Search results for

Isda's call for mandatory stress tests for clearing houses has been greeted with scepticism by some market participants

The political crisis embroiling Russia and Ukraine has created new opportunities for foreign and local banks in the region. Mayer Brown's Mayank Gupta and Trevor Wood analyse the areas to watch

This instalment of Corporate Governance Quarterly asks whether shareholders are interested in anything more than the bottom line

The Association's annual conference last month saw influential rulemakers clarify their positions on TLAC, cross-border cooperation and RMB internationalisation

The Atlantic Council’s Chris Brummer explains why the organisation is a firm supporter of the Transatlantic Trade and Investment Partnership, and how recent political developments are impacting negotiations

Birungyi Barata & Associates discuss what the East African Community Double Taxation Agreement means for raising capital and investment in the region

Elias Neocleous The Memorandum of Understanding that Cyprus concluded with its international creditors in 2013 committed the government to introducing a so-called Foreclosure Law. This legislation seeks to amend the procedure for the forced sale of mortgaged property to allow for private auctions. The initial target date was the end of 2013, but the deadline was extended to require legislation to be enacted by mid-2014 and implemented by the end of the year. The existing system allowed recalcitrant debtors to delay the realisation of mortgaged property for years by means of strategic applications to the courts for orders to cancel auctions, by objecting to the reserve price set by the Land Registry or on a number of procedural grounds. This would mean that the average time taken to enforce a mortgage would be 10 years, and a determined debtor could extend the delay well beyond that.

Oene Marseille Emir Nurmansyah Late in October of 2014 the Indonesia Stock Exchange (IDX) issued new listing rules applicable to certain mining companies. Under this rule, a mining company in possession of an Mining Business Licence – Production Operation (Izin Usaha Pertambangan Operasi Produksi) or Special Mining Business Licence – Production Operation (Izin Usaha Pertambangan Khusus Operasi Produksi) may apply for registration with the stock exchange. This includes companies that are yet to start a production activity. The pre-production company must have a 'proven' or 'probable' reserve as evidenced by a report from a competent party. Additionally, in obtaining approval for the listing, an independent valuation report is required. The report must state that the pre-production company will have obtained operational profit and net profit from its core business activities within four fiscal years of the listing date.

Rodrigo Taboada On March 26 2014, the President of Nicaragua approved Decree 17-2014, which was published in the Gazette, official newspaper of the Republic of Nicaragua on March 31 2014. The Decree establishes the application of measures for the freezing of funds or assets related to terrorism and the financing of it, in accordance with resolutions issued by the United Nations Security Council that specifically address and regulate such matters. The scope of the Decree covers all individuals and legal entities, both private and public, which might be suspected to be involved directly or indirectly in activities related to funds or assets used to finance terrorism. The Democratic Security National System (DSNS) receives a list formulated by the United Nations Security Council, which contains the names of persons, natural and legal, that are associated with terrorist activities and financing of terrorism. The DSNS also receives information from other international and local entities. After processing the information, the DSNS designates the persons whose funds or assets are considered to be susceptible to being frozen, then sends this list to all local entities so that they may: (i) detect in their own database funds or assets related to the persons that appear on the list; (ii) freeze all funds or assets detected; and (iii) inform in a strictly confidential manner to the Financial Intelligence Analysis Unit the enforcement of such measures.

On November 28, the European Banking Authority (EBA) released its consultation on the criteria for determining the minimum requirement for own funds and eligible liabilities for bail-in, the so-called MREL. Using MREL, European authorities will ensure that banks have enough liabilities to absorb losses in case of failure, forcing shareholders and creditors to shoulder much of the recapitalisation burden, instead of taxpayers.