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Why Japan's new corporate separation law is increasing restructurings

Eliminating many of the barriers to a Japanese company de-merging in an efficient way has created a flurry of corporate re-organizations. Dale Araki, Jason Cohen and Kosei Watanabe of O'Melveny & Myers/Watanabe Kokusai analyze how the new process works and why it should be used

January 28 2003

Why reforms to the Commercial Code will fuel economic growth

Foreign private equity investors should welcome reforms to stock and share regulation, stock options and corporate governance. Mitsuhiro Kamiya and Timothy Wilkins of Freshfields explain how the Japanese economy will benefit

January 28 2003

Editorial

Japan has responded to the need for economic reform by implementing far-reaching amendments to its Commercial Code in the past year. More will become effective in April 2003. These changes are expected to stimulate mergers and acquisitions, complex financings and corporate restructurings through more flexible and innovative deal structures.

January 28 2003

In-house interviews: Meeting Japan's tough banking challenges

Financial institutions in Japan are tackling the regulatory and commercial challenges that all market players face. Apart from trying to win mandates in Tokyo’s increasingly competitive market, the foreign investment banks must also be careful not to fall foul of tough local regulators. IFLR spoke to general counsel at prominent banks in Tokyo about what should be done to revive the economy, how to overcome tough compliance challenges and whether Japan should set up an independent regulator.

January 28 2003

Legislative changes look to boost Japanese securitization

Changes to Japanese laws relating to insolvency, asset purchase and enforcement practices, and the management structure of special purpose companies are among the recent developments expected to increase the number of securitized products on the market. By Noboru Suwa of Mori Hamada & Matsumoto

January 28 2003

The emergence of Private Finance Initiative deals in Japan

The Japanese government has encouraged the use of private finance to develop public infrastructure through a series of reforms. But Masanori Sato of Mori Hamada & Matsumoto says there are still uncertainties regarding step-in rights and security packages to overcome

January 28 2003

How Japanese companies can benefit from Irish investment vehicles

Ireland's regulatory environment is attractive for both fund management companies and originators of asset-backed deals from Asia. Irish investment vehicles offer advantages in terms of tax treatment, flexibility, transparency and robustness, say Mark Thorne and Conor Houlihan of Dillon Eustace

January 28 2003

The struggles in meeting the new convertible bonds requirements

Amendments to the Commercial Code have abolished rules allowing the issuance of stock options, warrants in warrant bonds and conversion rights in convertible bonds. New rules allow the issuance of stock acquisition rights. Hiroyuki Ishizuka and Yutaka Kitamura of Nagashima Ohno & Tsunematsu explain the pros and cons of the new concept

January 28 2003

Using a Cayman Islands vehicle for Japanese securitizations

Cayman Islands special purpose companies are common in Japanese structured finance transactions. David Egglishaw, Skip Hashimoto of Walkers SPV Limited review recent market trends in part 1, Wayne Panton and Jonathan Culshaw of Walkers explain the continued benefits of using Cayman offshore vehicles in part 2

January 28 2003

How to buy a Japanese company

Michael Yoshii, Koji Ishikawa and Hiroki Kobayashi of Latham & Watkins/Kyobashi International Law Office explain the different ways foreign investors can buy a Japanese company, as well as the corresponding hurdles to overcome

January 28 2003

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