Bill to amend Dodd-Frank passes Senate committee A bill to change parts of the law met strong opposition in a meeting on Thursday, but passed in 12 to 10 vote along political party lines
China’s futures market to internationalise Following the success of the Stock Connect, the country is now seeking more international participation – and influence – in the global futures markets
HK dark pool rules finally released The SFC has finally released its consultation conclusions for regulating alternative liquidity pools after a 15-month wait
China/HK mutual recognition of funds moves forward The CSRC and SFC have reached an agreement on Mainland – Hong Kong mutual recognition of funds
Chinese and Indian AT1s must evolve The write-down terms for AT1s are becoming standardised in Asia’s two largest jurisdictions, according to Fitch
A$ TLB first signals market shift The first Australian dollar term loan B tranche highlights the country’s superannuation funds’ search for yield
Poll: regulating cyber security IFLR is polling readers on how financial regulators should tackle cyber security risks. All votes and comments are anonymous
New Reg A will pre-empt IPO on-ramp The long-awaited finalisation of Regulation A offers another option for small companies in the US and Canada to step up slowly into the public market
UK’s first CPI-linked bond explained The 25-year £200 million bond is one of the first to be issued by a local authority in decades
Korea proposes lifting FDI caps The government is trying to attract more foreign investors by streamlining filing procedures and liberalising restricted sectors
Germany leads asset-backed finance revival A bespoke structured finance deal out of Germany last month suggests the resurrection of Europe’s securitisation market is well underway, and that it is diversifying away from the traditional ABS model
A-share lock-ups hinder PE exits China’s onshore IPO market is moving towards a registration-based system. But private equity professionals need reduced lock-ups if they are to exit onshore
African PE opportunities to grow Carolyn Campbell, managing director at Emerging Capital Partners, discusses how many of these challenges can be overcome with a local insight
LPs prefer China country funds Limited partners speaking at an industry conference have expressed a preference of country or sector focussed-general partners, noting their clearer value proposition
EC tougher than Mofcom on merger clearance A recent report by Linklaters reveals that merger control enforcement rates are higher in the EU than the US and China
Russia civil code changes diluted by court discretion Amendments took effect this week, introducing reps and warranties, indemnities and options into M&A practice. But meaningful change will have to wait until courts rule on the discretionary features of the changes
How China’s Bocom entered Brazil The bank’s purchase of Brazil’s Banco BBM will open up new lines of credit for businesses looking to expand in the struggling Latin American economy
EU bank structural reform delayed for years EU bank structural reform has been thrown into doubt after the European Parliament rejected the bill last week
GTECH-IGT tests EU Merger Directive The deal that created one of the world’s biggest gaming groups is the first to use the EU Cross-Border Merger Directive, and has drawn the US into Europe’s loyalty-based shares debate.
Kexim’s debut equity investment explained The ECA has made its first equity investment, providing both debt and equity financing to an Indonesian power project
Fitch’s boost for European covered bonds The limited impact of European bank downgrades on their covered bond ratings has improved morale in the market, which is suffering under the ECB’s bond buying programme
Americas Women in Business Law awards: 2015 winners The best female lawyers from across the Americas congregated at Essex House, New York last night to celebrate the fourth annual Americas Wibl awards
Asic warns banks to cooperate with BBSW investigation The chairman of Australia’s securities regulator on Wednesday warned banks they must stop delaying its benchmark manipulation investigations
EC and banks differ on CMU priorities A clearer regulatory distinction between market making and proprietary trading needs to be an early priority of the European Commission’s CMU policy initiative
ECAs to bridge Africa’s infrastructure gap The continent requires significant infrastructure investment. ECA participation will be vital to increase liquidity and mitigate credit risk
Flaws in EC’s Capital Markets Union messaging The green paper clearly has broad industry support, but some constructive criticisms are beginning to surface.
HK/China mutual recognition of funds: what’s needed before July 1 In four weeks, applications will open for one of the most important initiatives for opening China’s markets
RBA reveals BIS’s FX code plans: UPDATE A working group of central bankers is creating a code of conduct for the industry. The Reserve Bank of Australia assistant governor leading the initiative hopes it will provide clarity
NY bit-licensing regime raises compliance risks Antitrust provisions in the first US bit-licensing regime could be serious pitfalls to companies in the fledgling industry.
