Do government bonds benefit from sovereign immunity? State issuers often include carve outs from their waiver of sovereign immunity. But Clifford Chance’s Robert Trefny explains it's not clear whether the law supports such protections
Reasons to be optimistic about the Stock Connect The Stock Connect has been subject to significant scrutiny about the lack of trading volume. But market participants believe critics should focus on the scheme's longer-term implications
HK – Shanghai Stock Connect’s future revealed The programme officially opened on November 17. But the exchanges involved are already contemplating the link’s evolution
Chinese bonds: credit enhancement evolves Chinese companies can now use onshore assets to guarantee bonds if proceeds are used offshore. But credit enhancement structures will develop as long as issuers plan to remit cash onshore
CCP stress test plan faces implementation hurdles Isda's call for mandatory stress tests for clearing houses has been greeted with scepticism by some market participants
In-house: how to gain CMA merger approval Companies seeking merger approval from the new UK Competition and Markets Authority must prepare for a time-consuming process, with early involvement from competition counsel
How to combat cartels Timing and discretion are crucial when conducting investigations into potential cartel offences, delegates at this week’s IFLR’s Competition Law Forum were told
SEC enters technology regulation New SEC rules on the regulation of technology will impact both trading venues and clearing agencies, but also the market makers that interact with them
How to improve HK listco corporate governance Better disclosure and more transparent board selection would help improve corporate governance in Asia’s capital markets, according to industry participants
Member states rush over BRRD deadline EU members are required to transpose the BRRD into local law by January 1. With less than a month to go Germany is the only country that has taken all the necessary steps already
Geopolitical risks taint loan market optimism Nearly one third of Loan Market Association members believe economic and geopolitical risks will be the biggest influence on the syndicated loan market in 2015
Risk retention force new CLO structure The US market is considering new structures even as money managers battle their inclusion in risk retention rules
POLL: Which restructuring scheme? As US and UK restructuring regimes battle for supremacy, this month's IFLR poll asks which is the preferred destination for troubled companies
2014 Bank capital report: Sweden Annika Walin and Michela Hallberg Westin of Cederquist summarise the country's treatment of regulatory capital for financial institutions
AsiaCos must prepare for whistleblowers A majority of managers at multinational companies in Hong Kong have or would consider whistleblowing, a survey by Freshfields Bruckhaus Deringer has revealed
Australia climate bond first explained National Australia Bank’s A$300 million certified climate bond is the first green bond from an Australian financial institution. It is also the world’s first bank bond to be certified as a climate bond
LDK Solar’s ChinaCo restructuring lessons The Chinese company's US Bankruptcy Court-approved prepack completed last week. It serves valuable lessons for other ChinaCos looking to restructure offshore debt
No end to municipalities’ power in ChinaCo bankruptcies Onshore ChinaCo bankruptcies will continue to prioritise social stability and local interests over more esoteric financial concerns such as capital structures, according to a report by Fitch Ratings
SFC enforcement signals individual focus The regulator's enforcement action against an employee at ICBCI Securities highlights its focus on the behaviour of senior management
NPL sales, governance to revamp Italian banking The country's poor performance in the EU-wide stress tests – combined with recent fraud probes into bank management – has sector-wide ramifications that will continue into next year
ADB loan pushes Myanmar financing forward The Asian Development Bank's $100 million loan to build out connectivity infrastructure in Myanmar shows how multilaterals can get comfortable in the frontier market
Canadian reforms to make poison pills redundant The latest version of a proposal to change the country's shareholder rights regime could render poison pills irrelevant
Chile adopts Basel III under international pressure The country's banking regulator has announced that the country, which never took up Basel II, will implement parts of Basel III in an effort meet the demands of international financial bodies
ICBC’s triple-tranche AT1 analysed The Chinese bank's preference shares offering included a number of firsts, including filing requirements and foreign exchange risk
Is Peru’s insolvency system ready for foreign creditors? As its economy begins to cool, Cleary Gottlieb's Richard Cooper and Adam Brenneman assess the position of those with exposure in the Andean nation
Panama Reits expected in 2015 Government steps to improve legislation has led to anticipation that the first international public real estate investment trust is imminent
LMA explains new PP documentation The launch of template documents for European private placements marks a key step forward in channeling non-bank funding to the region’s corporates
SFC consultation clarifies regulatory cooperation The regulator's consultation on supervisory assistance to overseas regulators has highlighted its commitment to collaboration
Esma’s Mifid II consultation: key changes Trade transparency requirements, the definition of systematic internalisers and the regulation of high-frequency trading are all up for consultation
