Banking / Finance
Stephenson Harwood has advised CSE-Global on the sale of one of its wholly owned subsidiaries, Servelec Group, for £122m.
The doctrine of marshalling could be excluded by contract but the contract would have to be one between the two creditors not the relevant obligors and one such creditor.
The FCA has updated its webpage on the AIFMD to clarify how AIFMs can comply in a proportionate way with the AIFMD’s Article 15(1).
How to avoid the bonus cap — FCA update for investment firms that may qualify to remain under BIRPU rules from 1 January 2014 download
The FCA has published a webpage for investment firms that may qualify to remain under BIRPU rules from 1 January 2014.
Limited recourse clauses questioned download
The judge’s comments call into question the impact of limited recourse provisions and bankruptcy remoteness.
Clive Adamson, FCA director of supervision, has delivered a speech on what conduct regulation means for authorised foreign banks (AFBs).
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on current accounts.
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on consumer credit.
This is an important interlocutory decision in what some commentators have dubbed the litigation of the decade.
Graiseley Investments, the company behind Guardian Care Homes, has instructed the Wilkes Partnership in place of Cooke Young & Keidan (CYK) in its landmark Libor battle with Barclays following concerns over costs.
The FCA has published a Consultation Paper (CP13/17) on the use of dealing commission rules for investment managers.
The FCA has published a report summarising its thematic work on outsourcing in the asset management industry.
Sylvia Kierszenbaum and Willem Van de Wiele have authored an article in The International Capital Markets Review.
While this agreement is undoubtedly an historic diplomatic coup for the western diplomacy, the interim Geneva deal remains limited.
The FCA’s chief executive recently gave a speech that focused on conduct and ethics within firms.
The US SEC has released long-awaited proposed rules under the crowd-funding provisions of the Jumpstart Our Business Startups Act of 2012.
InVest — November 2013: banking download
Addleshaw Goddard has released its InVest publication for November 2013. This section focuses on banking.
American Express (AmEx) has named managing counsel Tim Heine as its interim general counsel as it rejigs its internal reporting structure.
A cross-border team from Hogan Lovells has advised PDVSA in its $1bn loan transaction from Gazprombank.
This briefing includes a capsule review of the relevant provisions of the Dodd-Frank Act that were crafted to enhance corporate responsibility.
Conyers Dill & Pearman has advised Barclays Capital, Citigroup Global Markets and Wells Fargo Securities on a $400m offering by Energy XXI (Bermuda).
King & Wood Mallesons has provided legal support to Beijing Zhongsou Network Technology Co.
Appleby has acted as Cayman counsel for PW Medtech Group in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
King & Wood Mallesons has acted for the National Storage Group in relation to the establishment of National Storage REIT.
Conyers Dill & Pearman has provided Bermuda law advice to Maiden Holdings in connection with the offering by its wholly owned US holding company.
Conyers Dill & Pearman has provided BVI advice to Atlantis The Palm and Atlantis The Palm Holding Company on an $880m syndicated loan.
Appleby has acted as Bermuda and BVI counsel to Credit Suisse in connection with a two-tranche convertible bond issuance by Goldpoly New Energy Holdings.
At the Lloyd’s List Asia Awards 2013, Ince & Co Hong Kong won the Deal of the Year award for its work involving financing container vessels.
Allen & Overy has advised Nationwide Building Society on the creation and inaugural issuance of £500m core capital deferred shares.
King & Wood Mallesons has acted for a syndicate of five international and domestic banks on the $450m refinancing of Collgar Wind Farm.
Rules to support the new framework for Commonwealth agencies, authorities and companies will be made under the Public Governance, Performance and Accountability Act 2013.
The China, Southeast Asia and South Asia Finance and Capital Market Legal Practice Forum and the 2013 annual meeting of Dacheng’s investment and M&A department recently took place.
Superannuation discussion paper released addressing regulation, governance, transparency and competition download
The Commonwealth assistant treasurer has released a discussion paper, Better regulation and governance, enhanced transparency and improved competition in superannuation, for public consultation.
The FCA has answered questions from consumer credit businesses about its proposed approach to regulation as set out in its October consultation paper.
Greg Brandman, partner and banking regulation expert at Eversheds, has said that the amendment added to the UK Banking Reform Bill is ‘misguided and ill informed’.
Wragge & Co has released the November issue of its Finance Litigation Briefing, which reports on cases and issues including Forsta Ap-Fonden v Bank of New York Mellon.
Binder Grösswang has won two awards in the categories ‘Banks, Capital Markets, Restructuring’ and ’Capital Markets’ in the Advocatus ‘13 clients’ awards.
Reed Smith, Allen & Overy and Clifford Chance were among firms advising on the restructuring of a £662m residential mortgaged-backed securitisation (RMBS) by Eurosail-UK ...
The Co-operative Bank has named Brona McKeown as its new general counsel and company secretary, a month after announcing the split of its legal function.
DLA Piper is set to expand its German corporate practice with partners Dr Jan Schinköth and Dominik Stühler.
Binder Grösswang has appointed Maurizia Anderle-Hauke as an attorney at law. She specialises in the fields of banking and capital markets law.
Watson Farley Williams’ Michael Greville has resigned from his role as managing partner after 12 years.
Pillsbury has selected 10 lawyers for promotion to partner, effective 1 January 2014. The new partners span the firm’s offices and practice areas.
Kierszenbaum and Van de Wiele of Allen & Overy have contributed an article on developments in capital markets in Belgium to the International Capital Markets Review.
Conyers Dill & Pearman has advised 58.com in connection with an initial public offering on Nasdaq in the US of up to 25.3 million Class A ordinary shares.
Who’s Who Legal’s website recommends 13 lawyers from Ogier in Guernsey and Jersey, which is reportedly more than any other Channel Islands law firm.
Stephenson Harwood’s rail practice has won Rail Finance Law Firm of the Year at the 2013 Global Transport Finance awards.
DLA Piper’s Global Financial Markets Insight guides users of finance through the vast array of financial products and financing techniques that are now available.
Over recent weeks, the P5 1 have been engaged in discussions with Iran with the aim of reaching an agreement over Iran’s nuclear programme.
Naomi Rive, a partner from Appleby, has been listed in the 2014 Top 50 Most Influential Offshore Professionals list, which has been compiled by eprivateclient.com.
DLA Piper has represented US Bank and Goldman Sachs in connection with a private bank financing for the construction of the new Minnesota Vikings stadium.
Judy Lee, a parter at Appleby, has won the offshore practice area individual award at the third annual Asia Women in Business Law Awards.
The Financial Conduct Authority consultation paper — regulatory fees and levies: policy proposals for 2014–15
The Financial Conduct Authority will take over the regulation of consumer credit from the Office of Fair Trading on 1 April 2014.
The government has announced that it will cap the cost of payday loans. The level of the cap will be decided by the Financial Conduct Authority.
The Bank of Ireland has hired John Bennett as general counsel to its UK subsidiary, succeeding Jan Karpinsky who retired earlier this year.
Clifford Chance partners Carlos Conceicao and Kelwin Nicholls have been hired by RBS to lead an investigation into claims that the bank forced small companies it owed money to into closure to make a profit.
Partner Jeffrey Greenbaum says the PRIPs hearings have been a step forward in creating a more level playing field among investment products.
The Dodd-Frank Act amended section 4a of the CEA to require the Commodity Futures Trading Commission (CFTC) to establish position limits on an aggregate basis.
Sixteen years after the Wallis Inquiry, Australia is again embarking on a new Financial System Inquiry (FSI).
Shoosmiths’ Manchester corporate and banking team has advised on the £15.9m management buy-out of online wine retailer Virgin Wines.
Stephenson Harwood has advised the trustees of JLT UK Pension Scheme on the company’s £120m buy-in agreement of its defined-benefit liabilities with Prudential.
With the recent demise of Manches, we examine the auditors and the complex task of determining a firm’s health
The federal government has released the draft terms of reference for the Financial System Inquiry, to be led by the former CEO of the Commonwealth Bank of Australia.
US-Swiss voluntary disclosure programme: deadlines are looming — Swiss banks need not panic, but must act swiftly and thoughtfully download
The voluntary bank disclosure programme between Switzerland and the US offers worried Swiss banks the possibility of peace of mind from future prosecution.
DLA Piper has released the latest version (Volume 2, No. 21) of The Financial Report.
Supreme Court to review ‘fraud on the market’ presumption of reliance in securities class actions download
On 15 November 2013, the US Supreme Court agreed to consider two questions that have the potential to transform the landscape of private securities litigation.
Glen Meyer, partner at Arendt & Medernach, identifies three strategic trends that will characterise part of the financial services industry next year.
KWM has advised Pacific Asset Management Co (PAMC) on setting up an asset-backed scheme for a special funding project through raising insurance funds.
Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank’s debut 9.00 per cent $200m Reg S issue of loan participation notes.
Turnover is £608m, up 7.5 per cent on the same period last year (£566m). The results reflect a steady improvement in trading conditions in most markets.
Conyers Dill & Pearman has provided Cayman legal advice to Montage Technology Group in connection with an IPO on NASDAQ Global Market.
Appleby acted as Cayman counsel for JC Group Holdings in relation to its listing on the Growth Enterprise Market of the Hong Kong Stock Exchange on 21 November 2013.
Appleby acted as Cayman counsel for China Success Finance Group Holdings in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 13 November 2013.
Banking giant Barclays is attempting to avoid a full trial over defunct firm Dewey & LeBoeuf after issuing a summary judgment application to the High Court in a case against three former partners over loans.
The FCA has published a consultation paper on its regulatory approach to crowdfunding. This briefing sets out how the CP will affect firms that operate crowdfunding platforms.
It has been more than three years since the Financial Conduct Authority brought into effect its ‘new’ penalties regime for regulatory misconduct.
Hogan Lovell’s latest news and commentary on payments, including regulatory developments, payments market developments, and surveys and reports.
The anti-retaliation provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act only confer protections to whistleblowers who report conduct to the SEC.
This update looks at the landscape of good faith in the context of discretionary provisions as a matter of contract law in an attempt to provide readers with the necessary background to approach this area of law.
DLA Piper has advised the Cabinet Office on the creation of SSCL, a joint venture between HM Government and Steria.
Shoosmiths has helped a holiday park operator complete the sale of its entire issued share capital in a deal worth £172m.
KPMG has welcomed the International Accounting Standards Board’s new general hedge accounting standard — IFRS 9 Financial Instruments (2013).
Mills & Reeve has advised PNC Business Credit on the provision of an asset-based lending facility to support the £15.9m management buyout of Virgin Wines.
The government needs to plan, think and act differently if it is to be prepared for the global megatrends increasingly straining the world’s resources, according to KPMG.
The SEC has voted unanimously to propose Regulation Crowdfunding, the rules related to the offer and sale of securities through crowd-funded private offerings.
King & Wood Mallesons has advised Goldenmars Technology Holdings on its successful listing on the GEM Board of the Stock Exchange of Hong Kong on 9 September.
KWM has acted as Australian counsel for JP Morgan and a syndicate of banks providing senior debt financing to support the acquisition of Echopass.
Hogan Lovells has expanded its Los Angeles office with the addition of a long-standing corporate transactional team.
Guy Flynn, chair of DLA Piper’s Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
Allen & Overy, Linklaters and Ashurst are among eight firms to have won spots on the Bank of Tokyo Mitsubishi UFJ (BTMU) first ever EMEA panel.
Goodman Derrick has received recommendations in all of its core commercial practice areas from Chambers & Partners and The Legal 500 in 2013.
Should your company reach out to Silicon Valley? If so, what do you need to know?
King & Wood Mallesons has advised the Transurban Group on its acquisition of all of the senior secured debt exposure of Sydney’s Cross City Tunnel (CCT).
King & Wood Mallesons has advised the Merivale Group on a refinancing of its syndicated debt facilities.
The interpleader proceedings in Guernsey are dealing with substantial assets claimed to be the proceeds of a fraud alleged against Nikolai Battoo and the BC Capital Group.
Farhaz Khan has been identified by Legal Week as one of the 10 ‘most acclaimed young barristers making their mark’ at the commercial chancery bar.
This update is targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
The Australian Prudential Regulation Authority is proposing to adopt a simplified principles-based approach to prudential regulation of the Australian securitisation market.
A roadmap to cross-border finance download
The Bank of International Settlements recently reported that renminbi (RMB) had for the first time become one of the top 10 most-traded international currencies.
Minter Ellison has advised Dick Smith Holdings, which has announced an IPO of ordinary shares and a listing on the ASX.
Dentons has boosted its Middle East practice with the hire of two lawyers from DLA Piper and Norton Rose Fulbright to its Abu Dhabi and Dubai offices.
Société Générale Group has named Christopher Davies as its new regional general counsel for Asia Pacific, as predecessor Mark Duncan promoted to a role in the Paris headquarters.
Finance practices’ flickering flame of hope was soon snuffed out in 2012/13, as banks remained hobbled by litigation and the glow of Asian salvation proved a false dawn. By Natalie Stanton
KWM is acting for Credit Suisse (Australia), JP Morgan Australia and Macquarie Capital (Australia) on McAleese Group’s IPO of AUD166m and listing on the Australian Securities Exchange.
Recommendations for enhancing the EU’s role in international accounting standard setting are due to be presented to EU finance ministers on 15 November 2013.
The FCA has published its long-awaited response to consultation paper 12/25 entitled ‘Enhancing the effectiveness of the Listing Regime’.
Founder and lawyer
Nabarro has released the November issue of its financial sector update.
The core content of the innovation within the SHFTZ relates to reform in the financial area.
Court of Appeal finds against banks in allowing amendments to pleadings based on LIBOR manipulations download
On 8 November 2013, the Court of Appeal handed down its much-anticipated judgment in two related appeals.
On 5 October 2013, the government of Ecuador announced that it has established a commission to audit the majority of bilateral investment treaties (BITs) to which it is party.
Changes to Belgian law on late payment in commercial transactions to enhance protection of creditors download
Changes to Belgian law on late payment in commercial transactions should enhance protection of creditors.
Appleby has reported stabilised offshore M&A activity and continued high levels of IPOs in Q3 2013, which the firm highlights in its latest Offshore-i Report.
Appleby has published the sixth edition of Offshore-i, which provides insights into the mergers and acquisitions activity going on in the major offshore markets.
Broseta is launching a Zurich office, in what is thought to be the first move by a Spanish firm into Switzerland.
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
Allen & Overy has succeeded in the category of corporate law and has also been named Law Firm of the Year 2013 for Best Client Service.
Governance News — November 2013 download
Minter Ellison’s Governance News provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
Barclays’ head of compliance and regulatory relations Hector Sants, who last month took a temporary leave of absence due to stress and exhaustion, has resigned from the post.
Travers Smith client Sebastian Holdings has been ordered to pay 85 per cent of the £60m legal bill racked up by Deutsche Bank in an $8bn court showdown between the parties.
UK FATCA update download
The Cayman Islands government has announced that it has now signed a FATCA-type intergovernmental agreement with the UK.
The Financial Conduct Authority (FCA) has published a further consultation paper containing updated proposals on changes to the UK Listing Rules.
KPMG Capital is an investment fund created to accelerate innovation in data and analytics that will help clients of member firms unlock tangible value of their big data.
Farhaz Khan and Simon Oakes of Outer Temple Chambers appeared for Graiseley in Barclays Bank plc v Graiseley Properties Ltd & Ors — the Libor ‘test case’.
Mourant Ozannes has produced the market-standard security agreement for the Jersey Bankers Association (JBA) on a pro-bono basis.
King & Wood Mallesons has advised China Huirong Financial Holdings on its successful listing on the main board of the Hong Kong Stock Exchange on 28 October.
Hogan Lovells’ guide to the eligibility requirements and continuing obligations of admitting securities to the premium, standard and high-growth segments of the main market and AIM.
Davis Polk & Wardwell has picked up Ashurst finance partner Nick Benham, in the latest in a string of departures from the UK firm.
Under the PDR, certain information that would otherwise need to be included in a prospectus may be omitted by certain issuers or in relation to certain offers.
Norwegian company Sebastian Holdings has been ordered to pay $240m (£146m) to Deutsche Bank after the High Court threw out an $8bn compensation claim against the bank.
Clifford Chance has elected partner Simon Sinclair as its new London capital markets head succeeding partner Andrew Forryan.
Final CFTC rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy download
The CFTC has adopted the final rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy.
Conyers Dill & Pearman has advised Avolon, an aircraft leasing group, on the Bermuda law aspects of its $636m asset-backed securitisation for Emerald Aviation Finance.
Following the entry into force of some risk mitigation techniques, the second obligation under EMIR, i.e the reporting obligation, will start in February 2014.
Advisers get stuck into the disentangling task, to unhitch troubled bank from group
Path to outsourcing is not a smooth one for banking supergroup
Appleby has acted as lead counsel to Standard Chartered in connection with the consolidation of its two Jersey banking entities.
Eversheds’ Pamela Thompson has been named as one of the 100 most influential women by Financial News.
Eversheds has advised Eagle Ride Investments on the HKD270m public takeover bid for shares of Radford Capital Investment.
Taylor Wessing has announced that Habib Ullah has joined Taylor Wessing Middle East, the law firm’s Dubai office, as its head of banking.
Issues of company solvency are best determined at trial, with the benefit of a full hearing, rather than in the course of application for interim relief.
Argentina has agreed a settlement relating to five investment treaty arbitration awards, made between 2005 and 2008, pursuant to which it was ordered to pay a total of over $450m.
In The Financial Report — Volume 2, No. 20, DLA Piper focuses on discussion, analysis, news and developments in the financial services sector.
China’s growing share of world trade and the size of its economy mean that what happens within China is directly relevant to the rest of the world.
The Court of Appeal has ruled that allegations that the Libor benchmark interest rate was manipulated can be included in two major cases against Barclays and Deutsche Bank and has scheduled Barclays’ case for next April.
Ogier has been promoted to a top-tier firm in Guernsey and continues to hold top slots in Jersey in the Chambers UK 2014 rankings.
Wragge & Co has advised the founder of Mountain Warehouse on the £85m acquisition of the outdoor clothing and equipment retail business.
Conyers Dill & Pearman has been recognised as a Tier 1 firm in the Legal 500 Asia Pacific 2014 directory released this month.
The Luxembourg Supervisory Authority for the Financial Sector has clarified its position in relation to the definition of ‘securitisation special-purpose entities’.
Interim injunctive relief is a powerful tool and the ability to freeze a defendant’s assets to prevent dissipation before a matter reaches trial can be an important protective step.
Withers is extending its corporate and finance offering to Asia in response to growing client demand.
Miloš Vuckovic, senior partner at Karanovic & Nikolic, has participated in the Third International Conference on Mineral Resources in the Republic of Serbia.
The Co-operative Bank has hired a new general counsel, in the wake of news that the bank will host the UK’s first ever ‘bail-in’ by a consortium of hedge funds (4 November 2013).
The first-ever English trainee solicitor to have been trained exclusively in Russia has qualified into Hogan Lovells’ Moscow office.
Ogier is counsel to the ISDA and is often asked to advise on the enforceability of close-out netting and set-off provisions under ISDA and other standard form agreements.
DLA Piper has appointed Tony Lopez as a partner in the structured finance team, part of the finance and projects group.
Does your commercial guarantee bite? download
The case of John Spencer Harvey v Dunbar Assets plc demonstrates that a fairly typical approach can have potentially devastating consequences.
Wragge & Co brings you the latest on the cases and issues affecting the lending industry.
Allen & Overy has advised BNP Paribas in connection with a capital increase of around €100m (£85m) executed by AIXTRON.
Allen & Overy has advised the syndicate of banks led by Credit Suisse on the successful initial public offering (IPO) by Cembra Money Bank.
DLA Piper has taken a high yield and leveraged finance partner from Clifford Chance’s London office as both firms push for more firepower in their high-yield teams.
On 3 October 2013, Parliament approved the Law of Mongolia on Investment along with other supporting amendments.
Clifford Chance has scooped a key advisory role for the Co-op Bank on its restructuring after Allen & Overy (A&O) found itself conflicted out due to a longstanding role as adviser to majority owner, the Co-operative Group.
Financial regulators issue proposed standards for assessing diversity policies and practices of regulated entities download
Last week, pursuant to a statutory mandate included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘Dodd-Frank’), six federal financial regulatory agencies issued proposed standards for assessing the diversity policies and practices of regulated entities.
FCA tackles crowdfunding download
In publishing CP13/131, the FCA sets out a proposal for the regulation of crowdfunding, covering both peer-to-peer lending and investment-based crowdfunding platforms.
A briefing on the changes to Ogier’s annual billing cycle and the changes its customers will notice on their annual invoices, the potential impact of FATCA and the work which they have done to date to prepare to assist you with its introduction next year.
Patricia M Hynes, senior counsel at Allen & Overy, has received the New York Law Journal’s 2013 Impact Award.
SEC issues guidance on supervisory liability of broker-dealer compliance and legal personnel download
A difficult question continually faced by broker-dealer compliance and legal personnel is whether their roles and duties can lead to them being considered supervisors of business personnel.
On 24 October 2013, the Federal Reserve released a proposed rule that would apply a Liquidity Coverage Ratio to certain US banking organisations.
The former director of legal and company secretary at Virgin Money, Jasan Fitzpatrick, has named as general counsel of consumer credit firm Premium Credit.
Financial incentives should be introduced for whistleblowers if we really want to encourage them
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would have a notable impact on French companies.
DLA Piper has appointed energy lawyer Andreas Gunst as a partner in the finance and projects group and energy sector team.
Appleby Isle of Man has now held the island’s top spot in all three leading independent legal directories for five consecutive years, after receiving Tier 1 rankings once again in 2013.
On 21 August 2013, the French Ministry of Finance updated the so-called ‘black list’ for 2013 (the list of non-co-operative countries or territories).
On 21 October, the Southern District of New York weighed in on the scope and applicability of the anti-retaliation provision of the whistleblower protections of the Dodd-Frank Act.
A KPMG survey of more than 440 chief financial officers has revealed that the majority are now poised to make the necessary investments and embrace intelligent finance models.
Following a long consultation and implementation process, the RDR came into force on New Year’s Eve 2012. This article looks at the emerging supervisory themes 10 months on.
Christopher Butcher QC and Benjamin Parker were counsel for Equitas in Equitas Ltd v Walsham Brothers & Co Ltd  EWHC 3264 (Comm).
Allen & Overy has picked up eight accolades at the annual IFLR Middle East Awards ceremony in Dubai, including the International Firm of the Year award.
Genesis Housing Association has appointed Winckworth Sherwood as its sole legal provider under a new partnership contact.
Berwin Leighton Paisner head of banking and finance Matthew Kellett has resigned in the latest departure to hit the mid-market firm.
Debevoise & Plimpton has advised Norilsk Nickel on the successful closing of a $1bn seven-year eurobond offering, with an annual coupon rate of 5.55 per cent.
The Bermuda Stock Exchange continues to attract international recognition. It is the world’s largest offshore fully electronic securities market.
DLA Piper has released the latest issue of its Banking & Finance Litigation Update.
A High Court decision gives some useful guidance about the extent of a facility agent’s duties and a warning of the potential risks if a facility agent acts outside the scope of those duties.
Our debt finance team offers proactive, practical and commercial advice to lenders and borrowers.
Deutsche Bank has reported a significant drop in its third-quarter profits after setting aside €1.2bn (£1bn) to cover legal costs.
Japan’s largest bank, The Bank of Tokyo-Mitsubishi UFJ (BTMU), is in the closing stages of establishing its first ever UK legal panel.
Hogan Lovells has advised CLSA and CITIC Securities as the joint placing agents in respect of a placement of 115 million existing shares in Trigiant Group for HKD362.3m.
Citigroup will announce details of its eagerly-awaited revamped panel early next month, with the banking giant preparing to unveil a new structure to the roster and show some existing advisers the door.
As financial regulation piles up and budgets get pinched, banks are expecting firms to share their pain. But panel places are still worth it – for now at least
Government moves to align tax regimes with EU neighbours and banks facing a tough US disclosure programme mean plenty of work for Swiss firms. The problem is scaling up for this one-off bonanza
The 22 October 2013 issue of Hogan Lovells’ Global Payments Newsletter includes sections on regulatory developments, payment market developments and reports and surveys.
NCTM has advised Venice Holdings, a company controlled by the Rhone Capital fund and owned by the Silvestrini family, on an investment agreement with Dixons.
DLA Piper has released the latest version (Volume 2, No. 19) of The Financial Report.
Paul Fontes, partner at Eversheds, has commented on the news that the majority of UK bankers expect to receive a larger bonus in 2013.
DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications and mineral extraction, on the refinancing by its holding company SPCM SA.
Berwin Leighton Paisner (BLP) finance and restructuring partner Trevor Wood has become the latest partner to leave the firm after being hired by Mayer Brown.
Litigation funder Vannin Capital has stepped up to fund a High Court battle between the owner of the largest oil and gas project in Azerbaijan and Credit Suisse International (CSI).
The Singapore Court of Appeal held that DB did not owe a duty of care to C.
Corporate lawyers from Hogan Lovells’ Silicon Valley office have helped Five Prime Therapeutics to finance its operations and to enter the public market.
On 11 October 2013, the government confirmed plans to strengthen the Code of Practice on Taxation for Banks in the Finance Bill 2014.
A legal mortgage of shares ‘debentures’ and ‘other securities’ does not attach a security interest to the benefit of any shareholder loans made by the security provider.
The court has considered the nature and scope of the duties of a facility agent in a syndicated, multi-tiered real-estate financing structure.
One of the difficulties encountered when advising clients who claim that they have been mis-sold an interest rate hedging product is the paucity of decided case law concerning the sale of such products.
The Cayman Islands Stock Exchange (CSX) is a leading offshore exchange for the listing of specialist debt securities, Eurobonds and insurance- and risk-related securities.
Nationwide Building Society general counsel Liz Kelly is leaving the building society to spend more time with her family just weeks after Nationwide launched its delayed general panel review.
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would notably affect French companies.
Hogan Lovells has been shortlisted in three categories for the Legal Week 2013 British Legal Awards.
The latest installment of the Deutsche Bank/Unitech LIBOR battle has recently played out in the High Court.
China is one of the world’s largest markets for internet use.
Eversheds’ Ben Jones has commented on the announcement from Frey & Co that it will close due to costs arising from the country’s dispute with the US over alleged tax evasion.
Shoosmiths has appointed Linda Williams, a former senior associate of Osborne Clarke’s banking and finance group, to its banking team.
Josip Marohnic, an attorney at law in co-operation with Karanovic & Nikolic, spoke at the sixth annual Balkan Energy Finance Forum in Zagreb on 16–17 October 2013.
Few areas of financial crime prevention in Bermuda are as complicated and misunderstood as ‘sanctions’, writes compliance manager Jarion Richardson.
National Bank of Ukraine toughens requirements for mandatory sale of foreign currency proceeds download
Amendments to Ukrainian banking legislation stipulating additional requirements for the sale of proceeds by residents and non-residents in foreign currency have come into force.
Conyers Dill & Pearman has advised Dong Fang Container Finance (SPV) on its $200m Series 2013-1 asset-backed notes offering.
James Batham, partner and head of retail at Eversheds, has commented on the news that UK retail sales increased in September 2013.
The recent case of Torre Asset Funding v RBS reiterates that the contract is king, especially in the context of complex structured asset finance facilities.
The Channel Islands Stock Exchange (CISX) has clarified how to approach dealings with the CISX in the period prior to its proposed restructure.
The Court of Appeal decided that although solicitors had acted in breach of trust, losses were limited to the additional security that a first legal charge would have provided.
In its 2013 budget, the government announced various financial support plans intended to invigorate the residential property market.
Linklaters private equity partners Richard Youle and Ian Bagshaw have resigned from Linklaters to join the London office of White & Case.
Conyers has provided Bermuda legal advice to Bank of America in connection with a $3.1bn sale and repurchase agreement related to the acquisition by Amgen of Onyx Pharmaceuticals.
Legal 500 UK 2013 has recommended Ince & Co as a top-tier law firm in shipping and corporate and commercial.
King & Wood Mallesons has advised Quadrant Private Equity on its recent investment in Estia Health.
A cross-practice team from Shoosmiths has helped Allied London acquire ITV Granada studios.
Barclays’ head of compliance and regulatory relations Hector Sants, who was brought in from the Financial Services Authority (FSA) to help overhaul the bank’s ties with regulators, is taking a temporary leave of absence 10 months into the role.
The next two days in Congress will be characterised by fast-moving developments on the government shutdown/debt ceiling issues.
The Buckingham Gateway litigation is a rare, but valuable, example of a party getting away with what could otherwise have been a very costly mistake in reliance upon incorrect assumptions.
Taylor Wessing has announced the hire of Matthew Jones to its construction and engineering group.
Allen & Overy has advised Deutsche Annington Immobilien on the launch of its EMTN programme with a total volume of €4bn and the first successful €500m bond issue under this programme.
Allen & Overy has acted as joint legal advisers with Minter Ellisons to the Lloyds Banking Group in respect of the sale of select Australian businesses.
KWM has advised BNP Paribas Commodities (Shanghai) Co, on obtaining a licence issued by the China (Shanghai) pilot free-trade zone.
KWM has represented Qingdao Haier Co in signing a share subscription agreement and a strategic partnership agreement with KKR & Co.
