations enshrining the tax deductibility of Additional Tier 1 debt could pave the way for other EU countries to issue out of London
Why Macs don’t matter in Asian M&A Material adverse change clauses are becoming more common in Asian M&A. But as long as enforceability remains a question, it’s unclear whether the deal protection will take off in the region
What prudential rules mean for foreign banks in US The final version of section 165 of Dodd-Frank creates a fundamental change in how foreign banks do business in the US. Here's why
US prudential rules to change Asian banks’ expansion plans Banks in Asia may be forced to re-evaluate their growth strategies following the latest reforms from the US
Subsidiarisation: the next risk to financial stability Market participants have warned that plans to increase host country supervision over foreign banks could hamper recovery and resolution efforts
How UK-first project bond solved negative carry A Scottish roads project financing could solve the problem of negative carry that has long blocked the infrastructure sector’s funding streams
What makes an asset manager’s dream destination A global survey of 200 asset managers has revealed their priorities when choosing European fund domiciles, with some surprising results
Hong Kong IPO marks China take-private first Hong Kong has seen the first initial public offering (IPO) of a US-listed Chinese company that had previously privatised. More deals are set to follow
IFLR Merger Control Survey 2014: the e-book In partnership with Linklaters, IFLR has launched its global Merger Control Survey to clarify regulatory and market developments affecting competition clearance in emerging and developed economies around the world
Considerations for Foreign Banks Financing in the United States e-book: 2014 Update All the chapters from Morrison & Foerster's Considerations for Foreign Banks Financing in the US (2014 Update) are available to view in e-book format
Israel HY debut unlocks new European funding tool B Communications has issued the first internationally marketed high-yield bond to be listed on the Tel Aviv stock exchange. The bonds' unique covenant package could open the high-yield market to new companies throughout Europe
Indian regulations limit offshore rupee bonds The IFC has issued nearly $500 million in offshore rupee bonds. But domestic regulations continue to restrict the market’s development
Liberty Global’s HY pushes Chilean innovation Liberty Global’s high-yield offering and debt restructuring that reorganises its Chilean holding, VTR Financial has employed an innovative stand-alone credit pool
Hong Kong’s cornerstone strategy shift to US IPOs US IPOs of Chinese companies now include arrangements similar to HK's cornerstone investors. But the approach won’t necessarily work in the US
How to comply with Senior Managers regime The incoming UK framework increases the accountability of individuals at the top of financial services firms. Harry Edwards of Herbert Smith Freehills assesses the regulators’ and market’s key considerations under the new rules
Ohada reforms improve PE flexibility, certainty Statutory amendments taking effect in May give investment funds greater scope when investing in the African region. These are the soon-to-be-available structuring tools
Ukraine expands US loan guarantee programme The US has proposed a $1 billion loan guarantee programme for Ukraine. Arnold & Porter's Steven Tepper explains why this marks a significant expansion of the government's foreign assistance tool
Details delay Mexico energy liberalisation The constitutional amendment that opened Mexico’s nationalised energy industries late last year can’t be utilised until laws are enacted that will allow for private investment in the oil, gas and electricity industries
Bank of Spain approves first PE bank takeover Apollo has become the first private equity firm to takeover a Spanish bank, revealing the Bank of Spain’s new regulatory attitude towards financial sponsors as bank owners
Warrnambool takeover tests Australian regulations Canadian dairy company Saputo’s takeover of Australia’s Warrnambool Cheese & Butter closed last month after a lengthy process that tested Australian competition and takeover regulations
Nationwide’s Additional Tier 1 trailblazer: deal terms unpicked Nationwide today became the first building society to structure a sterling AT1 bond. The deal is expected to set a template for non- joint stock banks
How regulations are reshaping LatAm banking As regulations force US and European banks to focus on core business lines, local firms in Latin America are finding a new role in the market
EU insolvency rules: where do we stand now? Recent progress in proposals to amend the European Insolvency Regulation could change how debt restructurings are carried out in the region
Aviva swap builds momentum for longevity bonds Aviva’s £5 billion swap dispensed of an external intermediary and has sparked others to find new ways to de-risk pension schemes’ longevity risk
Russian reforms permit new securitisation structures An incoming ABS law introduces bankruptcy remote SPVs, note trustees and other concepts needed to create modern deal structures
More courts to recognise jurisdiction clauses Hogan Lovells' Alex Sciannaca and Giles Hutt analyse the steps being taken by the US and EU to implement the global convention on choice of law agreements
Chile’s startup exchange takes hybrid approach A new stock exchange geared towards startups is set to open in Chile in this summer. It should help the country achieve its goal of becoming a regional hub for startups, and offers a model to be exported to other jurisdictions
French reforms improve creditor rights The final version of France’s new insolvency law is a watered down version of the original proposal, but it still greatly enhances creditor rights
Will UK banks qualify for a derogation under Liikanen? Mayer Brown's Alexandria Carr compares recent proposals to improve the resilience of EU credit institutions and the UK's Financial Services (Banking Reform Act) 2013
UBS stabilisation explained UBS’s purchase of StabFund from Swiss National Bank ended the stabilisation transaction it launched in 2008. Here’s what it means for Swiss banks
Opinion: impact of the FDIC Libor suit assessed The US regulator's investigation into the rate-rigging scandal poses difficult questions for jurisdictions around the world. University of New South Wales' Professor Justin O'Brien explains why
Asia’s Basel III Tier 2 bond evolution continues Recent Tier 2 offerings prove that Asia’s regulatory capital market is growing, but the evolution of write-down features depends on local regulations
POLL: improving London’s equity markets IFLR's latest poll is live. Vote now on what needs to change in order to improve London's equity markets
Indonesia free float rules jeopardised by regulatory gap Indonesia’s new free float requirement is intended to boost market liquidity, but regulators may be unable to enforce penalties against non-complying companies
Inside China: fragmented regulatory oversight to end? An incoming legislative amendment could force China to reconsider its fragmented system of financial markets oversight
HK lawyers call for cornerstone regulation The success of IPOs often hinges on the cornerstone investors involved. But standards are slipping and the HKEx must intervene
Poll: the next offshore RMB hub Cities around the world are looking to replicate Hong Kong’s success as an offshore RMB hub. Here are the top contenders
Deal of the Month: Warrnambool takeover The public auction of the Australian diary company saw local and foreign bidders use regulatory processes to win board votes and stall competitors
Asia M&A Forum highlights Investment opportunities continue to increase. But uncertainties surrounding deal processes and risk mitigants are ever-present challenges
CoCos' stars have finally aligned European bank capital will come of age this year. Regulatory and market developments have combined to create long-awaited optimism around the asset class
CFTC extends proposed relief for EU MTFs On March 21 the Commission extended the US regulatory relief granted to EU multilateral trading facilities until May 14, and announced imminent modifications to its proposed regime for Qualifying MTFs
Merger management in Macau João Nuno Riquito and Bruno Almeida of Riquito Advogados navigate the network of interests and rules that arise in cross-border mergers involving Macau
UBS's stabilisation deal assessed UBS’s purchase of StabFund from Swiss National Bank ended the stabilisation transaction it launched in 2008. Here’s what it means for the country’s banks
