Singapore carve-out may change Asia bank resolution The city-state's new bail-in regime contains an exemption of senior notes that could set a precedent for the rest of the region
Moody’s: sub debt to fulfill Asian TLAC requirements Asian market participants have been second-guessing the types of capital the region’s banks will raise to comply with the FSB's upcoming TLAC requirement
Market welcomes EBA advice on securitisation Suggestions include reducing risk weight floors for bank investors and beneficial regulatory treatment for qualifying securitisations
Saudi Arabia’s first Basel III AT1 sukuk explained Balancing Basel III requirements with shariah principles presented a significant challenge
Canadian IIs boosted by wrapper removal Investors could have more options to buy private securities, following the release of a rule to remove the disclosure wrapper foreign issuers must provide in offerings
Oz IPO opens new fundraising route for co-ops The IPO of a wholly-owned subsidiary of Australian dairy co-operative Murray Goulburn, has expanded fundraising options for agribusinesses
China’s A-share support heightens contagion risk The government’s support of its equities markets following a precipitous drop has exposed increasing risk in its financial system
China take-private wave continues despite A-share crash A number of US-listed Chinese companies have announced plans to delist, driven by record highs in the A-share markets and new regulatory initiatives
Vietnam builds hopes on FDI reforms A flurry of changes to the foreign investment regime is hoped to ease the path for potential market entrants
Singapore codifies F&N takeover precedent Amendments to the Takeover Code follow recent UK and Hong Kong changes. They also clarify processes established during the contested takeover of Fraser and Neave
UAE companies reform fails to deliver The new legislation lacks clarity and doesn’t address the Gulf state’s hottest corporate topic: foreign direct ownership
Kuwaiti banks oppose US-style insolvency law The reform could drastically improve the country’s competitiveness as an investment destination. But banks want something better suited to local conditions
US M&A is back The first half of 2015 has seen activity reach highs not seen since 2007. The catalyst is a combination of unique post-crisis trends.
Creditors win under Italian bankruptcy reforms Parliament is expected to approve the introduction of local schemes of arrangement and competing plans in restructuring proceedings
China insurance reg cap first explained China Life has sold the first bonds under C-ROSS, the country’s version of Solvency II. Its structure could set a precedent for PRC hybrid instruments
CFTC takes aim at unguaranteed accounts An effort to avoid regulatory arbitrage in uncleared swap margin regulation may force banks to change course on plans to de-guarantee foreign subsidiaries
Local MENA banks exploiting regulatory burden As the world’s biggest banks scale back on their international operations, smaller, local institutions are expanding to fill the void, according to a study
Volcker day one: clarity still needed The new regime comes into effect Tuesday. Banks have had 18 months to prepare, but uncertainties remain around several aspects of the rule
How Myanmar forex measures could impact projects The central bank has reacted to concerns about the falling kyat-to-dollar exchange rate in the country, but its actions could complicate matters for infrastructure projects
Myanmar banking regulations explained IMF warns Myanmar about private lending levels, as the country takes slow steps towards meeting global banking standards
China cybersecurity law to increase bank scrutiny Data protection and cybersecurity are growing increasingly important to regulators in China. Lenders and their service providers could face additional approvals for their systems
Apra presses banks on global standards The Australian Prudential Regulatory Authority has warned banks that they need to raise more capital as well as hiking mortgage risk ratings for the biggest lenders
What Basel’s risk weightings mean for project finance ECAs and other guarantee providers will become even more important when Basel’s proposals on how banks calculate credit exposure are implemented
US cov-lites creep into European mid-market The European loan market is undergoing a US-style makeover due to bank reforms and a host of alternative financing options
US takes first AML action against Chinese bank The Federal Reserve Bank of New York and NYDFS have announced an enforcement action against China Construction Bank for AML violations
Delinking high yield from debt walls European counsel are speculating over the source of high-yield dealflow this coming cycle. Opinion is divided, and the debate has revived the wall-of-debt concept
M&A pipeline tests HY portability Investors may have reason to be concerned by the inclusion of portability clauses in European high-yield documentation
Zain Iraq’s IPO defies the odds Despite outdated regulation, limited oversight and a challenging political environment, the telecoms provider has finally gone public
Fannie to sell actual loss risk transfer notes The GSE is preparing to follow its counterpart, Freddie Mac, by issuing a new risk sharing bond as early as the fourth quarter of this year
The Bank Recovery and Resolution Directive in Spain The new Spanish BRRD transposition introduces the bail-in tool, clarifies the role of the regulators and paves the way for tier 3 instruments
What Apra’s new risk weights mean for RMBS The Australian Prudential Regulatory Authority has announced a 25% risk weighting for residential mortgages. It’s unclear what this means for the country’s thriving RMBS market
FCA believes conduct is top of bank agendas The regulator's chairman and chief executive have credited UK banks for prioritising the conduct of senior staff, ahead of the introduction of the senior managers regime
Dominican Republic passes new insolvency law A bill approved by the national congress last Tuesday will see the establishment of new bankruptcy courts and a new system for restructures
