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Covered bonds regime

This article outlines the pertinent issues with regard to the regulation of covered bonds under Slovenian law. The relevant statutory provisions are primarily contained in the Mortgage Bond and Municipal Bond Act (Covered Bonds Act).

November 01 2009

Keen to learn

Morgan Stanley's co-head of legal in Germany has always consciously chosen paths that involve some steep and rapid education

November 01 2009

Final freedom for electricity

A new law may actually succeed in getting private investment into Indonesia's electricity industry. But then these laws have been repealed before

November 01 2009

Even more reassurance

This was an exceptional case, but it still broke new ground on the interaction of flawed assets and close-out netting

November 01 2009

Premium or standard?

UK companies may have a new choice in listing, but is there a danger the regulators have watered down standards to attract new listings?

November 01 2009

Philippine Reits structure prompts concern

The Reits structure limits oversight In a move that the Philippines hopes will encourage real estate investment, the country is set to enact a new law allowing Reits to be set up. But their success could be scuppered by an unusual structure that limits oversight.

November 01 2009

Capital charges for derivatives trades must be low

Derivatives rules are beginning to feel oppressive The EC’s communication on derivatives markets has stopped short of shifting all transactions onto regulated exchanges, but still contains oppressive measures. Industry bodies will be lobbying hard to keep the proposed capital charges as low as possible before legislation is finalised next year.

November 01 2009

Reforms that undermine themselves

Proposed changes to the Prospectus Directive are unexpected, unclear and potentially counterproductive. But left unchecked they could be in place by Christmas

November 01 2009

Cleary on SocGen offering; Shearman & Sterling on big Hong Kong IPO; E.on turns to Freshfields on energy swap

Allen & Overy has advised the National Bank of Greece on the first Greek covered bond to be offered publically to investors. The €1.5 billion, seven-year bonds are listed on the Luxembourg Stock Exchange, and were priced at 90 basis points over mid-swaps by joint bookrunners Deutsche Bank and UniCredit. Clifford Chance was read-and-review counsel to the arrangers and trustee, and Ashurst advised the swap counterparty.

November 01 2009

Banks fear Prospectus Directive amendments

The Commission thinks these amendments strike a better balance for investors Proposed amendments to the EU Prospectus Directive are making bankers’ counsel very nervous, particularly changes to the rules on the prospectus summary that could make issuers, banks and even the competent authorities liable for investor decisions.

November 01 2009

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