IFLR1000 has released its 2014 leading financial law firms ranking list, in which King & Wood Mallesons is listed as one of the ‘top-tier firms’ in China.
Stephenson Harwood has appointed a legal director and two consultants to its offices in China.
Two key features of the JOBS Act, when combined with certain advantages enjoyed by issuers in Rule 506 offerings, will open up a new category of ‘publicly offered private offerings’.
On 11 July 2013, Connecticut governor Dannel Malloy signed into law Senate Bill 911, which amends the state’s Money Transmission Act to remove the explicit exemption from licensure.
Lloyds Banking Group has agreed the sale of its Australian asset finance business and its corporate loan portfolio to Westpac Banking Corporation for AUD1.55bn.
Debevoise & Plimpton has advised the executive management and certain other shareholders of Arrow Global Group on its successful IPO.
Conyers Dill & Pearman has been recognised as a leading financial and corporate law firm in the most recent edition of IFLR1000
Independent legal directory IFLR1000 has moved Appleby Guernsey up its rankings for the finance and corporate and investment funds categories.
The International Financial Law Review 2014 edition has promoted Ogier to a top-tier firm for its investment fund and corporate and finance practices in Guernsey.
US banking giant JP Morgan has reported a $400m quarterly loss after taking a $9.2bn (£5.8bn) hit in legal fees to cover a series of regulatory problems.
The Court of Appeal judgment in the mis-selling interest swap case brought by Paul Rowley and John Green against RBS has just been released.
In July 2013, the first English swaps mis-selling case reached the Court of Appeal. The appellants had hoped to overturn an earlier High Court judgment.
DLA Piper has released the latest issue (Volume 2, No.18) of The Financial Report.
Audrey Williams has commented on the news that the Home Office will consider encouraging whistleblowing by financial incentives in cases involving fraud, bribery and corruption
Allen & Overy has topped the Asia Pacific (excluding Japan) M&A league tables for 2013 at Q3, by value, as reported by Bloomberg and Thomson Reuters.
Mills & Reeve has been recognised in the Financial Times Innovative Lawyers 2013 report in the value resourcing category.
The London office of Debevoise & Plimpton has been shortlisted in the British Legal Awards 2013 in the London Office of the Year category.
This briefing provides a summary of the key requirements for the admission of equity securities of a trading company to a listing on the CISX.
Investors, banks and companies can rely on Jinga Maravela for tailored advice with regard to any transactions unfolding under the rules and regulations governing the capital markets.
Mourant Ozannes has acted as Guernsey legal adviser on the launch of Chenavari Capital Solutions.
SEC proposes pay ratio disclosures download
The pay ratio disclosure would be required in all filings that require disclosure of executive compensation matters under Item 402 of Regulation S-K.
The Milan office of Eversheds has advised UniCredit and a syndicate of banks on the sale of the Setai Fifth Avenue Hotel to Pacific Fifth Avenue Corporation.
The ongoing Libor misselling feud between Guardian Care Homes (GCH) and Barclays is going to the Court of Appeal next week in a crucial simultaneous hearing with a case involving Deutsche Bank.
Nationwide has launched its delayed general panel review, which was originally expected to take place in early 2013.
The knowledge and expertise amassed by Jinga, Maravela & Asociatii lawyers in banking and finance is a direct response to client demands for delivering technical and commercial excellence.
Mourant Ozannes has maintained its position with top-tier rankings in the latest IFLR1000 rankings.
‘The court is not a rubber stamp’: the message from the federal court in respect of second court hearings for schemes download
The Australian federal court has given us a salutary reminder that its role in approving schemes at the second court hearing is not perfunctory.
NCTM has signed a partnership agreement with ISFIN — a network of Islamic finance law specialists — that will see the firm become its exclusive representative.
Allen & Overy has seen a flurry of emerging market sovereign debt issues in recent weeks.
Berwin Leighton Paisner (BLP) corporate finance partner Michael Weir is to join the firm’s former global private equity head Raymond McKeeve at Jones Day.
The GFSC expects new banks entering the Guernsey market to be reputable, of good standing and with an established track record in banking.
This financial institutions e-briefing from Eversheds includes an update on the Green Deal, revisions to the Land Registry’s practice guidelines and case law updates.
Financial institutions e-briefing: professional negligence/title rectification/mortgage fraud download
This financial institutions e-briefing from Eversheds looks at the current overhaul going on in the professional indemnity insurance market.
DLA Piper has been named Most Innovative Law Firm in Client Service at the Financial Times’ Innovative Lawyers 2013 Awards for its WIN programme.
PSD2 introduces the concept of a ‘strong authentication’ procedure for validating payment instruments.
It is difficult to see this batch of proposals as anything other than an attempt by the EC to introduce competition and challenge to the status quo.
The European Commission (EC) has issued a proposal to amend and restate the existing Payment Services Directive and so create a new directive (PSD2)
Another step being taken to harmonise the pan-European euro payments market is commonly referred to as the ‘SEPA Migration End Date Regulation’ (the SEPA Regulation).
Following its May consultation on the AIFMD reporting guidelines on 1 October, ESMA published its final report on the same containing the procedure on reporting obligations.
In August 2012, the Financial Conduct Authority published the first of a series of thematic reviews on the mobile payment industry.
In May 2013, the FCA consulted on guidance about dealing fairly with interest-only mortgage customers who risk being unable to repay their loan.
The federal government shutdown, now in its fourth day, appears likely to continue a while longer as the list of issues under discussion becomes longer and more complex.
In recent years, the US Department of Justice has been aggressively investigating the use of bank accounts outside the US to evade tax.
Mayer Brown has ramped up its London partnership in the last two weeks with the hire of four lateral partners…
The Eversheds infrastructure group comprises in excess of 150 lawyers across our international offices.
This case concerns an issue in relation to the application of the Carriage of Goods by Sea Act 1992.
Financial Conduct Authority consultation paper CP13/10: detailed proposals for FCA regime for consumer credit download
The Financial Conduct Authority’s (FCA’s) Consumer Credit sourcebook (CONC) will contain the majority of the FCA’s rules and guidance for the new regime.
Our finance specialists advise on a full range of corporate, real-estate, project and structured finance transactions.
Minter Ellison’s corporate team has extensive and market-leading experience in all aspects of corporate and securities laws.
Our banking and finance team provides a full range of banking and finance services, working with funders, borrowers, lenders, issuers, underwriters and other advisers.
Shanghai’s new Free Trade Zone boasts a number of firsts, not least the speed of its creation.
DLA Piper has successfully acted for ING on appeal of a claim instituted by Stichting Misrekening.
Conyers has provided British Virgin Islands legal advice in connection with the issue of $500m to AVIC International Finance & Investment Company.
DLA Piper has advised the Turkey-based international Coca-Cola bottler in its inaugural offering of $500m 4.750 per cent investment-grade notes due in 2018.
The SEC proposed the adoption of a new Item to require public companies to disclose the ratio of their CEO’s total compensation to the median annual total compensation of all other employees.
The Antitrust Division obtained more than $1.02bn (£630m) in criminal fines in fiscal year 2013, which officially closed yesterday.
DLA Piper has released the autumn issue of its Emerging Growth and Venture Capital News publication.
Allen & Overy has advised MAX Automation in Düsseldorf on the acquisition of the AIM Group from Günther Holding in Hamburg.
Allen & Overy has advised Hapag-Lloyd on the successful placement of a €250m (£210m) high-yield bond under New York law.
To continue to compete effectively and stand out in their product categories, food companies are under pressure to explore new options for growth.
Partner and head of Bra?ov office
DLA Piper has advised Coca-Cola Icecek, the Turkey-based international Coca-Cola bottler, in its inaugural offering of five-year bonds worth $500m.
The Central Bank of Russia has published amendments to Regulation 395-P regulating banks’ capital that revised certain of its current requirements for subordinated debt instruments.
Here comes the shutdown: key points download
What impact will the shutdown have? Here are some of the highlights.
Addleshaw Goddard has increased its financial regulation capability in London with the appointment of consumer finance expert Nikki Worden as partner.
This article summarises some of the key considerations for a Russian company in planning a eurobond issue.
DLA Piper has appointed former Italian country managing partner Federico Sutti as managing director for Europe and Africa.
King & Wood Mallesons has advised Westpac New Zealand on a multi-currency syndicated facility for the New Zealand BJ Ball Group.
The CISX commenced operations on 27 October 1998 with the intention of providing recognised facilities for the listing and trading of a broad range of debt securities.
Ogier has improved its Guernsey rankings and maintained top positions in Jersey in Legal 500 2013.
DLA Piper has released Issue 68 of its Banking and Finance Litigation Update.
Sintons has been recognised by The Legal 500 for its excellence and in-depth expertise across a range of legal disciplines.
Wildgen newsletter — September 2013 download
Luxembourg law firm Wildgen, Partners in Law, has released the September 2013 issue of its newsletter.
Linklaters is understood to have taken over Freshfields Bruckhaus Deringer’s role as the regulatory adviser to Lloyds Banking Group (LBG) concerning payment protection insurance (PPI) mis-selling, one of the biggest scandals to ever hit retail financial services.
The ECB will soon be regulating all big eurozone banks, but many questions of accountability remain
In the latest results, the Legal 500 has moved Appleby Guernsey up its rankings of commercial and banking and trusts practice groups.
Addleshaw Goddard has advised Hikma Pharmaceuticals plc on a 50–50 joint venture with Sheikh Mohammed Hussein Al Amoudi’s MIDROC Group.
King & Wood Mallesons has represented China Development Bank on its financing of a more than $100m term loan facility for a wind farm project in Pakistan.
King & Wood Mallesons has represented China Development Bank on closing a €400m term loan facility.
KWM recognised by Asian-Mena Counsel In-House Community Representing Corporate Asia & Middle East Survey 2013
King & Wood Mallesons has been named Firm of the Year 2013 in China across six practice areas.
Jones Day and Sullivan & Cromwell have joined the Paris recruitment bandwagon by picking up partners from Allen & Overy (A&O) and Freshfields Bruckhaus Deringer respectively.
DLA Piper has advised a syndicate of banks consisting of ABN AMRO Bank NV, Natixis and Société Générale on a $195m prepayment facility for Xinjiang Zhaokun Trading Co Ltd.
Hogan Lovells has advised Barwa Bank on a $125m Islamic facility made available to Topaz Energy and Marine.
Hogan Lovells has advised the lenders to the Blue Transmission consortium on the London Array project.
Chambers has announced that Paul Chaisty QC, Lesley Anderson QC and David Casement QC have been shortlisted in the Queen’s Counsel rankings.
Documents presented under a letter of credit must strictly comply with the requirements of the letter of credit in order for the issuing bank to make payment.
Allen & Overy has advised JP Morgan Securities in connection with the capital increase of MorphoSys, raising gross proceeds of approximately €84m.
ABS Brilliant Law has completed a private fundraising as part of growth plan to extend its services.
DLA Piper and Nabarro have acted on a £150m senior debt portfolio financing by Cornerstone Real Estate Advisers with investor and developer UK & European Investments.
DLA Piper advised a consortium of banks under the leadership of UniCredit Bank Austria on the funding of a hydroelectric power station in the Tyrolean valley Stanzertal.
Jeremy Bouch, an experienced white-collar criminal litigation solicitor, has joined Shoosmiths as a senior associate.
As part of its Simplification Series to improve disclosures in IPO cases, the Hong Kong Stock Exchange has issued a new guidance letter on improving application forms for IPOs.
RBS was the facility agent for certain lenders in a complex real-estate financing involving multiple tiers of senior and junior debt.
Allen & Overy has advised Schaeffler on the successful placement of around 3.9 per cent of the shares in Continental AG, raising funds of around €950m.
Second Circuit affirms bankruptcy court ruling authorising American Airlines to repay $1.3bn debt without make-whole download
On 12 September 2013, the US Court of Appeals for the Second Circuit held that American Airlines had the right to repay $1.3bn (£808m) in debt without payment of a make-whole amount.
The 2013 ISDA Arbitration Guide was published last week following a two-year consultation with ISDA members.
Stephenson Harwood’s real-estate finance team has advised on the financing aspects of three key developments in the UK, including acting for HSBC Bank.
In the matter of Aspis Jersey Ltd, Mourant Ozannes acted for the liquidator of T Bank SA, one of the first Greek banks to enter insolvency following the recent financial crisis.
King & Wood Mallesons has worked with the Australian Securities Exchange (ASX) to clear Australia’s first interest-rate swap.
Appleby has advised Standard Chartered on the consolidation of its two banking entities in Jersey that created a single operating platform for its Jersey business.
Clifford Chance, Sullivan & Cromwell and Freshfields Bruckhaus Deringer have taken lead roles on Barclays’ bumper £5.8bn rights issue – the world’s largest rights issue by a bank since 2009.
The banking world has changed. On 1 April 2013 the UK’s Financial Services Authority was split into three separate entities.
Stevan Dimitrijevic and Petar Mitrovic from Karanovic & Nikolic presented on energy financing at the European Bank for Reconstruction and Development.
DLA Piper has been recognised by the BTI Consulting Group in its newly published 2014 Litigation Outlook: Changes, Trends and Opportunities for Law Firms.
DLA Piper has published the 12 September 2013 issue of The Financial Report, which includes news from Asia and the Pacific and US judicial developments.
Footie and telecoms dominate our regular round-up of recent M&A activity, as the threat of rising interest rates kick-started activity among organisations.
David H Schnabel, a tax partner at Debevoise & Plimpton, is to assume the chairmanship of the New York State Bar Association’s (NYSBA’s) Tax Section.
Life after Lehman: five years on download
Five years after the collapse of Lehman Brothers, we take a step back to review how financial markets are performing today.
The EU is closer towards finalising its new market abuse regime, with the European Parliament giving its backing to the political agreement reached on a new Market Abuse Regulation.
Peter Morgan, who has experience with structured finance and private equity transactions, has joined the firm’s New York office as a partner in the structured products team.
The Royal Court has considered whether the Banking Business (Jersey) Law 1991 extends to the transfer of regulated investment business.
New SDLT sub-sale sale relief download
The new sub-sale relief rules have now been enacted in the Finance Act 2013.
In United States v Vilar, the Second Circuit has offered another data point in the federal courts’ efforts to define the extraterritorial reach of the federal securities laws.
The DFSA and the ESCA have each entered into 26 supervisory co-operation agreements with EU and European Economic Area securities regulators.
DPAs are expected to be available for use by the Serious Fraud Office and the Crown Prosecution Service in February 2014.
The FSB has issued proposed guidance on the application of the key attributes of effective resolution regimes for financial institutions to non-bank financial institutions.
Appleby has expanded its corporate finance practice in the Cayman Islands with the appointment of Dylan Wiltermuth.
Conyers Dill & Pearman provided Bermuda legal advice to Binhai Investment Company in connection with the issuance by the company of HKD$310m (£25.5m) one per cent convertible bonds.
Conyers Dill & Pearman advised Freetech Road Recycling Technology (Holdings) Limited on its HKD$863,200,000 (£71m) listing.
Conyers Dill & Pearman provided Bermuda legal advice to Hankore Environment Tech Group Limited in connection with the establishment of its multicurrency term note programme.
Conyers Dill & Pearman have provided Cayman Islands legal advice to Himax Technologies, Inc in connection with the sale of 25,399,753 American depositary shares.
Hogan Lovells has successfully closed two block trade transactions for a combined value of over HKD$2.4bn (£197.4m).
The Financial Conduct Authority has recently sought to clarify the imminent changes to the regulatory regime governing consumer credit.
There are many facets surrounding foreign exchange, but Hogan Lovells has looked specifically into these new rules to see how they will affect cross-border IP transactions.
Comparison for outbound remittances of foreign exchange under some major service trade items download
This DLA Piper briefing looks at old and new regulations to provide a comparison for outbound remittances of foreign exchange under some major service trade items.
Businessmen Rowley and Green sought to pursue RBS for compensation following an interest rate swap deal that left them significantly out of pocket.
MAS has issued notices to banks on the requirements for conducting foreign exchange conversion in China via the Renminbi clearing bank in Singapore.
We are on the verge of the biggest change in the regulation of consumer credit since the passage of the Consumer Credit Act 1974.
The year of 2013 can be seen as a remarkable year for the State Administration of Foreign Exchange (SAFE) as it takes steady steps to consolidate its rules.
Taylor Wessing has been shortlisted for Law Firm of the Year — Deal Structuring at the upcoming Unquote British Private Equity Awards 2013.
Conyers Dill & Pearman provided Bermuda law advice to Vitol Finance Ltd (Vitol) on the offering of its 3.23 per cent Series L senior unsecured notes due 27 June 2018 in the aggregate principal amount of $235m (£150m).
Mills & Reeve has been appointed as the main external legal adviser to the London School of Hygiene & Tropical Medicine.
Rich Davis has joined DLA Piper’s corporate and finance practice as a partner in the Washington DC office.
The Royal Court of Jersey has delivered a very significant judgment concerning certain of the provisions in the Financial Services (Jersey) Law 1998.
DLA Piper Paris has advised Michelin on the renegotiation of a major outsourcing contract with Xerox.
Allen & Overy has advised FMO on a $90m loan facility to China Singyes Solar Technologies Holdings.
The Federal- and Emirate-level legislative framework is now complete to permit the launch of Abu Dhabi’s new financial free zone, the Abu Dhabi Global Market.
DLA Piper has prepared a series of frequently asked questions to explain the basics of the FATCA registration website.
Six federal financial regulatory agencies have issued a notice revising their previous 20 April 2011 proposed rule on risk retention in securitisation transactions.
Banking giant Barclays has named the former general counsel of Pittsburgh-headquartered PNC Financial Services Group, Bob Hoyt, as general counsel.
On 22 February 2013, the Reserve Bank of India issued its guidelines for the licensing of new banks in the private sector.
Allen & Overy has advised BNP Paribas, London branch, in relation to the Lighthouse Trade Finance transaction.
JP Morgan litigation and government investigations lawyer, Michael Coyne, has left the bank to become general counsel of Union Bank and its holding company, UnionBanCal Corp.
Mills & Reeve’s projects team has advised Aviva on four significant new projects this summer totalling more than £140m.
Conyers Dill & Pearman has provided Bermuda legal advice to Third Point Reinsurance Ltd.
The years since the global financial crisis have seen a level of opprobrium cast upon IFCs that is unprecedented in its sustained nature and its breadth of political support at the highest level.
Allen & Overy Paris has advised on the issue by Veolia Environnement of €1bn undated deeply subordinated reset rate notes and £400m undated deeply subordinated reset rate notes.
Issue 67 of DLA Piper’s Banking and Finance Litigation Update is now available.
Herbert Smith Freehills (HSF) and Linklaters have taken lead roles on the scheme of arrangement designed to compensate consumers who had been missold protection for credit card theft and identity fraud.
The Court of Appeal has rejected an appeal by Paul Rowley and John Green in their action against RBS, holding that the pair had not been advised to enter into the swap in question.
As foreshadowed in Notice 2013-43, the IRS has opened the FATCA Registration Website.
These three small ‘offshore jurisdictions’ are dominated by offshore finance and influenced, although not bound, by UK law. However, they are also very different.
The Cayman Islands government announced last week that negotiations with the US on a Model I intergovernmental agreement and a new tax information exchange agreement have now been concluded.
FCA review of Client Assets Regime: radical proposals for the speedy return of cash and assets on insolvency download
The FCA sets out some fairly radical proposals aimed at improvements in two areas: the amount and speed of return of client assets following insolvency; and reducing the ‘market impact’ of insolvency.
Offshore law firm Mourant Ozannes, has been shortlisted in three categories for the Citywealth International Financial Centre Awards.
DLA Piper has released the latest issue (Volume 2, No. 15) of The Financial Report.
Pillsbury has been named by the Chevron Law Function as a recipient of its ninth annual Law Firm Diversity Recognition Award.
DLA Piper has appointed Ronan Mellon as a partner in the structured finance team in the firm’s London office.
Ogier has advised OMERS Private Equity (OPE) on behalf of certain clients (AIMCo) on its successful bid for Vue Entertainment.
On 14 August, the Serious Fraud Office (SFO) announced that four men connected to Sustainable AgroEnergy plc have been charged with offences of conspiracy to commit fraud.
A cross-practice team at Ogier in Jersey and Guernsey has been formalised to create Ogier Local Legal Services.
Robin Barclay has joined Outer Temple Chambers’ financial crime and regulatory enforcement group.
Ogier has been shortlisted for the Citywealth International Financial Centre Awards in two categories.
Eighteen lawyers from Allen & Overy have been recognised in this year’s Citywealth Leaders List.
The August 2013 issue of DLA Piper’s Asia: Corporate Newsletter is available now.
Addleshaw Goddard has advised Practice Plan Group on its acquisition by Wesleyan Assurance Society for an undisclosed sum.
DLA Piper has advised Better Capital PCC Ltd on its firm placing and open offer raising £185.6m for further investments.
DLA Piper has advised the Bank of Moscow Group with regard to sale of its subsidiary bank in Ukraine, BM Bank, to Smart Holding.
A global focus on reforming the over-the-counter (OTC) derivative market stems from the recent global financial crisis and involves regulators committed to the same objectives.
Australia’s Future of Financial Advice regime is in full swing as compliance became mandatory on 1 July this year.
Material adverse change (MAC) provisions appear in most loan agreements. A recent case included interpretation of MAC in the context of a representation that there had been no MAC in a borrower’s financial condition.
The PGPA Act, passed on 29 June 2013, will, when it commences, consolidate the two financial management frameworks established for Commonwealth activities.
The Full Federal Court has unanimously upheld ASIC’s appeal against the approval of the settlement of the Storm Financial class action against Macquarie.
Irwin Mitchell has picked up a new client with a role alongside Allen & Overy (A&O), Ashurst and Dechert on Wells Fargo’s acquisition of part of the £4bn Hypothekenbank Frankfurt (formerly Eurohypo) real estate loan book from Commerzbank.
As publicly funded bodies, both academy trusts and governing bodies of maintained schools will need to comply with the provisions of the Public Contracts Regulations 2006.
Taylor Wessing has relaunched its shipping practice.
Insight into the global CLO market download
This latest Appleby report provides data, insight and analysis on the global collateralised loan obligation (CLO) market.
Starting an airline requires entrepreneurs with drive, motivation and vision to turn the idea into a viable reality.
Start-up fund managers in the UK download
Any person who carries on a regulated activity in the UK by way of business must be authorised by the Financial Conduct Authority or be exempt.
Do solicitors who help their clients out by providing finance during litigation expose themselves to non-party costs orders? Two Court of Appeal decisions provide guidance.
Finance Bill 2013 now in force download
The Finance Bill 2013 received Royal Assent on 17 July 2013, triggering a number of private client measures to come into force.
Taylor Wessing has acted for a bank on transactions including the financing of the acquisition and refinancing of two bulk carriers by a shipping company.
Taylor Wessing has advised a ship financing bank that is helping an issuing house to incorporate several ships from a closed fund into a new company.
Since 2002, airports and airlines have negotiated the terms and conditions of use of aeronautical services without any regulatory intervention or oversight.
Designing the shackles: draft secondary ring-fencing legislation published for consultation download
The government has published illustrative drafts of three statutory instruments in order to aid parliamentary scrutiny of the Financial Services (Banking Reform) Bill.
DLA Piper has welcomed the recently introduced Direct Investment Promotion Law in the State of Kuwait (Decree Law No. 116 for 2013).
The long arm of the law — freestanding Mareva injunctions and clarification from the Court of Appeal download
On 4 June 2013, the Cayman Islands Court of Appeal delivered its judgment in VTB Capital PLC v Universal Telecom Management.
King & Wood Mallesons has advised RCR Tomlinson on its $140m acquisition of Norfolk Group by way of scheme of arrangement.
DLA Piper is advising Staalbankiers in a dispute over Lehman notes.
The recently adopted Montenegrin Law on Prevention of Illegal Business introduces a number of new concepts in the process of fiscal consolidation and combating grey market.
Allen & Overy has advised Banco Santander, which acted as lead arranger of the €1.4bn project bond to finance the Castor underground gas storage facility in Spain.
On 22 July 2013, the Luxembourg Minister of Finances introduced a new law bill, no. 6595, concerning the creation of patrimonial foundations in Luxembourg.
CMS Cameron McKenna has re-appointed former partner Martin Brown to its banking and international finance team, a year after Brown left the firm for Ashurst.
King & Wood Mallesons has advised Molybdenum Co Ltd (CMOC) on its acquisition of Rio Tinto’s 80 per cent interest in the Northparkes underground copper mine.
DLA Piper has advised Conviviality Retail on its initial public offering to realise a market capitalisation of £66.7m on admission on AIM.
DLA Piper has represented the investment banks in the Ps.4.8bn global offering of Real Estate Certificates of Mexican REIT Fibra Shop.
Luxembourg legal update — July 2013 download
The July 2013 issue of Arendt & Medernach’s Luxembourg legal update is available now.
DLA Piper has represented WP Carey, a publicly traded REIT, in a merger with CPA:16, its publicly held non-traded REIT affiliate.
Following regulatory investigations into LIBOR rate rigging and the fining of Barclays Bank by the Financial Services Authority (FSA) last summer, the claimants in Graiseley Properties Ltd and Others v Barclays Bank were permitted to amend their claim to include allegations relating to LIBOR manipulation.
With fresh economic concerns denting confidence and an eruption of political protest in the Middle East and Latin America, it is hardly surprising that deal markets remain quiet.
Changing the balance of protection for non-professional investors — the SFC’s proposals with regard to client agreements download
In October 2012, the SFC published a report that considered the appropriateness of the use of so-called ‘exclusion’ clauses in client investment agreements.
On 27 June, governor Jerry Brown signed SB 73 into law as part of the state budget package. The bill established a Clean Energy Job Creation Fund.
AIFMD update — Cayman Islands download
The Cayman Islands Monetary Authority has entered into co-operation arrangements with the securities regulators of 25 European countries.
AIFMD update — Bermuda download
The Bermuda Monetary Authority has entered into co-operation arrangements with securities regulators from 26 EU member states.
The July 2013 issue of Ince & Co’s shipping e-brief is available now. It provides information on key legal decisions and developments in shipping and related areas.
King & Wood Mallesons has advised PICC Property and Casualty Company Ltd on its domestic share H placement.
The wave of US enforcement action curbing market manipulation in high-frequency trading has finally hit UK shores.
The Quoted Companies Alliance represents small to mid-size quoted companies, including companies with a standard listing on the Main Market of the London Stock Exchange and AIM companies.
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
Like the UK economy, this quarter’s Technology Barometer is looking increasingly optimistic as we progress through 2013.
Jurisdiction Update — Issue 4 download
Conyers Dill & Pearman has released the fourth issue of its Jurisdiction Update, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
Mills & Reeve has advised Sepura on its acquisition of Portalify.
Stephenson Harwood has appointed Lisa Marks as an asset finance partner in London.
Lloyds Banking Group is in the early stages of talks with a number of panel firms to outsource its retail & wealth and asset finance litigation teams.
On 16 March 2013, a law based on the EU Directive on Combating Late Payment in Commercial Transactions (2011/7/EU) came into force in Austria.
Conyers Dill & Pearman has advised Star Energy Geothermal on the issue of $350m senior secured notes.
The Court of Appeal has confirmed that an ‘all monies’ guarantee will be enforceable against the guarantor where the underlying contracts between the beneficiary and the principal debtor are amended or extended.
The Court of Appeal has held that a lender with defective security over property was entitled, through subrogation, to an unpaid vendor’s lien over that property.
The Court of Appeal has upheld the decision of the High Court in a case in which Walker Morris’s finance litigation team acted for the successful party.
Kieran Toal has been appointed as a partner in Shoosmiths’ corporate team in Manchester.
Allen & Overy Luxembourg, in co-operation with Allen & Overy Beijing, has assisted China Construction Bank (CCB) to set foot in Luxembourg.
Material adverse change clauses are a common feature of financing documents.
The High Court has held that a typical hybrid jurisdiction clause found in many finance documents is valid.
This case is a good example of a borrower throwing everything at a lender only to find itself bound by the terms of the facility agreement because of some of the boilerplate provisions.
According to figures published by HMRC, 225 banks in the UK have ‘voluntarily’ adopted the Code of Practice on Taxation for Banks.
A recent case has highlighted the problems that can arise when a complex set of finance documents recording the respective rights and priorities of a group of lenders is amended.
Anna Chong from Conyers Dill & Pearman has advised Real Estate Lyra on the establishment of a $2bn medium-term note programme.
On 10 July 2013, the Securities and Exchange Commission adopted the long-awaited amendments to Rule 506 of Regulation D under the Securities Act of 1933.
Conyers Dill & Pearman has advised Luxoft Holding on its initial public offering (IPO) on the New York Stock Exchange.
The second issue of King & Wood Mallesons’ KWM Connect publication is available now.
DLA Piper’s Spotlight on Belgium publication provides an overview of current legal developments that may have an impact on business activities.
The basic concept behind supply chain finance is that a bank provides credit support for the distribution of goods and services by a large number of small- and medium-sized enterprises (often those with a low credit rating) to a given buyer which may be a ‘blue-chip’ entity with a high credit rating.
On 11 May 2013, SAFE released the Provisions on Foreign Exchange Administration of Inbound Direct Investment by Foreign Investors.
DLA Piper has advised power and automation technology group ABB on its acquisition of Dynamotive.
