Magazine
June 2016

Magazine Archive

FCA’s IPO overhaul assessed

The British regulator has proposed issuers provide more information earlier in the process. But it must strike the balance between transparency and cumbersome procedures
Webinar: EU-US CCP agreement needs more clarity

The agreement is to be welcomed, but it remains to be seen how margin requirements for uncleared swaps will impact the market
European Capital Markets Forum: key takeaways

In case you missed it, all the highlights from yesterday's event at The Grange Tower Bridge Hotel in London
Myanmar’s first stock listing explained

First Myanmar Investment made history last month, becoming the first company to list on the Yangon Stock Exchange
Strict info exchange regime questioned in Asia

Hong Kong counsel say clients are especially concerned about the absence of recourse to block exemptions
Investor protection rules strain banks

Panellists at IFLR’s European Capital Markets Forum debated the consequences of PDIII and a new product governance regime
SEC sharpens private equity focus

The US regulator is becoming increasingly sophisticated in its approach to private equity firms, and is set to further expand its remit
Anti-corruption must move up corporate agendas

As enforcement agencies become more powerful and better at communicating, companies must make the fight against corruption a priority
Panama Papers to hasten AML cooperation

The Libor and forex scandals have laid the groundwork for quicker and stronger enforcement of the hoard of violations to be exposed by the Panama Papers
Europe Women in Business Law Awards 2016 – shortlist announced

The nominees for this year's Euromoney LMG Wibl awards have been revealed. Winners will be announced at the ceremony on June 16 at London's Jumeirah Carlton Tower
PRC rules divide public, private sector investors

Speakers at ASIFMA's China Capital Markets Conference highlighted the lack of written laws informing onshore investors of the elimination of certain requirements
No respite for buyside on HY terms

Covenant quality has eroded substantially over the past year as fewer deals have come to market, leaving investors frustrated
Basel drops IRR capital requirement

The decision to scrap the proposal is seen as both a softening and hardening of the regulatory stance against interest rate risks
Bank of Cyprus gives loans international makeover

The debt restructure of a major local company shows how Cypriot lenders are modernising their approach to lending
Unleashing China's interbank bond market

Foreign investors are worried about lack of legal recourse following an onshore bond default, according to speakers at ASIFMA’s China Capital Markets Conference last week
Europe’s £6.2 billion RMBS signals changing tide

The region's biggest post-crisis securitisation has market participants cautiously celebrating a comeback for the asset class
GrubHub acquires LA Bite in consolidation wave

The $100 million acquisition is a sign the US food delivery industry is becoming more reactive
African PE misses $29b pension fund opportunity

The burden falls on sponsors to educate and accommodate the managers overseeing the continent’s significant pool retirement savings
What could Brexit mean for US financial institutions?

Partners from Hogan Lovells gathered in New York on May 10 to debate the transatlantic impact of the historic UK referendum
Creditors fight back against English schemes

The reorganisation tool is also under increased scrutiny by the courts. Extensive preparation will be key going forward
Realising what it’s worth: duties of secured lenders

An English court has clarified mortgagees’ duties when enforcing on property. Lenders should ensure a considered and informed sales process
Golden rules of compliance for first-time fund managers

With the number of start-up funds growing exponentially, managers must be aware of some common pitfalls when running their business
A mile marker on China's One Belt One Road

The financing of the Thar coal mine and power plant is a milestone in the ambitious infrastructure plan that spans Asia, the Middle East and Africa
Unilateral jurisdiction clauses: one way or no way?

A review of six leading financial centres shows that asymmetric jurisdiction agreements are, and should be, enforceable as a matter of principle and policy
HK fund managers grapple with new client rule

Lawyers say the scope of the new client agreement regulation is broad and compliance is likely to be cumbersome
How sukuk can solve Africa’s infra gap

Islamic bonds are well-suited to project financing and a rise in popularity for social impact products means demand is there. But sovereigns must pave the way first
China’s war on ‘channel lending’

CBRC's latest crackdown on shadow banking follows last year's six-fold spike in debt receivables, which has further rattled the debt-ridden banking sector
European Capital Markets Forum highlights

Volatility, covenant erosion and overzealous reforms will define this year’s markets according to speakers at the London event
Inside China: opportunities in a default crisis

The nation’s credit markets are inflicted by fundamental and systemic flaws. Will China waste this invaluable opportunity for a market-based debt restructuring?
Poll: MetLife’s Sifi saga

