Isda: margin rules for uncleared swaps need more time Banks should have longer to implement margin requirements on uncleared swaps
Asia-Pacific equivalence prompts European OTC optimism The EC's equivalency decisions for Australia, Hong Kong, Japan and Singapore’s central CCP regulatory regimes is a positive move for the region
Funds target shipping despite restructures Private equity and hedge funds are increasingly looking to shipping investments. But the sector has seen a number of restructurings over the past five years, and the area remains legally challenging
Philippines wind farm first to spark renewables The Burgos wind farm is the first of its kind to reach financial close in the jurisdiction. Here's how it was done
Lender consents: caveat underwriter? Indian issuers are selling securities without consulting their lenders. Herbert Smith Freehills' Siddhartha Sivaramakrishnan and Gareth Deiner explain it may make underwriters liable for tort
Poll: Does Basel III go far enough? As the Basel Committee on Banking Supervision announces its final major Basel III reform, IFLR's poll asks whether the capital requirements will prevent another crisis
ICAV: Ireland’s new fund vehicle explained Matheson's Anne-Marie Bohan explains why the Irish Collective Asset-Management Vehicle is set to become the instrument of choice for Irish investment funds
77% European companies expect activism spike A report commissioned by Schulte Roth & Zabel is the latest evidence that Europe is set for a boom in activist investment
TLAC proposal raises concerns ahead of Brisbane meeting Market participants believe the FSB's proposals for total loss absorbing capacity are well-intended, but question whether banks will be able to implement it
Research for IFLR’s European awards begins Submission forms and instructions for the 2015 awards process are now available
UK Investor Forum: no room for activists The new UK Investor Forum will take a targeted and pragmatic approach to collective engagement, with a focus on large companies with a diverse shareholder base. And activists won’t have a seat at the table
SFC’s Alder: global firms need regulatory cooperation Ashley Alder has outlined intentions to form a college of Asian regulators to supervise global financial institutions
EC: Cooperation needed on cross-border CCP resolution A senior EC executive has called for regulators to work together on central counterparty resolution – and do it soon.
India and Indonesia regulators limit HY supply The countries are expected to drive Asia’s high-yield market, but local regulations may limit offerings to quality issuers
Project bonds in Asia: still challenging A lack of appropriate projects and shallow domestic capital markets have hindered the usefulness of project bonds in the region
Is FICC review based on pragmatism or politics? Opinion is divided on whether the BoE-led Fair and Effective Markets Review is driven by policy, or a belief that more needs to be done to improve market discipline
Renewable energy’s financing future A combination of securitisation and yieldco structures are the way forward for financing renewable energy projects in the US
China onshore guarantee must be tested China now permits onshore guarantees for bonds intended to expand issuers’ offshore operations. But uncertainty surrounds their subordination
Why TLAC may challenge Asian banks The FSB has released its consultation paper on total loss-absorbing capacity. But Asian banks face implementation challenges
Sponsor-driven HY to grow in Asia Sponsors are expected to become more active in Asian high-yield as the region’s capital markets develop
Why the PRA prefers subsidiaries for retail businesses Despite encouraging subsidarisation of offices catering to retail customers, the UK Prudential Regulatory Authority does not expect a material change in the number of branches
Germany’s clarification of AT1 tax rules Germany's April clarification of its tax treatment of additional tier 1 issues was welcomed. But not all instruments are covered
Inside Abu Dhabi’s plans to build a finance hub Many are questioning how Abu Dhabi plans to turn its dream of creating a financial free zone into a reality that can rival regional incumbent Dubai
Why an EU-US trade partnership matters The Atlantic Council’s Chris Brummer explains why the organisation is a firm supporter of the T-TIP, and how recent political developments are impacting negotiations
Revealed: SEC’s 2015 priorities The regulator will aim to finalise the securities swaps rules, address market structure and release the final version of Reg SCI
Asian market indecisive over term loan Bs Sponsors in the region are increasingly turning to the structure to refinance – or even finance – acquisitions. But they're not suitable for everyone
Asia’s developing repo markets spark collateral questions Repo markets in Asia are growing. But collateral in the region must be permitted to move across borders
Islamic finance platform’s success opens doors for Dubai The success of Nasdaq Dubai’s launch of a platform for murabaha trading marks another step forward in Dubai’s ambition to be the centre of the global Islamic economy
Euromoney Legal Media Group Asia Women in Business Law Awards 2014: Winners announced The best female lawyers from across the region, gathered at the JW Marriott in Hong Kong on November 13 to celebrate women in the legal profession at the fourth Euromoney Legal Media Group Asia Women in Business Law Awards
