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M&A financing rules in China will make domestic deals easier, but only by Chinese persons and only within one industry

Regulators want a clearer line between banks that distribute products and banks that take deposits - with some calling for an Asian Glass-Steagall Act

Kenneth Masotti will join Dechert in the firm’s New York office as counsel to the corporate and securities group.

To further mitigate the negative effects of the current financial crisis on Swedish households and businesses, the Swedish government has proposed an extensive plan to ensure the stability of the financial system. Part of this has been to present an act on public support to financial institutions.

The Supreme Court of the Philippines promulgated the Rules of Procedure on Corporate Rehabilitation, superseding the interim rules issued in 2000.

From 1998 to 2000, the Corporate Restructuring Committee (CORC), an organisation established by 205 financial institutions pursuant to the Financial Institutions Arrangement for Facilitating Corporate Restructuring, aggressively pursued and conducted corporate restructuring in Korea (workouts), while the Financial Supervisory Commission supervised workouts of financial institutions. Upon the dissolution of the CORC in 2001, the principal creditor banks of the workout companies took the lead in corporate restructuring pursuant to the Corporate Restructuring Promotion Act (CRPA).

On November 26 2008, the State Administration of Taxation (SAT) issued a tax circular concerning enterprise income tax (EIT) consolidation and prepayment by wholly foreign-owned banks, Guoshuihan (2008) 958 (Circular 958). Circular 958, which took effect retroactively from January 1 2008, specifies that wholly foreign-owned banks are also required to follow the Interim Procedures for the Administration of Income Tax Collection from Enterprises that Operate Across Different Administrative Regions and File Consolidated Enterprise Income Tax Returns (Interim Procedures), issued by the SAT under cover of Guoshuifa (2008) 28.

The need to improve borrowers' rights when a lender defaults has been shown up by the credit crisis. Syndicates should consider these reforms in their next deal

Tax changes could make leveraged finance deals in the UK more expensive. But it may also encourage multinationals to set up there

The Second Circuit Court of Appeals has ruled that US securities laws have no extraterritorial application to a foreign corporation