Kenya’s corporate overhaul causes confusion Substantial updates to companies and insolvency laws have bewildered local lawyers
How to build a pan-European insolvency regime The only way to agree on a universal framework is by combining the best approaches and creating something new
US M&A sentiment strong despite antitrust concerns The pipeline is slowing, but counsel remain cautiously optimistic about 2016. Competition concerns are expected to linger until after next year’s Presidential elections though
POLL: US regulators and auto securitisation Are the OCC and other US authorities right to be concerned about auto securitisation overheating? Vote now
US TLAC overshadowed by long term debt plans The Federal Reserve Board’s draft rule for total loss-absorbing capacity has been overshadowed by its proposals on long term debt for G-SIBs
IFLR 2016 awards: research begins Submission forms have been sent for next year's Europe, Asia and Americas awards. If you have not received them, or would like further information, please get in touch
Italy’s practical approach to TLAC Continental European countries face particular challenges when implementing the new metric. Italy has shown how to strike the right balance
CFTC’s DCO exemptive regime: why the market should care Davis Polk & Wardwell’s Annette L Nazareth and L Jeffrey T Dinwoodie explain how the CFTC’s new exemptive programme impacts global clearinghouses and swap market participants
BoE and EBA diverge on stress tests Both regulators have recently clarified their approach towards stress testing. From 2016, banks will have different hoops to jump through
Why Myanmar forex license move may backfire The revocation of foreign exchange licenses has shocked local lawyers, who have dismissed it as an act of impulse with serious implications
European term loan B to overtake high yield In lieu of a secondary bond market, term loan B products are becoming the first port of call
Europe’s infra stalemate demands public sector improvements Rumours that project lending is dead are exaggerated. Instead, governments must bring new infrastructure developments to market to satisfy the growing liquidity
FSB reveals 18% TLAC requirement Most global significant banks will have to meet a total loss absorbency capital requirement of 18% of the resolution group’s risk-weighted assets from January 2022
Inconsistencies hamper Chinese RMB deregulation With China's Xi administration pushing for capital account reform, counsel have revealed a tightening of cross-border cash flows
Market welcomes potential Mifid II delay The EC has said it is considering delaying the directive's implementation until January 2018. The industry appears both relieved and unsurprised
Euromoney Asia Women in Business Law Awards 2015: winners announced The best female lawyers from across the region gathered in Hong Kong on November 11 to celebrate the advancement of women in the legal profession
Mexico green bond first could jump-start market A Mexican state-owned development bank has issued the country’s first green bond. Further progress will depend on the birth of a secondary market
The dos and don’ts of cartel dawn raids In-house competition counsel recommend performing mock raids across multiple locations, and managing tensions between defending your rights and the duty to cooperate
Merger review missing from HK antitrust rewrite Counsel are disappointed that a comprehensive merger regime will not be incorporated into the new competition policy which is tipped to take full effect next month
European boards wise up as activism spreads Companies are finally prioritising the implementation of defence plans against activists as volumes look set to break records
The GE-Alstom saga: beginning to end Eighteen months after it was agreed, the landmark transaction has closed. Deal counsel have questioned the severity of the EC's investigation
LatAm sees aggressive antitrust enforcement As the region pushes ahead with new competition laws and tougher practices, corporates around the world must pay attention
Investors want to talk about risk, not performance A report reveals significant discrepancies between the corporate governance issues that boards and shareholders want to discuss
Shadow banking grows despite stigma As non-bank lending grows on an international level, the debate on how to regulate it – if at all – intensifies
Europe's repo market at risk of meltdown A report reveals that reforms penalising short-term lending threaten wholesale banking. QE and restructuring within banks hide the severity of the problem
Ireland relaxes rules on AT1 tax Turlough Galvin and Gerry Thornton at Matheson explain how coupons on additional tier 1 capital will soon be deductible for Irish corporation tax purposes
Malaysia sukuk needs domestic education Increased emphasis on sharia law compliance has generated confusion. Counsel in the country have called for greater education of local corporate issuers
Euribor’s non-bank inclusion could distort benchmark The European Money Markets Institute’s overhaul has acknowledged the rise of non-bank funding. But the changes could create distortions
Final TLAC standard passed as doubts linger Counsel in the US remain sceptical of severing the link between big banks and government, as the final rules are confirmed
EC's deposit guarantee scheme revealed The third pillar of the ambitious Banking Union tries to address moral hazard by limiting access by states that haven’t complied with EU prudential rules