AOL/Verizon appraisal litigation assessed The deal closed in just 42 days. It followed 12 months of speculation that the AOL was a prime takeover target, yet the merger has still raised valuation concerns
Torm adopts English law to access SOA The Danish shipping company is the latest European corporate to make use of an English scheme of arrangement. The deal clears nearly two-thirds of its debt
Ucits seek new ETF share class Reforms have driven Europe's record ETF volumes. And asset managers are now trying to issue exchange-traded share classes from existing Ucits platforms
India backtracks on consolidated investment caps Streamlining separate caps for foreign institutional investors and foreign direct investors will boost the country's financial markets infrastructure. But the rumoured exclusion of the banking sector would negate much the reform's impact
Astana Finance’s six-year restructure explained The Kazakh firm's $2 billion restructure was complicated by the fact it wasn't a systemically important financial institution when it defaulted in 2009
Funds will be first to enter Iran The robust Tehran Stock Exchange may be foreign investors’ best option for entering the country, following the anticipated removal of financial and trade sanctions from next year
Brazil's infra model to grow local bond markets The country plans to diversify project financing sources with a system that balances national development bank loans with domestic debt offerings
APAC comes up to speed on FMI resolution The Committee on Payments and Market Infrastructures and Iosco are beginning Level 3 assessments for compliance with their principles for financial markets infrastructures. Asian regulators should take note
Siemens-Dresser-Rand phase 2 review unnecessary It’s one of the first three-to-two mergers to receive unconditional clearance from the EC. But some say it should have come easier
Banks will hesitate to enter Iran The removal of sanctions against the country is expected to commence next year, and will benefit local lenders almost immediately
China begins internet finance clampdown The guidelines, jointly issued by 10 regulators in July, were the first to address the growing sector. But each regulator must now issue its own rules
Asia’s fragmentation drives fintech innovation Differing market features and regulations across the region’s twenty-plus countries as an important opportunity for startups
Basel’s standardised approach heightens systemic risk Homogenous risk models under Basel III could cause the next financial crisis, according to a report by the London School of Economics
Questions linger over Iran’s buyback changes The Iranian government is revamping its oil and gas concessions to lure foreign developers ahead of the anticipated lifting of sanctions next year
FSB delays asset manager G-Sifi designations On Friday the Financial Stability Board said it would wait until it finishes ts work on risks from asset management
Exchange-traded derivatives launch in Vietnam Decree 42, which took effect last month, establishes futures and options where the underlying assets are listed shares, bonds and units
No room for discretion in IPO prospectuses The return of European IPOs has highlighted the differences between UK and US prospectus practices
A-share insider definition proves problematic Chinese regulators’ drastic measures following recent equity volatility have eroded international investor trust. Its sale restrictions may also hit fund managers’ bottom line
Bitcoin tech could boost trade efficiency US exchanges’ adoption of blockchain software, used by the original crytocurrency, to facilitate and track trades could enhance speed and transparency in the securities market
Panda bonds prioritised for IMF recognition of RMB An IMF staff report released on Monday has highlighted the importance of the ‘freely usable’ criteria in its review of the renminbi. Kickstarting the panda bond market is crucial to meeting these requirements
Fannie and Freddie step towards union The issuance of a common security by the GSEs could be a move towards their combination, and could spark other much-needed RMBS reforms
Fragmentation stunts Nigerian capital markets The UK’s Emerging Capital Markets Taskforce has identified inconsistent regulation, lack of integrity and high trading costs as factors hindering the growth of Nigerian capital markets
High hopes for Africa’s first RMB clearing bank A new renminbi clearing bank in Johannesburg is set to reduce trading costs and boost PRC investment across the continent
SEC’s pay ratio rule offers flexibility The Securities and Exchange Commission’s final rule for disclosing the pay ratio between CEOs and their median employee gives companies significant leeway in a calculation that some claim offers investors little useful information
Esma’s AIFMD advice disappoints Asia’s fund centres The European Securities and Markets Authority issued advice on non-EU passporting late last month. Its assessment of Hong Kong and Singapore was not encouraging
AIFMD passports endanger national PP regimes The introduction of a non-EU passport could remove national private placement regimes as an option for non-EU fund managers looking to market in the region
Oman close to finalising new takeover code The legislation is aimed at bringing the regime into closer alignment with western jurisdictions. But some claim it doesn’t reflect local market conditions
Bitcoin becoming Argentina’s FX alternative Argentines are turning to virtual currency transactions to circumvent the government-imposed foreign exchange rate
HKEx bets on hedging amid yuan depreciation The onshore currency's recent depreciation could be a boon for the Hong Kong Exchanges Group’s push into fixed income, currencies and commodities, said CEO Charles Li
Shenzhen–HK Stock Connect awaits regulatory approval The second connection between Hong Kong and China’s equity markets is ready internally, HKEx's CEO has confirmed. But it’s still in the regulatory pipeline.