Our experts have many years of experience in all areas of supervisory law. We focus on loans and syndicated loans, acquisition finance, real estate finance, project financing and public-private partnerships, securitisation transactions and factoring and more.
On 28 April 2013, SAFE released its Circular on Administrative Measures for Foreign Debt Registration, which came into effect on 13 May 2013.
US SEC adopts final amendments to permit general solicitation or general advertising in private placement transactions under Rule 506 and Rule 144A download
The US SEC has adopted amendments to implement Section 201(a) of the JOBS Act relating to the use of ‘general solicitation or general advertising’ in certain US private placement transactions.
DLA Piper has advised NH Hoteles on the sale of Grand Hotel Krasnapolsky in Amsterdam to AXA Real Estate.
The US Securities and Exchange Commission has adopted much-anticipated amendments to its regulations on private offerings under Rule 506 of Regulation D of the Securities Act of 1933.
The Securities and Futures Commission has now commenced proceedings against Tiger Asia Management in the Market Misconduct Tribunal.
The government of India has announced measures to encourage investment by liberalising foreign direct investment norms.
Conyers Dill & Pearman has advised Aircastle on its issuance to Marubeni Corporation of 12,320,000 common shares of Aircastle.
Credit Agricole has opened the bidding for places on its new panel, just two years after its last review.
Recommendations from the PCBS are likely to stimulate yet more (and tougher) UK regulations in the banking sector.
The question of how investors make their investment decisions has been at the forefront of the regulator’s attention for a number of years.
The SEC may adopt a new approach to its regulation of transactions, products and market activities that are subject to parallel regulatory requirements in multiple jurisdictions.
On 11 July 2013, ESMA released an updated version of its Q&A on the guidelines on ETFs and other UCITs issues…
The law of 12 July 2013 on alternative investment funds implements in Luxembourg the provisions of the Directive 2011/61/EU of 8 June 2011 on alternative investment fund managers.
Australia’s financial regulators have released their recommendation that clearing of certain OTC derivatives be required as a matter of Australian law.
King & Wood Mallesons is advising Ironbridge Capital on its acquisition of Bravura Solutions.
On 11 July 2013, the ABI published its report ‘Encouraging Equity Investment’ following a review of the processes for IPOs and secondary offerings.
King & Wood Mallesons recently advised Modern Land (China) on its successful listing on the main board of the Hong Kong Stock Exchange.
King & Wood Mallesons has advised Wisdom Holdings Group on its HKD844m initial public offering in Hong Kong.
In December 2012, the government published its long-awaited policy statement on the future of the private finance initiative.
The DECC intends to expand the RHI to homeowners, private and social landlords, third-party owners of heating systems and people who build their own homes.
VTB Capital: Supreme Court decision download
The Supreme Court has decided that contractual liabilities of a corporation cannot be attributed to its controller by means of ‘piercing the corporate veil’.
Internationally, the US FATCA, Basel III, and anti-money laundering legislation remain of central concern to financial institutions in Asia.
In early June 2013, HMRC launched a consultation on modernising the way in which the UK taxes corporate debt and derivatives.
Nabarro has advised Watford Borough Council and West Hertfordshire Hospitals NHS Trust on the financial and legal close of a £250m regeneration project
DLA Piper in Ukraine has been highly ranked in a number of sectors by legal magazine Gvardia.
Ogier has acted on the IPO of Luxoft Holding on the New York Stock Exchange.
Barclays is on the brink of a big change in the way it uses outside advisers
ALFI has released new anti-money laundering practices and recommendations aimed at reducing the risk of money laundering and terrorist financing in Luxembourg.
The SEC has answered a series of FAQs about the conflict minerals rule.
Outer Temple Chambers’ banking and business practice has a growing reputation as a strong and reliable source of commercial advice.
A report from Appleby focuses on CLO activity for 2013.
The Federal Government has released the Insurance Contracts Amendment (Unfair Terms) Bill 2013.
Hogan Lovells has been included in the new Chambers 100 directory, which ranks the UK’s top 100 lawyers based on feedback from general counsel.
Allen & Overy advises quirin bank as lead manager in connection with issuance of notes by German Pellets
Allen & Overy has advised quirin bank as lead manager in connection with the issuance of €50,000,000 non-secured 7.25 per cent fixed rate notes by German Pellets.
Conyers Dill & Pearman has advised Kosmos Energy Ltd in connection with a $150m multicurrency revolving credit facility agreement.
Conyers has advised Barcardi Ltd on a €650m notes offering.
Linklaters has turned to Shearman & Sterling for the hire of capital markets partner Bertrand Sénéchal, some six months after a capital markets team left for White & Case.
The world’s biggest money printing company De La Rue has chosen Baker & McKenzie as its preferred supplier for work outside the UK and US following a four-month tender which closed in October.
King & Wood Mallesons has advised a syndicate of banks providing project financing for the first stage of the development of the 113MW Boco Rock wind farm.
On 24 May 2013, the Parliament of Mongolia approved an amended version of the Securities Market Law.
Ogier in Jersey has advised a syndicate of lenders in connection with a $17bn revolving credit facility for Glencore Xstrata.
Chevalier & Sciales represents investors, lenders and borrowers for the negotiation of cross-border financing transactions and for the enforcement of their rights under financing and surety agreements, and helps them to comply with increasingly complex regulatory issues.
King & Wood Mallesons has acted as Australian counsel for CDB and BOC Sydney on the $1bn financing of the development of the Dugald River project.
King & Wood Mallesons has advised RHG on a scheme-of-arrangement offer for 44.1 cents per share — with RHG also announcing a three-cent-per-share dividend.
We face a Competition Commission enquiry.
Conyers Dill & Pearman has provided British Virgin Islands legal advice on the issue of guaranteed bonds by Huaneng Hong Kong Capital.
King & Wood Mallesons has advised Freetech Road Recycling Technology (Holdings) on its successful listing on the main board of the Hong Kong Stock Exchange.
KWM’s Hong Kong office has advised CAA Resources on its HK$487.5m IPO.
Appleby acts as Cayman counsel for Ji Cai Holdings in relation to listing on Hong Kong Stock Exchange
Appleby has acted as Cayman Islands counsel for Ji Cai Holdings Ltd.
Hogan Lovells presents the first edition of its joint publication with Jakarta-based Hermawan Juniarto, entitled Doing Business in Indonesia.
There have been some developments in relation to the EU Regulation 236/2012 on short-selling and certain aspects of credit default swaps.
US-style deferred prosecution agreements are due to be introduced into the UK early next year.
Nabarro has released its Compliance Clarified publication for June 2013.
Morgan Lewis is set to pick up a finance team from Gide Loyrette Nouel’s Moscow office, the first lateral hire for the US firm after launching in Russia with a team from Dewey & LeBoeuf last year.
Allen & Overy is advising BTMU on its VTO for commercial bank Krungsri.
Mills & Reeve advises the University of Manchester on public bond issue.
Report demonstrates the substantial contribution made by Jersey to the British economy.
President Barack Obama has announced Power Africa, a new initiative to double access to power in sub-Saharan Africa.
Slaughter and May has been appointed to advise the Treasury on the break-up of the Royal Bank of Scotland (RBS) following a competitive pitch process.
MySuper regulations made download
On Friday last week, the Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 was made.
DLA Piper has partnered with Corporate Pro Bono and the ACC to host a Clinic in a Box programme at its Chicago office.
Understanding indemnities download
Indemnities feature in many commercial contracts, but there are a number of common misconceptions about their nature.
Orrick’s former Asia managing partner and China office leader Michelle Taylor has joined Jones Day’s Hong Kong office.
Class Action — Q2 2013 download
In this issue of Class Action King & Wood Mallesons reports on recent judgments and happenings of note in the class action space.
FOFA grandfathering regulations made download
The long-awaited FOFA grandfathering regulations have finally been made. They commenced on 1 July 2013.
The State Council has issued the Opinions on Encouraging and Guiding the Healthy Development of Private Investment to promote private investment activities.
A recent seminar jointly held by Allen & Overy and the Journal of Regulation focused on bank recapitalisation and state aid.
The FCA has published its final rules implementing the Alternative Investment Fund Managers Directive (AIFMD).
French firm Franklin has hired a seven-strong property finance team from Wragge & Co in Paris, including partners David Blondel and Henry Ranchon.
A customer had at times exceeded her overdraft/credit card limit by a modest amount. Her bank thought it was necessary to contact her by telephone to discuss her accounts.
Michael Hornstein has joined DLA Piper’s corporate and finance practice as a partner in the Washington DC office.
Stephenson Harwood has advised on IBEX Global Solutions’ placing and admission to trading on the AIM market of the London Stock Exchange.
Details have emerged of wranglings between General Electric (GE) in-house lawyers and the group’s procurement team over a slimming-down of its European legal panel earlier this year.
White & Case has hired a team of Allen & Overy lawyers, including partner Paola Leocani, to boost its capital markets offering in Italy.
The most radical change to the law relating to workplace pensions in a generation is coming into force between October 2012 and April 2017.
Mr Justice Teare recently handed down his decision in Bank of Scotland Plc v The Owners of the M/V Union Gold.
Direct Line has confirmed that its legal team will be impacted by a group-wide redundancy round that puts 2,000 jobs at risk.
DLA Piper has advised Waterlogic on its entry into the Australian water cooler market through the acquisition of all of the issued share capital of Cool Clear Water.
The Russian courts have allowed a Russian company to terminate unilaterally an interest-rate swap and ‘walk away’ without paying any termination costs.
The Bratislava Regional Appeal Court has held that after the commencement of arbitral proceedings, general courts in Slovakia no longer have concurrent jurisdiction to order interim measures.
Allen & Overy has advised Sberbank of Russia and VTB Capital as arrangers and lenders under a $1.7bn public-to-private acquisition financing facility.
Over the last few months, the lawfulness of certain fees charged by Czech retail lenders to their borrowers has been challenged.
German Federal Supreme Court rules on mis-selling claim against direct bank providing execution-only services download
The German Federal Supreme Court has clarified the circumstances in which an investor may have a mis-selling claim against a ‘direct bank’.
Walker Morris has appointed former Deloitte managing partner Stuart Counsell as its first non-executive board director.
Mortgage enforcement proceedings in Spain in the aftermath of the European Court of Justice 9ECJ 'judgment of the evicted' download
The ECJ judgment of 14 March 2013 ruled that certain provisions of Spanish law do not comply with the Unfair Terms in Consumer Contracts Directive 93/13/EC.
The Bankruptcy and Debt Advice (Scotland) Bill was introduced in the Scottish Parliament on 11 June 2013.
King & Wood Mallesons has promoted four lawyers in Sydney and Perth.
New case law on contractual estoppel download
The recent wave of complaints by counterparties to interest rate derivatives is creating new case law on contractual estoppel.
The media has been shining a spotlight on SEC insider trading cases, but in recent years the SEC has brought nearly three times as many cases against investment advisers.
SEC chairman Mary Jo White has informed the SEC’s Enforcement Division staff that the SEC will begin requiring defendants to admit guilt in order to settle some civil lawsuits.
Banks are appointing receivers rather than taking possession — but this might not always be appropriate download
Since the banking crisis, banks, in enforcing their security, are increasingly appointing Law of Property Act 1925 (LPA) or fixed charge receivers rather than taking possession.
This document — part of DLA Piper’s Getting the deal through publication — provides information on mergers and acquisitions in Ukraine.
Department of Justice's first ever criminal antitrust charge of a corporation for trader-based market manipulation download
The Antitrust Division and the Criminal Division of the Department of Justice have announced a deferred prosecution agreement with RBS for its role in the worldwide conspiracy to manipulate LIBOR.
Conyers advises on Butterfield acquisition.
Recent events suggest that western countries continue to be challenged by Chinese foreign direct investment.
The ongoing ramifications of the LIBOR scandal for global banks suggests that resolution of the problems for banks caused by the scandal have a way to go.
On 31 May 2013, the parliament of Mongolia approved a revised version of the Law of Mongolia on Combatting Money Laundering and Terrorism Financing.
New Belgian Royal Decree exempts banking and investment services from general performance conditions for public procurement contracts download
The New Belgian Royal Decree exempts banking and investment services from general performance conditions for public procurement contracts.
Under UAE law, bank guarantees are considered a commercial activity regardless of the capacity of the person to whom the bank guarantee is issued or the purpose for which it is issued.
Hogan Lovells advises UBS and Standard Chartered Bank.
The first half of 2013 has seen private equity sponsors and corporate borrowers continue to look to the corporate bond and debt capital markets.
Ogier has advised Sinarmas Land Ltd on a £84m real-estate transaction.
Ince & Co has advised Gunvor Singapore Pte Ltd on its $850m syndicated revolving credit facility.
In-house lawyers must take a more robust approach to protecting whistle-blowers and be prepared to speak out against bad management decisions, HBOS’ former risk management head Paul Moore has warned.
Barclays’ external legal advisers are expecting widespread spending cuts by the bank’s legal function as part of its Transform Programme to drive efficiency and improve the UK lender’s image.
Leading lawyers outline the challenges faced in managing and controlling risk in the wake of globalisation and ever more intrusive regulation
Allen & Overy has advised Asklepios Kliniken GmbH in connection with a €325m syndicated credit line.
Allen & Overy is advising the export credit agencies and commercial lenders on the $5bn financing of the Nghi Son Refinery and Petrochemical (NSRP) project in Vietnam.
Addleshaw Goddard, Eversheds, Hogan Lovells and Travers Smith have advised on Phoenix Equity Partners’ £50m investment in low-cost gym operator The Gym.
Ogier provides banking and finance advice on all areas of banking regulation.
From 1 April 2013 a new system has come into being, allowing local authorities to retain up to 50 per cent of the income they receive from business rates.
Allen & Overy is advising the Co-operative Group and the Co-operative Bank on the plan announced on 17 June to generate capital for the bank and provide stability.
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
The Securities and Exchange Commission (SEC) has issued its second-ever whistleblower award. The award went to three anonymous individuals, each of whom will receive five per cent of the monetary sanctions ultimately collected in a case against hedge-fund manager Locust Offshore Management and its chief executive officer, Andrey Hicks, who allegedly defrauded investors of $2.7m (£1.7m), and who have been ordered to pay $7.5m in disgorgement and penalties.
Significant narrative reporting requirements have been introduced in the draft of the 2006 (Strategic Report and Directors’ Report) Regulations 2013.
Conflicts between domestic disclosure obligations and foreign illegality — a Hong Kong law perspective download
This article explores this issue from the perspective of various disclosure obligations that may arise under Hong Kong law.
The Supreme Court has issued its decision in FTC v Actavis on the antitrust analysis of reverse-payment settlements of Hatch-Waxman Act litigation.
R&D capital allowances download
R&D capital allowances (formerly scientific research allowances) are available for qualifying capital expenditure incurred for research and development.
Allen & Overy (A&O) financial institutions head Alistair Asher is to take the top legal job at the Co-operative Group, starting as group general counsel on 1 July.
DLA Piper has announced that Ugo de Vivo has joined the firm’s finance and projects team as of counsel.
Aldermore is being provided with legal support by Shoosmiths, as it continues to participate in the government-backed Funding for Lending scheme.
Hogan Lovells has advised the mandated lead arrangers on the acquisition of The Gym.
Conyers has advised the Milestone Aviation Group on a series of debt facilities totalling $400m.
Hogan Lovells has advised ID Logistics on its acquisition of CEPL.
Allen & Overy (A&O) and Linklaters have taken headline roles advising on the Co-operative Group’s £1.5bn debt restructuring that will see bondholders offered shares in the bank through a so-called ‘bail-in’.
A panel of government enforcement experts will discuss compliance programmes during a live webcast on 18 June 2013.
All those on the shortlist for this year’s The Lawyer Awards best banking & finance team show a knack for creating groundbreaking deal opportunities
Claire McConway has relocated from Conyers Dill & Pearman’s Moscow office to its London office.
Over the past four years, China has strongly intensified its efforts to promote the internationalisation of the RMB (CNY).
This case considered when it is appropriate for civil proceedings to be stayed where there is a possibility of criminal prosecution relating to the same subject matter.
The Court of Appeal has confirmed that the ‘business common-sense’ approach to contractual interpretation is neither an overriding principle of construction nor a licence for one party to say that a contract means what amounts to ‘good business sense’ to that party.
The Banking & Finance Litigation Update covers current developments affecting DLA Piper’s area of practice and its clients during the preceding month.
Allen & Overy has advised Total Gabon, an affiliate of longstanding client Total, on a $300m revolving facility.
Hogan Lovells has been recommended by the Legal 500 US 2013 edition in 35 practice areas, including seven rankings in the Tier-1 category.
Winckworth Sherwood has strengthened its corporate and commercial team with the appointment of a partner and an associate.
DLA Piper has advised Rolta India Ltd on the first Rule 144A/Regulation S high-yield bond offering from India.
Conyers Dill & Pearman has advised Central China Real Estate Ltd and its BVI subsidiaries on the issuance of senior notes valued at $400m.
Conyers Dill & Pearman has advised Fantasia Holdings Group, and its BVI and Cayman subsidiaries, on the issuance of senior notes by Fantasia Holdings Group.
Paul Hastings’ London office has taken an advisory role for the corporate finance group behind a plan to distribute shares in RBS and Lloyds Banking Group to the public as part of the banks’ planned privatisations.
Former Allen & Overy (A&O) senior associate Denise Gibson is to rejoin the firm as a banking partner following a stint at Goldman Sachs.
This article describes some key points about the Realisation Procedure.
Shoosmiths’ Shaun McCabe has acted as part of a team of experts advising on NorthEdge Capital’s acquisition of a majority stake in Jigsaw24.
ASIC has finalised its amended regulatory guidance on the content requirements for registered managed investment schemes.
An editorial in The Wall Street Journal has strongly blasted CFTC chairman Gary Gensler for attempting to regulate even foreign transactions that involve a US person.
Newsletter on business affairs in Bermuda, covering private equity, Islamic finance and the rise of the insurance-linked securities market.
A mortgage is a form of loan that transfers ownership of a home (or other real estate) from a borrower to a lender (usually a bank).
Lloyds Banking Group has still not informed its external advisers about the timescale for its customer-pay panel review, after partners at law firms originally expected the process to kick off earlier this year.
The London office of Chadbourne & Parke has picked up banking and finance partner Partha Pal from the City office of US rival Sidley Austin.
There has been a growing appetite in the UK for increased transparency and accountability in the investigation and prosecution of corporate financial crime for some time.
Ince & Co is celebrating the 20th anniversary of the opening of its Piraeus office.
A new version of the Equator Principles came into effect on 4 June 2013. EPIII imposes new requirements on financial institutions and export credit agencies.
King & Wood Mallesons has acted on the A$5.07bn privatisation of two of Australia’s biggest ports.
Finance Offshore — spring 2013 download
The spring 2013 issue of Appleby’s Finance Offshore publication is available now.
The need for transparency in terms of a charity’s activities and finances has always been crucial to ensure public accountability.
The Companies and Business Names etc Bill 2012 has recently received its third reading in the Legislative Council.
Taylor Wessing has introduced the latest issue of Private Equity Perspectives, a quarterly update focusing on the latest trends, news and legal issues facing the private-equity industry.
King & Wood Mallesons named Law Firm of the Year at the Australian Banking and Finance magazine awards
King & Wood Mallesons has been named Law Firm of the Year at the ABF awards.
Hogan Lovells has advised Isodev, a new quasi-equity player in France, on the negotiation of a guarantee for participating loans (prêts participatifs) in France.
Project Finance Newswire — June 2013 download
The June 2013 edition of Chadbourne & Parke’s Project Finance Newswire is available now.
Shoosmiths’ Emma Gibson has defended her title of Lawyer of the Year at the Thames Valley Deals Awards 2013.
Conyers Dill & Pearman has provided British Virgin Islands advice to State Grid Corporation of China.
Chadbourne & Parke has acted as counsel to lenders and Korean export credit agencies in the closing of project finance debt facilities for the Sabine Pass Liquefaction Project.
In these challenging times, with change around every corner, invoice financing offers a way for businesses to manage cash flow and free up working capital.
Consent payments: are they lawful? download
Are ‘payments’ offered to loan note holders to encourage their consent to documentation changes allowed?
This month has seen the effective and powerful section 213 of the Securities and Futures Ordinance hard at work.
It would be rare for BVI law to be the governing law of transaction documents, other than in respect of security over shares in a BVI company or other BVI assets, when BVI law security would usually be taken.
The revised Equator Principles (EP-III) will take effect from 4 June 2013.
Krogerus has advised lead managers Danske Bank and Pohjola Bank on VVO Group’s €100m secured bond issue.
Chadbourne & Parke has represented FOVISSSTE in the successful placing of its 15th mortgage loan portfolio securitisation.
In the opening session of the Asia Financial Forum in Hong Kong in January 2013, the CSRC’s Guo Shuqing noted that China could increase the level of its QFII and RQFII investment quotas by 10 times.
Mourant Ozannes has advised Jersey incorporated gold producer Polyus Gold International on a $750m Eurobond issue.
LIBOR scandal: one year on download
It is approaching one year since the publication of the first regulatory report and large fine against Barclays for alleged LIBOR (the London Interbank Offered Rate) manipulation in June 2012.
Conyers Dill & Pearman has provided Bermuda law advice to AXIS Capital Holdings on its offering of $200m of its 5.5 per cent Series D preferred shares.
King & Wood Mallesons lawyers have authored three chapters in The International Comparative Legal Guide to: Securitisation 2013.
Chambers USA 2013 recognises Hogan Lovells’ practice areas and lawyers.
Under the new PDR, certain information that would otherwise need to be included in a prospectus may be omitted by certain issuers or in relation to certain offers.
Addleshaw Goddard is increasing its capability across the Arabian Gulf and targeting further growth with the addition of a new office in Qatar.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Addleshaw Goddard has hired partners Hussein Damirji and Martin Brown from Patton Boggs and Dentons respectively to launch an office in Qatar.
Linklaters has confirmed the make-up of its Seoul office following its regulatory go-ahead earlier this month, with the firm transferring four Hong Kong lawyers to staff the newly-launched base.
Norton Rose has unveiled the leaders of its three main global practice groups ahead of its merger with Houston-headquartered Fulbright & Jaworski next month, with corporate and disputes both receiving new bosses.
Will it be third time lucky at Sullivans?
Freshfields Bruckhaus Deringer, Kirkland & Ellis and Kaye Scholer are advising on the multi-billion debt restructuring of German real estate group IVG Immobilien, expected to be the largest such case in the country this year.
Mills & Reeve has advised Sphere Fluidics on its recent £1.65m series A funding from a syndicate of investors.
Placing will raise funds for the proposed acquisition of CPW Europe
Rights issue to raise approximately £615m.
Bring Your Own Device Guidance issued by ICO. Walker Morris continues to invest in specialist expertise with partner and director promotions
MOLITOR takes an in-depth look at the banking sector in Luxembourg.
Dubai is the choice of investors seeking to do business in the African continent, with COMESA member Mauritius increasingly serving as the bridge.
Conyers Dill & Pearman has advised Allstate on a $350m catastrophe bond deal.
DLA Piper has released issue 64 of its Banking and Finance Litigation Update.
MAS has invited comments on the proposed criteria for banks that wish to conduct forex conversion in China through a RMB clearing bank in Singapore
This presentation by Chadbourne & Parke focuses on real-estate investment trusts (REITs) and renewable energy.
Allen & Overy advises SINOPEC Engineering.
On 5 March 2013, a political agreement was reached for EU-level regulation to cap bankers’ bonuses. Given longstanding demands from the European parliament to limit EU bankers’ pay and unhelpful survey data from the European Banking Authority showing that CRD3 had not done its job in tackling pay levels, the arrival of a cap in some shape or form was inevitable. British opposition to the proposals was unlikely ever to prompt a U-turn in negotiations.
The Polish implementation of the 2010 Amending Directive is expected shortly.
UAE: liability of banks and financial institutions for fund transfers when financial sanctions are involved download
International political and economic factors may result in sanctions against certain countries or entities that affect the transfer of funds across borders.
A recent initiative aims to transform Dubai into a global centre for Islamic bonds.
Appleby has released the latest edition of Offshore-i report, which provides data and insight on M&A activity in offshore financial centres.
A recent memorandum provides a useful summary of how money judgments can be enforced between the DIFC Courts and the English Commercial Court.
Karanovic & Nikolic’s Patricia Gannon speaks at USAID Regional Access to Finance event in Podgorica.
SFC test cases — such as SFC v Tiger Asia — have sought to use section 213 of the SFO as a third route of market misconduct enforcement.
Dacheng is at the cutting edge of two relatively new fields of law: private equity investment and investment funds.
Dacheng’s Corporate Finance and Capital Markets practice is one of its core practice areas.
From its very inception, banking and finance has been one of Dacheng’s core practice areas and one of the strongest areas of the firm.
Dacheng has considerable professional experience in assisting foreign investors with direct investments in China.
Owing to a number of factors, Pamboridis has decided to suspend the operations of its Limassol office.
This briefing provides an update on the implementing regulations of the Law of Mongolia on the Regulation of Foreign Investment in Business Entities Operating in Sectors of Strategic Importance.
Walker Morris announces two partner promotions as well as eight director promotions.
Conyers Dill & Pearman’s Claire McConway has advised Sberbank of Russia on the Bermuda law aspects of a $3.2bn loan to Altimo Coöperatief.
The Indonesian Investment Coordination Board has issued the new BKPM Regulation No. 5 of 2013 on the Guidelines and Procedures for Licences and Non-Licences for Capital Investment.
Across our global network, we have a number of fee-earners with a dedicated focus on emerging markets.
With more than 450 lawyers worldwide, we have one of the largest and most international teams of capital markets lawyers of any global law firm.
With more than 1,000 lawyers worldwide, we have one of the largest and most international teams of banking and finance lawyers of any global law firm.
Taylor Wessing has added a fresh batch of data-protection-focused content to its Global Data Hub site.
Sam Robinson, senior associate at Nabarro, considers the impact of EMIR on the OTC derivatives market.
The practical implications of EMIR in the OTC derivatives space will be considerable for banks and other, non-financial market participants.
The HKMA and the SFC have announced their commitment to comply with the new international regulatory standards on financial market infrastructures.
The French government has proposed to ring-fence certain speculative banking activities and to introduce measures for the prevention and resolution of banking crises under French law.
The European Parliament has finally accepted the six draft EMIR regulatory technical standards and they entered into force on 15 March 2013.
In February 2013, the BCBS and the IOSCO published a second consultative document on margin requirements for non-centrally cleared derivatives.
If the proposals for a financial transaction tax (FTT) are implemented as proposed by the European Commission, the FTT is likely to cause distortion in the financial sector.
In the matter of the representation of A Limited and in the matter of the F Foundation  JRC 075 download
This is the first case in which the Royal Court has had to give full consideration to the Foundations (Jersey) Law 2009.
The Hong Kong banking regulator has imposed new rules that govern how banks submit rates for HIBOR and other benchmark fixings.
The debt capital market continues to come to terms with the requirements of the new Prospectus Directive (PD) regime.
A new package of measures (Twin Peaks II) is aimed at increasing consumer protection and strengthening the powers of the Belgian financial supervisor.
The CSRC has revised its RQFII rules to expand the pilot scheme in response to the continued expansion of the offshore RMB markets and an increasing demand for repatriation of offshore RMB back to the onshore securities market.
The government of Qatar recently issued the new Central Bank Law, Law No. 13 of 2012 (the QCB Law), which came into force in January 2013.
Ince & Co has announced the appointment of energy finance and projects partner Martin David, who joins the firm’s Singapore office as Asia head of energy.
The Dodd-Frank Act provides expansive authority for regulators to define the details critical to implementing sweeping financial regulatory reforms.
Conyers Dill & Pearman has advised ING Bank, and other banks and lenders, in relation to the establishment of a senior-secured $1.45bn credit facility.
Henderson Global Investors’ UK in-house legal team has shrunk by nearly 30 per cent in the past year following a shift to farming out more of its lower-level work to law firms.
The MoJ has published its response to the government’s consultation on proposals to reform the judicial review process, setting out the reforms it intends to take forward.
This is a time of significant change for the profession’s regulatory framework, with economic pressures affecting large and small law firms.
DLA Piper has represented Erickson Air-Crane in a stock purchase agreement for Evergreen Helicopters from Evergreen International Aviation.
There was a sense of surprise when it was announced in April that the president of the UAE had passed a federal decree creating a financial free zone in Abu Dhabi.
Barclays deputy general counsel Michael Shaw is understood to be leading the race to replace Mark Harding as the bank’s legal chief.
Krogerus hosted a seminar in co-operation with Nordea Bank Finland on economic development issues in south-western Finland.
The May 2013 issue of Walker Morris’s Banking Matters publication is available now.
DLA Piper has announced that Mel Sims, a partner from the corporate practice group in London, is relocating to Doha, Qatar.
Appleby has acted as Jersey counsel in relation to the successful placement of a seven-year Eurobond.
The government has announced an annual tax on enveloped dwellings.
Initial expectations that the Dodd-Frank whistleblower bounty programme would have broad reach have been tempered by SEC rule making and recent court cases.
The Royal Bank of Scotland (RBS) is carrying out a review of its Emea legal panel that will see it unveil a new roster for the region from 1 July.
Draft MySuper regulations released download
The exposure draft Superannuation Legislation Amendment (MySuper Measures) Regulation 2013 sets out a number of proposed requirements.
