France’s new PACTE Law: Progress at the cost of protection Paris-based DLA Piper lawyers explain what investors, digital asset providers and their advisors need to know
Why is insider trading illegal? US legislation is unclear on the issue, resulting in surprising outcomes in government enforcement efforts
Sand dollars: a postmodern monetary architecture The Bahamas has introduced one of the world’s first central bank digital currencies as it looks to improve access and efficiency for payment systems
Head-to-head: Is SOFR alone enough for the US industry as a Libor replacement? Is it problematic to divide liquidity between different rates? American Financial Exchange CEO Richard Sandor and Cass Business School honorary senior visiting fellow Laurence Mutkin make their case
Opinion: South American nations must work towards a common goal The effective failure of Mercosur highlights a greater need for the continent to work together to establish peace, regulatory control and stability.
Poll result: Removing barriers for Indian companies In-house counsel, industry groups and private practice lawyers are unanimous in their view that the promoter concept is losing relevance and needs to change to encourage Indian companies to go public
China's new foreign investment law: Stop, start The success of China’s highly anticipated foreign investment law has been overshadowed
Building a climate resilient debt portfolio Lawyers who worked on Barbados’ recent debt restructuring explain how it came together, including an analysis of the innovative natural disaster clause
The revival of dual class shares A number of high profile listings including Facebook, Snap, Alibaba and LinkedIn have thrust dual class shares back into the spotlight. Baker McKenzie lawyers consider the model in various jurisdictions
Sustainable finance reforms for asset managers: threat or opportunity? The EU’s proposals should be top of the agenda for in-house lawyers of asset managers and institutional investors in 2020
A guide to Switzerland’s new licensing rules for portfolio managers Loyens & Loeff associate Diana Lafita explains what portfolio managers need to know about the new requirements and how they fit into the existing regulatory framework
Demystifying blockchain regulation in Switzerland Innovation in distributed ledger technology will be balanced with investor protection under proposed new rules
PRIMER: Hong Kong SAR’s proposed data privacy ordinance changes IFLR’s explainer series looks at how businesses will need to better protect data under the proposed rule changes
Increased private equity interest in performance fees over return levels The rise of the secondary market has resulted in increased private equity investor interest, but deal terms have not seen much change
A fresh look at acquisition financing terms Partners from Davis Polk’s New York office explain certain aggressive terms found in BSL facilities in 2019 and this year
Lawmaking in Argentina on hold in lieu of debt restructuring As uncertainty surrounds the country's $69 billion haircut plans, all forms of regulatory or economic progress have firmly stalled
Exclusive interview with the EU's blockchain head IFLR sat down with the EU’s head of unit for Digital Innovation and Blockchain, Peteris Zilgalvis, to discuss digital innovation, fintech and GDPR
Inside Indonesia's Basel III-compliant tier two bond Bank Tabungan Negara’s issuance sets benchmark documentation for other banks to raise capital from international markets
Cfius filing fee a hindrance but unlikely to curb deal flow The US agency's new charge, which coincides with the introduction of coronavirus-linked digital filings, will increase the cost of inbound M&A
UK corporates interested in EU taxonomy, regardless of Brexit Market participants expect alignment to continue, as the EU Commission publishes its final recommendations
*Updated* IFLR’s coronavirus resource hub Bringing you thoughtful and considered analysis of how the ongoing Covid-19 pandemic is affecting markets, regulations and businesses
The Italian treatment: the decree to fight coronavirus Milan-based advisor Antonio Lanotte examines the Italian government’s maxi anti-coronavirus decree
Covid-19: M&A market stalls amid uncertainty Border closures in Europe and the US and uncertainty have led to concerns that deals could be slowed down or abandoned altogether
PSD2: market struggles with APIs, SCA Fintechs and banks welcome the opportunities presented by the EU's second Payment Services Directive, but fragmentation and other challenges still linger
Remote working: tips, tricks and anecdotes from the IFLR team We – along with some special guests – share our best means of maintaining both productivity and some semblance of work/life balance while working at home
IFLR Americas Awards 2020: shortlist revealed IFLR is delighted to announce the nominated deals, teams, firms and individuals for this year's awards
Why MAC clauses are no Covid-19 silver bullet Private equity and M&A experts expect to see buyers introducing material adverse change clauses into negotiations, but precision is key in drafting
