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As the European loan market continues to stall, borrowers are turning to the US market to for LBO financings. But IFLR can reveal large discrepancies between European and NY loan documentation

Harmonisation is the right way forward but individual countries must be free to make their own decisions

The US’s often-criticised approach to credit rating agency reform has been held up as an example for European regulators at the American Securitisation Forum in Las Vegas

The Japanese securities regulator is taking a global approach to enforcement. Here’s what it’s focusing on

Gerald Cheong Elena Ng The future of credit rating agencies (CRAs) in Singapore took a twist on January 17 2012 when the Monetary Authority of Singapore (MAS) released a new regulatory framework for credit rating agencies.

The oil and gas industry in Peru traditionally has been concentrated in production from oil fields on the north coast as well as from fields located in the jungle. This allowed Peru to export oil, as well as to supply its local market needs for fuel. Due to different economic and regulatory reasons and conditions (price regulations, limitations to foreign direct investment, among others), however, this resulted in the reduction of reserves and production of oil in Peru.

Ji Yeoun Kim Following the amendment to the Enforcement Decree of the Financial Investment Services and Capital Markets Act in September 2011 to introduce Korean hedge funds, 12 hedge funds operated by nine different asset management companies have been registered. To assist in the successful operations of hedge funds in Korea, the Financial Supervisory Service and the Korea Financial Investment Association have issued best practice guidelines for Korean hedge funds and prime brokers which came into effect from December 12 2011.

Following the promulgation of the Act on Prevention of Unjust Acts by Organised Crime Group Members in 1992, organised crime groups in Japan began increasingly to attempt to conceal the true nature of their organisations as ordinary businesses and use more sophisticated methods to generate funds through complex transactions such as equity investments and real-estate transactions.

Olabanji Adenusi In recent times, private equity investments in Nigeria have grown considerably. Notable investments within the country include Actis Capital's $130 million investment in Diamond Bank Nigeria and Emerging Capital Partner's investment in Notore Chemical Industries, among a host of others. Most PE deals in the country are hinged on management buyouts and restructuring, unlike in developed economies where they consist mainly of leveraged buyouts.

A rating is, in substance, the opinion expressed by a rating agency as to the ability of an entity to generate the funds necessary to meet the commitments undertaken with respect to its creditors. It is based mainly on an economic assessment, although in certain circumstances the economic assessments must go parallel with contractual structures.