On 30 April, the Hong Kong Court of Final Appeal, led by Chief Justice Ma, ruled in favour of the SFC in the long-running Tiger Asia Management matter.
Hogan Lovells has advised Mashreqbank and a syndicate of Islamic and conventional banks on an AED2bn Islamic and conventional facility made available to GEMS Education.
DLA Piper has announced that Rob Salter and Anu Balasubramanian will be joining as partners in the London corporate group.
Walker Morris has been appointed to advise the administrator of Farnborough Football & Social Club following the announcement of its administration on 26 April.
The Italian Revenue Agency has clarified that to be excluded from the scope of ‘abuse of rights’ are the agreements relating to mid- to long-term bank financing transactions entered into abroad and designed to have legal effect in Italy.
The London Stock Exchange has announced the creation of a fourth listing option on its London stock exchanges.
Hogan Lovells and Simpson Thacher & Bartlett have advised on Apple’s $17bn (£10.9bn) bond issue, described as the largest corporate bond offering in history.
Conyers Dill & Pearman has represented SeaCube Container Leasing in connection with the acquisition of SeaCube by Ontario Teachers’ Pension Plan by way of amalgamation.
Olswang is set to sponsor the Listing in London Forum on 21 May 2013.
Hogan Lovells has advised Al Bayan Group Holding Company, a Saudi-based conglomerate, on its RM200m sukuk, issued on 24 April 2013, out of its inaugural RM1bn Sukuk Wakalah Programme.
Financial mis-selling claims specialist All Square Treasury has appointed Optima Legal non-standard debt litigation head Melanie Dickinson Denby as legal director.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
Hogan Lovells has advised Promon International in negotiating and documenting a follow-on equity investment in DeepFlex to fund a manufacturing centre in Brazil.
Addleshaw Goddard has announced that asset-based lending specialist Simon Prendergast has joined its banking group as a partner.
Shoosmiths has recruited Ben Turner as a partner in its corporate team.
Banking & Finance Litigation Update download
DLA Piper has released issue 63 of its Banking and Finance Litigation Update.
Appleby has acted as British Virgin Islands counsel for CNPC General Capital in relation to the issuance of guaranteed senior notes due in 2016, 2018 and 2023.
Binder Grösswang has advised Austrian Stock Exchange-listed Lenzing on the auction sale of its plastics business unit.
Mann J has refused an application by HSBC pursuant to a letter of request for assistance seeking the appointment of administrators over Tambrook.
It is often said that confidentiality clauses have no teeth. It can be tricky to show a breach and, even then, what loss has been caused?
Jo Keddie has been quoted in the Financial Times on Aviva’s decision to reduce redundancy packages.
In the final issue of its UK Regulatory Update, Taylor Wessing considers how firms will be supervised by the FCA.
DLA Piper has announced that senior international energy infrastructure and finance lawyer Alexander Sarac has relocated to Tanzania.
Ropes & Gray has added to its London and Hong Kong offerings with a double partner hire from Fried Frank Harris Shriver & Jacobson covering finance, capital markets and corporate.
Mills & Reeve can help lenders and borrowers, whether your financial needs are straightforward or more complex..
Barney Lee will be joining Mourant Ozannes as a partner in the Guernsey corporate practice.
Conyers’ Anna Chong has advised Fantasia Holdings Group Co Ltd on issuance on senior notes.
In Edward Allchin v HMRC, the First-tier Tribunal has confirmed that the novation of a contract does not fall within the SDLT sub-sale relief provisions.
Conyers provides BVI advice to Kerzner on multi-jurisdictional refinancing of $145m of its debt.
Conyers Dill & Pearman advises on Canacol Energy credit agreement with banking syndicate.
Latham & Watkins has announced the hire of Allen & Overy (A&O) German capital markets partner Okko Behrends in a boost for the US firm’s Frankfurt office.
KWM has sponsored the establishment of a new chair at the University of New South Wales in partnership with the CIFR.
Conyers Dill & Pearman has been named Offshore Legal Firm of the Year at the 2013 Asian Legal Business China Awards.
Will the Cyprus bailout be enough to end the island’s appeal as an offshore financial centre for Ukrainian businesses?
BCCI: it has ceased to be download
Bank of Credit and Commerce International (Overseas) Ltd and the other Cayman entities in the BCCI Group are now dissolved.
Corporate partner Daniela Weber-Rey has been appointed chief governance officer and deputy global head of compliance at Deutsche Bank.
There has been much speculation about a potential liberalisation of the Law of Mongolia on the Regulation of Foreign Investment in Business Entities Operating in Sectors of Strategic Importance that was enacted on 17 May 2012.
Chadbourne & Parke has represented INFONACOT in the successful placement of corporate debt in Mexico amounting to $160m.
The law of 6 April 2013 introduces substantial changes to Luxembourg’s securities legislation.
Appleby has acted as British Virgin Islands and Bermuda counsel for Asia Mezzanine Capital Corporation in relation to the provision of a $30m facility to CAAM.
Appleby has been named ‘Law Firm of the Year’ in several categories at the 2013 Corporate INTL Legal Awards.
Former Freshfields Bruckhaus Deringer senior partner Konstantin Mettenheimer is set to join asset manager Edmond de Rothschild Group this summer as its Germany chairman.
Nerves are mounting over the ‘twin peaks’ financial regulation regime which could see accountants grabbing top-end advice work
The world’s largest bank by market capitalisation, Industrial and Commercial Bank of China (ICBC), is overhauling its European legal panel and has sent out pitch invitations to a broad range of firms.
The former Scotland legal head at Lloyds Banking Group’s business support unit Gaenor Cassell has joined the Edinburgh office of Burness as director of banking and funds.
The London Stock Exchange launched a high-growth segment to its main market on 27 March 2013.
Olswang has acted for the shareholders of MergerID on the completed disposal to NYSE-quoted Intralinks Holdings.
Chadbourne & Parke has released its Project Finance Newswire for April 2013. Topics covered include renewable energy projects in Saudi Arabia, the cost of capital for energy projects, China’s new energy goals and more.
Clifford Chance finance partner Claude Brown is set to join Reed Smith in the latest boost to the US firm’s structured products and derivatives practice in London.
Pamboridis has released an update in regards to the banking system in Cyprus.
Hogan Lovells’ global life-sciences practice has been placed in band one for the second year running in the Chambers and Partners Global 2013 rankings.
The Federal Reserve has finalised key rules on criteria for non-banks to be determined ‘systemically important’.
On 28 March 2013, the Code Committee of the Takeover Panel made a number of amendments to the Takeover Code.
Andrew Loach has joined Addleshaw Goddard as chief operating officer of its Transaction Services Team.
The Qatar Ministry is aiming to expand the reach of application of the Foreign Investment Law.
Conyers is regularly involved in the largest, most innovative and complex corporate transactions involving companies in Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius.
Financial consultation is one of the most prevalent types of consulting throughout the world because the services that it provides are of particular interest to individuals as well as businesses.
The Czech Republic has put an end to its (legal) past. On 1 January 2014, the new Civil Law Code and the Act on Corporations will enter into force.
The SEC has issued new guidance permitting companies to use social media such as Facebook and Twitter to disclose material information provided that investors are first alerted to the sites that will be used.
In IKEA v Hauxwell-Smith and others (10/2012), IKEA was found to have been the victim of serious procurement irregularities involving Mr and Mrs Hauxwell-Smith between 1998 and 2000.
In the past 10 years, 105,290 companies have been registered in the Cayman Islands. However, the number of companies on the Cayman Islands Corporate Register has only increased from 64,495 to 92,964.
The European Union is battling yet another crisis among one of its members, with the looming bankruptcy of Cyprus threatening to further destabilise the region at a time when it can ill-afford it.
London teams from US firms Kaye Scholer, Paul Hastings, Reed Smith and Sidley Austin have won roles advising on the fresh refinancing of toy retail giant Toys“R”Us.
In the penultimate issue of its step-by-step guides to the new regulatory landscape, Taylor Wessing looks at what dual-regulated firms can expect from their new prudential regulator, the PRA.
The Money Advice Liaison Group has released a briefing note on the best practice for appropriately processing data from individuals with mental health problems.
King & Wood Mallesons has represented Hunt and Hunt on a landmark High Court proportionate liability ruling.
Olswang’s leisure practice has advised Hill Capital Partners and LDC on the investment of £2.7m of development capital in New World Pubco.
Olswang has acted for Alpha Private Equity Fund 6 on the acquisition of Redcats’ children and family division from Kering/PPR for €119m.
The federal government has now released its implementation plan as a follow-up to the release of the ‘Australia in the Asian Century’ white paper in October 2012.
Griffon Shipping LLC v Firodi Shipping Ltd (the Griffon)  EWHC 593 (Comm).
On 21 March 2013, the SEC’s Division of Trading and Markets issued guidance regarding Rule 15a-6 under the Securities Exchange Act of 1934.
On 2 April 2013, the Italian Antitrust Authority published the new turnover thresholds.
Mourant Ozannes has advised a consortium of investors on the £700m sale and leaseback of 12 UK private hospitals from the Spire Healthcare Group.
DLA Piper wins Euromoney Middle East Deal of the Year Award 2012.
DLA Piper has released its European Acquisition Finance Debt Report for 2013.
Chadbourne & Parke has released the April 2013 edition of its Corporate Practice Newswire.
Corruption can take many forms that vary in degree from the minor use of influence to institutionalised bribery.
On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the AIFMD into UK law (CP2).
Hogan Lovells has advised Alstom Holdings in relation to its extension of a multi-currency resolving dual-tranche committed bonding guarantee facility until July 2016.
Roger Tym, London financial institutions partner at Hogan Lovells, has raised concerns for UK financial regulation.
Holland & Knight has appointed DLA Piper’s former global head of Islamic finance Oliver Agha, who quit the firm in 2009.
Winckworth Sherwood has announced that it has elected John Rees to the post of senior partner and Richard Tinham as its finance partner.
Taylor Wessing has advised Hyperion Insurance Group on the agreement by General Atlantic to acquire just more than 30 per cent of the shares in Hyperion from 3i Group and BP Marsh & Partners.
King & Wood Mallesons sets out the seven key regulatory issues driving risk, operations and market trends for asset managers this year.
Draft Jordanian Investment Law download
The Draft Jordanian Investment Law is intended to attract and encourage both local and foreign investment in Jordan.
The LSE has announced that its new market segment aimed at fast-growing companies is now open for applications for admission to trading.
Shoosmiths has reached 100 employees at its Manchester office.
The London Stock Exchange (LSE) has announced the launch of its new high-growth segment.
The London Stock Exchange has announced that the new high-growth segment of its main market is now open for admission to trading.
The High Court has examined whether minority shareholder protection afforded by the Companies Act 2006 extends to a holder of beneficial interest in shares.
Mandatory reporting of over-the-counter derivatives contracts will start this year for Australians.
On 27 March 2013, the European Commission published for consultation a proposal to simplify and limit the burden associated with merger control filings to the commission.
Clifford Chance, Linklaters and Chinese firm Jiayuan have secured roles advising on the issue of RMB bonds by Chinese state-owned metals and mining conglomerate China Minmetals.
The Legal 500 has ranked Binder Grösswang as a Tier 1 law firm in the fields of banking and finance and corporate and M&A.
Taylor Wessing has released issue six of its UK Regulatory Update.
Chadbourne & Parke lawyers have once again advised a group of international lenders to Kreditprombank in connection with their debt and equity interests in the bank.
AIFMD: challenges and opportunities download
Emmanuelle Entringer and Bishr Shiblaq of Arendt & Medernach explain the impact of the AIFMD on fund managers in the Middle East and North Africa.
Ince & Co has been recognised in Chambers Global 2013: The World’s Leading Lawyers for Business.
Regulators across the globe have been increasingly proactive in detecting and taking action against unlicensed activities. Take the Hong Kong Securities and Futures Commission as an example.
Linklaters has hired KPMG global Islamic finance head Neil Miller as its new global Islamic finance head, based in Dubai.
Man Group head of legal Jasveer Singh has been appointed as the FTSE250 group’s general counsel following the exit of former Clifford Chance partner Stephen Ross.
Conyers Dill & Pearman has been highly ranked in the 2013 edition of Chambers Global.
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
The information required to be included in an application for RMB bond issuance in Hong Kong by PRC onshore non-financial institutions.
King & Wood Mallesons has advised GE Capital on the acquisition of Allianz Australia’s loan book.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
George Bashforth has been appointed as head of directorship services for Appleby Trust (Cayman) Ltd.
On 20 March, George Osborne delivered a budget for an ‘aspiration nation’, but there was little in there to excite the real-estate sector apart from on housing.
The 2013 Budget announced by Chancellor George Osborne on 20 March 2013 contained little or no news for the renewable energy sector
David Pollard to succeed Andrew Jennings as director of operations at Ince & Co.
ESMA is consulting on proposed draft regulatory and technical standards on when to publish a supplementary prospectus.
Appleby looks at the factors that should be considered when buying or selling a business.
Issue 5 of Taylor Wessing’s UK Regulatory Update considers the implications of two significant changes to the level and scope of regulation following legal cut-over.
Hogan Lovells has advised APICORP and Tufton Oceanic on petroleum product tanker financing and acquisition.
Luxembourg legal update — March 2013 download
Arendt & Medernach has released its Luxembourg legal update for March 2013.
On 16 January 2013, the CSSF published the circular letter 13/556 announcing the entry into force of the CSSF regulation no. 12–02 of 14 December 2012 on the fight against money laundering and terrorist financing.
The next chapter of business in Bermuda looks bright and ready to meet the emerging challenges of the evolving global economy.
Barclays general counsel Mark Harding cashed in shares worth over £3.6m in what is expected to be his final bonus payout before retiring from the bank.
Simmons & Simmons has advised JP Morgan Cazenove and Numis Securities on £49m share placing.
Olswang has announced that 28 of its attorneys have been recognised by Thomson Reuters in its 2013 London Super Lawyers and Rising Stars lists. Partner Eleni Skordaki has also been listed in the Top 50 Women in London.
Appleby recently acted in the matter of Dervan and MD Events v Concept Fiduciaries Ltd and Others for applicants to the Royal Court of Guernsey who sought to set aside two dispositions into an employee benefit trust on the ground of mistake.
Walker Morris has released its Receivership Update for March 2013.
Taylor Wessing has advised MML Capital Partners LLP on ATA Group investment.
On 15 March 2013, a number of Regulatory Technical Standards implementing the European Markets Infrastructure Regulation take effect.
Olswang advises Dundee International REIT on €257m financing for the acquisition of SEB Asset Management’s office portfolio.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions download
On 12 September 2012 the European Commission adopted legislative proposals, including a draft EU Regulation, to establish a single supervisory mechanism for banks which is to be led by the European Central Bank.
US firms are picking up more than their fair share of big-name banking and finance partners. Why?
The ASX has released the final version of its guidance note on continuous disclosure. The revised Guidance Note 8 has been submitted to ASIC.
On 15 March 2013, the first set of regulatory technical standards relating to the European Union’s implementation of the G20 commitments on over-the-counter derivatives will come into force under the EMIR.
The March 2013 edition of the Hogan Lovells Africa Newsletter is now available.
Scotland’s Anderson Strathern has hired three banking and finance lawyers from collapsed firm Semple Fraser.
A guarantor’s liability is contingent upon the underlying obligations it has guaranteed. If those underlying obligations are altered, the guarantor can be released.
Impact of the AIFMD on investment companies
Our experts provide comprehensive assistance in the implementation of domestic and international financial operations of the most complex and innovative kind.
On 28 September 2012, HM Treasury published the final report on the review of the London Interbank Offered Rate undertaken by Martin Wheatley, FSA Managing Director and Chief-Executive designate of the Financial Conduct Authority (FCA).
The OFT has found a widespread lack of compliance on the part of licensed businesses in the payday lending market.
COBO consent is no longer required for borrowings by Guernsey companies.
The 1983 Security Interests (Jersey) Law is set to be replaced in 2013 by the Security Interests (Jersey) Law 2012.
An 8.7 per cent haircut will apply to Treasury cash grants paid for the remainder of this fiscal year due to sequestration.
The Court of Appeal recently handed down judgment in AIB v Mark Redler & Co.
Taylor Wessing’s March 2013 Finance Update summarises some of the more interesting recent legal developments in finance.
Jersey’s finance industry is being consulted on the impact of entering a ‘FATCA-type’ agreement with the UK.
Clifford Chance again tops the global project finance rankings by deal value. It’s been a pretty rotten time for the sector, but events such as the Arab Spring are giving things a push
Conyers Dill & Pearman has released the March 2013 edition of its Cayman Islands AIFMD implementation update.
Conyers Dill & Pearman has released an implementation update focusing on AIFMD and Bermuda.
Banks must carefully check the wording of powers of attorneys.
This article addresses crowdfunding in the context of the selling of debt and equity securities in small amounts to large numbers of people.
Adam Mycyk has rejoined Chadbourne & Parke’s Kyiv office.
Hogan Lovells Lee & Lee has advised on the project financing of the Fujairah Oil Terminal.
Lloyds Banking Group has delayed the review of its customer-pay panel, with law firms left in the dark over the timescale for the process.
Bowman Gilfillan is the adviser of choice for many of the local and international issuers.
Bowman Gilfillan’s highly rated, resourceful and pioneering banking and finance practice provides sound advice in relation to the full range of banking and finance transactions.
This case provides a useful analysis of certain circumstances in which a banking deal can be done.
Barclays has defeated a claim based on information provided to credit reference agencies.
Our Bank Lending and Structured Finance practice represents a wide range of local and foreign clients in the banking, finance and securitisation industries.
We advise Luxembourg and foreign credit institutions and other professionals of the financial sector on private-banking-related matters and related regulatory issues.
Our capital markets team advises clients on both equity and debt transactions. We have represented corporate, institutional, supranational and sovereign issuers in a wide range of transactions.
Our Corporate Law, Mergers & Acquisitions practice offers comprehensive legal services on the full spectrum of corporate transactions.
King & Wood Mallesons acts for Investec on financing of Catalyst’s acquisition of RBIA.
The decision of the German Federal Supreme Court regarding illiquidity and imminent illiquidity.
Aside from crimes of violence, the main objective behind almost all crimes is to generate profits for the individual or group that carries out such crimes.
In a recent Supreme Court decision, it was held that where several powers of attorneys are submitted to a bank at different times, the last power of attorney submitted to the bank would automatically revoke all previous powers of attorneys.
Most jurisdictions are familiar with ambitious claimants represented by law firms with unconventional billing practices.
Lenders providing financing for the construction or purchase of assets such as a power plant, a ship or a building often stipulate that the receivables arising from the asset should be assigned to the lenders.
Bonds issue under the UAE local laws download
Companies have many different ways to raise financing — either by way of equity financing or by way of debt financing.
Are SWIFT messages legally binding? download
SWIFT messages are a method of communication, payment, settlement, clearing, trading in deposit certificates and so on that are admissible by the QCB.
A former Dewey & LeBoeuf partner is suing Barclays for allegedly inducing him to enter into a $540,000 loan agreement.
DLA Piper global co-chairman joins business delegation to India.
Our banking and finance team has a wide remit.
This briefing from Karanovic & Nikolic summarises the most important provisions of Serbia’s Law on Amendments to the Foreign Exchange Law.
Akin Gump and Skadden scoop lead advisory roles as a eurobond issued by mobile phone operator Vimpelcom raises $2bn to refinance company’s debt.
MOLITOR’s Laurent Fisch focuses on cash pooling and insolvency in Luxembourg.
Our team endeavours to ensure that banking transactions proceed quickly and effectively with the minimum of fuss.
Funds and fund structuring are a major part of our practice and one of our fastest-growing areas.
Members of our team have been involved in significant M&A transactions either locally, within Cyprus or Greece, or regionally extending beyond the boundaries of the jurisdictions where we operate offices.
The firm has been engaged by companies to act as their legal advisers in their flotation on the Cyprus Stock Exchange and has acted on behalf of companies during their IPOs both in Cyprus and abroad.
MOLITOR has developed a strong client portfolio of local and international clients: banks and financial institutions.
The National Bank of Serbia has amended the Decision on Risk Management to tackle the issue of rising non-performing loans.
We advise lenders, borrowers and other parties on all types of domestic and international financing transactions.
We advise both companies, as issuers, and financial institutions, as managers and underwriters, on a broad range of equity and debt offerings in the Finnish and international capital markets.
We advise on all aspects of mergers and acquisitions transactions in the public and private markets, many of which have cross-border elements.
Our lawyers have extensive experience in the European Union’s state aid rules and processes. They are regularly called upon to give advice on state aid questions, applications and notifications.
Goodwin Procter adds Travers Smith partner Paul Lyons to its growing London office.
Senior Barclays in-house lawyers have emerged as the frontrunners for the bank’s general counsel job.
Bank tipped to replace GC Mark Harding with internal candidate after Libor scandal
The Kingdom of Saudi Arabia (KSD) has issued five finance laws, which — according to the head of Al Tamimi’s Corporate and Commercial Department in Riyadh — have been keenly anticipated for some time.
King & Wood Mallesons has advised a syndicate of banks including Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank and Macquarie on their fully underwritten offer of a A$1.2bn Senior Secured Bank Facility to Whitehaven Coal.
The Curtis Venture Capital practice guides investors and emerging companies in executing successful transactions that provide potential for growth and meet expectations for return on investment.
The Curtis securities litigation practice represents clients in the defence of complex cases in both federal and state court.
The Curtis finance group represents borrowers and issuers, as well as lenders and investors.
The Curtis Capital Markets group counsels issuers, underwriters and indenture trustees in a wide range of public and private financings. We assist our clients with the financing process in the world’s established and emerging financial centres.
The Curtis Banks and Financial Institutions practice represents clients worldwide in all of the major financial sectors, including investment and commercial banking, mortgage banking, asset management, retail brokerage, insurance, credit and private equity.
Arthur Cox has completed five years of work acting for the Irish government with today’s confirmation that a deal has been struck to restructure the nation’s bank debt.
King & Wood Mallesons is widely recognised for its expertise and performance in the areas of international finance and banking.
Appleby has acted as Jersey counsel to Camkids Group in relation to its issuance of ordinary shares on the AIM market of the London Stock Exchange on 24 December 2013.
Appleby has acted as Bermuda and British Virgin Islands counsel for COSCO Pacific Finance and COSCO Pacific in relation to COSCO Pacific Finance’s note issuance in the aggregate principal amount of $300m (£192m) due in January 2023, bearing interest at the rate of 4.375 per cent per annum and guaranteed by COSCO Pacific.
Appleby has acted as British Virgin Islands counsel for Fosun International, a privately owned conglomerate based in China, on a guaranteed notes issuance of $1bn (£639m) issued by its indirect subsidiary.
Mayer Brown’s banking and finance practice is one of the firm’s signature strengths.
On 7 February, Krogerus senior associate Tom Fagernäs spoke at the Nordic Back Office conference on securities custody issues.
Our banking and finance group advises clients on financing transactions across many different sectors.
This month’s round-up of developments affecting the consumer credit industry.
This month’s round-up of developments affecting banks, wealth managers, brokers and funds.
An update on MiFID II and MiFIR download
The European Commission proposals for a revised Markets in Financial Instruments Directive (“MiFID II”) and new Markets in Financial Instruments Regulation (“MiFIR”) are now in the advanced stages of debate amongst European legislators.
The Banking & Finance Litigation Update is published monthly and covers current developments affecting the Group’s area of practice and its clients during the preceding month.
DLA Piper Ukraine has advised Europe Virgin Fund (EVF), a private equity fund, sponsored by Dragon Capital in set up of a joint venture with Ucrafarma SA.
At Olswang, we provide senior-level expertise to clients who raise or lend funds in the debt or capital markets. We understand the markets and offer pragmatic and commercially astute advice.
Hogan Lovells’ finance practice is consistently rated as a market leader by respected legal directories, including Chambers Global and Legal 500, and by trade publications such as International Financial Law Review and Trade Finance Magazine.
Addleshaw Goddard has one of the leading finance practices in the UK market, incorporating expertise in banking, projects including PFIs and PPPs, restructuring and insolvency and aviation.
Our Banking & Finance team delivers commercial business solutions to clients with a diversity of needs. Our approach is always accessible, collaborative and practical.
Winckworth Sherwood has advised B3Living on its recently completed £68million listed secured bond issue.
Mourant Ozannes has an international reputation as one of the leading offshore banking and finance practices.
Our Recoveries Services Group provides a complete range of debt recovery services utilising cutting-edge technology and with specialists dealing with different debt types.
Raising finance is critical to the future success of any organisation — it allows it to thrive and grow, or simply to survive. Our national banking and finance team advises clients on a range of financing transactions across a wide variety of sectors, often with a multi-jurisdictional element.
Former Dundas & Wilson partner John Pike, who left the firm after less than a year, has resurfaced at Osborne Clarke, as a number of other lawyers also leave the Scottish firm’s London office.
The draft Finance Bill 2013, published on 11 December, includes a cap on the amount of income tax relief that tax payers can receive, where the relief itself is not already capped.
In late December 2012, the High Court heard the appeal in Clark v In Focus Asset Management and Tax Solutions Limited.
A brief overview of the Finance Bill 2013.
The banking and finance team has more than 10 years of experience working within the complex and demanding regulatory environments of Bosnia and Herzegovina, Croatia, Macedonia, Montenegro and Serbia.
The trait that draws the most praise from clients about Walker Morris’s Banking, Restructuring & Insolvency Group is our teamwork.
The Government used the Queen’s Speech to start its ‘fight-back’ following poor local election results for both the Conservatives and Liberal Democrats.
DLA Piper has represented Fibra UNO, Mexico’s first publicly traded REIT, in its third global public offering before the Mexican Stock Exchange and in the international markets, valued at approximately US$1.7bn.
In September 2009, the European Commission published proposals to amend the Prospectus Directive with the aim of simplifying its application and increasing efficiency.
An outline of Rule 144 under the Securities Act of 1933, and its uses in the trading of securities.
CPP - FSA record retail fine shows inherent product flaw just as serious as method of (mis)sale download
The FSA has fined Card Protection Plan Limited (“CPP”) £10.5m (reduced from £15m for early settlement) for breaches of Principles 3, 6 and 7.
Kuwait: requirements for obtaining approval of a private placement memorandum from the Capital Markets Authority download
The Capital Markets Authority (CMA) is currently the regulatory authority primarily responsible for regulating the marketing, offer and sale of securities in Kuwait. Chapter 9 of the Capital Markets Law governs the placement memorandum of securities issued by companies.
Conyers Dill & Pearman’s Hong Kong office has won five China Business Law Journal Deal of the Year awards.
In December 2012 the Basel Committee on Banking Supervision (BCBS) published a consultation paper proposing substantial changes to the methods banks use to calculate risk-based capital requirements related to securitisation exposures.
A new EU Regulation focuses on shares admitted to trading on a trading venue in the EU and the sovereign debt of the EU Member States.
As the European financial crisis continues to evolve, serious concerns have emerged about the possibility of Greece, and potentially other countries, exiting the eurozone.
Towards a European banking union – the European Commission announces a new legal framework for banking supervision download
On 12 September 2012, the European Commission published two proposals which will pave the way towards a European Banking Union.
On June 6, 2012, the European Commission presented a draft directive on the recovery and resolution of credit institutions and investment firms.
The Enterprise Management Incentive (“EMI”) option regime came into effect in 2000.
The Government recently published the Financial Services Bill (the Bill), together with a new approach document.
Corporate update: February 2012 download
Analysis of changes to executive remuneration policy, changes to market listing rules and trouble in the eurozone.
In our latest Hot 100 video Freshfields’ Adam Gallagher talks about the collapse of Southern Cross and singing Islands in the Stream
Charles Lindsay was the man behind Allen & Overy’s Istanbul office launch at the end of 2011.
As head of SJ Berwin’s finance team, Jeremy Cross has spearheaded the firm’s drive to expand in the area, one of its fastest growing practice groups in revenue terms in recent years.
Reed Smith London restructuring partner Charlotte Møller (scroll down for video interview) found herself working on one of the key cases last year when she advised KPMG on the administration of spread betting business WorldSpreads.
Eversheds partner and head of real estate investment Nicholas Bartlett’s involvement with Western Europe’s tallest building, the Shard, began in a lift.
Bruce Bell has been instrumental in Linklaters’ banking and restructuring groups.
Momentum is building to reform the US tax system and address the nation’s fiscal challenges.
In a bizarre twist to the case of the money market fund that broke the buck, the investment adviser to the Reserve Primary Fund and its principals sued the fund’s independent trustees, laying the blame for the fund’s spectacular 2008 collapse squarely at their feet.
An overview of the implications of the German Federal ministry of Finance’s Draft Bill on Recovery and Resolution Planning for Banks, which deals with recovery plans and resolution planning for banks and banking groups.
Linklaters has appointed Allen & Overy (A&O) partner Juan Barona as a partner in its Spanish banking practice.
Krogerus has advised SOK Corporation on its 60 per cent divestment of the shares in Finnish agribusiness Hankkija-Maatalous to DLA International Holding, a subsidiary of the DLA Group in Denmark.
While 2012 was marked by parliamentary elections and the formation of the new government in July, the financial markets in Serbia seem likely to offer investors some very interesting opportunities in 2013.
White & Case and WilmerHale have scooped the lead roles as Sberbank forms a joint venture with Russian search engine Yandex, a deal that kickstarts the two companies’ plans for a new online payment service.