Australian intercreditors must adapt to US cov-lite The agreements are evolving as companies tapping the term loan B and US high-yield markets change their capital structures
Garuda Indonesia’s corporate sukuk first explained Garuda Airlines became the first Indonesian corporate issuer to tap the international Islamic finance market last month. More deals are expected
UK data protection investigations foreshadow greater regulatory scrutiny The country's lenders have seen the number of data protection investigations spike in the past year. And the area will receive more attention as the EU implements its reforms
ISDAFix scandal: guilty as charged Elborne Mitchell's Ned Swan explains why Barclays’ recent penalty for manipulating the benchmark will be the first of many imposed on the banking sector
Mifid II technical standards decided ‘in weeks’ Esma has had heated debates over the rules' transparency requirements according to its chair, Steven Maijoor
Regulators still don’t understand repo European bankers are frustrated over regulators’ inability to understand and regulate repo without further eroding liquidity in the wholesale market
Bahrain Reits rules launch to mixed demand New rules mean that Reits are expected to appear on the Bahrain Bourse in July, but gauging demand for them is tricky
Mexico to introduce MLPs The Mexican stock exchange is working on a product similar to the US master limited partnership. The first issuance are expected by the end of the year
Should stockholder desires rule? In this latest instalment of Corporate Governance Quarterly, K&L Gates' David Bernstein explains why a corporation shouldn’t have to abandon business objectives solely in order to create short term stock gains
FEMR recommendations: the market responds Extension of the senior managers regime to non-banks and regulation of spot FX are the biggest changes under the UK’s Fair and Effective Markets Review, which has been praised by London lawyers for its minimal overlap with other reforms
Delaware improves cross-border arbitration The recently enacted Delaware Rapid Arbitration Act (DRAA) gives companies the ability to select a traditional arbitration process, shortening the time to reach a final decision and cutting costs for both sides
EC’s say-on-pay proposal is flawed While there are problems surrounding executive pay, proposed changes to the EU Shareholder Rights Directive aren't necessarily the solution
DoJ plans clearer rules for cooperation credit The US Department of Justice is looking to distinguish more clearly the benefits of self-reporting fraud versus cooperating after regulators step in
FCA’s Bethell defends competition market studies At an IFLR roundtable, the Financial Conduct Authority’s competition manager has defended the increased depth and frequency of the UK regulator’s market studies
Fitch warns on China auto ABS standards The rating agency has cautioned against deteriorating standards for high ratings in asset-backed securitisations in the country
Troubled Asian companies seek acquisitions An AlixPartners survey released this week has revealed that the vast majority of restructuring professionals in the Asia Pacific believe that doing more acquisitions is a successful restructuring strategy
ISDS and TTIP: why all the fuss? Last week’s delay of the European Parliament’s vote on the US-EU trade pact has created new impetus to debunk myths surrounding its most contentious provision – investor-state dispute settlement
India doubles down on analyst disclosures Cyril Amarchand Mangaldas's Ganesh Rao, Pallabi Ghosaland Ramola Nayanpally explain why the industry is still grappling with the extraterritorial reach of rules released last September
UK financial competition study receives mixed response The Financial Conduct Authority’s terms of reference for its latest market study have been met with a mixed response from market participants
Bocom ownership reforms won’t affect government support China’s Bank of Communications has become the country’s first SOE bank to announce a mixed ownership reform plan
Why tier 3 isn't the answer to TLAC The introduction of TLAC has caused some jurisdictions to consider tier 3 instruments. But issuers and investors would prefer more tier 2s
Institutional investors eye P2P lending platforms A new study has found that institutional investors are increasingly considering investing in peer-to-peer loans
Europe Women in Business Law Awards: 2015 winners The best female lawyers from across the continent congregated at the Grosvenor House Hotel last night. The full list of winners is here
HK AML crackdown could stifle fintech growth The HKMA's plans to crack down on money laundering could have a negative effect on the city-state’s financial technology industry
HK to consult further on dual class shares The HKEx has today announced its conclusions to its consultation paper on weighted voting rights. It will release a second stage consultation later this year
UK’s senior managers regime tipped for global standard The UK’s new approach to corporate governance has been welcomed by market participants, who expect it to be adopted worldwide, if successful
Volcker relief for foreign public funds A clarification will make it easier for banks with US operations to maintain these funds. It was released just over a month before the ban on proprietary trading comes into force
