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Esma’s prospectus directive consultation: the key points

Bankers' counsel may be forgiven for missing the European Securities and Markets Authority's (Esma) Prospectus Directive (PD) consultation document seeking comments on the technical advice to the EC on possible delegated acts.

January 30 2012

Europe sees example in US ratings reform

The US's often-criticised approach to credit rating agency (CRA) reform has been held up as an example for European regulators.

Danielle Myles, January 30 2012

Mezzanine reveals key LMA intercreditor requests

The Loan Market Association (LMA) confirmed to IFLR in December that it is drafting a revised intercreditor agreement following its 2009 agreement.

January 30 2012

APLMA: CNH loans need more than Hibor

More stability required Currency instability and a lack of transparency in domestic bank deal reports is more of an impediment to growth in the offshore renminbi loan market than the lack of a reference rate for pricing, the Asia Pacific Loan Market Association (APLMA) vice chairman and China committee chair, Wilson Wan, said in January.

January 30 2012

Peru’s Milpo highlights benefits of a dual law-governed pledge

A pledge governed by two countries' laws may be a solution for resource companies looking for enhanced terms on their financing.

Danielle Myles, January 30 2012

Eircom highlights euro break-up clause tension

The failure of Eircom's restructuring plan has highlighted tensions around the inclusion of eurozone break-up clauses within corporate contracts.

January 30 2012

Brazilian judge: corruption reform to increase FDI

Foreign direct investment into Brazil will increase if a bill that make companies liable for corrupt business practices is passed, Sao Paulo Federal Appeals Court Judge Fausto De Sanctis has told IFLR.

January 30 2012

Coeur Défense decision saves French creditor protection

The odds of a successful appeal aren’t high A Versailles Court of Appeal Coeur Défense ruling has held that special purpose vehicles (SPVs) can be protected by safeguard procedures in French restructurings.

January 30 2012

Why CFTC’s new cleared swaps rules are potentially inadequate

MF Global's recordkeeping in the years leading up to its insolvency illustrate some potential shortcomings in the Commodity Futures Trading Commission's (CFTC) Protection of Cleared Swaps Customer Contracts and Collateral rule finalised on January 13.

January 30 2012

Why Greek bondholder law is “too awful to think about”

Can Greece change the rules mid-game? With talks between Greece and its private creditors still unresolved and a Greek default likely, private practice and in-house are equally concerned about the prospect of a law that would force bondholders into a debt exchange.

January 30 2012

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