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The European Commission's Prips proposal is a complete overhaul of retail investment

Since the outbreak of the subprime crisis in mid 2007, the world's financial markets have suffered unprecedented turmoil. Many banks, even large institutions that had previously been considered icons of stability, failed or had to be rescued or nationalised by their governments. The financial crisis has prompted regulators in the US and Europe to reexamine how much capital is enough capital for banks. Regulators generally agree that banks were too highly leveraged and that, in the future, banks should be required to have more capital. Discussion has turned to contingent capital (another form of hybrid capital) as a necessary component of capital going forward.

The economic downturn has brought many companies into at least the early stages of financial difficulties, necessitating discussions with creditors and shareholders. Many have opted to restructure the terms of their existing financing arrangements. Although a number of companies have used schemes of arrangement, contractual refinancings have remained the standard solution.

The Argentine Central Bank has relaxed the requirements for Argentine exporters to obtain an exemption from their obligation to repatriate the foreign currency proceeds of exports based on lack of payment by the importer.

PLUS: First US sukuk boosts industry; Effects on Asian sovereign debt; Timeline - how it all happened

An updated draft report on changes to the PD rules has removed the worrying liability clause

Concerns that the proposed Foreign Account Tax Compliance Act would severely hamper the ability of US companies to issue bearer bonds have been eased by an amendment

Proposals for a new bond platform will bring corporate bonds back to Paris, and justify the Autorité des Marchés Financiers' (AMF) commitment to liberalising its onerous listing rules

Morgan Stanley and China Haisheng Juice's out of court settlement could embolden Chinese companies to cease derivatives payments in the future, aware of international banks' fear of court battles

BAA Funding has launched the first bond from its programme set up in August 2008 to provide financing for London's Heathrow and Stansted airports. Clifford Chance advised co-arrangers Citi and The Royal Bank of Scotland, as well as other members of the dealer group on the first £700 million ($1.1 billion) worth of bonds, and the dealer managers on a further issue of £235 million. A separate team from Clifford Chance assisted Deutsche Trustee Company as bond and borrower security trustee, and BAA was represented by Freshfields Bruckhaus Deringer.