Why transparency is cure for market structure Regulators will continue to address structural issues in the fixed income and equity markets by increasing transparency and data disclosures
Bank of China’s AT1 preference shares explained The offering proved the depth of Asia’s capital markets but its innovative structure has also set a precedent for the rest of the industry
How transparency is boosting European PP Transparency and private placement may seem strange bedfellows. But reconciling the concepts could spur growth in the pan-European market
The case for green bond premiums The treasurer of KfW has called on investors and intermediaries – including law firms – to accept lower yields and fees on green bonds
Do investors want to vote? This instalment of Corporate Governance Quarterly asks whether shareholders are interested in anything more than the bottom line
Lessons from Punch Taverns restructure Three years of acrimonious negotiations needed to restructure Punch Taverns could have been shortened if the UK made use of some French insolvency concepts, deal counsel have said
Concern grows over liquid alt risks The number of managers who have moved from hedge fund to mutual fund management since the financial crisis is raising concern among regulators about risk management and disclosures
Asian managers may hesitate on AIFMD passporting Esma's consultation on passporting under the Alternative Investment Fund Managers Directive may have a limited effect on Asian fund managers
Asia’s TLAC questions revealed Concerns remain about how the FSB's total loss-absorbing capacity proposal will be implemented in Asia, where major centres still lack resolution regimes
HK short seller attacks prompt due diligence focus Short sellers and a number of incidents on IPO information suggest that more thorough pre-deal diligence is needed
Indonesia’s new hedging rules explained Bank Indonesia’s requirements for borrowers of foreign currency-denominated debt will impact corporate access to offshore financing
INTERVIEW: France AMF’s Guillaume Eliet The regulator provides long-awaited clarification on high-frequency trading regime and explains why promoting cultural change is rulemakers' next big challenge.
EXCLUSIVE: French HFT rules won’t clash with MiFID II The stock market watchdog has confirmed it will not implement regulations on high-frequency trading that would clash with Europe-wide rules
TLAC for G-SIBs: The first step The concept behind the FSB TLAC propsal appears simple and intuitively correct. But regulators face significant challenges in converting it into a concrete framework
Indonesia Miga guarantee first explained The hydropower plant financing is the first to incorporate a multilateral investment guarantee agency since the Asian financial crisis in 1997
Hearing addresses NY Fed’s “cultural problems” US senators have grilled the president of the Federal Reserve Bank of New York about the regulator’s enforcement record
SFC reveals next offshore RMB hotspots Australia is set to be the next developed country to get permission to use the renminbi qualified foreign institutional investor programme
How Shanghai - HK Stock Connect can improve After a slow first week, several key changes could improve the performance of the long-awaited Shanghai-Hong Kong Stock Connect
Emerging market mezzanine: an untapped opportunity Misconceptions about the risks and structuring possibilities associated with the asset class are limiting investors’ ability to tap lucrative opportunities
Silver linings for CEE's restructuring push The political crisis embroiling Russia and Ukraine has created new opportunities for foreign and local banks in the region. Mayer Brown's Mayank Gupta and Trevor Wood analyse the areas to watch
Indian high yield first to build deal pipeline Indiabulls has become the first Indian real estate company to tap the high yield market. The deal included a rare parent company guarantee
Reforms won’t solve bond allocation frustrations Buyside frustrations with European corporate bond allocations will not be solved by regulators’ suggestions to create a fairer and more structured process
Vietnam’s ICMA CAC first explained Vietnam’s first foray into the international markets since 2010 included a rare switch tender and the ICMA's new model collective action clause
Bookrunners: how many are too many? The large number of passive bookrunners appearing on European bond offerings has been queried by market veterans
Trade-at will distort tick size pilot The inclusion of a trade-at provision in the SEC's tick size pilot programme could prevent the study from gathering the very data it is seeking
Global M&A’s biggest threat revealed European companies competing in the global M&A market believe increasingly tight antitrust regimes are the biggest hurdle facing international dealmakers, according to a new report by Paul Hastings
Stock Connect: China's beneficial ownership questions explained Beneficial ownership issues have hampered Ucits’ ability to invest through the Stock Connect. But Asifma's Eugenie Shen explains that the real issue may be enforcement
Sovereign debt’s statutory solution A multilateral legal framework for restructuring sovereign debt has been put back on the table. Steven Schwarcz explains why, despite objections, it could be the best suggestion yet
Structured products regulations gain traction It’s been a watershed year for structured product reforms. Attention has now turned to how the patchwork of regulations will interact
Inside China: challenges for muni bonds Can the new breed of municipal bonds refinance local governments’ non-performing debts?
