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This is the second of three articles on the legacy of the Temer years at Palácio do Planalto for infrastructure projects in Brazil and what challenges lie ahead for the Bolsonaro years. The first article focused on state owned enterprises (SOEs) – especially Petrobras and Eletrobras. The Temer government initiatives include better corporate governance and reduction of some of the dominance those two SOEs had in their markets via sales of assets. However, there are still open questions as the sale of assets are targeted with judicial decisions and political manoeuvers. This article will focus on the changes affecting the government when designing, approving and financing infrastructure projects.

Market consensus is forming around temporary solutions such as the CRA III or BoE templates while firms continue to wait for the European Commission’s approval

The European Commission's draft regulatory technical standards (RTS) for homogeneity requirements has eased concerns; however, firms continue to look to covered bonds as an alternative to securitisations

The resurgence of the once-maligned instrument in certain jurisdictions has highlighted divergence between EU and US regulators. Hedge funds are leading the charge

Ruling avoids increased costs and moves away from English law for now, but US criticism gives hope to universalists

Banks are taking action and cutting back or reallocating their teams after a misunderstanding over the regulatory technical standards implementation date. It began with an Isla announcement

New York-based institutional investors and stock exchanges have differing views on the depth of the data the securities market needs to ensure a competitive playing field. Fund managers say they refuse to work with brokers who only use SIP data, which they view as stale

Increasing regulation and market volatility has turned issuers to private placement debt and equity programmes. DCM dealers are seeing a rise in Asia and Latin American issuers; others see a high volume of covered bonds. Some are seeing no business at all

Regulators are investing in artificial intelligence to build insights from data generated by the new post-financial-crisis reporting regimes; however, some data quality challenges remain

Trade groups and consultants are reticent about the international body’s statement on the €50 million IM exchange threshold. They say it does not provide enough certainty