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US counsel and industry feel that the regulatory clampdown on banks' use of internal risk models is likely to result in increased capital charges. The regulatory push back against internal models takes different forms. In the US, one such is the supervisory guidance on model risk management, better known as SR 11-7 and released by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC) in 2011. While the guidance applies only to banks in the US, it's becoming a global standard.

Israeli authorities' introduction of the world's first ever corporate anti-concentration law is having a profound effect on the country's M&A landscape.

Final SEC guidance on cross-border SBSs is likely to ease concerns surrounding reporting duties and compliance with the SEC’s Regulation SBSR

The SEC still has some work to do to finalise its framework for SBS dealer registration but firms should set compliance plans in motion

Source of British pride: Bond or schemes?

Investors now need a complete risk profile Sustainability due diligence on IPOs is gaining ground on the traditional disclosure of financial, legal, tax and accounting information. The assessment of environmental, social and governance (ESG) risks and opportunities is now an integral part of the IPO process, according to PwC.

Eszter Ritter In Austria, RAUTNER added banking and capital markets capacity in the form of Walter Gapp who joined the team from Schoenherr.

In the second part of this month’s cover story on NPLs, attempts in China to tackle the problem are revealed. But the country may be better off following India’s lead

Non-performing loans are contaminating banks’ balance sheets. Securitisation may be the solution, but it won’t be easy. Success depends on improvements in servicing, enforcement and foreign involvement

Yoshitaka Kato On April 28 2016, the Ministry of Economy Trade and Industry published a practice guide for the introduction of restricted stock as a new incentive award for directors and executive officers in Japan. The introduction of restricted stock is a common performance-based award in western countries. According to the practice guide, it will enable Japanese companies to globally acquire highly-talented management personnel and manage this personnel in a uniform way. Additionally, the Japanese Corporate Governance Code, which the Tokyo Stock Exchange published in 2015, provides that in order for management remuneration to operate as a healthy incentive for sustainable growth, the proportion linked to mid- to long-term results and the balance of cash and stock should be set appropriately.