EXPERTS: a foreign investor’s guide to Mozambique As Mozambique searches for funds to fuel its LNG plans, foreign investors are facing up to the challenges of its complex regulatory environment
Repsol/Argentina settlement improves FDI morale The settlement reached between Repsol and Argentina’s government over expropriated shares of local subsidiary YPF has changed the paradigm for negotiations and payments in similar situations
New governance rules challenge Indian listcos Stricter related party rules and director requirements under Sebi’s revised listing agreement will create new challenges for the country’s public companies
EU renminbi bond first highlights hub competition Bank of China’s (BOC) Luxembourg-listed renminbi bond – the first in the country by a Chinese issuer – has further spurred competition to be the currency’s European hub
POLL: attracting India FDI Following India’s decisive election results, what reforms are needed to convince investors that it is open for business? Vote now
IN-HOUSE: how to mitigate political risk in Africa As Africa’s growth story accelerates to record levels, knowing how to tackle the challenges of working on the continent has gained renewed significance
IFLR’s definitive guide to project bonds IFLR has been tracking the asset class’s global development since it returned to the market in 2011. This list of news and deal highlights will be regularly updated, to reflect the latest developments
A guide to the Libor scandal and benchmark reform Barclays' June 2012 settlement with regulators over Libor manipulation allegations threw it and other benchmarks into turmoil. The latest IFLR coverage on the ramifications are available here
Myanmar licensing rules spark local bank concern As foreign banks await Myanmar's new licensing regime, weaknesses in the local finance system must also be addressed
REGULATORS: structuring Egypt’s first ETF The launch of a new investment vehicle in Egypt signals that the country is once again open for business
SFC: Three ways the regulator is focusing on disclosure Hong Kong’s regulator is looking more closely at listed companies’ disclosure, says Michael Duignan, senior director of its corporate finance division
Investors want regulators to curb HY bubble The majority of European credit investors want regulators to help stop the region’s high-yield markets from becoming a bubble, according toFitch Ratings’ survey results released yesterday
First PACE ABS offers lower risk green investment The first securitisations of property assessed clean energy bonds have opened a lower risk alternative for funding energy efficient property developments
Onshore restrictions limit China guarantee scheme impact China’s new rules for domestic companies selling offshore bonds will benefit issuers, but credit enhancement structures will remain crucial
A guide to the rise of shadow banking Shadow banking. Alternative credit providers. Direct lending. Call it what you will, funding by non-traditional lenders has increased as quickly as post-crisis reforms reined in banks’ ability to provide credit. Here is IFLR's guide to the latest developments
Asic urges caution over confidential information A new report by the Australian regulator has highlighted concerns over disclosure of material information
Why one-size-fits all securitisation reform won’t work With many rules not yet finalised, regulators in the Europe and US should reconsider their approach to policing securitisation markets, according to Melissa D Beck of Morrison & Foerster
Novacap HY debuts new way out of safeguard The French company has completed a financing first that gives French sponsors a new way to avoid safeguard proceedings
Sarulla precedent to heat up Indonesian geothermal A rare Indonesian power project is set to spark renewed interest in the country's geothermal sector. Here's why
ADB helps reform Myanmar’s Companies Act IFLR can reveal how Myanmar’s century-old Companies Act will modernise with the assistance of the Asian Development Bank's technical assistance programme
Litigation best way to prevent Sifi designation Asset managers are the latest financial entity to be targeted for Sifi designation. But they are also the best placed to contest a decision via the courts
IFC to revamp African corporate governance Roman Zyla, head of the IFC's new African Corporate Governance Programme, reveals an ambitious agenda to improve practices across the continent
PE renaissance confronts new funding challenges European private equity funds are looking forward to a standout year, but freely available debt and large amounts of dry powder are leading to intensified competition for new deals
Europe's ABS principles positive but flawed High-level proposals to resurrect the securitisation market are well intentioned but flawed, according to lawyers working in the sector
US to toughen up on leveraged lending rules US regulators are preparing to align enforcement policies for leveraged lending guidelines to address claims of discrepancies between the regulators
RBI loosens offshore structured products restrictions India’s banking regulator has allowed domestic banks’ offshore branches in global financial centres to sell structured products that are banned onshore. But the onshore market remains closed
Maijoor: board intervention is strongest supervisory tool Intervening at board level and removing board members involved in poor conduct and poorly designed financial products is a regulator’s most effective supervisory tool, according to the chair of the European Securities and Markets Authority