Hong Kong’s wakala first explained The government’s second Islamic bond has tested investor appetite for intangible underlying assets. Here's how it was structured
Cov-lites’ German growth dampens optimism An increasingly borrower-led market has resulted in less favourable terms for banks in the country – and a decline in volumes
Banks must adapt as RMB reforms quicken Banks and corporates must quickly adapt to the continuing internationalisation of the renminbi according to speakers at the release of a report on the currency
Basel interest rate proposal splits opinion While a universal standard would level the playing field, differing market conditions across jurisdictions must be taken into account
Canada proposes simplified disclosure for ETFs The country's regulator has published a request for comment on proposals for exchange-traded funds to issue summary disclosures
US ruling upholds RMBS statute of limitation A New York Court of Appeals ruling has drawn a line under breach of contract securities litigation stemming from the US housing crisis
Korea’s legislative covered bond first analysed Kookmin Bank’s launching of the first programme under Korea’s Covered Bond Act could open the market to other banks from the country
Take-private HK IPO could start trend The IPO of biotechnology company 3SBio is the first from the most recent wave of US-listed Chinese companies that had delisted. There may be more
SME covered bond needs regulatory buy-in A proposed new instrument presents a promising opportunity of applying covered bond technology to medium-sized enterprises' loans
Swap loan saves Theatre Hospitals CMBS One of Europe’s most complex commercial mortgage-backed securities restructures has closed thanks to an innovative swap term loan
Rio Tinto resolution and dim sum first mark Mongolia turning point Last month’s resolution of the government’s dispute with Rio Tinto and a dim sum sovereign offering may be a turning point in Mongolia’s fortunes
T2S platform met with cautious optimism Europe's new settlement platform launched this week. But market participants say it’s no silver bullet
US senator pushes for MLP extension A bi-partisan group of US senators is looking to expand master limited partnerships to renewable energy projects
Why funds have shunned general solicitation US regulators have lifted the ban on general solicitation by funds, but market uncertainty has stalled its use. Marianne Hudson from the Angel Capital Association addresses the leading concerns
RadioShack’s bankruptcy saga After selling its best asset, the electronics retail chain enters liquidation
Activism breaks into Germany Shareholder activists are gaining significant influence over the country’s listed companies. But it’s happening behind closed doors. Patrick Nordhues of Seitz analyses how
Inside China: ABS’s bright, if uncertain future Despite deregulation, the asset class has received a lukewarm reception from the market. Here’s what is holding it back, and how to unleash its potential
CMA, FCA roundtable on competition in UK finance Representatives from the CMA and FCA discussed the market's changing competition landscape at a recent IFLR roundtable, hosted by Shearman & Sterling. Here are the highlights
Private equity: a force for good for financial institutions? Regulators are becoming more open to private equity investing in financial institutions. But as Freshfields' David Higgins, Sarah-Jane Mulryan and Emma Rachmaninov explain, successful investments require navigation of the complex regulatory landscape
US rule of law blocks trump China A global survey has revealed that foreign investors are more likely to encounter rule of law issues in the US than China
M&A needs more human rights diligence Both strategic and financial investors must carry out human rights due diligence to mitigate litigation and reputational risk
Juncker Plan hinges on procurement improvement Local government procurement processes and financing know-how must improve if the Efsi is to mobilise €315 billion of infrastructure investment
BOC OBOR bond streamlines issuance for Chinese banks Bank of China’s bond has been denominated in four currencies, divided into ten tranches and issued out of five branches. It highlighted the benefits of coordination
Why MLP introduction won't stop yieldco use Yieldcos will remain a popular vehicle for renewable energy companies even if they are allowed to form master limited partnerships, according to market participants
US P3's tenuous balance Both public-private partnerships and tax-exempt financing have the potential to improve US infrastructure. Pillsbury's Richard Epling, Peter Baumgaertner and Matthew Oliver explain why it’s difficult to benefit from both
Inside Kuwait’s murabaha securitisation first The deal was one of Kuwait’s first sharia-compliant securitisations of leasing portfolios, and will act as a model for future transactions
UK senior managers regime to inspire HK The Financial Conduct Authority’s new rules are expected to inspire copycat regulations in other markets. But banks will have to work through implementation issues first
Poll: how to revive European securitisation This month's poll asks what is needed to revive the ailing market. Vote now on IFLR's homepage
Islamic lenders face uphill battle in Morocco The country's first shariah-compliant bank is expected to open later this year, but market participants are divided over the country’s potential in this space