PRIMER: US market circuit breakers In the midst of the Covid-19 outbreak, we take a look at stock market circuit breakers and how they’re used to alleviate stress
PRIMER: Securities Financing Transactions Regulation / SFTR IFLR’s explainer series turns to the EU’s SFTR and how it will change securities lending and repo market practices
UK’s Covid-19 business support leads to confusion Companies say they do not know how to apply for the Coronavirus Business Interruption Loan Scheme or the Covid Corporate Financing Facility
Inside NYSE's response to the Covid-19 crisis IFLR spoke with New York Stock Exchange COO Michael Blaugrund about the unique challenges facing the exchange and the extraordinary steps taken so far
Uncertainty hangs over Indian crypto community The Supreme Court’s ruling to open up crypto was met with enthusiasm, but crypto market participants believe new regulation will not be far behind
Covid-19 illuminates corporate buyback issues The ongoing crisis has raised concerns that extensive buybacks can lead to problems in times of stress, and led many to call for regulatory action
Why capital markets should embrace blockchain Debate over whether finance should engage more with blockchain and DLT has recently increased in light of the ongoing coronavirus crisis
HKEX’s WVR proposal draws corporate governance concerns Market participants want to see the super voting right powers of companies reined in
Social issues dominate African ESG Local bankers and lawyers explain why institutions and regulators are more focused on the ‘S’ in ESG
Investors eye Chinese Covid-19 NPLs but barriers remain Distressed debt opportunities are on the horizon but a lack of loan infrastructure and barriers to access may restrict their potential
How coronavirus could revive PIPEs Baker McKenzie lawyers expect a resurgence of transactions involving private investments in public equities
UK regulators ease coronavirus impact on premium-listed companies Davis Polk lawyers Will Pearce and Jamie Corner consider the unprecedented measures taken by UK regulators and industry bodies to aid listed businesses
No synchronicity between US banking regulators as Fed pushes leverage rules Although the Federal Reserve has eased supplemental leverage ratio requirements for the next year, the OCC and FDIC are yet to follow suit
Germany’s response to Covid-19: expanding the restructuring and distressed M&A toolbox Hengeler Mueller lawyers review the efforts of the German lawmaker to support companies, with a focus on amendments to insolvency legislation
Covid-19 highlights need for stricter ESG oversight Responses to the virus have shown that misleading instruments falsely claiming to contain ESG products must be regulated to prevent further market abuse
Coronavirus rewrites Europe’s AGM rules Shareholders are the likely losers from companies’ needs to revise plans in Europe, with discrepancies between common and civil law jurisdictions. Activists say they just want to help
CARES Act enforcement risks and compliance best practices Lawyers from Kirkland & Ellis take a closer look at the CARES Act and the federal government's response to the Covid-19 crisis
PRIMER: Tokyo Stock Exchange revamp IFLR’s latest explainer looks at how asset managers are preparing for proposed changes to the Tokyo Stock Exchange
Managing an extreme corporate crisis: lessons from Rolls Royce Former general counsel Rob Webb tells all about the investigation that resulted in the largest ever foreign bribery fine from a UK regulator
IFLR Europe Awards 2020: winners announced The IFLR team is pleased to announce all the winning deals, teams, firms and individuals and the launch of our first ever podcast
Coronavirus: Private equity investing in a distressed environment Gibson Dunn partners shed light on the various paths for turning acquisition opportunities into closed deals
Australia's heightened M&A scrutiny likely to affect foreign investment levels New foreign investment rules are the right way to protect the domestic economy, but sources suggest there could be negative ramifications
Industry standards providing stepping stone for ESG regulation Standards such as those issued by ICMA and the UN have been welcomed in moving the finance industry forward
Proposed merger ban will do more harm than good A moratorium proposed by Elizabeth Warren and Alexandria Ocasio-Cortez on US mergers will have a negative impact on the market, according to sources
Covid-19 in Asia: investor rights under pressure Akin Gump lawyers review how measures taken by various governments, stock exchanges and regulators are likely to impact the operation and transparency of the market
Rescue financing leads to rapid evolution of PIPEs Private investments in public equities are growing rapidly in the US capital markets as a wide range of issuers look for liquidity during the Covid-19 crisis
Libor transition still at a nascent stage in India With the end-2021 deadline for Libor still in place, Indian banks want more clarity on the future of local replacement rate Mifor
