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  • An IBA panel argument over plans to ban CoCos from G-Sifi buffers highlights regulator inconsistencies
  • European lawyers welcome Esma’s technical advice on the AIFM directive, but plenty of worries remain
  • The SFC is standardising pre-deal research, but questions remain about material information and the role of sponsors
  • With US municipal bonds looking more attractive, overseas investors need to understand the complex tax and regulatory requirements associated with them
  • Standard & Poor’s (S&P) pronouncements around equity content and the rating treatment of hybrid instruments with contingent features should emerge towards the start of 2012, finally giving clarity to contingent convertible (CoCo) capital.
  • International companies won’t be able to list until market sentiment towards China improves
  • Investors will purchase shares in US issued covered bond pools by the end of 2012, creating liquidity in the US mortgage market and lowering investment in foreign issued covered bonds. However a compromise needs to be reached to address Federal Deposit Insurance Corporation (FDIC) concerns.
  • Hong Kong Stock Exchange officials outline the future of depositary receipts, the Joint Policy Statement and the offshore renminbi equity market
  • US municipal bonds will continue to recover in 2012, and bills to lower the muni tax exemption and require greater disclosure of municipal bonds will not pass.
  • While regulators rush to tighten customer fund segregation and investment criteria following the failure of MF Global, brokers will be forced to make self-imposed changes to their business model.