Counsel in the US have been studying the court ruling that overturned the insurer's designation as systemically important. They doubt it can hold
A brave new world for noteholder litigation

A recent English court ruling serves important lessons for how to draft junior creditor rights regarding the miscalculation of interest due
Foreigners win greater access to Saudi equities

Starting next year the kingdom's stock market will open to a broader range of investors and migrate to T+2 settlement, in line with international standards
Regulation Crowdfunding arrives, finally

Four years after the JOBS Act was passed, US counsel see this highly anticipated rule as potentially market-changing
India bankruptcy bill boosts foreign creditors

Regulatory barriers and limited awareness of restructuring procedures have plagued foreign bondholders. A new law aims to change that
Editorial: Equity: the sacred security
Americas: Finding our rhythm
Europe: The sleeping giant
Asia Pacific: (Top) A-share status
At last, Argentina’s back
Unleashing China’s interbank bond market
Creditors fight back against English schemes
SEC sharpens private equity focus
Bank of Cyprus gives loans international makeover
Basel drops IRR capital requirement
Americas
Asia Pacific
Europe, Middle East and Africa
Can the UK become an insurance-linked securities hub?

A webinar hosted by Hogan Lovells assessed the UK government’s plan to grow the specialist reinsurance sector
Building a buoyant, safe panda bond market

There’s a resurgence of interest in China’s onshore bond market. Two schools of thought are emerging on how PRC authorities should regulate the nascent asset class. One believes today's case-by-case approach is working. The other is calling for a clearer set of rules for issuers to follow. IFLR staff writer Brian Yap assesses their respective merits
Closing conditions

The lighter side of the past month in the world of financial law
Brazil: Group insolvency trends

The current economic downturn has caused many Brazilian companies to file for judicial reorganisation in local courts (a procedure similar to Chapter 11 of the US Bankruptcy Code)
Colombia: New investment opportunities

Under Colombian regulations, pension fund administrators (PFAs) are subject to a strict investment regime, in order to protect the savings of pensioners and affiliated employees
Cyprus: Transposing the BRRD

Cyprus has now enacted all the new laws required to align its legislative framework with the 2014 EU Bank Recovery and Resolution Directive (BRRD) and the 2014 Deposit Guarantee Schemes Directive
Indonesia: Draft mining bill

A draft bill on minerals and coal mining is currently being circulated for discussion in the House of Representative of Indonesia
Ireland: Debt forgiveness

The Minister for Finance in Ireland recently announced that the National Asset Management Agency (Nama) has written off some €1.5 billion (approximately $1.7 billion) of debts owed by 80 debtors
Japan: Dealing with scandals

On February 24 2016, the Japan Exchange Regulation (JPX-R) established the Principles for Dealing with Scandals at Listed Companies (the Principles)
Macau: Proxy betting ban

Macau’s Secretary for Economy and Finance has announced the end of proxy betting in Macau casinos, effective from May 9 2016
Nicaragua: New payment system

The Central Bank of Nicaragua, in its capacity as the regulator of the country’s payment systems, has authorised the first automated clearing house manager in Nicaragua
Philippines: Employees in corporate reorganisations

Corporate reorganisations can be classified into two main types: share transfer transactions and asset transfer transactions
Qatar: Charging interest

A common concern among lenders is whether Qatari law allows the payment of interest on loans
Slovak Republic: Copyright protection

In this digital age, all businesses must make decisions about purchasing suitable, functional software, whether immediately on incorporation or later after they are up and running
Spain: Potential government disbursements

From 2012 until 2014, the Spanish Ministry of the Economy set out a plan to pay suppliers any unsettled invoices from the municipalities and the regions
Switzerland: International hires: pensions

For managers active in the international arena, a change of employer typically leads to a change of domicile and/or place of work and thus encompasses a change of the social security and pension affiliation
Turkey: LCR regulations

In March 2016, the Basel Committee on Banking Supervision (BCBS) published separate reports assessing the compliance of Turkish prudential rules with minimum Basel requirements in relation to risk-based capital standards and the Liquidity Coverage Ratio (LCR)
Vietnam: New forex regulations

On February 26 2016, the State Bank of Vietnam (SBV) issued Circular 03/2016/TT-NHNN, which provides guidance to enterprises on foreign exchange management for borrowing and repaying foreign loans (Circular 03)

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