UK companies embrace cashboxes in Covid-19 fallout Investor groups have raised concerns over the structure, which can dilute existing holdings and exclude certain shareholders
IFLR Asia-Pacific Awards 2020: winners announced IFLR is delighted to announce the winning deals, teams and law firms for the 2020 Asia-Pacific awards
PRIMER: Alternative Investment Fund Managers Directive In IFLR’s latest primer, lawyers and regulators discuss the impact of one of Europe’s most influential directives
Coronavirus effect weighs on private equity Private equity grapples with the impact of the lockdown, with deals on hold and terms changing
IFLR Americas Awards 2020: winners announced IFLR is delighted to announce the winning deals, teams and law firms for the 2020 Americas awards
Indonesia’s first pandemic bond explained Lawyers involved explained the challenges with working virtually, tight timelines and uncertainty with marketing the bond as a social bond
Dealmakers already looking to 2021 as M&A market disappears Global M&A has been heavily impacted by pandemic lockdown measures. Many are missing the human element
Covid-19 now part of the M&A legal process Various issues are creating barriers for the M&A market, with concerns such as due diligence and deal covenants proving challenging
Debate rages over SRD2 delay Banks are requesting a delay to the second phase of the directive, but shareholder associations are standing their ground
Opinion: The German Constitutional Court has fallen into its own trap Cleary Gottlieb partner Amélie Champsaur explains why the GCC's decision on the ECB's public sector purchase programme violates EU law
Payment holidays squeeze securitised products Public moratoriums have led to pricing problems, as the market adapts to tougher conditions
India takes steps to prevent unwanted Chinese takeovers While the move will protect vulnerable Indian companies from takeovers, approvals will be delayed and startups will face an uphill struggle to get funding
Argentina: Covid-19 an extra headache as default deadline looms Haircut negotiations appear no closer to reaching a conclusion and the additional economic stress of the pandemic is not making things easier
Investors concerned by ESG regulatory definitions Terminology used by regulators to define oil and gas as solid has caused a backlash
Practical advice for company directors facing a liquidity crunch Gibson Dunn partners run through the main issues and how to approach them
Europe remains promising market for cannabis companies Market fragmentation and Covid-19 haven’t prevented interest from North America, despite the practical and regulatory concerns
Broker-dealers: Give the SEC's Reg BI a chance Fidelity and Allianz tell IFLR that they hope US states will wait before introducing their own separate fiduciary rules
PRIMER: China’s new personal information security specification IFLR’s explainer series looks at how firms are preparing for the new rules and what's still unclear
PODCAST: Chris Giancarlo on the record This year's IFLR Americas Awards contribution to regulatory reform award winner talks crypto, Libor, Covid-19 and the digital dollar
The interplay between arbitration and insolvency The Singapore Court of Appeal considers the treatment of a winding-up application where the parties have agreed to refer disputes to arbitration
Main Street Lending: having the Fed as your 'junior' partner CrossCountry Consulting partner Bruce Klein takes a closer look at the Federal Reserve's liquidity programme aimed at helping businesses through the Covid-19 crisis
Legal and compliance officers brace for increased AML risks amid Covid-19 Now that financial institutions are working remotely, many are investing in better technology to fight against cybercrime
Structured finance during the Covid-19 pandemic Lawyers from King & Spalding's capital markets team discuss how the structured finance market has adapted to the crisis
Liquidity slowdown causes derivatives market to reassess Market participants have been forced to change priorities due to the Covid-19 crisis, as it attempts to deal with the virus' impact
Covid-19 boosts European social bond market The social component of ESG is gaining momentum amid the pandemic
Spain’s response to Covid-19: emergency measures; gradual relaxation Uría Menéndez lawyers review the extraordinary measures taken by the Spanish government to protect businesses and citizens
PODCAST: the Volcker Alliance on Paul Volcker Volcker Alliance president Thomas Ross spoke to Americas editor John Crabb about Mr Volcker, his legacy, and what he might have made of today’s environment
US equity market tightens noose on Chinese listings Moves by the Senate and Nasdaq could prove a death blow for Chinese firms listing in the US, and firms wishing to go public may have to look elsewhere
Survey: In-house will send Covid litigation work to law firms More than 400 senior counsel and business executives told us how Covid-19 has affected their legal teams – and how they have responded
Synlab’s hybrid reboots European high yield market IFLR looks at one of the most significant deals since coronavirus-related measures and volatility disrupted the European market
