IFLR Search

UK regulator closes tier one window

The UK's Financial Services Authority has officially ruled that banks can no longer issue tax-deductible securities that will qualify as core tier one capital.

January 01 2004

Two ways around Russia's security hitch

Local law means bankers cannot rely on security trustees in syndicated deals. John Balsdon and Liza Ivanova review the alternatives

January 01 2004

US structured finance

In traditional models, it is the job of central banks to moderate credit cycles. By that measure, there is little to say that is favourable about the work of the US Federal Reserve System between April 1998 and October 2002. For nearly six years before 1998, conditions slowly improved, going from unnerving through cool to Goldilocks on the chart. Almost everyone claims credit for that virtuous cycle. The horrible period from 1998 to 2002, however, remains unclaimed.

January 01 2004

Catering IPO brings new hybrid product to US market

A catering company introduced the US financial markets to a new product last month when it launched an innovative combined debt-equity offering.

January 01 2004

Equity lawyers end year on a high

It was the second week of December when the Dow Jones Industrial Average closed above 10,000 for the first time in 18 months. The number itself may not bear gifts, but breaking the psychological barrier was as an early Christmas present for the markets.

January 01 2004

Chinese offerings find second life in US

Two initial public offerings (IPOs) in December underlined both the continuing success of Chinese companies and the returning appetite among US investors for foreign equity. Both also saw welcome mandates for the China branches of several US and UK law firms.

January 01 2004

Will protectionists hijack China's competition law?

China must ensure turf wars between government ministries don't lead to different treatment of foreign and domestic companies, says Zhao Yong of Squire Sanders & Dempsey

January 01 2004

Switzerland

The Swiss legislature recently completed work on a new statute governing mergers, demergers, conversions of companies, and the transfer of assets with or without related liabilities. Most of these topics were not addressed in the Swiss Code of Obligations and thus many of the existing rules relating to mergers and demergers are based on case law or on legal principles developed over time by practitioners. Most of the code law provisions that did exist will now be replaced in their entirety.

January 01 2004

Russia

Competition in Russia's financial market is regulated by the Federal Law No 117-FZ, which came into effect on December 29 2001. It governs both Russian or foreign (operating in Russia) banking, insurance and leasing companies, non-state pension funds, professional participants of the securities market and other entities rendering financial services.

January 01 2004

Italy

Italian entities acting as borrowers or issuers of financial instruments in international financial transactions with foreign EU counterparties often accept to submit any controversy that may arise to the jurisdiction of a foreign court located in an EU member state.

January 01 2004

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