POLL: filling Africa’s infrastructure gap Vote now on this month's quick poll which asks what should be prioritised in plugging sub-Saharan Africa's $50 billion annual infrastructure deficit
Necessity is the mother of Brazilian O&G change The country’s petroleum industry is struggling under burdensome regulation, corruption allegations and depressed prices. Despite opposition, market conditions could force reforms
Asic warns on poor culture The Australian Securities and Investments Commission plans to follow the efforts by the US and UK in focussing on culture within financial firms, said its chairman Greg Medcraft
UK to clarify limited partner engagement Limited partners’ ability to engage in management has been a thorny issue. Hogan Lovells' Erik Jamieson and Amelia Stawpert explain why this may soon change
Inside China: first public Reit An innovative deal has connected real-estate investment trusts to public funds for the first time. But there are structural challenges to the asset class fully taking off
Chinese developers seek onshore bonds The country's real-estate developers have been among the most prominent Asian issuers in the US dollar bond market. But yuan depreciation and market conditions have lured them onshore
How to resolve a troubled Greek bank There's been much speculation over how to deal with a struggling lender from the country. Gerry Kounadis of the Greek National Resolution Authority explains what is – and isn’t – legally possible
What is the prognosis for the repo market? Post-crisis regulations continue to target repos. Given their vital role in wholesale markets, other bank businesses will be hit. ICMA's Andy Hill explains why
Mexico's hydrocarbon auction rules stifle participation Underwhelming results from the first round may be attributable to high levels of transparency and strict adherence to rules
Yieldcos could fund Asia’s renewables drive Asia’s project bonds market has been slow to take off, as domestic banks continue projects lending. But another capital markets product may be more successful
Eiopa’s choices on infrastructure risk The outcome of a recent could make or break a new source of liquidity for European projects. Norton Rose Fulbright's Bob Haken explains why
A rocky road ahead for EU bank structural reform Ringfencing proposals face an uncertain future. Morrison & Foerster's Jeremy Jennings-Mares explains why
What’s damaging secondary bond liquidity A PricewaterhouseCoopers report has revealed the primary causes of illiquidity in global fixed income markets. The cumulative impact of post-crisis regulations is a major culprit
S$ bonds' covenant evolution The proliferation of private banks has made the Singapore-dollar debt capital markets an attractive destination for foreign issuers. But a flurry of lower credits could be changing its composition
CFTC issues first derivatives clearing exemption The US Commodity Futures Trading Commission has issued its first exemption from registration as a derivatives clearing organisation (DCO) to Australia's ASX Clear
Brazil’s new listing standards for SOEs BM&FBovespa is preparing to reshape its rules for listed companies under government control, with the goal of offering investors more clarity
Cambodian equities face an uncertain future Four years have passed since the Cambodian Securities Exchange opened. Despite its few listings, market participants remain optimistic
POLL: saving EU securitisation European banks need liquidity, and ABS – with a few tweaks – can provide it. Here’s how to revive the ailing market
Deal of the month: China reg cap first An inaugural issuance of tier 2 bonds has revealed widely-held confidence in the budding asset class. It also creates a structure for others to replicate
Iran’s nuclear pact: what happens next? A recently-agreed sanctions deal could reconnect the Middle East’s second biggest economy with the global financial system. But it needs private sector buy-in
Latin America quarterly – Q2 2015 Anti-corruption initiatives and liberalised energy sectors have improved investment prospects. Recent deals reveal which changes are the most effective
US, UK inspire Middle East reforms Moves to bring local regimes in line with western frameworks have received a lukewarm response
Jonathan Faull on building a capital market The European Commission’s Jonathan Faull has been the driving force behind its Capital Markets Union. Here he discusses the initiative, how to fix securitisation and why regulatory silos aren’t a European problem
