Non-GAAP explained: a MoFo report As the SEC's focus sharpens on Non-GAAP financial measures, Morrison & Foerster's exclusive report, published with IFLR, explains the issue
France breaks banking monopoly for alternative lenders Legacy banks are unhappy that investment funds are now able to lend money to French corporates
ASIFMA: How Asia is dealing with Mifid II Vijay Chander, executive director of fixed income at the association tells IFLR how its members are adapting to new far-reaching European rules
SEC issues long awaited no-action letter on Mifid II The Commission has finally addressed the EU’s impending directive, confirming no-action relief for two and a half years
POLL: should Esma approve prospectuses? Following the European Commission's Omnibus III proposals to transfer prospectus approval, IFLR is asking readers whether it's the right move. Vote now
Fragmented climate change investment strategy hinders progress Markets may care about responsible investing but only some companies have made significant inroads
DEAL: Qantas’ loan with switchable collateral The Australian airline will be able to mix and match aircraft used as security to achieve regular pricing adjustments
PRIMER: bank capital IFLR's latest primer looks at how the requirement for banks to be able to absorb losses on their own has evolved since the financial crisis
DEAL: China’s first US dollar bond sale since 2004 The PRC’s latest sovereign deal sets the tone for corporates to sell cheaper offshore debt
DEAL: ICBC's Belt and Road climate bond The world's largest bank has issued the world's biggest euro-denominated green bond
Indian competition body in struggle with appellate tribunal The lack of clarity over the responsibilities of two competition bodies is impacting legal certainty
PRIMER: US Treasury Reports IFLR looks at the three US Treasury reports that have been released to date, and how they may (or not) change financial regulation
Holdco/opco interpretation drives sub debt confusion It’s unclear if asset managers understand the difference between contractual and structural subordination
Euromoney Asia Women in Business Law Awards 2017: winners announced Congratulations to all the winners of Euromoney's LMG Asia Women in Business Law Awards
Why regtech must be regulated Increased oversight has given rise to more data being shared but also to more automation solutions being explored
DEAL: Redx Pharma’s corporate rescue The firm has become the first UK-listed company to be brought back from administration to trading on AIM
Cfius reform bill ‘not comprehensive enough’ Observers say that the bipartisan-sponsored overhaul could go further in clarifying rules and do more to avoid throttling economic growth
Distressed M&A risks in Asia The region is seeing an increasing number of NPL-inspired deals, but the opportunities are laden with risks
Antitrust, security reviews are changing Asia M&A Buyers will have to better manage their transaction risks, as regulators increase their focus on national security
HR and IP drive Asia post-merger integration With a 70% failure rate in M&A, the stakes are high during the transition of a sale in the region. Strategies on human resources and IP protection are crucial
US firms hold out for regulatory relief on Mifid II reporting The directive’s extensive transparency rules are causing headaches across the Atlantic
Paradise Papers put pressure on local regulators The data breach renews calls for globalised anti-money laundering and fraud standards
PRIMER: Chinese NPLs A cheat sheet on non-performing loans in China and what can be done to prevent them from escalating
Philippine Competition Commission steps up enforcement Businesses are getting ready for a stricter stance as provided in the authority’s procedural rules
OCC must continue to push for fintech charter State-level regulation of fintech start-ups could lead to more financial crime, but who will emerge as the principal watchdog of the sector is up for debate
FSOC and Sifi designation reform welcomed Recommendations by the Treasury on how to improve the FSOC are reasonable, well thought out and in line with the agency’s natural progression
HKEx consults on corporate governance code changes The proposals zero in on independent non-executive directors and board diversity
Noreika would consider CFPB director role Acting Comptroller Keith Noreika would jump at the chance to head up the regulator, he has told IFLR
Interview with former OCC acting Comptroller Keith Noreika Keith Noreika on his successor, the CFPB, fintech, Volcker and his future
DEAL: Kenya’s largest debt-for-equity restructuring The country's flagship airline successfully restructured $2.2 billion of debt, as government and lenders took ownership of the lion’s share of the company
US ponders complement to Cfius regime A new bill which could potentially replace the existing regime on foreign investment scrutiny will consider the economic impacts of inbound transactions
Banks put FRTB on hold Heads of regulatory strategy say that transatlantic uncertainty and an unworkable Brexit timetable have forced them to pause implementation
Dodd and Frank join CFPB debate The collective minds behind the Dodd–Frank Act have outlined that Mick Mulvaney’s appointment as temporary director is contrary to the statute's original intent
DEAL: Singapore’s first switch tender offer The local dollar bond market has seen its first transaction using switch tender technology
HKEX has work cut out to attract listings Market participants share views on what Hong Kong needs to attract IPOs but maintain investor protection
Council, ECB at odds over NPL plan Bad loans continue to blight EU economies. The Central Bank's plan to deal with the issue is facing one of its first hurdles
DEAL: world’s first automated crypto-bond issuance This landmark deal could provide a template for lawyers and those in financial services to achieve much needed efficiency gains
CFTC enforcement head on criticism of self-reporting policy Jamie McDonald answers questions about the division’s new process of self-reporting and cooperation within the industry
Head-to-head: future of global financial regulation Nicolas Véron and Larry Tabb debate if harmonisation is the best way forward
POLL: Esma and prospectus approval The European Commission plans to shift prospectus approval into the hands of Esma – to the dismay of national competent authorities. IFLR asks whether it’s the right decision
PRC tightens control over foreign investor access Pre-approved foreign institutional investors can access China’s financial market in a controlled manner, in compliance with securities regulatory and foreign exchange control requirements
Looking ahead: IFLR talks to former OCC head Keith Noreika In this exclusive interview, the regulator's former acting head talks about his successor, the Consumer Financial Protection Bureau, Volcker and his future
Up in the air Will 2018 bring yet more uncertainty, or will the global economy come back down to earth?
