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  • China’s courts may increasingly turn to this when considering VIEs The legality of variable interest entities (VIEs) in China is even more uncertain following recent unfavourable rulings in China's highest court and a tribunal of the Chinese International Economic and Trade Arbitration Commission (CIETAC) Shanghai. The structure is also encountering uncertainty in the US, with the Securities & Exchange Commission (SEC) investigating US-listed Chinese companies that have used the model.
  • Over summer Ireland became the first in Europe to put forward a regulatory framework for loan origination by alternative investment funds.
  • King & Wood Mallesons is continuing its expansion north, by confirming that its merger with SJ Berwin will take effect from this November. The two firms' partners have now approved the tie-up, which marks a rare combination between a pan-Asian and UK firm, and will create one of the biggest 25 law firms in the world.
  • Herschel Hamner, Sidley Austin Kenneth Lench, Kirkland & Ellis Michael Coleman, Thompson Hine
  • Eratat Lifestyle's private placement is thought to be the first asset-backed securitisation sold in the dim sum market. Perhaps more significantly, the deal also introduced the concept of tranching into the market.
  • Was this consulted in the selection process?
  • The US has taken a tough approach to leverage ratios. Will this embolden European regulators?
  • US regulators' proposal to impose on the country's biggest banks a leverage ratio that doubles the Basel III standard has been criticised by the country's financial sector. But foreign banks also have cause for concern.
  • "Don't rule out the US. It is restructuring itself in a very quiet but deliberate way."
  • How many foreign banks are considering this for their US operations?