Maijoor: Esma needs more data, market feedback The Esma chairman has pleaded for more feedback and data from market participants, following the release of Mifid II’s level 1 consultation last month
Maijoor: Mifid II liquidity easier to recognise than define Esma's chairman has admitted that the regulator is still grappling with definitions of what instruments should be defined as illiquid or liquid
Americas Women in Business Law Awards: 2014 winners The best female lawyers from across the continent congregated at Essex House in New York last night to celebrate Euromoney Legal Media Group's third annual Americas Women in Business Law Awards
Uruguay’s new banking law could cost market Uruguay's new financial inclusion law could raise both costs and risk for banks in the country. Here's how
Afme: the priorities for solving too big to fail With Europe’s policy-makers staking a large amount of political capital on their ability to sort out bank resolution, Afme has identified the key areas still in need of attention
Euromoney Legal Media Group Australasia Women in Business Law Awards 2014 – Shortlist announced Euromoney Legal Media Group is delighted to announce the nominees for the individual practice areas and firm awards
Investors grow comfortable with Asia regulatory capital risk Asian investors are becoming more confident in local regulators’ ability to determine the point of non-viability for banks’ regulatory capital
Auditors deserve comfort letter protections Issuers in unregistered securities offerings deserve the benefit of an auditor’s comfort letter. Cadwalader Wickersham & Taft partner David Neuville explains why counsel should start pressing the point
SocGen: the future of covered bonds Ralf Grossmann, the bank’s head of covered bond origination, on the importance of high standards, the future of aircraft bonds and more
Asifma comfort letter initiative to speed up HK deals Asifma is drafting an umbrella agreement to supplement Hong Kong’s comfort letter standard. It should speed up negotiations
ATS equity rules shine light on dark pools A new rule that requires alternative trading systems to disclose equity trading volumes will increase transparency for investors
Sebi enforcement highlight market sounding concerns Sebi's enforcement action against a Hong Kong hedge fund has emphasised its focus on insider trading and international reach
US general solicitation rules create overseas deal confusion The SEC's general solicitation have mean here are currently more restrictions to sell outside the US than inside the country
Esma HFT proposals spark market backlash The European Securities and Markets Authority’s proposals for defining high frequency trading have prompted concern among industry participants
Investors: curb your enthusiasm over S&P ruling An Australian ruling on the first rating agency to be found negligent for its rating of poor-performing structured products may not convince foreign courts of the existence of a duty of care
FCC/DoJ to use Comcast, AT&T deals to set rules The Comcast/Time Warner Cable and AT&T/DirecTV deals will benefit from being considered by competition authorities at the same time. And regulators could use the deals to set rules that won't be passed by Congress
Fitch: Most Asian governments to support failing banks Fitch Ratings analysts have predicted that nearly all Asian jurisdictions will support their failing financial institutions
The ISDAFix scandal: injured investors Swaps benchmark ISDAFix impacts markets twice the size of Libor. It's problems could have massive ramifications for those implicated and investors, and warrant greater attention
Reforms needed to revive Italian project finance Orrick’s Raul Ricozzi and Francesca Isgrò explain what must change before investors and sponsors can gain the benefit of project bond technology
Inversions: structuring your move Corporate inversions out of the US continue to gather pace. Arthur Cox's Maura McLaughlin and Conor Hurley explain what a company must consider when choosing a transaction structure
China private equity needs new strategies Private equity houses can no longer rely on China’s growth rate for investment success. They must find companies with better business models
Limited partners: PE must diversify exit routes Private equity limited partners have called for the return of exits in China
Canadian hostile defence options grow Proposals under review by the Canadian Securities Administrators could expand boards’ tactics when facing hostile takeover bids. Directors’ growing willingness to engage with activists is already helping head off some possible fights
Islamic fund furthers HK hub ambitions RHB Asset Managementhas introduced Hong Kong’s first Shariah-compliant, actively managed Islamic balanced fund. It marks an important step in the development of the city-state’s Islamic finance market
Fears over APAC enforcement contagion risks Boards are prioritising regulatory risks in the Asia Pacific. That focus is likely to increase as Asian regulators enforce their regime more actively
SFC: financial institutions must focus on ethics The SFC's James Shipton has announced that the regulator will pay closer attention to banks’ culture and decision-making structures
Russia's infrastructure options revealed Funding and commissioning structures used in Italy and the US could help Russia raise the $1.2 trillion it needs to reach its 2020 infrastructure goal
Federal judge: lessons from US bankruptcy A US bankruptcy judge has shared his insights on the recent evolution of the country’s highly-regarded business reorganisation regime