Putting deals together: key considerations Buyers and sellers must consider several points when negotiating antitrust provisions in strategic transaction agreements
The problem with Mifid II research The unbundling of investment research is proving a headache for both the industry and regulators
EU FDI under closer scrutiny The EU Commission has proposed that member states implement a tighter and wider foreign investment control framework. The right balance between protecting national interests and allowing FDI needs to be struck
Switzerland's cartel law evolves The scope of interpretation of several provisions of Switzerland’s cartel law has evolved following a recent Federal Supreme Court decision
Fira's proposed rules analysed A new bill which could potentially replace the existing regime on foreign investment scrutiny considers the economic impacts of inbound transactions
France's banking monopoly cracks open The government has opened the market to new credit providers but only in a limited way – for now
UK, US opinion letters compared Latest guidance seeks to reconcile differences in UK and US opinion letter practices in cross-border financial transactions
CFTC's proposed self-reporting rule raises questions The CFTC has said that if a company reports and remediates any issues of its own accord, it will likely face lower financial penalties. But the proposal’s effects remain to be seen
A broad reach The entry into force of the EU’s Benchmarks Regulation on January 1 will have a major impact on markets, asset classes and transactions
Bitcoin futures launch amid margin anxieties The CBOE exchange listing has again raised the discussion that cryptocurrencies should be regulated
DEAL: Trafigura’s non-recourse commodity inventory funding programme The commodities trader has financed its inventory using capital markets, in response to tighter capital requirements under Basel III
Brexit effect impacts UK M&A Uncertainty around the UK’s future relationship with the EU is believed to have affected M&A activity. Clarity is needed to ensure levels pick up again
DEAL: CVS’ proposed $69 billion acquisition of Aetna The US pharmacy company has agreed a large breakup fee should the deal fall through, suggesting confidence that it will proceed unscathed
SFC, CSRC intensify cooperation on market misconduct China and Hong Kong are strengthening coordination of regulatory enforcement for their capital markets
EU and Switzerland discuss Mifid II equivalence The Swiss Bankers Association is calling on the government to consider all options if equivalence is not granted for its alternatives to the directive
New company law a boon for Myanmar economy Significant changes to corporate rules include an increase in foreign ownership in local companies
DEAL: only CMBS deals in the UK and Italy in 2017 Commercial real estate securitisation could be set to make a comeback next year, if market conditions align
GDPR readiness in the spotlight The new regulation requires a cultural shift from companies to comply
Virtual currency trading could help professionalise the market CME Group is now also offering bitcoin futures, a move which could help further stabilise the sector
Should MAR be scaled back? The Market Abuse Regulation has led to a huge increase in the reporting of suspicious transactions. Is it time to water it down?
UK eyes AML rules for bitcoin regulation The Treasury has been plotting its move since 2015 and could go ahead with regulations this year
Long road ahead for Eletrobras privatisation Government plans to dispose of much of the Brazilian company are under intense scrutiny with presidential elections looming in October
New bill could impact ease of doing business in India Some changes to the corporate law regime have raised more questions than answers
IFLR Asia Awards 2018: shortlist revealed All the deals and law firms shortlisted for IFLR's 2018 Asia Awards, which will be held on March 1 in Hong Kong
DEAL: largest ever African infrastructure project financing The $4 billion Nacala Corridor rail and port project comprised four borrowers, greenfield and brownfield sites, and numerous legal challenges
China clamps down on bribery A new law has widened the definition of who can be involved in unfair competition
DEAL: MENA region’s first Reit sukuk Real estate trusts have mainly resorted to conventional debt financing, making this Islamic finance-based issuance a landmark deal in the region
US tax bill to boost M&A activity The recent reform will free up cash and increase after-tax payouts, which could encourage action across the board
Tech keeps EU data protection rules in check A need to keep up with technology has increased financial services firms’ costs and created a complex framework to navigate
Understanding the standard of care for broker-dealers and the DOL’s fiduciary rule: a MoFo report This exclusive analysis from Morrison & Foerster looks into the rule's past, why it's been subject to so much debate, and what its future could look like
Basel III: how some banks will lose out The recent reform could impact some lenders more than others and have a destabilising effect
HKEx pushes ahead with weighted voting rights Hong Kong is looking at US style rules to attract more listings
DEAL: first Malaysian sukuk to monetise real estate project billings SkyWorld's issuance is structured specifically to make property cash flows more efficient
Mifid II and the challenge of ‘venue-isation’ The directive applies to products rather than participants, which could be where problems start
EU audit agency casts shadow on ECB crisis management plan The independent auditing body has recommended that the bank improve guidance and apply objective criteria
Revamping the Volcker Rule Banks have not been able to engage in proprietary trading since the financial crisis. But reform could be on the cards
Direct listings offer alternative to IPO route The non-traditional route could be the right approach for certain companies, provided they have enough capital and can guarantee stock liquidity
India relaxes bankruptcy rules Changes to insolvency rules could see loan defaulters able to bid in asset buybacks
DEAL: Colombia’s first private project finance project The deal reopens the project finance industry after the Lava Jato scandal halted activity for more than a year
New look SunEdison emerges from chapter 11 The process of reorganising the renewables company and the joint marketing and sale process of its yieldcos were a long and drawn out process
PRIMER: Hong Kong’s manager in charge regime The new framework strengthens senior individual accountability for SFC regulated entities
PSD2 gives banks chance to evolve The revised rules could trigger a huge shift in banks’ business models
IFLR EU In-House Counsel Summit 2018: highlights All the key takeaways from IFLR's January 23 London event in one place
