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Deposit Guarantee Scheme

Amidst the global financial crisis in 2008, the governments of various countries in Asia provided blanket guarantees on all bank deposits to maintain confidence in their financial systems. In order to remain financially competitive in the region, Singapore introduced a similar guarantee scheme.

August 31 2009

Banking arrangements with Latvia

The Financial and Capital Market Commission of Latvia and the Central Bank of Cyprus have updated their memorandum of understanding on banking supervision.

August 31 2009

Stock Corporation Amendment Act

The Austrian Stock Corporation Amendment Act 2009 (AktRÄG), which entered into force on August 1 2009 introduces new rules that are aimed at facilitating (foreign) shareholders' participation and voting in shareholder meetings and thus at increasing free float shareholders' participation. The AktRÄG applies to shareholder meetings convened after July 31 2009.

August 31 2009

Forward start facilities find use in restructuring

The facilities stop US companies getting bogged down in Chapter 11 The product itself only emerged in the past few months. Now forward start facilities are evolving beyond their original use, helping distressed companies out of trouble.

August 31 2009

Counsel bank on a Tory government

The regulatory pendulum is swinging, unwisely, back to the Bank In a clear sign that UK banks are preparing for a Conservative government, in-house counsel are ignoring Labour plans in favour of the Tory’s recent White Paper.

August 31 2009

First guaranteed samurai; Enel's largest rights issue in Europe; The first securitisation of a holding company

Allen & Overy has advised the Indonesian state on an issuance of $374 million in samurai bonds. This is the first sovereign samurai to receive a guarantee; this was provided by JBic. JBic was counselled by Nishimura & Asahi while Marsinih Martoatmodjo Iskandar Kusdihardjo provided assistance to the sovereign issuer.

August 31 2009

Experts in refinancing agreements

Royal Decree 3/2009 on urgent measures concerning tax, finance and other areas affected by the financial crisis promoting business activity amends, among others, the July 9 2003 Law on Insolvency, and introduces a special regime of refinancing agreements that are protected against rescission and avoidance actions under the Law.

August 31 2009

New chairman of LMA; Jones Day recruits from Barclays Capital; Clifford Chance launches Asia dispute practice

Ian Fitzgerald The Loan Market Association elected Ian Fitzgerald of Lloyds Banking Group as its new chairman at its annual general meeting. At the same meeting, the board increased the number of vice chairmen it has to four. Richard Basham of Citi, David Fewtrell of HSBC, Nick Jansa of Deutsche Bank and Richard Munn of Oak Hill Advisors Europe were subsequently elected.

August 31 2009

Security in project finance

One of the challenges in project financings in Thailand has been the absence of any legal security interest in inventories and work-in-progress, on bank accounts or moveable property that is not subject to mortgage. Thai law provides only traditional forms of security: mortgages of land and buildings, pledges, mortgages of registered machinery, vessels, aircraft and several other types of property, and sales with right of redemption.

August 31 2009

The coroner's inquest

Sovereign documentation must strengthen trustee responsibilities and prevent states from buying debt they have defaulted on

August 31 2009

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