EXCLUSIVE: Giuliani opposes corporate criminality The former New York mayor and federal prosecutor known for his unflinching approach to law enforcement has criticised the concept of corporate criminality and believes intent should be a necessary element of a crime
Detroit’s bankruptcy saga comes to end The biggest US city to declare insolvency will officially exit bankruptcy on December 8. Its use of Chapter 9 of the Bankruptcy Code made the deal similar to both a sovereign and corporate restructure
Rare Tokyo takeover highlights scheme solution The acquisition of a Tokyo-listed UK company required rare regulatory cooperation. It also demonstrated the flexibility of UK schemes of arrangement
Asifma warns on Indonesia’s hedging rules Bank Indonesia rules requiring corporates to hedge their external commercial borrowings need more clarity, according to Asifma
RBI limits overseas debt structures The country's regulator has limited structures available to Indian high-yield issuers, causing uncertainty among recent issuances
Cyberdyne’s dual-class IPO Koji Toshima of Mori Hamada & Matsumoto analyses the groundbreaking Japanese listing and its effect on the TSE’s listing rules
Deposit guarantee schemes: is your company protected? New European directives expand the entities protected by deposit guarantee schemes. Taking Germany as an example, Linklaters' Antje-Irina Kurz and Marcel Gromm explain how the changes represent a significant shift
Will the Global Infrastructure Hub make a difference? The G20 has proposed a network linking various project finance initiatives and market players. Andrew Briggs, who contributed to the G20 summit publications, explains what will determine its success
BBA: the leverage ratio explained The British Bankers’ Association explains its stance on the emergence of different regulatory responses to the leverage ratio
Wholesale markets and the limits of regulation The Fair and Effective Market Review has laudable objectives. But as Freshfields' Michael Raffan and Joanna Benjamin explain, history reveals the limits to regulating wholesale markets
How Australia’s Murray Report changes reg-cap Australia’s treasurer has released its long-awaited Financial System Inquiry Report. It could change the way banks in the country manage regulatory capital
Murray Report clarifies stance on bail-in-able capital The report seems to have endorsed bail-in-able capital in principle, but with some qualifications
Pakistan sovereign sukuk signals Islamic finance shift The $1 billion deal signals the growing importance of Islamic finance for Muslim-majority countries
Poll: Will Basel III prevent another crisis? The last major regulatory reform under Basel III has been announced. But will the measures prevent another crisis?
Deal of the month: Detroit bankruptcy The city’s use of Chapter 9 of the Bankruptcy Code made the deal similar to both a sovereign and corporate restructure
Isda's O'Malia: CFTC rules need reassessing Six months after becoming chief of the global OTC trade body, Scott O’Malia discusses his plans for the cross-border derivative market
Asifma conference highlights The Association's annual conference last month saw influential rulemakers clarify their positions on TLAC, cross-border cooperation and RMB internationalisation
Can e-trading revive secondary bond liquidity? Electronic platforms could save corporate bond trading from a liquidity drought. But will they usurp banks?
The case for the TTIP The Atlantic Council’s Chris Brummer explains why the organisation is a firm supporter of the Transatlantic Trade and Investment Partnership, and how recent political developments are impacting negotiations
The EAC Double Taxation Treaty explained Birungyi Barata & Associates discuss what the East African Community Double Taxation Agreement means for raising capital and investment in the region
M&A annual review M&A is back with a bang. As always, IFLR1000’s annual rankings identify the law firms that are shaping the markets to watch