The Basel Committee has made significant revisions to the Basel III Liquidity Coverage Ratio.
Insider trading annual review — 2012 download
2012 gave us another year of aggressive enforcement of insider trading laws.
During the last quarter of 2012, the US Commodity Futures Trading Commission issued a series of no-action letters and other guidance regarding rules issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act to address the practical application of the CFTC’s various new rulemakings.
The Federal Reserve Board last week approved for the first time a controlling investment by a Chinese bank in a U.S. bank, opening the door for future Chinese acquisitions and investments in the US banking sector.
In its annual summary of regulatory and examination priorities, the Financial Industry Regulatory Authority (FINRA) signaled that it will aggressively pursue market misconduct.
In the course of 2012, the Italian securities regulator, Commissione Nazionale per la Società e la Borsa approved resolutions with the primary purpose of (i) simplifying and streamlining the compliance requirements with securities law provisions and (ii) implementing the new EU Prospectus Directive.
Barclays has delayed its panel review planned for this summer by 12 months as the banking giant embarks on a plan to scrap its practice of reassessing law firm rosters on a two-yearly basis.
EMW, Morgan Cole and Shoosmiths have all won headline roles as WestBridge Capital backs the £6m management buyout (MBO) of Cambridge-based Anglia Business Solutions in return for a 43 per cent stake in the business.
Krogerus has advised AVIC International Investments on the Finnish law aspects of its acquisition of naval architecture and engineering company Deltamarin.
On 7 January 2013, the Basel Committee on Banking Supervision released highly anticipated revised rules governing the Liquidity Coverage Ratio included in the Basel III framework finalised in December 2010.
In many respects, 2012 was another year of aggressive SEC enforcement. The SEC’s Division of Enforcement again logged a near record number of enforcement actions.
On 6 January, the Group of Central Bank Governors and Heads of Supervision, the oversight body for the Basel Committee on Bank Supervision, endorsed a revised formulation of the new minimum liquidity standard.
Martina Huppertz has been promoted to partner in MOLITOR Avocats à la Cour’s banking and finance practice.
The civil courts will be dominated by credit crunch litigation and professional negligence battles in 2013, The Lawyer reveals today, while London’s courts continue to attract the wealthiest of litigants (see The Lawyer Top 20 Cases).
Almost two-and-a-half years after the enactment of the Dodd-Frank Act, the various federal agencies charged with implementation have made measurable progress and have, in the last several months, taken on the major regulatory actions in earnest.
Financial services regulation — view from in-house legal in association with Grant Thornton
FDIC and Bank of England signal significant cooperation on resolution issues in joint paper download
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a joint paper entitled Resolving Globally Active, Systemically Important, Financial Institutions outlining a resolution strategy for global systemically important financial institutions.
The Federal Reserve Board’s proposed implementation of Sections 165 and 166 of the Dodd-Frank Act, which require enhanced prudential standards and an early remediation regime for certain large foreign banking organisations, represents a dramatic shift in the Federal Reserve’s approach to supervising and regulating foreign banks.
The Hong Kong Securities and Futures Commission on 12 December 2012 published its consultation conclusions on the regulation of Hong Kong IPO sponsors.
For the last four years, regulators and law makers have been focusing extraordinary efforts on ensuring that financial regulation is adequate to protect the financial system from risks emanating from the banking sector.
On 21 December 2012, the Italian Parliament approved the budget law for 2013 (the Budget Law) contemplating, among other things, the introduction of a new tax applicable to certain financial transactions.
Bright outlook for covered bonds download
This year has proven to be an interesting one for the covered bond market, and we anticipate that 2013 will bring many important new developments.
On 14 December 2012, the Federal Reserve Board issued proposed rules implementing the enhanced prudential standards and early remediation requirements of Sections 165 and 166 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Allen & Overy (A&O) has appointed VILAF managing partner Tran Anh Duc as head of its Hanoi branch and co-head of its banking and corporate practice in Vietnam.
Ashurst and Dechert have scooped lead roles advising on a €1.1bn (£890m) bond issued by the finance arm of Kazakh national rail company Kazakhstan Temir Zholy.
SAFE and foreign exchange rules download
Is the State Administration of Foreign Exchange finally loosening its grip on foreign exchange transactions? Not exactly.
On 12 December 2012 the SFC published its Consultation Conclusions concerning the regulation of IPO sponsors in Hong Kong.
On 14 December 2012, the Federal Reserve Board issued a notice of proposed rulemaking to apply enhanced prudential standards and an early remediation framework to foreign banking organizations (FBOs) with $50 billion or more in total global consolidated assets.
US firm Gibson Dunn & Crutcher has advised UBS on settlements with UK, US and Swiss regulators totalling SFr1.4bn (£940m) concerning allegations that figures at the bank manipulated the key Libor interest rate.
Squire Sanders has made two lateral hires to boost its London finance offering, bringing in Berwin Leighton Paiser (BLP) project finance head Philippa Chadwick and Wragge & Co banking head Paula Laird.
Offshore boutique Travers Thorp Alberga has picked up Walkers Latin American finance head Nicole Pineda, just weeks after bringing on board former Maples and Calder chief Anthony Travers.
On 10 December 2012, the Federal Deposit Insurance Corporation and the Bank of England released a white paper, describing how each would resolve a materially distressed or failing financial institution that is globally active and systemically important in order to maintain its ongoing and viable operations.
The US Federal Reserve has proposed a tiered approach for applying US capital, liquidity and other Dodd-Frank enhanced prudential standards to the US operations of foreign banking organisations with total global consolidated assets of $50 billion or more.
Latham & Watkins and Ropes & Gray have fielded London teams to advise on a deal that sees a consortium led by Goldman Sachs invest $1.1bn (£680m) to restructure the debt of Israeli telecoms group HOT-Telecommunications Systems as the company’s owner takes the business private.
The Federal Reserve board proposes Dodd-Frank systemic prudential regulations for foreign banks download
Late Friday afternoon the Federal Reserve Board proposed regulations to implement the enhanced prudential regulation and early remediation requirements of the Dodd-Frank Act for systemically important and other foreign banks.
Lloyds Banking Group has announced the hire of FSA general counsel Andrew Whittaker as its new group general counsel.
King & Wood Mallesons has advised Adcorp, South Africa’s largest employment services company, on its acquisition of Computer Sciences Corporation’s Australian IT staffing unit, Paxus.
DLA Piper has hired two partners from Salans in Frankfurt, just months before Salans’ merger with SNR Denton and Fraser Milner Casgrain takes effect.
Ince & Co has advised the banks arranging a US$250m loan facility to Hoegh LNG, financing the construction of a floating storage and regasification unit (FSRU) to be delivered for the Klaipedos Nafta FSRU project in Lithuania.
Barclays is set to undergo a minor restructuring of its in-house legal team following the appointment of former FSA CEO Hector Sants as head of the bank’s compliance function.
Freshfields Bruckhaus Deringer has scored a key appointment from HSBC to advise the banking giant on its record $1.921bn (£1.19bn) fine from the US authorities over its failure to comply with money laundering and sanctions laws.
King & Wood Mallesons has advised Commonwealth Bank of Australia (CBA) as arranger on the renewal of a $200m, three-year financing facility for engineering and project services company Clough Limited.
Freshfields Bruckhaus Deringer and Linklaters have won advisory roles on a eurobond issued by Rosneft raising €3bn (£1.87bn), as the Russian oil group seeks to finance its $55bn buyout of TNK-BP.
Simmons & Simmons has taken on Hong Kong capital markets partner Jay Lee, who joins from Standard Chartered Bank.
Weil Gotshal & Manges has made another high-profile City hire with the recruitment of Freshfields Bruckhaus Deringer high-yield head Gil Strauss.
Hogan Lovells and Linklaters have leveraged relationships with Barclays and Graff Diamonds respectively to advise on a $450m (£280m) refinancing deal that pumps funds into the London jeweller following its pulled IPO earlier this year.
Freshfields Bruckhaus Deringer has advised HSBC on the $9.4bn (£5.8bn) sale of its entire shareholding in China’s Ping An Insurance Group to Thai conglomerate Charoen Pokphand Group, which was represented by Linklaters.
US firms Akin Gump Strauss Hauer & Feld and Dechert won roles on the debt restructuring of Kazakhstan-focused oil and gas group Max Petroleum through a new $90m (£56m) credit facility.
Orrick’s senior partner for China Christopher Stephens will leave the firm for the general counsel role at the Asian Development Bank (ADB).
What in-house counsel needs to know now about Dodd-Frank derivatives 101.
Kaye Scholer is set to launch a London structured finance practice early next year with the hire of Freshfields Bruckhaus Deringer partner Stuart Axford.
Ashurst, Freshfields Bruckhaus Deringer and SJ Berwin were among the advisers on the acquisition of residential property company Annington Homes by Guy Hands’ private equity group Terra Firma.
Structured finance could be heading for the scrapheap at elite firms
Bredin Prat, Cleary Gottlieb Steen & Hamilton and former Clifford Chance partner Yves Herinckx have all landed roles as France and Belgium inject €5.5bn (£4.4bn) to bail out ailing Dexia, as part of a recapitalisation deal approved by the company’s board of directors yesterday (12 November).
This afternoon, 13 November 2012, the Financial Stability Oversight Council, faced with a Securities and Exchange Commission that has been deadlocked over whether or how to address concerns about money market funds, voted unanimously to propose three MMF reforms.
Morgan Lewis & Bockius, Wachtell Lipton Rosen & Katz and Weil Gotshal & Manges are among a raft of US firms to advise as American investment bank Jefferies agrees to sell to its largest shareholder, Leucadia National.
DLA Piper and a UK team from Squire Sanders landed roles on a deal by GE Capital and Ares Capital Europe to provide unitranche debt facilities to Callcredit Information Group.
Today the Federal Reserve Board issued instructions and guidelines for two 2013 stress testing and capital planning programs, each of which builds on similar programmes from last year.
This morning, the three federal bank regulatory agencies announced that their proposed new capital rules based on Basel III (and other Basel standards) would not take effect on 1 January 2013, a date previously proposed apparently in order to adhere to international consensus.
ESMA’s technical standards for EMIR download
The European Market Infrastructure Regulation, which came into force on 16 August 2012, created a new framework with the aim of introducing greater transparency and risk management mechanisms to the over the counter derivatives market in Europe.
The Federal Reserve’s decision this week to confer Comprehensive Consolidated Supervision (CCS) status to three state-owned Chinese banks has been long awaited and paves the way for major Chinese banks to enter retail commercial banking in the US by acquiring US banks.
JPMorgan has confirmed the revamped structure of its in-house legal team following the merger of its investment bank and treasury and securities units, with senior London-based lawyer Karen Linney taking on a broader role as Emea general counsel for the overall business.
Bingham McCutchen has joined Spanish firms Cuatrecasas Gonçalves Pereira, Gómez-Acebo & Pombo and Uría Menéndez in advising on building manufacturer Uralita’s debt refinancing.
Ashurst, Berwin Leighton Paisner, CMS Cameron McKenna, Eversheds, Osborne Clarke and Stephenson Harwood have been appointed to Lloyds Banking Group’s own-account legal panels following a review.
Clifford Chance has failed in its attempt to have Libor rate-fixing claims against banking giant Barclays thrown out, setting the stage for what is one the most hotly anticipated banking disputes to spin out of the recession.
General Electric’s (GE) external legal advisers are on standby as the US conglomerate finalises a process to review its European panels.
Clifford Chance and Linklaters have landed the lead roles as Russia’s Sberbank raises a three-year $1.5bn (£930m) loan from a syndicate of ten foreign banks.
Allen & Overy (A&O) and Baker & McKenzie have won roles advising on a major bond issue as Turkey’s biggest lender Akbank raises $1bn (£620m) through two simultaneous $500m (£310m) note issuances.
The China Securities Regulatory Commission recently amended the Rules on the Establishment of Foreign-Invested Securities Companies to raise the cap on the permissible foreign stake in securities companies from one-third to 49 per cent.
Lloyds Banking Group has delayed the completion of its legal panel review until November, extending the current terms of the agreement for firms on the roster by a month.
The Royal Bank of Scotland has revamped its group and UK legal panels, slashing the number of sub-panels from 13 to five and reducing the number of law firms on the panel by 40 per cent from around 100 to between 55 and 60.
Nationwide Building Society is set to launch its first general panel review in the new year with five coveted spots up for grabs.
Proposals to centralise the eurozone’s banking system have had a sistinctly mixed response
Linklaters and Slaughter and May have advised as Santander pulls out of a £1.65bn deal to buy 316 branches from the Royal Bank of Scotland (RBS).
This edition of our update on the pan-European short-selling Regulation focuses on the implications of the Regulation for market participants in the US.
This week, US federal banking regulators each issued final rules that impose stress-testing requirements on all insured depository institutions and insured depository institution holding companies over a $10 billion total consolidated asset threshold, as required by Section 165(i) of the Dodd-Frank Act.
Linklaters has helped secure a crucial agreement in the Lehman Brothers administration that looks set to pave the way for its assets to be liquidated.
Clifford Chance, Linklaters and Mills & Reeve have advised on a bond issue by the University of Cambridge, the second in a recent spate of attempts by UK higher-educational institutions to tap the capital markets.
Earlier today, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve Board approved final rules, which were proposed for comment in January of this year, implementing the Dodd-Frank Act’s company-run stress testing requirements.
Weil Gotshal & Manges is hiring Linklaters finance partner Olivier Jauffret, just weeks after losing finance head Emmanuel Ringeval to Freshfields Bruckhaus Deringer.
Jones Day has recruited a structured products team from Gide Loyrette Nouel in Paris led by partner Alban Caillemer du Ferrage.
Offshore firm Walkers is strengthening its Dublin office with the launch of insolvency and derivatives teams led by hires from the London offices of Mayer Brown and Proskauer Rose.
Edwards Wildman Palmer, Jones Day, Morgan Lewis & Bockius and Wilson Sonsini Goodrich & Rosati have won appointments advising investors on a Series-D funding round for French display advertising company Criteo.
Nomura has restructured its global legal team in the wake of the departure of its wholesale legal head.
Financial services dispute resolution organisation Prime Finance has appointed 10 senior lawyers and finance professionals to its panel of experts.
White & Case is among a raft of firms to be reappointed to Deutsche Bank’s global legal panel following a review of the German banking giant’s list of advisers.
An ASEAN funds passport? download
This briefing examines recent developments in Southeast Asia that may bring us closer to an ASEAN-centric approach to the distribution of funds in Asia.
CIS legal update — September 2012 download
An update on developments in the CIS countries, including the Russian government’s tightening of control over strategic industries and cyberspace, changes to summary proceedings in Russian commercial courts and more.
Allen & Overy (A&O) and Clifford Chance have been called in to advise on Malaysian telecom group Axiata’s issuance of a 2-year RMB1bn sukuk, one of the largest of its type in the South East Asian country.
Since the enactment of Dodd-Frank, there has been a great deal of focus on rewards for ‘whistleblowing’ — bringing to the government’s attention evidence of wrongdoing that it did not previously know about.
Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Ritch Mueller and White & Case have all scooped roles as Mexichem issues a $1.15bn (£700m) two-tranche bond offering.
The Spanish Government has recently passed Royal Decree-Law 24/2012, of 31 August on the restructuring and liquidation of financial entities.
Banco Santander has hired Uría Menéndez corporate finance partner Javier Illescas as the Spanish bank restructures its legal department into two separate divisions, business legal affairs and internal legal affairs.
Royal Decree Law 24/2012 addresses restructuring and termination of Spanish credit entities download
The Spanish Council of Ministers has approved the Royal Decree Law 24/2012 , for the restructuring and termination of Spanish credit entities.
The London office of K&L Gates has completed the hire of a three-partner finance team from Sidley Austin as Theresa Kradjian is added to the US firm’s finance practice.
The European Commission adopted a proposal on September 15, 2010 to harmonize the regulation of short sales and credit default swaps across the European Union.
Clifford Chance has asked capital markets associates in its Singapore office to take voluntary sabbaticals until the end of the year as the firm reacts to a downturn in work in the region.
Under the Dodd-Frank Act, many categories of swaps will be subject to mandatory clearing.
With the end of summer, Europe’s political leaders are intensifying their efforts to address the Eurozone’s economic and monetary crisis.
Cleary Gottlieb Steen & Hamilton and Linklaters have landed roles on Sberbank’s long-awaited secondary public offering (SPO), which will see the bank raise $5.4bn in London and Moscow.
Clifford Chance structured finance partner Neil Hamilton is set to join US firm Paul Hastings’ London office.
The Financial Services Authority (FSA) is to launch its first ever panel of external advisers to carry out investigations at banks.
On 10 September 2012, in response to market uncertainty, the CFTC issued FAQs clarifying the timing of swap dealer registration.
In the latest of a string of litigation victories it has scored in the Second Circuit, the Securities and Exchange Commission convinced a panel of the Second Circuit on 6 September 2012.
Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Mayer Brown have won first-time roles on HSBC’s expanded global legal panel after the bank introduced a sub-roster of US firms.
On 15 August 2012, the International Swaps and Derivatives Association (ISDA) released a new Protocol relating to the effect on ISDA derivatives of taxes levied by the US under the Foreign Account Tax Compliance Act.
A former Dewey & LeBoeuf partner is attempting to block Citibank securing a summary judgment against him by arguing that the bank colluded with the now-defunct firm to entice lateral hires in the run-up to the firm’s collapse this year.
Barclays is understood to be seeking further advice from Clifford Chance after the SFO launched an investigation into Qatar payments.
Deutsche Bank has announced the appointment of Cleary Gottlieb Steen & Hamilton banking veteran Christof von Dryander as its new general counsel for Germany and Central and Eastern Europe.
Sullivan and Cromwell and Wachtell Lipton Rosen & Katz have won roles advising on one of the biggest US bank acquisitions of the year as Buffalo-based M&T Bank agreed to buy smaller rival Hudson City.
Cadwalader Wickersham & Taft has added a structured finance partner to its London base with the hire of Stephen Day from Mayer Brown.
On 22 August 2012, SEC Chairman Mary Schapiro announced that three of the five SEC Commissioners, constituting a majority of the Commission, had informed her that they would not support a staff proposal to reform money market funds.
Informal commentary offers contextual perspective on current matters and indicates areas of less current significance at the SEC.
Irwin Mitchell has landed its first-ever mandate for Macquarie Bank, advising the Australian group on a £21.1m refinancing of a portfolio of 21 residential properties in London.
Clifford Chance, Freshfields Bruckhaus Deringer and Kirkland & Ellis have advised on a deal to reduce Travelodge’s debt by transferring control of the hotel chain to three investors.
On 13 August 2012, the US Securities and Exchange Commission and US Commodity Futures Trading Commission published in the Federal Register joint final rules and interpretive guidance further defining the terms ‘swap’, ‘security-based swap’, ‘mixed swap’, and ‘security-based swap agreement’.
Slaughter and May partners Nigel Boardman and Richard Swallow have advised Standard Chartered in its $340m settlement over allegations of hidden Iranian transactions.
Hogan Lovells and Latham & Watkins have advised on the establishment of a $300m (£191m) European commercial paper (ECP) by Russia’s B&N Bank.
The Government of India has revised its policy in relation to downstream investments by banking companies incorporated in India that are owned and/or controlled by non-residents or non-resident entities.
Lawyers for Barclays have filed the first defence against claims of mis-selling complex derivatives.
A raft of firms including Maclay Murray & Spens, Norton Rose, Taylor Wessing and Tods Murray scooped roles as property fund Picton Property Income secured £209m from Aviva and Canada Life to refinance one of its portfolios.
On 7 January 2013, the US Commodity Futures Trading Commission published a time-limited final order exempting certain “non-US persons” from select regulatory requirements promulgated by the CFTC.
On 3 August 2012 the Italian Parliament adopted a law to convert, with amendments, Law Decree No. 83 of 22 June 2012, that introduced important measures aimed at stimulating the Italian economy (the so-called decreto sviluppo or ‘development decree’).
Slaughter and May and Sullivan & Cromwell have won roles advising Standard Chartered Bank following allegations by a New York regulator that it had concealed $250bn of transactions with the Iranian government.
Cooke Young & Keidan took a lead role as Barclays yesterday faced court action relating to the alleged mis-selling of complex derivatives.
Freshfields Bruckhaus Deringer has replaced Hogan Lovells to advise the senior lenders on the debt restructuring of waste management company Biffa, with Latham & Watkins and Linklaters also winning a role on the high-stakes negotiations.
Reed Smith banking partners Phillip Slater and Lucy Newcomb have won the firm a new client by securing a role opposite Linklaters on the Co-operative Group’s £950m debt refinancing.
Clifford Chance has been instructed by the Royal Bank of Scotland (RBS) to carry out a review into a computer failure that left customers without access to information about their accounts.
The recent judgment of the Chancery Division of the English High Court in Assénagon Asset Management SA v Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank Corporation Limited), issued on 27 July 2012, struck down an exit consent in a transaction governed by English law.
Linklaters has launched a focus group targeting alternative credit providers (ACPs) such as investment managers and corporate lenders in a bid to clinch new sources of fees amid the slowdown in traditional banking work.
Freshfields Bruckhaus Deringer has appointed London banking head David Trott as head of its global finance practice, succeeding Alan Newton in the senior role.
The European Union has adopted a new regulation on short selling and certain aspects of credit default swaps.
Lloyds Banking Group’s company secretary and general counsel Harry Baines is set to retire later this year with the bank’s group general counsel tipped to take on his mantle.
Clifford Chance and White & Case have both fielded London teams to advise opposite each other on two emerging-market bond issues.
Check out the riggers and riders as firms line up for work on the fallout from recent banking scandals. By Sam Chadderton
Lawrence Graham has scooped the magic circle to lead an independent investigation into Libor for the British Banking Association (BBA).
Barclays Bank is refusing to consider a group attempt by former partners of Dewey & LeBoeuf to strike a settlement with the UK lender over debt from loans used to fund capital contributions.
On 20 June 2012, the China Securities Regulatory Commission (CSRC) announced that it had started public consultation on a series of proposed rule changes that will lower some of the thresholds and otherwise relax some conditions for non-Chinese investors to obtain a license to be a qualified foreign institutional investor.
Contingent convertible bonds in the EU: structuring considerations and current legal issues download
In December 2011, the Basel Committee on Banking Supervision published its final rules, known as Basel III, modifying the Basel II regulatory capital accord for internationally active financial institutions.
The Treasury Committee has turned to Devereux Chambers corporate and financial crime silk Jonathan Fisher QC to advise it on an investigation into the ongoing fallout from the Libor scandal.
Allen & Overy and Freshfields Bruckhaus Deringer have scooped lead roles on a €4.3bn (£3.3bn) debt refinancing deal for Germany property owner Deutsche Annington Immobilien.
Irwin Mitchell has boosted its national business legal services team as it edges closer to converting to ABS status.
Clifford Chance and Linklaters have taken lead roles on an agreement that will see Lloyds Banking Group offload 632 of its branches to the Co-operative Group, a move that gives Co-op around 7 per cent of the UK current account market.
Latham & Watkins and White & Case have landed roles on one of Qatar’s largest-ever dollar-denominated Islamic bond issuances.
Ashurst and SNR Denton have landed UK roles on a finance agreement that sees Citibank provide an affiliate of Brazilian oil and gas group Petra Energia with an estimated $703.6m (£452.6m) credit line to fund its exploration projects.
Clifford Chance shipping finance head Simon Lew has left the firm to join Norton Rose after 16 years as a partner at the firm.
CMS Cameron McKenna has appointed a bank panel guru to commoditise its applications for client roster places, as the firm responds to the increasingly administration-heavy nature of pitch processes.
Berwin Leighton Paisner (BLP), CMS Cameron McKenna and Reed Smith snatched roles on the acquisition of hardware chain Robert Dyas by Dragons’ Den star Theo Paphitis.
Weil Gotshal & Manges has leveraged its relationship with the bankrupt parent company of American Airlines to take the lead role advising on the carrier’s plans to pick a merger partner.
The SEC and CFTC have adopted joint final rules further defining the terms ‘swap’, ‘security-based swap’ and ‘security-based swap agreement’, and delineating jurisdiction over mixed swaps between the agencies.
Clifford Chance has won a role advising Barclays Bank on its investigation into claims that it fixed the London interbank offered rate (Libor) to boost its trading position.
In K/S Preston Street v Santander (UK) plc  EWCH 1633 (Ch) the High Court ruled in relation to an indemnity clause in a facility agreement.
Following a public consultation process that began in April 2011, a number of key changes to the securities and capital markets legislation and regulations of the Dubai International Financial Centre take effect from 5 July 2012.
China issued a notice on 17 May 2012, jointly promulgated by the People’s Bank of China, the China Banking Regulatory Commission and the Ministry of Finance, re-launching its pilot securitisation programme.
The prospectus regime is being amended throughout Europe.
On 20 June 2012, the European Securities Markets Authority published new guidance on the use of ‘up to amount’ listings of global depositary receipts (GDRs) which provides much needed clarity to issuers and participants in the European GDR markets.
The entrants for The Lawyer Award’s Banking and Finance Team of the Year stand out for their creativity during the crunch
Corporate collapse specialist Brett Israel has been brought in to lead Lawrence Graham’s international restructuring and insolvency team as the firm flexes its financial muscles ahead of a potential merger.
The eventual departure of one or more countries from the Eurozone, and reversion to national currency(ies) is no longer unlikely.
US Basel III capital proposed rules and market risk final rule: out with the old, in with the new download
Led by the Federal Reserve Board on 7 June 2012, the three federal banking agencies are proposing a broad and comprehensive revision of the regulatory capital rules applicable to all US national banks, state member and nonmember banks.
In February 2010 the National Assembly of Kuwait passed Law No. 7 of 2010 on Establishing a Capital Markets Authority and Regulating Securities Activities.
The future of the European single currency stands precariously balanced. While hoping for the best outcome, prudent financial planning requires businesses to at least consider once unthinkable thoughts about the possible withdrawal of one or more member states from the single currency or even its demise altogether.
As the US bank regulatory agencies continue their efforts to implement the Volcker Rule under increasing political pressure to stiffen the Rule’s requirements, it is worth revisiting how the Rule, in its current proposed form, might affect non-U.S. banks and their activities even outside the US.
Yesterday, the Board of Governors of the Federal Reserve System approved three proposed rules that would revise the general risk-based capital rules to make them consistent with heightened international capital standards.
The UK Supreme Court has recently handed down a decision in a contentious and difficult application in the Lehman administration, a decision that fundamentally affects the allocation of client moneys in the Lehman estate.
In an attempt to insulate credit markets from the high-risk residential mortgage lending activities that threatened the global financial system in 2008, regulators both in the US and elsewhere are seeking to impose stricter residential mortgage underwriting standards.
Commerzbank has been ordered to pay £5.3m in legal costs to the bankers who successfully sued the German bank after it refused to pay their bonuses, with the cash set to go to Mishcon de Reya and Stewarts Law.
On 12 June 2012, the federal banking agencies (the Office of the Comptroller of the Currency, the Federal Reserve Board and the Federal Deposit Insurance Corporation) formally proposed for comment, in a series of three separate but related proposals, substantial revisions to the US regulatory capital regimen for banking organisations that, if adopted, will have a significant impact on the US banking industry.
Hogan Lovells has scooped a role as both US and Venezuelan counsel to Venezuelan state-owned oil company PDVSA on its $3bn (£1.9bn) bond issuance.
Industrial and Commercial Bank of China Limited and its two controlling shareholders, China Investment Corporation and Central Huijin Investment Limited, are the first Chinese organizations approved by the Board of Governors of the Federal Reserve System to acquire a US bank.
Former Greenberg Traurig Maher restructuring head Lyndon Norley has joined Jefferies Group, one of the US’s largest independent banks.
Iberian firm Cuatrecasas Gonçalves Pereira has won a mandate to advise a consortium of banks and the Spanish government on the country’s largest ever financing transaction.
An overview of recent developments in Hong Kong capital markets, including new HKEx guidance on acquisitions and use of IPO proceeds.
Ashurst, Freshfields Bruckhaus Deringer and SNR Denton are among the firms to win places on Société Générale’s UK panel, with Ashurst’s appointment understood to be a new client win.
Virgin Money has appointed a new deputy company secretary following the decision by incumbent director of legal and company secretary Jasan Fitzpatrick to take a career break.
This paper seeks to identify, as a matter of contingency planning, legal issues which might arise for asset managers as a result of a contraction or restructuring of the eurozone.
The scope of work on which forensic accountants are instructed is widening as the profession feels the effects of increased regulation
DLA Piper has hired an executive director from Goldman Sachs to join its restructuring practice in London.
Shearman & Sterling senior partner Rohan Weerasinghe has quit to join Citigroup as general counsel.
Essex Court Chambers’ Charles Ciumei has scored a High Court victory for JPMorgan & Chase after the bank escaped being forced to pay £580,000 to a trader after it inflated his salary by missing a decimal point in his contract.
White & Case London-based partner Mark Glengarry is set to join Morgan Stanley as a managing director in its investment banking division.
Back in the halcyon days of 2007, when the world had not yet gone to hell in a handbasket, then finance partner at Allen & Overy Jeffrey Golden, gave a speech at a conference in the Hague.
Olswang and Pinsent Masons have both advised on the £300m refinancing of student accommodation provider Liberty Living.