Dodd-Frank webinar: a recap and what's next Morrison & Foerster counsel and ING's Gary Kalbaugh analysed the four-year-old law's progress and what implementation points remain unreseloved
How receivership saved London’s Gherkin building London’s iconic building has bid farewell to five years of woe thanks to a multi-jurisdictional receivership and distressed sale
The new era of equity governance in Japan Yoshihiro Tanaka of Asuka Corporate Advisory and Yosuke Mitsusada of Asuka Asset Management outline the symptoms of equity governance changes taking place in Japan
UK takeover shake-up marks new era for bidders Changes to the UK Takeover Code taking effect on January 12 create a strict new regime that requires bidders to think carefully about the promises they make when pursuing a target
Inside China: FDI changes in the pipeline The long-awaited changes promise to create a more evolved business environment for foreign participants
Challenges for OTC mandatory reporting in Japan Clifford Chance’s Francis Edwards, Terry Yang and Yasuyuki Takayami explain why the global requirement can clash with local confidentiality obligations
Kaisa could spark terms changes A Shenzhen-based property developer's default has drawn attention to the nuances of cross-default clauses in loans, bonds and derivatives
Sliding oil prices’ impact on reserve-based lending As explained by Herbert Smith Freehills’ Thomas Bethel, the drop in oil prices has significant consequences for the debt financing of independent upstream exploration and production companies
Takeover Code’s new regime for statements and undertakings A new UK framework designed to hold parties to their promises means care must be taken before making statements in the course of a takeover battle
NPL resolution in CESEE gains traction Non-performing loans are a serious obstacle to the region’s economic recovery. Freshfields’ Agnes Molnar analyses the local and cross-country initiatives that promise to find value in these bad assets
Revised securitisation framework: one rule two results Mayer Brown’s Kevin Hawken, Carol Hitselberger and Jason Kravitt explain why the revised securitisation framework will affect EU and US banks differently
Emergency laws alone won’t save Russia’s banks Russia’s emergency legislation is not enough to save the country from a financial crisis in 2015, according to senior lawyers
Why Fitch will downgrade a third of Europe’s banks in 2015 The agency's managing director for banks has spoken out about its plan to downgrade 30% of Europe’s banks this year
Why Chinese fund managers should look to Luxembourg Arendt & Medernach's Alexander Olliges, Stéphane Karolczuk and Anne-Laure Giraudeau explain why the Grand Duchy may prove a stepping stone for Chinese fund managers
HKEx proposes volatility control mechanism The Hong Kong Stock Exchange (HKEx) has announced a consultation on introducing a volatility control mechanism as part of its market structure reforms
New opportunities for US banks in Cuba The US has eased trade and travel restrictions on Cuba, opening up new opportunities for financial institutions
Kaisa stress: bondholders’ counsel seeks transparency The near-default of the Chinese property developer has caused onshore creditors to freeze the company’s assets. Lawyers for offshore bondholders are urging more transparency
Regulating repo: reconciling differences in the EU Norton Rose Fulbright partners Nigel Dickinson and Daniel Franks, and associate Charlotte Brown explain the key distinctions between European institutions' plans to regulate securities lending and repo transactions
Industry bodies fear MiFID II’s Asia impact Industry associations fear that Esma's far-reaching reforms could have unintended consequences for the region's capital markets
European regulators defend global regulatory reforms European regulators have refuted allegations that too much regulation has impeded global growth
Fitch: European funding trends in 2015 Post-crisis regulation will continue to drive structural changes in funding across Europe in 2015, according to the rating agency
Mifid II: one step closer to a common rulebook? Akin Gump's Christopher Leonard, Ezra Zahabi and Chris Poon on how Esma’s long-awaited technical advice on the directive moves the EU one step closer to a single regulatory framework
Americas awards 2015: shortlist revealed The deal and team nominees for this year's ceremony have been announced
Sovereign bond clauses grow in popularity The new breed of sovereign bonds to combat the perceived rise in power of holdouts in sovereign restructurings is growing in popularity
RBI exit shift could boost India private equity Recommendations on policies affecting international investor exits could change India’s FDI landscape. Private equity may especially benefit
CFTC non-US exemption programme needs clarity New staff letters suggest the early stages of an exemptive programme for non-US clearinghouses, offering flexibility to foreign houses
Poll: the world’s best restructuring regime Results suggest the UK has toppled the US as the bankruptcy and reorganisation hub of choice
Deal of the Month: London’s Gherkin sale The city’s skyline remains intact thanks to a cleverly crafted distressed sale
Asia Capital Markets Forum highlights Hong Kong and Shanghai captured speakers’ imagination at the 10th annual Asia Capital Markets Forum
How Africa must manage its eurobond risks Sub-Saharan sovereigns’ dollar-bond borrowings have spiked. But with macroeconomic conditions worsening, what will stop the build-up of risks in the nascent market?