Volatility drives German ECM innovation Equity capital market participants have developed innovative transaction structures to shorten the time to market. Skadden's Stephan Hutter and Katja Kaulamo explain why more are on the horizon
Colombia: Market access reforms A Resolution was passed last July in an effort to transform market access for local and foreign companies willing to list their securities on the Colombian Stock Exchange and the Securities Trading System for Foreign Securities
Cyprus: A fairer tax regime The Cyprus government recently announced a number of tax incentives aimed at encouraging economic activity and attracting inward direct investment
Egypt: Back on the investment map? The new legislative reforms in Egypt are taking place against a backdrop of debate over the Investment Law, that took place in conjunction with the Egypt Economic Development Conference (EEDC) held in Sharm El Sheikh last March
Guatemala: Financial stability amid elections Guatemalans are just a few weeks away from heading to the polls to participate in the country's general elections (presidential, congress and municipal)
Indonesia: Foreign manpower regulations On June 29 2015, the Minister of Manpower of the Republic of Indonesia issued a new regulation on the procedures of employing foreign manpower
Ireland: New licence regime On July 8 2015, the Consumer Protection (Regulation of Credit Servicing) Act 2015 was enacted into Irish law
Japan: The future of turnarounds In Japan, out-of-court methods are available for restructuring debts owed by corporate debtors, a procedure referred to as alternative dispute resolution turnaround (ADRT)
Macau: Diversifying external trade The Legislative Assembly of Macau is analysing the proposal to amend the External Trade Law (Law 7/2003 of June 23 2015)
Malaysia: Updating the takeovers code In July 2015, the Capital Market and Services (Amendment) Bill 2015 was passed to amend the Capital Market and Services Act 2007 (CMSA)
Nigeria: Foreign currency controls Recent Central Bank of Nigeria (CBN) interventions in the Nigerian forex market have led to criticisms of the apex bank's actions
Panama: Mobile number portability Mobile number portability is the voluntary process by which a client switches to another mobile service provider, often for a service more suited to their needs, while retaining their existing mobile phone number
Peru: Subordination agreements in insolvency Subordination agreements are frequently used in financing operations as a way to allow the debtor to obtain a subordinated financing from a junior creditor (usually a related party) without deteriorating the senior creditors' position
Philippines: Competition law enacted The Philippines recently enacted Republic Act 10667 or the Philippine Competition Act (Act), which defines, prohibits and penalises anti-competitive agreements, abuse of dominant position, and anti-competitive mergers and acquisitions
Qatar: Commercial Companies Law changes The Commercial Companies Law 11 of 2015 (New Companies Law) received Emiri assent on June 16 2015 and will replace Law 5 of 2002 (Old Companies Law) 30 days after its publication in the official gazette
Slovak Republic: Copyright in the digital age The most extensive amendment to the Copyright Act, adopted due to the ever-expanding use of information technologies, is to enter into force in January 2016
Switzerland: FIA’s wide-reaching reforms A major reform of the overall Swiss financial markets regulation is underway. As part of the changes, the draft bill of the new Financial Institutions Act (FIA) will affect licensing of institutions active in investment management
Thailand: Strategic plan for PPPs In April 2013, the Act Governing Private Sector Participation in the Operation of State Activities (2013) was published
Turkey: Information exchange under Fatca The Foreign Accounts Tax Compliance Act (Fatca) was enacted by the United States Congress in March 2010
Vietnam: Opening up to foreign companies In 2007, Vietnam pledged to the WTO (World Trade Organization) to gradually allow companies from other WTO member countries to open their branches in Vietnam
Are the SEC's in-house courts instituting unfairness? Brown Rudnick's Alex Lipman on why the growing use of adminitrative law judges in enforcement proceedings has defendants and their counsel asking whether it’s possible to get a fair hearing