CFTC studies swap dealer registration The regulator has released its preliminary report on the de minimis exception for registering swap dealers. The document's open discussion of first principles has been praised
Uncertainty surrounds masala bond hedge Lawyers specialising in rupee-denominated bonds have questioned the efficacy of the five-year hedge for offshore investors in India's new debt instrument
Are advisors fiduciaries? This latest instalment of Corporate Governance Quarterly looks at how US courts seem to be shifting to advisors responsibility for directors’ failure to fulfill their duty of care
HY bondholders still losing their rights Investors continue to lose out as the leveraged finance market bows to the pressure of sponsors
Iran sanctions, snapback and grandfathering Shearman & Sterling’s Barney Reynolds, Danforth Newcomb and James Campbell discuss aspects of the nuclear deal that create real risks for foreign investors
GDP-bonds secure Ukraine restructure The country shows that the oft-overlooked instrument can be a distressed sovereign’s best restructuring tool. But only if it’s structured correctly
EC opens Pandora’s Box for competition gripes National competition authorities have welcomed the Commission’s push to give them more powers. But counsel believe the EU regulator also needs to look at its own processes
SFO says first DPA will be template UK white-collar lawyers should study Standard Bank's deferred prosecution agreement regarding Bribery Act offences. Any future DPAs could look very similar
Mexican airline’s secondary offering a first Low-cost airline Volaris is the first Latin American company to sell a secondary offering exclusively in the US
Poor local enforcement hampers FIE reform China's government wants to ease restrictions on the investment vehicle. Local counsel say enforcement of the country’s amended Company Law is already lax
Why Pfizer-Allergan inversion criticism is misplaced The record-breaking merger has attracted fierce criticism, but the focus should be on US authorities’ deceptive use of guidance
Germany’s SRM law facilitates bail-in of bank bonds Cleary Gottlieb’s Gabriele Apfelbacher, Michael Kern and Valentin Pfisterer explain the new waterfall for bank bonds
Private equity brings new tactics to M&A Global dealflow is strong, and sellers are becoming more aggressive in their contracts as a result
Canadian Oil Sands' poison pill preempts reforms The company's extension of its shareholder rights plan to 90 days has been ruled valid. It comes ahead of changes to the country's bidder-friendly takeover regime
Reducing hostilities in Canadian takeover laws Stikeman Elliott’s Jeffrey Singer explains why, until recent reforms are approved, M&A parties must play according to the existing and proposed rules
The curious case of swaps with supranationals When entering in to swaps with an international organisation, what do you need to think about to sleep easy? Hogan Lovells’ James Doyle and Oliver West have the answers
KYC checks slowing loans as sanctions bite A LMA survey has found that know-your-customer checks are by far the biggest factor affecting settlement times in the global loan market. The trend is likely to continue
Korea’s first internet banks clouded by downgrade fears Concern surrounds the potential downgrading of the country’s first internet-only banks, whose tier designation is subject to the outcome of amendments to the Banking Act
US counsel vexed by regulatory impact on bond liquidity Lawyers are increasingly focusing on the impact of post-crisis rulemaking on lower levels of liquidity. But a lack of definitive studies on the issue is causing problems
Israel securitisation proposal fails to deliver The country's regulators say they drew from others’ lessons when drafting the new law. So far it’s produced more questions than answers
POLL: fears over US auto securitisation Regulators are worried that the market is overheating. It’s too soon to tell if their concerns are justified
Inside China: Fixing fragmented oversight This year’s crash has forced the government to address the cracks in its financial regulatory system. These legal and policy considerations will shape a new regime
Competition Law Forum highlights Dawn raids are a gruelling experience, even for industry veterans. Thankfully, they are willing to share their tips on how to survive one
Asia Wibl winners 2015 The region’s best female lawyers and the firms paving the way for meritocracy in the legal profession were celebrated in Hong Kong on November 11
Capital markets predictions for 2016 Panda bonds, Greek CoCos and high-yield restructures are among the asset classes and market developments to watch over the coming 12 months
China's new national security regime A proposed rulebook shares similarities with the US framework. Will it create tension with broader moves to liberalise investment?
Hong Kong's Competition Ordinance assessed Asia’s financial centre is a latecomer to the world of competition. Starting this month companies must adjust to new prohibitions and new regulators
Navigating Chinese merger control Yingling Wei and Janet Hui of Jun He law firm assess the dos and don’ts when seeking deal approval from Mofcom
M&A annual review Billion dollar price tags are the new normal for M&A. IFLR1000’s annual rankings identify the law firms that have laid the foundations for next year’s deal activity
A continental view of TLAC The total loss-absorbing capacity metric has now been finalised. Its subordination exception has important ramifications for many European G-Sibs