Singapore covered bond first explained DBS has become the first bank to sell a covered bond under Singapore’s Covered Bond Act, despite a lack of clarity over how to create or define the product under the new rules
UK banks drive EU ringfencing draft law changes The revised bill responds to lenders’ concerns by allowing member states to adopt their own laws in this area
Turkey’s Gebze project financing explained A record-breaking project financing illustrates domestic lender appetite for future infrastructure projects in the country
Singapore regulator backs fintech solutions A Monetary Authority of Singapore executive has revealed a raft of measures to support the city-state as a financial technology centre, pulling it ahead of its competitors in the region
Asia must prepare for Basel IV The Basel Committee has turned its attention to how banks calculate credit risk in an initiative that’s been deemed Basel IV
POLL: banks need global cybersecurity standards The increasing number of data breaches has led to the growing promise of regulation. But national authorities need a benchmark
Deal of the Month: Theatre Hospitals CMBS restructure Conversion of an out-of-the-money interest rate hedge into a super senior swap term loan sets a significant precedent for distressed securitisation
ICMA annual conference highlights Repo and the Capital Markets Union dominated debate at last month’s industry event. Here are the highlights
Side letters rewrite PE fundraising rules More customised fundraising and increased regulation has led to longer, and highly negotiated side letters. Here are the six areas limited partners must focus on
Abenomics’ boost for offshore funds The country’s monetary policy and new corporate governance code will change its funds industry. Matt Roberts of Harney Westwood & Riegels explains how
Colombia: Promoting infrastructure finance Colombia's government continues to foster infrastructure development by reforming the investment regime of pension funds and insurance companies
Costa Rica: Diversifying the insurance market In July 2008, the Insurance Market Regulation Law (LRMS) broke the monopoly that existed in Costa Rica for more than 80 years, which allowed only one state company to carry out the country´s insurance operations
Cyprus: Standards for insolvency specialists The Insolvency Practitioners Law, 64(I) of 2015 was published in the official gazette on May 7 2015
Egypt: Post-revolution FDI initiatives Egypt has become a magnet to foreign investment. It boasts numerous advantages: a strategic location; low labour costs; and moderate weather and tourism
Indonesia: New freight forwarding rules On April 16 2015, the Ministry of Transportation of Indonesia issued Regulation 74 to replace Regulation 10 of the 1988 on freight forwarding business
Japan: Corporate Governance Code On June 1 2015, the Tokyo Stock Exchange (TSE) adopted the Japanese Corporate Governance Code
Malaysia: Promoting arbitration The Malaysian Courts have recently delivered a number of decisions which take a non-interventionist approach in dealing with arbitration agreements and arbitration decisions
Panama: Game changer for real estate The World Bank has projected a 6.1% GDP growth for Panama during 2015, placing the strategically-located Central American Republic ahead of major regional economies such as Brazil, Mexico, and Chile
Peru: Is merger control the future? A couple of months ago, the debate on the control of mergers and acquisitions sparked into life again
Philippines: Foreign investment negative list The Philippine Foreign Investments Act provides for the formulation of a regular foreign investment negative list (FINL) covering investment areas or activities that are open to non-Philippine investors
Qatar: Directors’ duties in an LLC Law 5 of 2002 as amended (Companies Law) sets out the statutory duties and liabilities of a manager (equivalent to the term director in other jurisdictions) in a limited liability company (LLC)
Slovak Republic: Stricter controls over waste The new act on waste, which will enter into force on January 1 2016, introduces changes that will primarily affect manufacturing and manufacturers as producers of waste
Spain: Swap agreement case law The Spanish Supreme Court rulings of January 8 and January 9 2013 put the discussion on the classification of claims arising from swap agreements to sleep for a while
Switzerland: New reporting obligations The Swiss parliament passed into law last December the Act on the implementation of the Financial Action Task Force's Recommendations (FATF Implementation Act)
Turkey: Understanding standard T&Cs The provisions of template agreements drafted by one party for use in multiple transactions are known as standard terms and conditions
US: Negative interest rate consequences Over the last few months, the financial press has been filled with reports of negative interest rates
Vietnam: Changes to prudential ratios The State of Bank of Vietnam (SBV) issued Circular 36/2014/TT-NHNN (Circular 36) regulating prudential ratios and limits in banking operations, effective from February 1 2015
Europe Wibl award highlights Euromoney Legal Media Group’s fifth annual European Women in Business Law awards were held at Grosvenor House, London on June 18
