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Freddy Daruwala

European credit ratings issued by non-EU parties will face EU regulatory requirements, says Esma

The Federal Government of Nigeria estimates that despite about $2 billion being injected into the power sector every year for two decades, Nigerians spend about five- to 10-times more on self-generated electricity than they do on grid-generated electricity. At the moment, Nigeria is capable of generating only about 3,500MW of electricity to serve its population of about 150 million people. This is far less than what South Africa generates with a grid-based generating capacity of 40,000MW for 50 million people. It was against this backdrop that the government enacted the Electric Power Sector Reform Act in 2005 to create an enabling framework for private-sector participation, pursuant to which the Power Holding Company of Nigeria (PHCN) and its successor companies were established.

A decision by the Second Circuit court to absolve credit rating agencies for investor losses is the latest rebuff to lawmakers’ attempts to clamp down on the agencies

As investors search for higher coupons and aggressive financing structures return, payment-in-kind (Pik) notes are on the rise. But lawyers in Europe have warned against the structure emerging too soon.

High yield investors concerned about slim disclosure and voting on enforcement are shifting their attentions to a new type of product: holdco bonds.

More disclosure for hedge funds is on its way, while ETFs can expect more scrutiny on collateral and securities lending

Chinese regulators uncertain approach to the macroeconomic environment is thwarting the country’s domestic Reit market

In a generic legal advice memorandum (GLAM), released at the end of last year, the IRS concluded that payments by a domestic depositary institution (DI) to or on behalf of a foreign corporation for expenses of a sponsored American Depository Receipts (ADR) program are includible in the foreign corporation's gross income and are subject to US federal withholding tax.

The Spanish Parliament is dealing with a preliminary draft of the amendment to the Insolvency Act. Therefore, although it is not yet a definitive and fully effective regulation, it clearly anticipates some significant aspects which are very likely to be approved in its current terms and which will impact positively restructurings in Spain. For instance, it will favour out-of-court restructurings by providing new restructuring alternatives for the different players in the current Spanish restructuring market.