Tips: when M&A gets hostile As global M&A volumes continue to rise, the topic of both defending against hostile bids and disputing post-close have become the subject of fierce debate
Europe Women in Business Law Awards: 2014 winners The full list of winners from last night's ceremony in London's Hilton Hotel on Park Lane
St. Petersburg International Legal Forum: highlights IFLR is in St. Petersburg, covering the city's International Legal Forum. Here are the week's Daily News issues from the event
Stress test changes strain bank capital plans Proposed changes to US stress testing rules will force banks to be more cautious in their capital plan review and stress tests. Here's why
India bank resolution framework hits legislative hurdles India recently released its recommendations for bank resolution. But it’s unclear whether there is the political will to carry out the reforms
Deutsche Bank: SME covered bonds analysed Deutsche Bank’s head of European covered bond and agency research explains why covered bonds will remain on banks’ radar
Can rental securitisation revive US housing? Political concern and misunderstandings could threaten the budding US rental securitisation industry before it has a chance to take off
Rakoff revisited: how he changed SEC settlement policies The US district court judge lost his battle against the SEC’s settlement policy, but he may have won the war. Here, a former SEC commissioner explains why
US private equity lowers the velvet rope Firms are facing hurdles in the race to tap the retail investor market. Debevoise & Plimpton’s Erica Berthou, Jordan Murray and Evan Neu analyse the challenges
Chile’s insolvency reforms proceed with caution Cleary Gottlieb Steen & Hamilton's Richard Cooper, Adam Brenneman and Jessica McBride analyse the new statute and explain why lawmakers have not overcome their scepticism of in-court reorganisations
NZ’s first statutory covered bond Westpac New Zealand’s covered bond was the first under the country’s covered bond legislation. More statutory deals are expected soon
RMB depreciation may spark derivatives disputes Exotic derivatives products that corporates used to hedge against renminbi appreciation may backfire as the currency depreciates. If the RMB continues to fall, disputes will follow
Hudbay/Augusta sets Canadian poison pill precedent Hudbay Minerals’ hostile takeover of Augusta Resource Corporation reveals the rapid progression of defensive tactics in Canada
S&P ruling: are CRA concerns justified? Investors may have been buoyed by a ruling that creates new liabilities for rating agencies. Herbert Smith Freehills' Harry Edwards explains why litigation in EU courts could have a very different outcome
IFLR’s guide to Asian frontier markets Our Asian frontier markets coverage analyses legal developments and risks as well as innovative deal structures. Here's an extensive collection of the key jurisdictions
SCOTUS challenges fraud-on-the-market theory A US Supreme Court ruling last Monday gives defendants in securities litigation a new tool to challenge class certification. But failure to prevent that certification could lead to a stronger case against them
Asifma guidelines hope to soften PB rebate criticism Asifma has released its suggested model form on disclosing rebates to private banks in bond offerings
More detail on UK pre-packs needed Recommendations aimed at cleaning up the negative image of pre-pack administrations have been met with scepticism from key industry participants.
UK sukuk first explained The UK's trailblazing sukuk developed an innovative structure, setting a benchmark that is hoped will inspire the country's corporates to tap the lucrative shariah market
How to regulate the cloud Jeff Bullwinkel, Microsoft's director of legal for the Asia Pacific, explains why a complance benchmark would help assure firms that they can adopt the cloud without flouting the region’s maze of regulations
Sanctions clauses in Russian syndicated loans Linklaters' Michael Bott and Ryan Ayrton analyse the new clauses that are helping bank syndicates navigate sanctions' impact complex financial instruments
How Basel III impacts ECA-backed project finance Commercial bank activity in project finance has hit hurdles under Basel III. But the new regulations are also affecting the appeal of ECA debt
Leveraged lending partnerships raise market concerns Partnerships between banks and business development companies are offering a financing solution for US firms. But the trend has caught regulators' attention
POLL: how to bolster India FDI What reforms must PM Narendra Modi prioritise to kick-start the investment cycle
Deal of the month: UK sukuk The first sukuk issued by a non-Muslim country bolsters London’s plan Islamic finance hub plans
Inside China: overhauling investment fund rules A disjointed regulatory framework has hampered efforts to oversee private investment funds. Here are the lessons that must inform the next round of rulemaking
What threatens Europe's M&A celebrations Dealmaking is bouncing back, driven by sustainable and strategic transactions. But the new risks inherent in large-cap deals could rain on Europe's M&A parade
Mexico's new Fibra rules assessed Recent rules are intended to pave the way for Mexico’s fast-moving Fibra sector. How will this new direction affect the market?
Lessons from the CFIUS trenches A former CFIUS representative explains the realities of filing with the body. Applicants should treat the process like a confession, not a deposition
Financing the Third Bosphorus Bridge Deal counsel explain why the funding of a railway and highway across the Bosphorus gives Turkish project finance cause for optimism