Jones Day has hired former legacy Lovells restructuring partner Matthew French from Nomura, where he held a senior M&A role.
Allen & Overy (A&O), Cleary Gottlieb Steen & Hamilton and White & Case all took roles advising on Greece’s £110bn bailout.
Mayer Brown is set to lose its head of real estate and head of debt capital markets in London in separate raids by US firms.
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
Linklaters has appointed former Freshfields Bruckhaus Deringer partner Brian Gray as co-head of its leveraged finance practice, replacing global banking head Gideon Moore.
Northern Rock general counsel Jasan Fitzpatrick has been appointed director of legal at Virgin Money after it acquired the high street bank on 1 January.
Reed Smith’s former Hong Kong head of finance John McGuinness has returned to the firm on a consultancy basis after a seven-year hiatus.
Scottish firm Dundas & Wilson has hired a five-strong banking team, including two partners, from Stephenson Harwood.
Orrick Herrington & Sutcliffe London finance partner Martin Bartlam has resigned and is set to join DLA Piper, leaving the US firm with just one finance partner in the City.
The UK Treasury’s plans to make London the leading international centre for trading China’s currency, the renminbi (RMB), have been welcomed by finance lawyers.
Linklaters and Clifford Chance have completed the RMB3bn (£300m) offshore bonds issuance of Agricultural Development Bank of China (ADBC) in Hong Kong.
BNP Paribas has revamped its roster of external advisers with 10 firms understood to have made the grade.
Royal Bank of Scotland (RBS) has spent £3m on its legal battle with US hedge fund Highland Capital, a figure that is expected to rise to £4m by the end of the five-day trial that begins on 23 January.
Monckton Chambers’ Tim Ward QC is to represent Iceland in its dispute with the European Free Trade Association (EFTA) Surveillance Authority (ESA) over failed Icesave deposit schemes.
Berwin Leighton Paisner’s (BLP) banking push shows no sign of abating as the firm picks up a structured finance partner from Clifford Chance.
Taylor Wessing has boosted its finance practice with the hire of Orrick Herrington & Sutcliffe partner Elisabeth Gaunt.
SNR Denton has added to its banking and finance team in London with a Linklaters partner as the firm continues to expand its practice globally.
Reed Smith has given its structured finance capacity a boost with a hire from Berwin Leighton Paisner (BLP).
Big revenue rises have been seen by a few of the top firms, but the more usual story is one of marginal recovery
Bristows and offshore firm Carey Olsen have advised new client Argentum Capital on its multimillion-pound listing on the Channel Islands Stock Exchange (CISX).
DLA Piper has hired a senior associate from Shearman & Sterling’s London office to head its Liverpool banking and finance team.
Clydesdale Bank and Yorkshire Bank have rolled out a reviewed set of regional legal panels following a revamp of their national rosters earlier this year.
Linklaters and Skadden Arps Slate Meagher & Flom have taken lead roles on Russian steelmaker Evraz’s London listing.
Nabarro has advised an Indian biofuel producer on its £16m IPO on Aim.
Leeds Building Society has installed Bradford & Bingley’s former legal chief as head of legal services.
Berwin Leighton Paisner (BLP) is continuing to bulk up its finance practice, hiring a partner from Ashurst for its London banking and capital markets group.
DLA Piper has launched an international securities group after poaching a US securities partner from Dewey & LeBoeuf.
Aussie bank to set up dedicated roster as subsidiaries come of age
The UK’s top four banks accounted for almost half of all litigation against FTSE100 companies in the High Court over the past year.
LG has lost three more partners with a banking and finance focus, with Pinsent Masons their destination.
O’Melveny & Myers has won a role on popular digital filesharing business Dropbox’s latest major fundraising, aimed at allowing the Californian upstart to compete with Apple and Google in the cloud computing sphere.
Aircraft financing is taking off again. David Cooke and Jason Piney say Bermuda is well placed for a resurgence
Freshfields Bruckhaus Deringer partner Dougall Molson has been appointed as the firm’s head of finance for Paris.
With an unstable debt environment predominating, a resurgence in mezzanine loans is anticipated. Tania Bedi reports
Rushed post-crisis financial regulation in Europe has resulted in badly executed and non-transparent laws, while bringing Fortress EU ever closer to reality, warns Charlotte Stalin
Osborne Clarke has continued its push in financial services with a double partner hire from Taylor Wessing.
Herbert Smith’s litigation team has been kicked off a $100m (£66m) dispute for RBS, with the bank turning to traditional counsel Linklaters mid-way through the action.
A recent ruling on an Italian local authority’s ability to escape from a swaps contract could set the scene for a heavy fightback by lenders, say Lucio Bonavitacola and Riccardo Coassin
With companies across Europe confronted by a huge wall of debt, Chris Howard says restructuring lawyers will soon be reaping the rewards
Berwin Leighton Paisner (BLP) has acted for the issuers of 16 residential mortgage-backed securities (RMBS) worth £15bn, redrafting transaction documents in light of changes to the Direct Debit Scheme rules.
Clifford Chance has turned to Latham & Watkins for the latest addition to its high yield practice.
US firm Vedder Price has launched a London office, its first overseas outpost, with lawyers from Clyde & Co and Freshfields Bruckhaus Deringer.
SNR Denton has hired a restructuring partner from Dickinson Dees as the firm continues to scour the market for senior lawyers.
Cleary Gottlieb Steen & Hamilton, Liedekerke Wolters Waelbroeck Kirkpatrick and Stibbe have secured lead roles on the break-up of struggling Franco-Belgian bank Dexia.
Berwin Leighton Paisner (BLP) and US firm Vedder Price were the two main legal advisors on Engine Lease Finance Corporation’s (ELFC) acquisition of 47 aircraft engines from Macquarie Bank Limited.
A host of firms won roles advising on the £282.5m refinancing of hotel chain Malmaison.
Mayer Brown and Brick Court Chambers have won a victory that supports the Government’s actions over the collapse of Northern Rock in 2008.
DLA Piper has bolstered its London finance group with a hire from Deutsche Bank.
Watson Farley & Williams has hired two asset finance lawyers from Berwin Leighton Paisner (BLP) in a bid to boost its core practice.
International firms Baker & McKenzie and Hunton & Williams have taken lead roles on the creation of a $1.63bn (£1.05bn) credit facility agreement for Thai telecommunications company True Corporation.
Kingsley Napley partner Louise Hodges has been instructed to represent Kweku Adoboli, the trader charged with fraud and false accounting at Swiss bank UBS.
Standard Chartered Bank has taken the first step towards a global overhaul of its legal advisers, launching an internal survey to gauge satisfaction with its current framework of panels.
Jacqui Hatfield picks through the ICB report and its implications for the banking sector
Eversheds has advised the Amber Green Consortium on its appointment to manage the £100m London Energy Efficiency Fund (LEEF) on behalf of the Mayor’s London Green Fund (LGF).
Third-party funders of corporate litigation may be waiting longer for their investments to pay off, but they are finding the returns are a whole lot healthier. Paul Sullivan reports
Linklaters and Skadden Arps Slate Meagher & Flom have scored top roles advising on the merger of Greece’s second and third largest banks.
Linklaters’ US head of structured finance and derivatives Gary Barnett has left the firm for a new leadership role at the US Commodity Futures Trading Commission (CFTC).
A raft of US firms lined up alongside Clifford Chance to advise on a €393.5m mezzanine loan issued by Swedish alarm maker Securitas Direct to fund its buyout by two private equity houses.
Herbert Smith has boosted its debt capital markets offering with the hire of ex-Linklaters partner Andrew Roberts.
Barclays is set to launch its next panel review this week to form a single roster covering Europe, the Middle East and Asia Pacific.
Upstarts step out of the ’conflict shadows’ to boldly go where the magic circle fears to tread
A seven-strong panel of Supreme Court justices has dismissed an attempt by the trustees of Lehman Brothers to recoup £61m from noteholders, by upholding an insolvency law principle that has existed for 200 years.
Clifford Chance has bolstered its London regulatory team with the hire of a senior lawyer from Morgan Stanley.
Linklaters has appointed leveraged finance co-head Gideon Moore as global head of banking, replacing restructuring specialist Robert Elliott.
Allen & Overy (A&O) has advised private equity group Westbrook Partners on the £338m refinancing of what is thought to be one of the most expensive properties ever bought in the UK.
SNR Denton has appointed Robert Bostrom, formerly general counsel of scandal-rocked American corporation Freddie Mac, as the new co-head of its global financial institutions and funds sector.
BNP Paribas has launched a review of its global panel with more than 20 firms invited to pitch for places on an expanded roster.
HSBC is preparing to launch a review of its Middle East panel of external legal advisers, with firms due to pitch for the highly coveted places in September.
US firm Paul Hastings Janofsky & Walker has raided Cahill Gordon & Reindel for the second time in a month for another partner hire to boost its New York leveraged finance team.
Norton Rose banking partner Tomas Gärdfors has returned to London after eight years in the firm’s Frankfurt office.
Amsterdam managing partner Martijn Koopal has pulled out of the race to become head of Linklaters’ global banking practice.
Eversheds and SNR Denton have scored top roles advising on Sierra Leone’s first independent power project.
Hogan Lovells has won a new client, advising the co-arrangers of Zimbabwe’s first bond issue since the suspension of the Zimbabwe dollar in 2009.
Kirkland & Ellis and White & Case snatched key roles advising on EQT Funds’ SEK21 (£2.04m) sale of security products maker Securitas Direct to a private equity consortium.
International firms have emerged as the winners of Barclays’ latest panel review, the results of which are released today.
Schemes of arrangement look set to remain popular in smoothing the path of restructurings, report Christian Pilkington and Kevin Heverin
The market is capable of scaling the Wall of Debt, says Clive Wells
A recent judgment in Germany ups the heat on banks to be upfront with advice on the specifics of derivatives investments. By Roland Hoffmann-Theinert and Wilko Rozman
Two Simmons & Simmons Germany partners are leaving the firm to join Kaye Scholer’s banking and finance practice in Frankfurt.
The defence of a major banking litigation worth $250m (£154.5m) has collapsed nine days into the High Court trial.
Northern set Exchange Chambers has become the first barristers’ chambers to move into the litigation funding market through a tie-up with legal insurance broker Maxima - with both clerks and barristers expected to encourage take-up among clients.
Ashurst has bolstered its US offering by scooping a New York lending partner from former merger suitor Fried Frank.
Macfarlanes has scooped a Clifford Chance structured finance partner as it looks to bolsters its debt capital markets and acquisition finance offering.
Weil Gotshal & Manges has raided Linklaters’ City office for the hire of banking partner Stephen Lucas.
The restating of sector guidelines on retail structured products is politically well-timed, says Catrin Griffiths
HSBC’s legal department is at the centre of the ongoing controversy surrounding ’informal’ work experience.
Simmons & Simmons has confirmed that it has hired a five-partner finance team from Berwin Leighton Paisner (BLP).
Allen & Overy (A&O) advised the group of banks behind the creation of the Coalition’s £2.5bn Business Growth Fund (BGF).
Ashurst will launch its New York project finance team with energy, transport and infrastructure partner Jason Radford, who is relocating to the US at the end of the summer.
Clydesdale Bank has revamped its national panel, with 14 firms appointed.
Ashurst has cemented a burgeoning relationship with Lloyds Banking Group by committing a three-lawyer team to an extended placement at the bank on what a source described as a “balance-sheet management project”.
Clifford Chance has fielded an Anglo-German team on a mandate advising German printing press manufacturer Heidelberg Druckmaschinen Aktiengesellschaft on its inaugural high-yield debt issue as part of an €800m (£700m) refinancing package.
The election of global head of banking Robert Elliott as senior partner at Linklaters represents the apotheosis of a practice that once played second fiddle to the firm’s corporate base.
French investment bank Société Générale has launched a global panel review, with a number of City firms expected to bid for places on the coveted roster.
As Islamic finance booms tawwaruq structures are increasingly popular. Mike Rainey argues the surge in their use should be curbed.
Berwin Leighton Paisner (BLP) banking and capital markets partner Mark Waghorn has announced that he will leave the firm after 21 years.
Kirkland & Ellis has scooped Shearman & Sterling high yield partner Ward McKimm in its latest foray into the lateral hiring market.
Barclays kicked off its legal panel review last week, inviting firms to vie for places on what is expected to be a radically reduced list of preferred advisers.
The six firms reappointed to Standard Chartered Bank’s international panel last week are unlikely to keep their places for the full two-year period, with the bank set to launch an unprecedented global overhaul of all its legal rosters.
Card payment processor WorldPay is putting together its first external law firm panel following its divestment from RBS.
Standard Chartered Bank has reappointed all six law firms on its international legal roster after the two-year panel came to an end.
Deutsche Bank has extended its list of preferred City legal advisers with at least five firms being added to the enlarged roster.
Mayer Brown has boosted its City asset finance offering with the hire of former Orrick Herrington & Sutcliffe Europe managing partner Stuart McAlpine
A crucial consultation over the future of MiFID has just concluded. Damian Carolan reports on the industry’s worries over increased regulation
With banks putting double knots on the purse strings, Jack Kantrowitz and Jamie Knox examine the rise in mid-cap businesses turning to the debt capital markets
Energy projects have found funding hard to come by since the 2009 crisis. John Balsdon and Martin Kavanagh look at where the market stands now
Weightmans has boosted its insurance practice with the hire of an RBS director to fill the new role of head of policy development.
Linklaters has claimed a key mandate acting for Credit Suisse on the bank’s issuance of $8bn (£4.98bn) worth of contingent convertible bonds, the Basel III compliant capital instrument known as CoCos.
A number of City firms are muscling in on Linklaters’ relationship with Credit Suisse after the investment bank launched legal action against the firm.
Allen & Overy (A&O) is continuing to expand its Australian presence with the hire of a banking partner from local firm Freehills.
US firms Cleary Gottlieb Steen & Hamilton and White & Case have claimed the mandates on Nigeria’s debut international sovereign bond issue.
Wragge & Co has boosted its banking and finance team with the appointment of veteran Berwin Leighton Paisner (BLP) partner Jennifer Mackerras. Mackerras, who joins on 1 March, specialises in cross-border banking transactions and acts for borrowers and lenders, counting Lloyds TSB among her clients.
Clifford Chance, Dewey & LeBoeuf and Freshfields Bruckhaus Deringer have all taken high-profile roles on the sale of troubled music group EMI to Citibank.
Akin Gump Strauss Hauer & Feld and Clifford Chance have landed the key advisory roles on a $1.5bn (£940m) convertible bond issue by Lukoil amid signs of recovery in the spluttering capital markets.
Standard Bank Offshore has appointed Mourant Ozannes senior associate Lionel Woodward as its first legal head.
Allen & Overy (A&O) and Linklaters have advised on the sale of part of RBS’s £3bn project finance portfolio to Mitsubishi UFJ Financial Group.
Investment banking boutique Exotix has hired Jide Bada as its new general counsel.
Eversheds has added a partner to its Hong Kong office with the hire of Mayer Brown consultant Kingsley Ong.
Dickinson Dees managing partner Jonathan Blair has confirmed that the firm has entered into redundancy talks with its banking team.
Mayer Brown’s London office has lost three partners to US rivals White & Case and Vinson & Elkins.
Freshfields Bruckhaus Deringer has made a double swoop on its magic circle rivals to bolster its debt capital markets practice.
Pressure on Treasury to make procurement process transparent sees go-to firm sidelined
Pinsent Masons has advised longstanding client Halfords on the refinancing of its £300m credit facility.
City firms Field Fisher Waterhouse (FFW) and Macfarlanes are advising on the proposed restructuring of Kent Reliance Building Society (KRBS).
Two partners have quit SJ Berwin in the wake of its disputed managing partner election, with property litigation head Michael Metliss going to Berwin Leighton Paisner (BLP) and competition partner Niamh Grogan to Lloyds Banking Group.
As heavily indebted companies look to refinance, senior secured bonds could provide the answer. By Brian Conway
Refinancing was a breeze in the good old days, but now it’s set to kick up a storm, say Christian Pilkington, Mark Glengarry and Patrick Schumann
Nationwide Building Society has cut the number of firms on its commercial lending panel from 60 to 17 following a comprehensive three-month review of its legal advisers.
Lloyds Banking Group has completed its first panel review since Lloyds TSB acquired HBOS in 2008.
The long-running dispute over the restructuring of Almatis Group could finally be settled this week after more than a year of negotiations, proposals and counter-proposals.
The head of Hogan Lovells’ German banking practice has left the firm for partnership at German independent Noerr.
Ashurst senior partner Charlie Geffen said his firm will be seeking Barclays Capital (BarCap) mandates following the departure of high-profile partner Erica Handling to the investment bank.
Infighting will always be there, but so will sharia-based business, says James Swift
Ashurst head of securities and structured finance (SSF) Erica Handling is leaving the firm to become general counsel (Emea) at Barclays Capital.
Macfarlanes has advised corporate lender Haymarket Financial Holdings (HayFin) on its multimillion-pound capital injection.
Addleshaw Goddard has continued to hire into its London banking practice with the recent addition of a former DLA Piper partner.
?Project finance practices could face tough times as PFI shrinks. By Gavriel Hollander
Hogan Lovells, Linklaters and Withers have secured lead roles on a financing plan for Jaguar Land Rover worth in excess of £500m. The transaction will harmonise the terms of separate facilities provided to Land Rover and Jaguar Cars.
Jones Day is advising Canadian fertiliser company Potash Corporation of Saskatchewan (PotashCorp) on the defensive of a $39bn hostile takeover bid from Anglo-Australian mining company BHP Billiton.
Nabarro has hired a former Halliwells partner to lead its Sheffield banking practice.
Clifford Chance and Latham & Watkins have bagged roles on Intesa Sanpaolo’s $15bn (£9.6bn) medium-term note programme bond offer.
New hires highlight UK firms’ ambition to break into sector.
Linklaters and Weil Gotshal & Manges bagged the leading roles on the £2bn sale of a majority stake in RBS’s Global Merchant Services arm to private equity houses Advent International and Bain Capital.
Banco Santander has launched a revamp of its external legal advisers with the introduction of a series of ’soft panels’ to sit underneath its main legal roster.
Specialist banking group Investec is assessing its list of legal advisers as part of a new scheme of rolling performance reviews.
Hogan Lovells and White & Case have bagged roles on one of the biggest financing projects undertaken by the China Development Bank (CDB) in Latin America.
Investment bank Nomura is undertaking a review of its preferred roster of law firms in Europe, the Middle East and Africa (EMEA).
Travers Smith has landed a prime role in the establishment of the first high street bank in the UK for more than 100 years.
The Court of Appeal has ruled that hedge funds whose money was not properly ringfenced when Lehman Brothers went into administration will have access to client money deposited with the UK division of the bank, Lehman Brothers International (Europe) (LBIE).
Slaughter and May and Linklaters are advising on Santander’s purchase of 318 high street branches from the Royal Bank of Scotland, mainly in the north west of England.
O’Melveny & Myers secured the prize mandate acting for longstanding client Coller Capital on its acquisition of a majority stake in Bank of Scotland’s private equity business.
SJ Berwin’s funds team has scored a new client in the shape of European LBO firm Gilde Buy Out Partners, acting for it on a new €800m (£677.48m) fund.
Travers Smith has bagged a lead role advising on the creation of a new banking venture that will target state-owned assets.
The Government recently published details of its bank tax initiative. Louise Higginbottom and Judy Harrison look at the issues associated with such a levy and how it could impact on the UK economy
Dewey & LeBoeuf and Linklaters have scored leading roles on the debut note listing of state-owned Russian bank Vnesheconobank (VEB).
Can niche players retain their go-to status as City firms start to circle?
A former Norton Rose partner has returned to the firm’s Bahrain office after a stint at Al Salam Bank.
Linklaters and Norton Rose are working alongside their Indian best friends to advise on the sale of RBS’s Indian retail and commercial banking business to HSBC.
RBS’s litigation chief Stephen Pearson is leaving the bank to take on the newly created general counsel position at Virgin Money.
While there is complex regulatory reform taking place in the UK, much of the reform action is taking place abroad and financial institutions are facing huge changes. By Robert Finney
While we’re not out of the credit crunch woods just yet, M&A in the Asia-Pacific region is likely to continue to rise, as many seek safety in natural resources.
Leading City firms appeared in the Court of Appeal today to try to recover funds for their clients in a long-running dispute relating to the collapse of investment bank Lehman Brothers.
This week we’re running an exclusive interview (here) with Andrew Rimmington, the Dorsey & Whitney partner who was charged with insider dealing by the FSA, but who was acquitted.
Allen & Overy (A&O), Linklaters and SJ Berwin have bagged the key mandates on the Central Bank of Iceland’s (CBI) purchase of e938m (£808.44m) in bonds issued by Dutch company Avens in a bid to reduce the country’s external debt.
Santander UK’s head of commercial law, Joanna Day, has seen the company undergo radical change and has been instrumental in guiding it through the recession.
As director of litigation and special investigations, Jonathan Peddie has seen off the OFT and implemented major changes at Barclays Global Retail and Banking. But that was only the beginning, writes Andrew Pugh
SLAUGHTER and May has secured a High Court freezing order against the assets of Jón Ásgeir Jóhannesson, the former executive chairman of retail investor Baugur, on behalf of Icelandic bank Glitnir.
Coming into the election, there were clear dividing lines between the parties on bank regulation - Labour thought that the existing mechanism worked well and wanted to keep it; the Conservatives wanted to remake the regulatory system; and the Liberal Democrats wanted to remake the banking system.
Cuatrecasas Gonçalves Pereira and Garrigues have advised on €4.2bn (£3.63bn), three-way merger between Spain’s savings banks.
Former lawyers from Gide Loyrette Nouel and Clifford Chance have banded together to launch a boutique finance practice in Paris.
Clifford Chance has advised the bookrunners in a €700m (£601.09) high yield issue by Obrascon Huarte Lain (OHL), one of Spain’s leading construction groups.
Weil Gotshal & Manges, Clifford Chance and Uria Menendez have claimed leading roles on Spanish telecoms operator ONO’s €3.5bn (£3bn) refinancing package.
Herbert Smith and Slaughter and May have taken lead roles on Prudential’s delayed $21bn (£14.6bn) rights issue, which will provide part funding for its acquisition of American International Group’s (AIG) Asian insurance arm AIA.
US firms go head-to-head with magic circle establishment.
Nabarro’s gaming team has advised Sportingbet on its £343m move from AIM to the main market.
City lawyers have welcomed news that the Conservative-Liberal Democrat coalition government will not press ahead with Tory plans to scrap the FSA as part of a radical shake-up of financial services regulation.
After Orrick rejection, SJ Berwin targets global private equity via US tie-up
Simmons & Simmons has been added to Standard Chartered Bank’s UK panel, joining six existing firms on the roster.
Ernst & Young has been named as a defendant in an amended class action in the Lehman Brothers securities fraud case, but Linklaters appears to have avoided the threat of litigation.
Allen & Overy (A&O), Cleary Gottlieb Steen & Hamilton and Herbert Smith led a clutch of firms advising on Bank of Ireland’s (BoI) €3.4bn (£2.9bn) integrated debt and equity capital raising.
Pinsent Masons and SJ Berwin have secured the mandates on AIM-listed healthcare company CareTech Holdings’ £165m debt refinancing.
The head of Herbert Smith’s international banking and finance practice in Paris has been appointed global general counsel of BNP Paribas.
Allen & Overy (A&O) and Sullivan & Cromwell will play key roles when Goldman Sachs defends fraud allegations brought by the Securities and Exchange Commission (SEC).
Freshfields Bruckhaus Deringer and Linklaters are understood to have secured the top legal roles on the listing of the oil and power arms of Indian industrial conglomerate Essar on the London Stock Exchange (LSE).
Transatlantic behemoths remain resolute in spite of dramatic year-on-year reductions in City revenues
Clifford Chance is set to elect two partners to replace London banking head Mark Stewart.
Berwin Leighton Paisner (BLP) has hired a former Linklaters banking partner to build up its structured finance team.
International banks view England’s courts as their best bet for a favourable decision, often giving rise to a legal battle over jurisdiction. By Steven Friel
Recession has inevitably altered the relationship between banks and law firms. And as Jane Galvin says, this is no bad thing
Banking group and FTSE100 newcomer Investec is preparing to kick off a new wave of interest in external investment in UK firms with a high-level private summit in London this summer.
A report into the collapse of Lehman Brothers has found that the failed investment bank exploited its relationship with Linklaters to green light an accounting practice that kept billions of dollars off its balance sheet.
Former Linklaters US securities partner Steve Thierbach has joined Herbert Smith’s London-based global capital markets practice.
Fasken Martineau has won mandates on two AIM IPOs as well as secondary fundraising, amid signs that the junior market may finally be emerging from its two-year hibernation.
HSBC’s in-house legal team is to partner with a number of leading law firms and chambers to provide pro bono advice to charities in the developing world through Advocates for International Development (A4ID).
New legal chief Campbell to reassess external legal work; favours pairing advisers over LPO
SJ Berwin has bulked up its litigation practice with the hire of Gibson Dunn & Crutcher partner Rachel Couter.
Clifford Chance and Freshfields Bruckhaus Deringer have landed roles on the €5bn (£4.39bn) restructuring of Spanish real estate group Inmobilaria Colonial’s debt.
RBS group general counsel and group secretary Miller McLean is retiring from the state-backed bank at the end of April with his deputy Chris Campbell set to step into the lead legal role.
Mayer Brown has poached a partner from Allen & Overy (A&O) in New York to lead its US derivatives and structured products practice.
Linklaters and White & Case have landed leading roles on Russia’s first convertible bond issue for nearly a decade.
Herbert Smith has hired an Allen & Overy lawyer to build its Spanish finance capability.
Steve Thierbach, Linklaters’ first solely US-qualified partner, has left the firm.
Norton Rose has continued to build its finance practice with the capture of Denton Wilde Sapte’s co-head of banking Nick Grandage.
Allen & Overy (A&O), Ashurst, DLA Piper, Freshfields Bruckhaus Deringer and Osborne Clarke have bagged roles on the demerger and subsequent £1bn refinancing of Carphone Warehouse and TalkTalk.
Berwin Leighton Paisner (BLP) has expanded its tax capability with the hire of Lloyds Banking Group’s head of VAT Linda Adelson as a partner.
Norton Rose and Baker & McKenzie have landed leading roles on the $335m (£209m) refinancing of Talvivaara’s project-financed nickel mine in Finland in a ’streaming deal’.
Stephenson Harwood has beefed up its finance team once more following the hires of partner Jayesh Patel and senior associate Jonathan Proctor from Denton Wilde Sapte.
Herbert Smith finance partner Malcolm Hitching has beaten off competition from partner Ewen Fergusson to take on management of the firm’s global banking practice.
Latham & Watkins has swooped on rival White & Case for a four-partner team of bank finance and capital markets partners.
Latham & Watkins has swooped on rival White & Case for a four-partner team of bank finance and capital markets partners.
Herbert Smith has bolstered its financial services regulatory (FSR) and bank litigation practices with the appointment of Lloyds Banking Group’s regulatory chief Jenny Stainsby as partner.
More than 60 Irish firms, including Arthur Cox and William Fry, have been appointed to a panel to advise the National Assets Management Agency (Nama).
Serle Court barrister Philip Marshall QC has been instructed by Olswang partner Steven Baker to act for a group of Royal Bank of Scotland (RBS) shareholders in a legal action against the bank.
Linklaters has bagged a role advising commodities company Glencore on its $2.2bn (£1.35bn) bond issue - a deal that could pave the way for a flotation later in the year.
Financial regulation lawyers are gearing up for a flood of work following the unveiling of US President Barack Obama’s radical plans to overhaul the banking system.
DLA Piper, Freshfields Bruckhaus Deringer and Jones Day have all netted roles on the sale of West Ham United FC sale to former Birmingham City FC owners David Gold and David Sullivan.
London-based asset management firm BLM partners has appointed Jeffrey Iverson as its general counsel.
US duo Fried Frank Harris Shriver & Jacobson and Simpson Thacher & Bartlett have bagged leading roles on Virgin Media’s £1.5bn bond issue.
Ashurst has advised longstanding client National Express on a £350m bond issue as part of the rail, bus and coach operator’s return to stability after a difficult 2009.
Allen & Overy (A&O) and Latham & Watkins are understood to have scored lead roles on Manchester United’s £500m bond issue.
Denton Wilde Sapte and TLT Solicitors have secured lead roles on Virgin Money’s first venture into the banking sector through its offer to buy private bank Church House Trust.
Weeks after asking Ashurst and Mishcon de Reya about the legal consequences of delaying or rejecting a deal to repay the UK and Netherlands almost €4bn (£3.6bn) lost in Icelandic bank Icesave, the country’s president has chosen to hold a referendum on the matter.
Linklaters has again reaped the benefit of its ongoing relationship with PricewaterhouseCoopers (PwC) as the fallout from the 2008 collapse of Lehman Brothers continues.
Mayer Brown’s real estate finance head Iain Thomas has left the firm to pursue a career at LG.
Spanish firm Cuatrecasas Gonçalves Pereira has advised a syndicate of 40 banks, led by BBVA, on the restructuring of construction company Ferrovial’s €3.3bn (£2.99m) debt.
Offshore big-hitter Walkers Global has landed a lead role on the Cayman Islands government’s $312m (£187.05m) sovereign bond debt offering.
Slaughter and May has pulled in £32.9m worth of fees from the Treasury since 2007, according to a National Audit Office (NAO) report.
