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Competition Law Forum highlights

Dawn raids are a gruelling experience, even for industry veterans. Thankfully, they are willing to share their tips on how to survive one

December 10 2015

#1 Basel’s clash with the CMU

While 2015 was the year securitisation came back into fashion – at least in the eyes of the European Commission (EC) – 2016 could be the year that reality bites and regulatory disconnects hit home.

December 10 2015

#7 Incremental opening of China’s onshore market

With the renminbi's (RMB) long-awaited inclusion in the IMF's basket of reserve currencies being announced on November 30, calls for greater clarity over rules governing foreign issuers accessing the onshore market is set to intensify.

December 10 2015

#2 The Prospective Directive’s aims may be exploited

The motives behind the European Commission's (EC) Prospectus Directive (PD) have never been questioned. The goals of reducing the costs and burden for companies producing prospectuses, and the headaches for investors wading through them, are faultless.

December 10 2015

#4 European high-yield will come of age

Frenetic, argumentative and growing a little too quickly. European high-yield has clearly been experiencing its teenage years. But in 2016 the market will find its feet. In addition to the first wave of restructures – and the valuable lessons that come with it – there will be more constructive dialogue between issuers and investors, and more diversified use of funds.

December 10 2015

#14 More high yield restructures

High-yield bondholders face a tumultuous 2016; counsel say – with certainty – that mass restructurings are on the horizon.

December 10 2015

#16 LatAm at the mercy of currency risk

In 2016, for better or worse, LatAm's equity market activity will largely hinge on the stability of local currencies. And counsel are cautiously optimistic. The region is not known for a robust equity market, but according to Shearman & Sterling partner Antonia Stolper, last year was in a class of its own. "2015 was truly bad," she says. "We had the whole Fibra boom in Mexico in the last two years and other one offs in some other countries. But the pipeline is somewhat weak."

December 10 2015

#13 CMBS will conquer Europe

Securitisations as a whole might be marred by EU regulatory clashes, but commercial mortgage-backed deals (CMBS) are set to broaden their footprint across the continent. And their tranches will blur the boundary between loans and bonds.

December 10 2015

Brazil: New financial inclusion rules

Luis Souza Vinicius Sahione On November 4 2015, Brazil's Central Bank published rules for setting up and operating credit unions. These rules are guided by the new legal framework established in August 2015 by the National Monetary Council (CMN), which regulates credit unions.

December 10 2015

Indonesia: New simplified import procedures

Oene Marseille Emir Nurmansyah The Ministry of Trade of Indonesia has issued a new regulation in an attempt to simplify and clarify the import requirements as regards certain goods, including: food and beverages, 'traditional' medicines and health supplements, cosmetics, household first-aid kits, footwear, electronic devices, and toys.

December 10 2015

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