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Offshore structured finance transactions depend in large part on the integrity of the legal arrangements by which a finance company enters into its financial obligations. Where a company is used, the aim is to ensure that the separate legal personality of the company is maintained, and the company is not consolidated on the originator's balance sheet. Under Cayman Islands law, the corporate integrity of a finance company depends on the observance of corporate formalities and professional standards by the directors. It also requires the directors to have a thorough business understanding of the transaction in which the finance company is involved.

Global derivatives transactions are set to benefit fromimproved legal certainty thanks to a new master agreement document improving close-out procedures ( see article).

IFLR is pleased to announce the nominated deals and law firms for the Asian Legal Deals of the Year 2002, reflecting legal innovation in the region across all areas of corporate finance. Winners will be announced at our ceremony in Hong Kong on February 27

As the January 26 deadline for implementing the vast majority of rules required under the Sarbanes-Oxley Act drew near, the Securities and Exchange Commission (SEC) churned out a series of reforms.

In a boost to high-yield lending in France, the minister of economy has resolved a long-running debate by clarifying that French usury law does not apply to corporate bonds.

The Securities and Exchange Commission (SEC) voted last month to order mutual funds to disclose how they cast proxy votes, in a defeat for the $6.6 trillion industry.

A lesson from Astra International’s recent restructuring in Indonesia is that procedures for bondholder voting need to be more accessible in future. By Andrew Crooke

Hong Kong's new securities and futures laws will enable regulators to restrict offshore institutions selling financial services to onshore investors. Given uncertainty about how the rules will be interpreted and enforced, banks must reconsider how they win business. By Jill Wong of Allen & Overy

Companies considering rights offerings often need cash fast with few ways to get it. Including US investors in a deal can cost time and money, says Ashar Qureshi of Cleary Gottlieb Steen & Hamilton. But excluding them risks upsetting important backers

After several years of restructuring and writing off bad loans, Asian banks want to raise their capital adequacy ratios by issuing hybrid tier one securities. Sanghoon Lee of Linklaters looks at the steps regulators have taken so far and considers the structural challenges that remain