Addleshaw Goddard has hired a White & Case partner in a bid to grow its trade and commodity expertise.
Mention collective redress to an insurer and they will instinctively mutter about the dangers of a US class action system being introduced in the UK. Claimant lawyers, by contrast, will dismiss those fears and talk about the lack of access to justice in the English and Welsh courts.
Trowers & Hamlins has acted on Islamic investment bank Gulf Finance House’s (GFH) $500m (£301m) capital raising exercise.
Allen & Overy, Herbert Smith, Simmons & Simmons and Slaughter and May have won roles on a new Government panel to handle the sale of its stake in banks bailed out during the financial crisis.
Ropes & Gray’s new London office has secured its first mandate since its launch last month, advising on the financing of Liberty Global’s €3.5bn (£3.12bn) acquisition of Unitymedia.
Dewey & LeBoeuf has bagged a role on the largest European IPO this year, acting for Polish energy group Polska Grupa Energetyczna (PGE) on its heavily oversubscribed Zl6bn (£1.26bn) flotation.
Travers Smith advised London Mining on its IPO on AIM as well as a £72m placing of existing shares.
CMS Cameron McKenna and DLA Piper have scored lead roles advising Lloyds TSB’s private equity arm Lloyds Development Capital (LDC) on its £400m bid for outsourcing company CPA Global.
The European Investment Bank (EIB) has split its in-house legal team in two, with one group now focusing on operations and the other on corporate.
The US State Department has signed a deal to sell its UK Embassy at Grosvenor Square, with Herbert Smith, Lovells and Maples Teesdale scoring key roles.
Tension is growing between RBS and the firms pitching for its legal panel as the bank tightens its secondment criteria and firms struggle to manage their streamlined teams.
A recent court decision has muddied the waters as to who is liable for payments made in error. By Tony Anderson
The recently forged alliance between Pinsent Masons and Salans has helped the firms pick up a role advising HSBC and Rabobank International on a cross-border financing deal.
One consequence of the current financial crisis has been a re-examination of financing structures and documents and an assessment of whether they truly deliver their intended results. Syndicated loan documentation, then, has been revised to deal with matters such as debt buybacks and defaulting lenders.
Ropes & Gray has hired finance partners Maurice Allen and Mike Goetz to spearhead its London office launch.
Magic circle firms have much to prove if they hope to challenge Latham, says Julia Berris
Denton Wilde Sapte has advised four Chinese banks on a $1bn (£630m) loan to Standard Bank of South Africa.
Spanish law firm Cuatrecasas Gonçalves Pereira has launched a multidisciplinary team to specifically advise the country’s troubled savings banks.
Iconic Sullivan & Cromwell chairman on the ‘contagion of fear’. By Matt Byrne
Linklaters and Slaughter and May have been called in to act on a £275m rights issue by betting group Ladbrokes.
Shearman & Sterling has advised the underwriters on Brazil’s biggest IPO to date - the $8bn (£5bn) listing of Banco Santander’s Brazilian subsidiary.
Allen & Overy (A&O) has moved to bulk up its US capability in London with the hire of an equity capital markets partner from Skadden Arps Slate Meagher & Flom.
Lovells and Akin Gump Strauss Hauer & Feld have scored lead roles advising on a $1.2bn (£760m) Lukoil loan facility.
UBS has chosen eight firms for its new-look global panel, with Herbert Smith and DLA Piper new appointments to the list.
Twelve months after the collapse of Lehman Brothers, the aftershocks are still being felt in the legal world.
Norton Rose financial institutions head James Bateson’s wedding anniversary was interrupted by the collapse of Lehman Brothers. Here he shares his memories of the day.
Ashurst corporate head Stephen Lloyd lists his memories of the day Lehman Brothers collapsed.
Allen & Overy’s US managing partner Kevin O’Shea looks back on the collapse of Lehman Brothers.
Allen & Overy senior partner David Morley recalls how the fallout from Lehman Brother’s collapse impacted on the firm.
Linklaters partner Tony Bugg, who was part of the team instructed by Lehman Brothers administrator Tony Lomas at PricewaterhouseCoopers, recalls the events leading up to and immediately following the bank’s collapse.
Before the collapse of Lehman Brothers banking teams were holding their own, but since then they are united in their battle to stay on top.
Two UK and two US firms have been drafted in to advise on the £836m recapitalisation of Canary Wharf Group owner Songbird Estates.
Allen & Overy (A&O) and Linklaters have played key roles in the restructuring of German company Schaeffler’s debt, paving the way for the ball-bearing producer to merge with auto-parts manufacturer Continental.
The Commerce & Industry (C&I) Group is setting up a sub-group aimed at providing support for London-based in-house banking lawyers.
?With the catastrophic predictions of the economic downturn failing to fully materialise, Margaret Taylor reflects on firms’ past, present and future strategies
Allen & Overy (A&O) and Linklaters have played key roles in the restructuring of German company Schaeffler’s debt, paving the way for the ball-bearing maker to merge with auto-parts manufacturer Continental.
High-profile banking partners Maurice Allen and Mike Goetz have left Freshfields Bruckhaus Deringer just over a year after joining the magic circle firm.
?The dust may be beginning to settle following the shocks to the banking system over the past 18 months or so, but the appetite for analysis shows no sign of abating.
?The dust may be beginning to settle following the shocks to the banking system over the past 18 months or so, but the appetite for analysis shows no sign of abating.
Russian steel giant Mechel has secured a deal to refinance $2.6bn (£1.58bn) of its short-term debt, leading to mandates for Gide Loyrette Nouel and Linklaters.
Mayer Brown has hired three leveraged finance partners for its London office after pledging to significantly bulk up its finance capabilities in the City.
Travers Smith is understood to be advising on Bridgepoint Capital’s float of retailer Pets at Home.
Linklaters has been dropped from three Barclays panels a year after siding with the bank in litigation that destroyed its relationship with JPMorgan.
Since August 2007, when the credit crunch really started to effect the investment community and when liquidity and confidence in structured products began to plummet, there has been surprisingly little litigation.
Memery Crystal has won a mandate advising King of Shaves on its groundbreaking bond issuance programme.
Linklaters has lost almost half its panel places on Barclays’ revamped roster of legal advisers while Addleshaw Goddard has increased its presence on the panel, winning four additional places.
?With leveraged finance hit hard by the credit crunch, Stuart Brinkworth considers what’s in store for the beleagured sector
In light of the Financial Ombudsman Service’s annual review, Michael Isaacs examines the dubious practices employed by some claims management companies
With hedge fund managers under scrutiny and regulation inevitable, the industry needs to practise effective self-regulation.
Mayer Brown is in advanced talks with teams from several firms in London to significantly bulk up its capital markets and corporate practice groups in the City
Addleshaw Goddard has advised the West Bromwich Building Society in a deal with its bond holders designed to bolster its financial position.
Lloyds TSB Development Capital (LDC), the private arm of the Lloyds Banking Group, has hired a former legal counsel from Coutts & Co, the Queen’s bank.
A number of City investment banks have raised salaries for in-house lawyers to offset precipitous falls in bonus payouts.
Herbert Smith has won a place alongside the regular advisers in a deal that will see mining giant Rio Tinto strike up a joint venture with rival BHP Billiton and raise $15.2bn (£9.37bn) in a rights issue.
A group of former shareholders in Lloyds TSB has turned to Winckworth Sherwood as it prepares to launch legal proceedings against the bank.
Dutch financial group ING has axed Lovells and De Brauw Blackstone Westbroek from its global panel.
LINKLATERS has closed the gap on Slaughter and May at the top of the FTSE100 adviser rankings.
THE HONG Kong arm of Reed Smith has advised on one of the largest Asian IPOs this year, winning an instruction from China Zhongwang Holdings on its $1.3bn (£800m) listing on the Hong Kong Stock Exchange.
SPANISH bank Santander has merged the legal teams of Abbey and Alliance & Leicester (A&L) after announcing plans to ditch the two historic high street brands next year.
Venture capital house Scottish Equity Partners (SEP) has appointed its first-ever general counsel, after hiring Maclay Murray & Spens associate Andrew Buchan.
Linklaters is emerging as a frontrunner to win the mandate advising on the IPO of AIG’s Asian life assurance arm.
Linklaters and Simpson Thacher & Bartlett have won instructions on Alliance Boots’ £400m debt buyback.
Denton Wilde Sapte has advised Vodafone Qatar on its $950m (£621m) IPO on the Doha Securities Market - one of the first multinational companies to list on a Middle East exchange.
Blake Lapthorn has launched a London banking practice after hiring Clyde & Co head of banking Claire Wheatley.
Many companies have been tempted to ease their financial woes by delisting from AIM. But this is not a decision to be taken lightly, say Claire Clarke and Stephen Hamilton
Employers are keen to find ways of keeping pension liabilities in check as the recession continues to bite. By David Saunders
Ashurst and Linklaters have advised on the £207m rights issue for pub operator and brewer Greene King that will enable it to raise money to buy more properties.
Magic circle firms Freshfields Bruckhaus Deringer and Linklaters have lined up to advise on brewing giant Heineken’s surprise investment in Globe Pub Company’s senior debt.
Drinks maker Britvic has renegotiated its £300m banking facility, with Allen & Overy (A&O) and Linklaters winning key mandates.
Barclays has launched a major panel review, inviting firms to bid for the 120 places on its legal roster.
A duo of US firms has won lead roles on the State of Qatar’s recent $3bn (£2bn) sovereign bond issuance.
CMC Markets has asked selected firms on its UK panel to take part in a beauty parade as it looks to draw up an international roster to deal with its overseas expansion.
Dutch financial giant ING has launched a global panel review in the first appraisal of its key advisers in more than five years.
As the fortunes of AIM decline, mid-sized firms have been taking advantage of buoyancy in the Plus market to boost their corporate coffers. Kit Chellel reports
The Brazilian member of Affinitas, the South American alliance led by Garrigues, has left the network to maintain its independence.
Yoplait, the maker of Petits Filous yoghurts, has bought out its joint venture partner Dairy Crest, leading to instructions for Eversheds and Nabarro.
?A trio of UK law firms has landed the leading roles advising on the restructuring of the investment vehicle for the multibillion pound King’s Cross Central regeneration scheme in Central London.
The company behind Southampton Football Club has fallen into administration, leading to instructions for DLA Piper, Clarke Willmott and Dundas & Wilson.
Allen & Overy (A&O) and Slaughter and May have won lead roles on Cadbury’s £300m bond issuance.
Banking giant UBS has revamped bonus packages for its in-house lawyers, holding back payments in a bid to tie in top staff.
No longer the glam drink ticket, Mipim may be changing its spots – and about time too, says Catrin Griffiths
Slaughter and May earned £9.4m in fees from the collapse and nationalisation of Northern Rock, it was revealed today.
Freshfields Bruckhaus Deringer has secured a gagging order against The Guardian on behalf of Barclays Bank, forcing the newspaper to remove some of the bank’s internal documents from its website.
Travers Smith has advised litigation funding group Juridica on a £35m secondary fundraising on London’s junior market.
The crisis among financial institutions has created a dearth of groundbreaking and unique work for banking and finance lawyers, much of it coming from the regulators.
"This is an unsettling time for everyone,” runs the Allen & Overy (under)statement. You can say that again. What’s going on in the magic circle at the moment feels savage, but that may just be because of its contrast with the top-of-the-world confidence found at the same ...
With the temporary ban on short-selling now being lifted, the short-seller is no longer the FSA’s bogey man of the financial world, but transparency will now be incumbent upon those who wish to undertake the practice. By Peter Green and Jeremy Jennings-Mares
As financial institutions look back at their restructuring practices, it has become clear that lessons need to be learnt from past mistakes.
The recent turmoil in the banking sector has prompted a new regulatory regime aimed at reducing the impact of failed banks. By Nicola Evans
Leading corporate lawyers have spoken out against the politicisation of the debate over regulation of Europe’s private equity and hedge fund industries, which is expected to form a critical part of the agenda in the forthcoming European elections.
Ashurst’s funds group is setting up a base in Dubai to attack the Middle East and Asia investment funds market.
Orrick Herrington & Sutcliffe has backtracked on plans to open an office in the Middle East as a result of the bleak economic outlook for the region.
Addleshaw Goddard has bulked up its financial regulation group with the lateral hire of a partner from DLA Piper.
Herbert Smith’s Benelux alliance partner Stibbe has hired Linklaters Brussels partner Thierry Denayer as head of tax.
Dismal market sees banking team hit hardest after banks retreat from the leveraged arena
Norton Rose has won a trophy mandate from key client HSBC, advising on its £12.5bn rights issue.
Mayer Brown has steered long-time housebuilding client Persimmon through the renegotiation of its existing debt, as well as advising on £1.1bn of new facilities with a consortium of banks.
Freshfields Bruckhaus Deringer and Herbert Smith have been called in to advise on building supplies company Wolseley's upcoming £1bn rights issue.
Mosaic Fashions, which owns retail chains including Karen Millen and Oasis, went into administration today, with DLA Piper winning the instruction.
Ashurst swoops for half of US firm’s esteemed structured finance practice.
Norton Rose takes lead on HSBC rights issue" /Norton Rose has won a trophy mandate from key client HSBC, advising on its £12.5bn rights issue.
Herbert Smith advised Bank of Scotland on a $300m (£206.13m) loan facility to oil and gas exploration and production company Dana Petroleum.
CMS Cameron McKenna is advising the receivers of two Antiguan companies owned by Texan billionaire Allen Stanford.
Putting houses in order is becoming the mainstay of law firms’ private equity work, says Kian Ganz.
A trio of US firms has snared lead roles advising on Citigroup’s recapitalisation.
Ashurst scores lead role on William Hill refinancing" /Ashurst has secured a key instruction from William Hill over its plan to raise £1.2bn via a rights issue and debt facility with Skadden ...
Freshfields, Halliwells, Linklaters and Slaughters have landed key roles ahead of the potential takeover of Countrywide, the UK’s largest residential estate agency.
CMS Cameron McKenna has been appointed to advise the receivers of two Antiguan companies of Texan billionaire Allen Stanford's group of businesses.
Ashurst to enter US with McKee Nelson hires" /Ashurst is set to open a fee-earning office in New York with the hire of a 10-partner structured finance team from long-time US niche-ally McKee Nelson.
Land Securities has turned to stalwart adviser Slaughter and May for advice on its £755.7m rights issue.
Allen & Overy (A&O) has beefed up its US restructuring group after hiring lawyers from Cadwalader Wickersham & Taft and King & Spalding.
Mayer Brown has appointed Ian McDonald to head its eight-partner insolvency team in London.
Gatehouse Bank legal head Adil Hussain has big ambitions – both for the fledgling bank and for Islamic finance. Tom Phillips reports.
Norton Rose is relocating three finance partners to the Middle East, including its global Islamic finance chief Neil Miller, who will move to Dubai.
Allen & Overy and Clifford Chance have advised on the Abu Dhabi government’s AED16bn (£2.98bn) bailout of five local banks.
Linklaters private equity partner Ian Bagshaw is working across the table from former colleagues at his old firm Clifford Chance on the restructuring of Italian boatbuilder Ferretti’s debt.
Barlow Lyde & Gilbert (BLG) has picked up a choice mandate for reinsurer Abbey Life Assurance Company on a £1.5bn insurance portfolio sale to Pacific Life.
Freshfields Bruckhaus Deringer has cemented its relationship with British Land by acting on the group's £740m rights issue.
Former Northern Rock shareholders are to appeal today’s High Court decision that the Government does not have to compensate them.
Barclays has dropped the New York dispute against Bear Stearns that cost Linklaters its client relationship with JPMorgan.
Freshfields and DLA Piper have advised on a £7.5bn deal to build a new fleet of high speed trains, one of the largest public transport contracts awarded in the UK.
Linda Thomsen, the Securities and Exchange Commission’s director of enforcement since May 2005, quit today following severe criticism in the wake of the Bernie Madoff scandal.
Offshore firm Walkers has hired Linda Martin to head its finance and corporate practice for London and the Middle East.
Pinsent Masons remains the top adviser for Aim-listed companies, but DLA Piper has become the firm of choice for the 100 largest Aim clients, according to the latest rankings by Hemscott.
Ashurst has won a major Islamic finance instruction, advising on the creation of a $1bn (£700m) offshore sukuk programme.
US firm Skadden Arps Slate Meagher & Flom has launched a number of practice groups in London in a bid to insulate its business against changing market conditions.
A Cleary Gottlieb Steen & Hamilton partner is returning to the Securities and Exchange Commission (SEC) as general counsel and senior policy director.
Norton Rose has handed banking head Stephen Parish the role of chairman following a contested election.
White & Case has won a role alongside SJ Berwin on the collapse of Baugur, which was placed into administration following today’s High Court ruling.
Revenues at US firm Latham & Watkins fell by up to $400m during the 2008 financial year, a drop of around 20 per cent.
Allen & Overy (A&O), Clifford Chance and White & Case have advised on the Abu Dhabi Government's 16bn AED (£2.98bn) bail-out of five local banks.
Lovells' Dubai head, banking and project finance partner Shibeer Ahmed, is to leave the top 10 firm at the end of April after more than nine years.
SJ Berwin has won a choice instruction from PwC administrators Tony Lomas and Zelf Hussain, who have been asked to take control of Icelandic investment group Baugur.
Norton Rose has transferred London banking partner Caroline Hurley to Moscow to head its Russian banking practice.
Fund manager Patrick Evershed has instructed West End firm Monro Fisher Wasbrough to launch a constructive dismissal claim against his former employer New Star Asset Management.
Dechert has hired a former senior Bear Stearns in-house lawyer to bulk up its corporate and securities group.
Olswang: second redundancy round, 45 to go" /Olswang has launched a second redundancy consultation and is proposing to cut 45 jobs.
At least six senior legal roles at Merrill Lynch have been axed as part of the investment bank's global restructuring.
DLA’s former global head of Islamic finance Oliver Agha has set up a firm in the United Arab Emirates, establishing a non-exclusive relationship with Pillsbury.
Baker & McKenzie, Clifford Chance and White & Case have advised on the creation of a e100m (£90.6m) private equity fund on behalf of Kazakhstan’s sovereign wealth fund.
Regulatory lawyers waiting in wings as system is deemed ‘deficient’.
Barclays has revamped the management of its legal function, creating a new chief of staff position to support general counsel Mark Harding.
Clifford Chance has ramped up its New York corporate finance capabilities, snaring a partner from Cahill Gordon & Reindel.
Irish firm Arthur Cox has been called in by the Irish Government to work on the nationalisation of Anglo Irish Bank.
Magic circle firm ditched despite FSA triumph; BLP clings on after Veneik debacle.
Slaughter and May has cemented its close ties to the Treasury, advising on the Government's latest bank bailout package as well as a further governmental investment in Royal Bank of Scotland (RBS).
Olswang take prime roles on £100m New Star sale" /Lovells and Olswang have won key finance mandates as bidders circle troubled asset management group New Star.
Its clients are being taken over, but the firm remains a big hitter in the sector.
It was one of the biggest deals of the past 12 months and, excluding the banking mergers hastily agreed last autumn, one of the largest since the credit crunch began in 2007.
For insolvency lawyers the New Year parties are well and truly over as they delve head-first into what could be the busiest 12 months of their careers.
Linklaters and Slaughters have been handed roles on RBS's $2.34bn (£1.6bn) sale of its entire stake in Bank of China, raising $2.34bn (£1.6bn) for the troubled lender.
In these uncertain times, suppliers need to protect themselves against losing their biggest clients, say Jonathan Wheeler and John Adams.
The credit crunch is causing a significant increase in activity for lawyers in asset finance. Leasee default levels have been relatively low since the early 1990s, when major insolvencies kept many lawyers busy for years.
Lovells has embarked on a second major outsourcing project, with document production for its real estate practice currently being carried out in South Africa.
A trio of US firms have snared lead roles advising on the merger of Morgan Stanley Wealth Management and Citi’s Smith Barney.
Northern Rock shareholders were deprived of their property when the Government nationalised the stricken bank last year, Blackstone Chambers’ Lord David Pannick QC told a court today.
Ashurst has landed the latest retail insolvency, having been called in by the administrators of Land of Leather.
Clifford Chance and O’Melveny & Myers jointly advised emerging markets private equity house Actis on a $2.9bn (£1.99bn) fundraising for Actis Emerging Markets 3. Partners Jason Glover and Ed Gander and associate Peter Olds led the Clifford Chance team. O’Melveny & Myers was led by UK partners John Daghlian and Solomon Wifa and included US partners Luc Moritz and Kathy Sanders.
Lawyers from Linklaters' New York office have worked alongside Sullivan & Cromwell to advise Lloyds TSB on a $350m (£230m) settlement with the US government.
The shift to a just-in-time model of supply has seen businesses achieve greater efficiencies, but has also left them vulnerable to the downturn. Alastair Lomax and Dan Kelmanson explain what to look out for to protect your business from the ‘weakest link’
A new ethical code governing the conduct of licensed insolvency practitioners comes into effect this month. Frances Coulson looks at what it will mean for the industry
Simmons & Simmons has continued to invest in its Middle East practice by sending two finance partners to Dubai, including Philip Abbott, who will head the regional finance team.
DLA Piper kept busy as slump continues to hit UK businesses" /DLA Piper bagged roles on three high-profile administrations as businesses across the UK continued to succumb in the pre-Christmas period.
Addleshaw Goddard and Muckle led the legal involvement in the administration and subsequent rescue of menswear retailer Officers Club.
Linklaters has been named as adviser to Deloitte on the administration of luxury goods maker Waterford Wedgwood.
The administrators for ailing retail chain Adams Childrenswear have appointed Hammonds as legal counsel.
It’s been a long time coming, but the Northern Rock trial, which kicks off this week (13 January), is sure to be well worth the wait – if for no other reason than the sheer spectacle it promises to provide.
Mid-market firms are working their clearing bank contacts.
Eversheds, Norton Rose and Rosenblatt Solicitors have snared the key roles in a deal to secure a new funding package for the construction of Europe’s tallest building, the Shard of Glass at London Bridge.
Slaughter & May and Linklaters have helped Land Securities and property business Telereal reach an agreement on the sale of Land Securities Trillium.
Sonnenschein Nath & Rosenthal has won the lead role on the sale of US bank IndyMac after hiring 100 Thacher Proffitt & Wood lawyers.
Linklaters has been named adviser to the administrator of another failing UK business, with Deloitte instructing the firm on the administration of luxury goods maker Waterford Wedgwood.
In-house lawyers at London's major investment banks are bracing themselves for a fresh round of redundancies after seeing 10 per cent of legal staff at some banks losing their jobs.
Paul Hastings Janofsky & Walker lawyer Eric Holzer has been suspended from the firm over his alleged part in suspected insider trading at Lehman Brothers.
Eversheds, Norton Rose and Rosenblatt have snared key roles in a deal to secure a new funding package for construction of Europe's tallest building.
Orrick Herrington & Sutcliffe is eyeing a Middle East launch with plans for a dual assault on Abu Dhabi and Dubai.
Weil Gostshal & Manges and Clifford Chance have snared lead roles advising on the sale of AIG Private Bank to Abu Dhabi investment group Aabar Investments PSJC.
Morrison & Foerster tax partner Trevor James has been appointed managing partner of the firm’s London office, making him the first black managing partner at an international firm.
Latham & Watkins, Mayer Brown and Wachtell Lipton Rosen & Katz have snared key roles advising on US bank Capital One’s acquisition of Chevy Chase Bank.
Collyer-Bristow is facing a £50m legal battle brought by more than 500 investors in schemes drafted by the firm’s former company commercial chief John Bailey.
Allen & Overy (A&O) has cemented its relationship with HBOS, according to the latest Hemscott tables, which rank law firms by the number of FTSE100 clients on their books.
Goldman Sachs restructuring supremo James Sprayregen has shocked the New York legal market with a return to his former law firm, Kirkland & Ellis.
Troubled furniture chain MFI has gone into administration, despite a last-ditch rescue attempt by its management, with Speechly Bircham getting the call from administrators MCR.
Linklaters advise on Woolies administration" /The administrators of Woolworths have called on Freshfields Bruckhaus Deringer and Linklaters to help wind up the stricken retail giant.
Bevan Brittan has been drafted in to help local councils reclaim millions of pounds tied up in Iceland's crippled banks.
Norton Rose has clinched an instruction to advise HM Treasury on its first-ever Islamic bond issue.
Norton Rose’s political investment pays off with Treasury Islamic bond" /Advising HM Treasury on its first-ever Islamic bond issue is a choice mandate. For Norton Rose, besting
Slaughter and May and Linklaters have sewn up the lead roles in Standard Chartered's £1.78bn rights issue to existing shareholders.
Davis Polk & Wardwell has scored another credit crunch-related mandate, advising US bank Citigroup on its $20bn (£13.4bn) government bailout.
The recent financial crisis has seen Gordon Brown confirm that “the days of big bonuses are over”. With a number of banks either nationalised or partly nationalised, it is clear that the government will be able to influence a number of banks' remuneration policies.
As employers and trustees face up to the impact of the recent stock market collapse on pension schemes, the role of pensions lawyers in helping them steer a course through choppy financial waters is more vital than ever. By Anthony Arter
Fresh changes to the law appear to have given the Pensions Regulator the power to require contributions in relation to non-insured buyout solutions. By Charles Cameron and Sandeep Maudgil
For employers and trustees looking to ‘de-risk’ their pension schemes, the emergence of a series of inventive approaches to dealing with liabilities offer them genuine opportunities to achieve their goals. By Ian Cormican and Caroline Legg
The economic crisis has forced the FSA to admit to its shortcomings. Carlos Conceicao is looking forward to seeing a more challenging and helpful regulator
The Financial Services Authority (FSA) has come under renewed scrutiny in recent months following the meltdown in the banking sector.
Financial Ombudsman Service general counsel Paul Bentall’s sense of fair play has helped make his organisation respected the world over.
Lloyds TSB and troubled rival Royal Bank of Scotland (RBS) have both kick-started panel reviews as Lloyds’ HBOS takeover remains up in the air and RBS regroups after seeking a bailout from the Government.
Slaughter and May has teamed up with best friends Davis Polk and Spain's Uria Menendez to work on Banco Santander's E7.2bn(£9.2bn) rights issue.
The Chicago Mercantile Exchange Group has kicked off its international expansion with the hire of Taylor Wessing partner Adrienne Seaman as legal director and associate general counsel for Europe, the Middle East and Africa.
Denton Wilde Sapte has hired Islamic finance specialist Muddassir Siddiqui as a partner and head of its Islamic finance practice in the Middle East.
Nabarro hikes finance team" /Nabarro has bolstered its finance practice by hiring former Jones Day partner Marc Isaacs.
The London office of Weil Gotshal & Manges has picked up the lead role on the restructuring of Premier Foods’ £1.7bn debt burden.
Allen & Overy (A&O) and Addleshaw Goddard have won key roles on Skipton Building Society’s acquisition of Scarborough Building Society.
Formerly a finance powerhouse, the firm has come to terms with its reduced status.
Nomura set to inherit half of bank’s team as 60 lawyers quit
The hike in restructuring work in New York has forced Allen & Overy (A&O) to relocate senior restructuring partner David Frauman after his six-year secondment in London.
Simmons & Simmons has hired a senior legal counsel from Wachovia Bank to expand its China financial markets group.
Leeds firm Walker Morris has scooped Addleshaw Goddard’s only Manchester pensions partner in a bid to beef up its capacity for non-cyclical work.
Ashurst, Milbank, Slaughters land roles on Porterbrook sale" /A trio of City firms have scooped instructions on one of the largest leveraged buy-outs this year, after a consortium of banks and investors bought rolling stock leasing company Porterbrook Leasing Company from Abbey.
The Icelandic government has appointed Lovells as it considers legal action against the British Government over its reaction to the country’s banking crisis. Iceland has criticised chancellor Alistair Darling’s decision to put the UK subsidiaries of Kaupthing and Landsbanki into administration and freeze their assets, and has turned to Lovells corporate partner Richard Brown for legal advice.
Clyde & Co has posted double-digit growth in its revenue during the first six months of this financial year, with fee income increasing 10 per cent.
Nabarro's revenues flat for first half" /Nabarro has posted flat growth for the first six months of 2008-09, bringing in £64m in revenues.
A&O and Addleshaws have squared up on a fourth building society deal, A&O advising Skipton on its takeover of Addleshaws client Scarborough.
Camerons and Lovells eye double-digit growth as fee income stagnates across City.
With the choice instructions going to its rivals, can Allen & Overy count on insolvency work?
White & Case take lead on Credit Suisse funding project" /Latham & Watkins and White & Case have scored the lead roles on Credit Suisse’s CHF10bn (£5.57bn) fundraising aimed at making the bank the best capitalised ...
Allen & Overy (A&O) and Bird & Bird are the latest firms to win instructions resulting from Iceland’s banking crisis, acting on the sale of Kaupthing Singer & Friedlander’s (KSF) UK investment management business.
Clifford Chance has advised long-standing client Barclays on a £7.3bn cash injection by investors to avoid nationalisation.
Lloyds TSB Group has appointed HBOS legal chief Harry Baines as general counsel of the company that will result from the banks' union.
Halliwells has launched a redundancy consultation with 10 banking and corporate fee-earners, citing a fall in deal flow and overcapacity as the cause.
White & Case is closing its 18-year old Dresden office of seven lawyers.
Herbert Smith has hired a senior associate from Allen & Overy’s Moscow office in a bid to shore up its local finance capacity.
The sheer volume and complexity of the contracts a typical company employs has made compliance a daunting undertaking and created the need for new ways of managing document risk. By John Berry
Will companies be able to convince potential funders that they’re financially solvent now the whitewash procedure has been abolished? asks Tony Anderson
Some non-Muslim countries are now making regulatory changes to ensure that their domestic companies are able to access liquidity in the Middle East. By Farmida Bi and Aziza Atta
Light-touch regulation has been blamed for the credit crisis – but it’s still the best system there is, argues Duncan Black
Research by Eversheds suggests that, while the credit crunch has seen facility terms become more lender-friendly, the shift is not as drastic as some have claimed. By David Boyd and Nicholas Joyce
The UK’s proposed special resolution regime calls to mind the US’s separation of commercial and investment banking under the discredited Glass-Steagall model, warns Simon Gleeson
With the distribution of bank debt set to become more problematic in the wake of Lehman Brothers’ collapse, Diane Roberts asks what regulators can do to shore up the sub-participation market
A new bill gives the financial authorities a legislative framework to work within for when things go wrong. Richard Hughes and John Sayers report on how UK banks will be affected
Spending a year within the perfect financial storm has been an interesting ride for the participating lawyers, as documented in this bumper Special Report.
DLA Piper names new restructuring chief" /DLA Piper is set to overhaul the leadership of its restructuring practice, appointing London partner Stephen Halladay to head operations in Europe, the Middle East and Africa.
Travers Smith has sent newly promoted partner Anthony Foster on secondment to the Bank of England (BoE).
Dewey & LeBoeuf has announced the closure of its office in Charlotte, North Carolina, just as it plans to open two new bases in the Middle East.
Offshore firm Ogier is to open a joint venture in Bahrain with accounting firm Keypoint.
Freshfields Bruckhaus Deringer has pushed aside DLA Piper to win key roles on restructuring almost £2bn of debt resulting from the acquisition ...
Denton Wilde Sapte advised private equity group Emerging Capital Partners on its third African banking deal in a row. Dentons’ Paris office acted for the group on the acquisition of a $28m (£16.22m) stake in Togo-based regional commercial bank Financial BC SA (FBC). FBC is the holding company and operates 20 branches in Benin, Togo, Gabon, Chad and Guinea. Cabinet Martial Akakpo in Togo advised Dentons on local legal matters. Fénéon et Delabriére was the private vendor’s counsel in Paris.
By overriding traditional restrictions, is the Govt doing the right thing?
Herbert Smith has hired a Moscow Allen & Overy senior associate as a partner for its Moscow office.
Allen & Overy and Addleshaw Goddard were the main legal advisers in the merger of Barnsley Building Society with regional rival Yorkshire Building Society.
Simpson Thacher & Bartlett will bill the US Treasury $300,000 (£174,000) for its role on the government's $700bn (£405.5bn) financial markets bailout.
Firms in financial ‘intensive care’ told to merge, divest or restructure as cash dwindles from accounts.
Squire Sanders & Dempsey secured a major role in the negotiations between the UK and Iceland following the fall of Icelandic bank Landsbanki.
Sullivan & Cromwell and Davis Polk & Wardwell have secured roles on US insurance giant AIG’s additional $37.8bn (£21.77bn) funding.
High-profile insolvencies are keeping law firms’ financials afloat.
Shearman and Sterling has lost another partner in Germany, leaving its Munich office with just one partner.
Cadwalader Wickersham & Taft has suffered its third defection since it laid off 96 lawyers in July this year.
Kirkland & Ellis has launched an Asia funds practice, moving UK and US partners moving to Hong Kong.
Davis Polk & Wardwell is advising the UK government on US aspects of its financial institution bailout.
Simpson Thacher & Bartlett has won a beauty parade to advise the US government on its $700bn (£412bn) financial markets bail-out package.
Eversheds has hired one of the partners who left Hammonds at the end of its lock-in period to head its Leeds pensions group.
Freshfields Bruckhaus Deringer banking partner Sean Pierce has been appointed co-head of the firm’s financial institutions group (FIG) following the departure of previous co-head Perry Noble last month.
DLA Piper’s Dubai-based head of global Islamic finance Oliver Agha has left the firm, taking a three-lawyer team with him.
Allen & Overy (A&O) has scored the lead role on a deal to refinance the debt from the sale of the UK’s most expensive building, the HSBC Skyscraper at Canary Wharf.
Lovells has been drafted in by liquidator Deloitte to advise on the administration of buy-to-let hotel group GuestInvest.
Cleary Gottlieb Steen & Hamilton has joined in the sale of struggling Benelux bank Fortis, securing the instruction for BNP Paribas on its €14.5bn (£11.3bn) offer.
Sullivan & Cromwell and Davis Polk & Wardwell have secured roles on US insurance giant AIG’s additional $37.8bn funding.
Denton Wilde Sapte, Freshfields Bruckhaus Deringer and Slaughter and May have snared key roles as the UK arms of two Icelandic banks at the heart of the ...
A raft of top City lawyers have been called on to advise on the Government's £50bn bank rescue scheme.
Several major City law firms are considering changing their terms of business in client engagement letters to take account of the current banking crisis.
Cleary Gottlieb wins role in Fortis bank sale" /Cleary Gottlieb Steen & Hamilton has joined in the acquisition of struggling Benelux bank Fortis, bagging the instruction for BNP Paribas on its €14.5bn (£11.3bn) offer.
When politicians discuss the financial markets they generally appear to be talking about a parallel world. Pro or anti-regulation? Pro or anti-screwdriver? What matters is what the tool is used to achieve. Pro or anti-speculation? Speculation, or trading, is what markets are for – it is trading that makes a market work. ...
Reed Smith has launched a London investment funds practice with the hire of former Nabarro partner and barrister Dale Gabbert.
Ashurst, Salans, SJ Berwin and Speechly Bircham have been handed leading roles in the rescue of troubled home furnishing MFI with an eleventh hour management buyout.
Barclays and HBOS are about to be hit by mortgage litigation costing a possible £850m, following changes to the rules on consumer loans.
Mayer Brown grabs final Northern Rock mandate" /Mayer Brown has won the last major role up for grabs on the Northern Rock saga, with litigation partner Clare Canning advising the valuer of the bank’s compensation scheme.
Ashurst, Salans, SJ Berwin and
The Bank of England has hired Freshfields Bruckhaus Deringer corporate partner Graham Nicholson to lead its legal team.
Three US firms have set up individual crisis groups to help their clients get to grips with the ongoing turbulence in the financial markets.
Herbert Smith's Benelux ally Stibbe has landed a role on the bailout of another Belgian bank, acting for the authorities on the nationalisation of Dexia.
Davis Polk & Wardwell, Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell have scored lead roles on Citigroup’s acquisition of Wachovia’s banking operations.
Ashurst, Herbert Smith and Slaughter and May have been handed leading roles in the rescue package for Bradford & Bingley.
Linklaters follows magic circle pack with plans for Abu Dhabi opening" /Linklaters is developing plans to launch an office in Abu Dhabi in response to client demands.
New York’s finest bankruptcy lawyers descended on Manhattan’s downtown bankruptcy court on Friday 19 September to decide the fate of Lehman Brothers’ investment arm. With history in the making, The Lawyer joined them.
Ashurst secures salary lifeline for Lehman Brothers’ UK staff" /Ashurst has advised the lender on a £100m emergency loan that will ensure the London staff of Lehman Brothers get paid at the end of September.
The finance team at Norton Rose has scored the lead role advising Samena Capital on the launch of its $200m (£108.25m) Special Situations Fund.
Salans and McCarthy Tétrault have scooped choice mandates on a rare African AIM deal. Salans advised biofuel company BioEnergy Africa on its £41.5m listing on AIM, while McCarthy Tétrault picked up the lead role for the nominated adviser Canaccord Adams. The company’s initial project is based in Mozambique where it is developing more than 20,000 hectares of land. Salans’ London corporate team was led by partner Philip Enoch and included associates Chris O’Connor and Angela Mount.
Instructions of the century are up for grabs in the fallout from the financial crisis.
Freshfields Bruckhaus Deringer has joined the raft of firms advising on Japanese bank Nomura's acquisition of Lehman Brothers' investment banking business in Europe, the Middle East and Asia.
Sullivan & Cromwell chairman Rodgin Cohen has landed a role advising JPMorgan on its acquisition of failed US bank Washington Mutual.
Much has been written over recent months about the prospects for a wave of credit crunch related litigation in London similar to that experienced in the US.
Linklaters and Cleary Gottlieb Hamilton & Steen have each bagged their fourth major instruction in relation to the fall-out on Wall Street.
Sullivan & Cromwell and Munger Tolles & Olson have snared the lead roles on Warren Buffett’s $5bn (£2.7bn) cash injection in Goldman Sachs, announced yesterday (23 September).
Clifford Chance has hired a Linklaters capital markets partner for its Tokyo office.
A team from Simmons & Simmons is advising hedge fund RAB Capital on the first of what is expected to be a series of cases against the European administrators of Lehman Brothers.
Bain Capital and Hellman & Friedman have turned to longstanding advisers for their joint acquisition of Lehman Brothers’ investment management unit.
Willkie Farr & Gallagher's Frankfurt office has damaged Fried Frank's German presence with a star partner hire.
Ashurst advises CarVal on Lehman's £100m salary lifeline" /Ashurst has advised the lender on a £100m emergency loan that will ensure the London staff of Lehman Brothers get paid at the end of September.
Skadden Arps gets Nomura mandate in Lehman Asia buy" /Skadden Arps Slate Meagher & Flom has advised Japanese bank Nomura on its winning auction bid for Lehman Brothers' Asian operations.
Lehman, AIG, Merrill Lynch, HBOS and, we are told, more to come. The recent acceleration of turmoil in international financial markets is a familiar, yet no less unsettling headline by now. Less reported, however, are the potential strains on insolvency systems around the world.
The groans of the US’s fourth-largest bank and a Scottish heavyweight as they unceremoniously fall to their knees. The rustle of papers in cardboard boxes as they are carried through swishing revolving doors.
DLA Piper is sending its Europe and Asia senior partner to the Gulf to marshal the firm’s expansion in the Middle East.
The City’s banks are clamouring for the cream of Lehman Brothers’ in-house lawyers, with many setting up special processes to deal with the demand.
New York-based Katten Muchin Rosenman has recruited bankruptcy specialist Ken Noble from Mayer Brown. Noble joined Katten on 16 September after 15 years at Mayer Brown, where he was a partner.
Shearman & Sterling is seconding one of its London corporate partners to its Abu Dhabi office to strengthen its ties with sovereign wealth fund clients in the region.
Law firms need to implement solid talent management schemes to get through the credit crunch intact – the main theme at a major London conference organised by The Lawyer.
Shearman & Sterling’s New York office advised longstanding client Merrill Lynch on its $50bn (£28.06bn) sale to Bank of America (BofA) over the weekend.
Cravath Swaine & Moore and Davis Polk & Wardwell won places advising on the creation of the $70bn (£39.29bn) liquidity facility set up by leading investment banks in the aftermath of Lehman Brothers’ collapse.
Linklaters bagged the biggest UK instruction on the Lehman collapse, advising four Pricewaterhouse-Coopers (PwC) partners on the administration of Lehman Brothers International (Europe).
US insurance giant AIG drafted in Sullivan & Cromwell to advise it on its $20bn (£11.23bn) lifeline from ;New ;York ;State regulators.
Linklatersputs 20 partners on Lehman job” />The number of Linklaters partners advising on the Lehman Brothers UK administration has climbed to 20 in the space of five days - one of the biggest senior legal teams on an insolvency this decade.
Milbank Tweed Hadley & McCloy has landed a role advising the creditors’ committee of Lehman Brothers, which recreates the law firm line-up of the Enron bankruptcy.
The administrators of Lehman Brothers have sought to allay pay fears among the bank's legal team, promising that staff will be paid at the end of the month.
New York-based Katten Muchin Rosenman has hired bankruptcy specialist Ken Noble from Mayer Brown.
Sullivan & Cromwell land key AIG roles" /Davis Polk & Wardwell and Sullivan & Cromwell have landed lead roles on the US government $85bn bail out of AIG.
Allen & Overy (A&O) is to open in Munich after the hire of Shearman & Sterling's global co-head of tax and one of the US firm's rising M&A stars.
In-house lawyers at Lehman Brothers are set to remain at the collapsed bank for several months, according to insiders.
Allen & Overy has bagged the lead instruction advising struggling mortgage lender HBOS in its reported merger talks with Lloyds TSB.
Clifford Chance thrashed out the details of Barclays' acquisition of Lehman Brothers' investment banking and capital markets arms for a consideration of £1bn.
The 70 in-house lawyers at Lehman Brothers in the UK face a nervous wait today to find out whether or not they will be paid this month.
The number of conflicts searches has skyrocketed across City firms following yesterday's turmoil on Wall Street, even at firms that do not currently have roles advising any of the major players.
At least 200 UK jobs in the legal, compliance and audit team are under threat at collapsed bank Lehman Brothers.
Sullivan & Cromwell gets AIG rescue mandate" /US insurance giant AIG has drafted in Sullivan & Cromwell to advise it on its $20bn (£11.1bn) lifeline from New York state regulators.
Cravath Swaine & Moore and Davis Polk & Wardwell have won places advising on the creation of the $70bn (£39.6bn) liquidity facility set up by leading investment banks in the aftermath of Lehman Brothers’ collapse.
Shearman & Sterling's New York office has advised long-standing client Merrill Lynch on its $50bn (£28bn) sale to Bank of America over the weekend.
Linklaters has bagged the instruction advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers.
A&O called in as mortgage giants are bailed out. The US government’s bailout of mortgage giants Fannie Mae and Freddie Mac sent shockwaves through Manhattan last week.
Freshfields Bruckhaus Deringer has bagged the mandate advising Germany's privatised postal service, Deutsche Post, on its €2.79bn first stage disposal of its majority share in Deutsche Postbank to Deutsche Bank.
Jones Day and Freshfields Bruckhaus Deringer have bagged the top legal roles in the bankruptcy proceedings of XL Leisure Group, the UK’s third largest package holiday operator.
Gibson Dunn & Crutcher has snared New York Securities and Exchange Commission (SEC) regional director Mark Schonfeld as a partner in its litigation group.
Loan Syndication and Trading Association assistant general counsel Bridget Marsh enjoys being at the cutting edge of the loan market and collaborating on documention that sets standards.
Allen & Overy’s (A&O) New York derivatives risk management business is the latest venture launched with New York senior partner and derivatives star Dan Cunningham in mind.
Linklaters capital markets partner Simon Firth is suing his former tax advisers, Wenham Major Private Clients, for £84,000 in refundable fees
Herbert Smith has bolstered its growing Moscow practice with the hire of a senior in-house lawyer from Renaissance Capital, one of Russia’s largest investment banks.
Simmons & Simmons has built up its Middle East practice by hiring former Freshfields Bruckhaus Deringer counsel Eric Milne as a partner in Dubai.
Brown Rudnick has become the latest firm to benefit from a string of departures from fallen banking giant Bear Stearns.
Bingham McCutchen has recruited two former Bear Stearns lawyers to beef up its international securities practice.
Islamic finance partner Abradat Kamalpour’s exit from Dechert (as reported on TheLawyer.com, 21 August) has led to the collapse of the firm’s core London Islamic finance practice, with two of Kamalpour’s assistants moving to external posts in the Middle East and a trainee joining him at Ashurst.
Mayer Brown hire boosts Orrick bankruptcy focus" /Orrick Herrington & Sutcliffe is making headway in strengthening its transatlantic bankruptcy team with the hire of former Mayer Brown restructuring head Raniero D’Aversa in New York.
Herbert Smith has ramped up its finance practice by recruiting securitisation partner Michael Poulton from Citibank.
DLA Piper has launched an eight-partner raid on US firm Thelen Reid Brown Raysman & Steiner in a bid to bolster its real estate and structured finance practice.
Berwin Leighton Paisner (BLP) is looking to bulk up its finance client list with the hire of former Barclays banker Peter Harvey as a consultant.
Ashurst raids Dechert for Islamic finance star Kamalpour" class="inline_image inline_image_left" src="/pictures/web/images/13311_Abradat-Kamalpour-ashurst.jpg" /Ashurst has bolstered its Islamic finance practice with the hire of Dechert’s London-based Islamic finance head Abradat Kamalpour.
Clifford Chance and Freshfields Bruckhaus Deringer have landed the leading roles in BAA's £13.3bn refinancing deal.
Cadwalader Wickersham & Taft has launched a transatlantic covered bond practice group in response to the developing covered bond market in the US.
Simmons & Simmons has continued its strategy of hiring magic circle associates as partners with the addition of Marc Thorley from Clifford Chance.
CMS Cameron McKenna managing partner Duncan Weston has revealed plans to unite financial reporting across the CMS network.
Clifford Chance is advising the British Bankers’ Association (BBA) on its review of the governance of the London interbank offered rate (Libor) Partner Habib Motani is leading the team advising the BBA on proposed changes, which include altering ...
Baker & McKenzie has shrugged off the collapse of merger talks with Heller Ehrman by announcing turnover growth of 20 per cent for the year to the end of June.
A quartet of US firms gathered in a New York courtroom yesterday (11 August) for a crucial hearing relating to the rescue takeover of Bear Stearns by JPMorgan.
Baker & McKenzie has completed the long-running SR9.25bn (£1.25bn) privatisation and IPO of Saudi government-owned mining company Ma’aden on the Saudi stock market.
A team from Simpson Thacher & Bartlett led by partner Alan Klein is advising Kohlberg Kravis Roberts (KKR) on its dual listing in Amsterdam and New York. The flotation will see KKR merge with KKR Private Equity Investors, which listed on Euronext Amsterdam two years ago. Citigroup and Lazard are the financial advisers for KKR and are both being advised by a
Kaye Scholer has hired a Brown Rudnick structured finance partner to bolster its New York practice.
UBS general counsel David Aufhauser has resigned amid the growing auction rate securities (ARS) fraud that is centred on the investment bank.
Pinsent Masons has overtaken AIM heavyweights DLA Piper and Norton Rose to become the top legal advisor for clients on the junior market.
Latham & Watkins has boosted its Italian arm with the hire of corporate finance partner Antonio Coletti from Gianni Origoni Grippo & Partners.
Ashurst to send Green to Hong Kong" /Ashurst is to launch its first-ever office in China and has picked current senior partner Geoffrey Green to spearhead the initiative.
The defection of Weil Gotshal & Manges US restructuring partner Christopher Marcus is the latest in a long line of one-way traffic to Kirkland & Ellis.
Pinsent Masons has stormed to the top of Hemscott’s AIM adviser rankings, gaining six new clients in the past six months.
Addleshaw Goddard has hired business support and restructuring partner Alison Goldthorp in London.
Offshore firm Carey Olsen has acted on the first Guernsey special purpose acquisition company (Spac) to be listed on Euronext Amsterdam.
Shearman & Sterling has appointed structured and leveraged finance partner Clifford Atkins to head the firm’s European finance group, taking over from Anthony Ward. Ward will step down from 1 August to focus on his posts as London managing partner and member of the global policy committee.
Clifford Chance and Lovells bagged lead roles on the restructuring of the distressed $6bn (£3bn) Cheyne Finance structured investment vehicle (SIV), as it was formerly known.
Atlanta-based Alston & Bird is advising on issues surrounding collapsed US bank IndyMac.
Emergency guidelines aimed at tightening the rules surrounding the short selling of US stocks and clamping down on financial market rumour mongerers left lawyers and their clients scrambling to comply yesterday (Monday 21 July).
Brodies forms standalone banking and finance group" /Scottish firm Brodies has created a standalone banking and financial services department as part of a revamp of its leadership group.
Slaughter and May and Allen & Overy (A&O) have bagged lead roles on Banco Santander’s £1.25bn recommended offer for Alliance & Leicester. Slaughters corporate head Frances Murphy is leading the advice for Santander as part of an integrated team that includes Uría Menéndez in Spain and
New York's Thacher Proffitt & Wood is advising US bank IndyMac while Sullivan & Cromwell is advising Fannie Mae on its possible government bail out.
When debts go bad, it’s a costly business all round. But there are some simple steps credit-granters can take to reduce the risks they run
When hedge funds fail there is a number of potential pitfalls to be wary of – especially if the fund is incorporated in the Cayman Islands.
CMS Cameron McKenna, DLA Piper and Eversheds have been called into action as Danish furniture chain Ilva puts its UK business into administration.
Following the bursting of Spain’s real estate bubble, borrowers and banks alike have been trying to stave off insolvencies. But some provisions are unlikely to work, warn Ángel Alonso Hernández and Ángel Pérez López
Employers seeking to place their pension debt under government control in a bid to avoid insolvency are finding the Pension Protection Fund and the Pensions Regulator anything but a soft touch.
A novel proposal for the restructuring of Cheyne Finance could signal a change in fortunes for other crunch-hit structured investment vehicles.
The controversial practice of borrowers buying back their own debt looks set to bring about a clarification of the Loan Market Association’s rules on syndicated lending.
Restructuring is certainly the flavour of the month. This Banking and Finance Special Report looks at how ailing structured investment vehicles are being restructured, leading a number of UK and US firms to win mandates on these lucrative deals.
Despite a stay of execution, structured finance lawyers are still at risk, says Julia Berris in New York
Allen & Overy (A&O), Clifford Chance and Norton Rose have scooped lead roles on Barclays’ £4.5bn share issue.
Denton Wilde Sapte has advised Cadogan Petroleum on a London Stock Exchange (LSE) IPO to raise finance for its Ukrainian drilling programme.
Mayer Brown and Rosenblatt Solicitors have won roles advising on the London Stock Exchange flotation of an Indian infrastructure fund.
McGrigors’ London office has suffered a further partner departure, with capital markets head Martin Finnegan quitting to join Nabarro.
Cayman Islands-based Maples and Calder has continued its Ireland expansion by hiring Irish firm A&L Goodbody financial services partners Barry McGrath and Nollaig Murphy.
US firm Duane Morris has moved into a new London office to pave the way for the expansion of its core practice areas. The firm is targeting litigation, insurance, corporate, IP, insolvency and employment as areas of growth in the City. London co-managing partner Susan Laws said: "The much-improved office space will allow us to continue to support the growing interest in the London legal market from our US, Singapore and Vietnam offices." The new office is next door to the old premises ...
JPMorgan has ditched Linklaters from its list of preferred advisers following a row over the magic circle firm’s role in suing Bear Stearns on behalf of Barclays Bank.
City lawyers have warned of chaos over the Financial Services Authority's (FSA) new rules on short selling, following fierce criticism of the regulatory body's handling of the issue.
Sonnenschein and Cadwalader got plaudits for being open about their redundancies. Others were more coy. Which is best: transparency or stealth?
Clifford Chance scoops landmark Goldman Sachs SIV bailout" /Clifford Chance is advising Goldman Sachs on its groundbreaking restructuring series of structured investment vehicles (SIVs).
The Financial Services Authority (FSA) has provoked a storm of protest from City law firms with its new rules on short-selling.
K&L Gates bags Bear Stearns managing director" /K&L Gates has snared Bear Stearns managing director and in-house lawyer for its New York office.
Norton Rose has won a place on the panel of Chinese sovereign wealth fund China Development Bank (CDB) after advising on its investment in Barclays.
White & Case and Allen & Overy (A&O) have scooped lead roles on the Islamic financing of a Saudi Arabian retail development.
US AND magic circle partners are continuing to debate the issue of debt buybacks as the Loan Market Association (LMA) prepares to amend its documentation.
The former head of Milberg Weiss Bershad & Shulman (now known as Milberg), Melvyn Weiss, was sentenced to 30 months in prison last week (2 June) for his role in a kickbacks scheme relating to securities class action cases.
Latham & Watkins has raided the New York office of Davis Polk & Wardwell for a structured finance and capital markets partner.
Eversheds" /McGrigors’ former managing partner, Colin Gray, has left the firm for a role at Eversheds, where he will be joined by McGrigors banking partner Colin McKay.
In its final report on the near-collapse of Northern Rock, the Financial Services Authority (FSA) says that in future its supervisors should watch out for ‘dominant or aggressive individuals’. No names, no pack drill – and no comfort at all to the 2000 staff expected to lose their jobs over the next three months as the lender tries to halve its £110 billion mortgage book. But In an admirable display of candour the FSA has confessed to major failings in its handling of Newcastle-based Northern Ro
The OFT has raided Barclays and the RBS as it launches an investigation in to the price-fixing of loans to professional services companies such as law firms.
Eversheds tax head to return as consultant" / #Eversheds tax chief Tom Daltry has resigned from his post, but from September will return to the firm as a consultant. Daltry's post has been filled by Leeds and London-based tax planning partner David Jervis. Jervis said that he was surprised by Daltry's ...
Wachovia has snared Citigroup's global consumer group general counsel to head its 400-strong in-house legal team.
The London office of US firm Akin Gump Strauss Hauer & Feld has advised the first vehicle to list on the Specialist Fund Market, the London Stock Exchange’s public capital market for alternative investment vehicles.
Freshfields Bruckhaus Deringer and Linklaters have won places on the £4bn listing of Mexican silver giant Fresnillo on the London Stock Exchange. Fresnillo, which is expected to enter the FTSE100, called on Linklaters corporate partners Charlie Jacobs and Stuart Bedford and managing associate ...
Clifford Chance has snared a lead role on a $1.15bn (£580m) Kuwaiti listing on the London Stock Exchange.
Latham & Watkins has today (Thursday 22 May) announced the appointment of David Heller as the new global chair of the firm’s finance department.
Ashurst bolsters Frankfurt with White & Case hire" /Ashurst’s Frankfurt office has hired White & Case local acquisition finance partner Anne Force.
Freshfields Bruckhaus Deringer has elected Alan Newton as its new joint practice group leader (PGL) of global finance.
Clifford Chance has hired a securitisation partner from Thacher Proffitt & Wood to beef up its US financial products practice.
DWF has put its expansion plans on hold, with the economic climate making office openings too costly.
Shoosmiths is set to launch a banking finance team in its Birmingham office after hiring Helen Wilson from Geldards as a partner.
Pannone has performed best of the North West firms that have released figures, with profit per equity partner (PEP) expected to rise by 15 per cent to £300,000.
Herbert Smith and Freshfields Bruckhaus & Deringer have scooped lead roles advising on mortgage bank Bradford & Bingley’s £300m rights issue.
Norton Rose has landed a deal for its first Mongolian-based client, advising oil company Petro Matad on its AIM listing.
Cleary Gottlieb Steen & Hamilton has advised on Citigroup's third equity offering so far this year.
Addleshaw Goddard has advised Bayerische Landesbank on a £400m loan to Hammerson that used Allen & Overy's (A&O) office building as security on the facility.
The Northern Rock affair has called the UK's principles-based approach to financial services regulation into question, while the same could be said for the FSA's position as sole regulator.
Clifford Chance shores up Far East" /Clifford Chance has moved to strengthen its Far East presence with the relocation of London partner Geraint Hughes to Hong Kong and the hire of a Norton Rose partner in Singapore.
Magic circle partners gather for New York summit on the crisis in the US and European syndicated loan market.
Allen & Overy (A&O) has elected Stephen Kensell and Andrew Trahair as joint managing partners of its banking practice. The pair was formally voted in on 30 April. Both were originally partners in the firm's banking practice. Kensell and Trahair take over the position from Christopher Rushton, who is rejoining theprojects team. Michael Duncan will continue as chairman of the global banking ...
Allen & Overy (A&O) has appointed two new joint managing partners of its banking practice, after voting finished yesterday evening (30 April).
Accountancy firm Pannel Kerr Foster (PKF) helped Pinsent Masons bag an instruction from a new entrant into the waste PFI market - the family-owned Donarbon.
Hammonds' Birmingham team has acted for Barclays Bank as funder to the private equity-backed management buyout of crisps manufacturer Tyrrells Potato Chips.
Clifford Chance structured finance senior associate Kieron Dwyer is to join Wragge & Co's growing banking and finance team as a partner.
Mourant du Feu & Jeune has become the first law firm to establish an unregulated fund in Jersey.
Economists and bankers expect the Italian credit system to remain largely unaffected by the global credit crunch.
Freshfields London-based finance chief Perry Noble is retiring from the firm to pursue a career outside the law
Financial trade organisation International Swaps and Derivatives Association (ISDA) has hired Jacqueline Mei Lin Low as senior counsel for Asia.
A rise in post-credit crunch litigation has left investment banks struggling to man their in-house teams with enough lawyers to handle the upsurge in intra-bank disputes.
Sullivan & Cromwell has boosted its London arm with a rare hire, bringing in highly rated tax specialist Michael McGowan from the UK office of Shearman & Sterling.
Lovells and Macfarlanes have won places advising on the £40m debt refinancing of nursery operator Just Learning Group in one of the first examples of the unitranche debt facility seen in Europe.
US and UK lawyers are divided over the legitimacy of loan buybacks, says Julia Berris
US bank Washington Mutual (WaMu) has become the latest financial institution to turn to the private equity industry for investment in the wake of the credit crunch.
London's position as one of the world's leading financial centres is underlined today by the 2007 revenues of the top 30 US firms in the capital.
Shearman & Sterling's UK base is to gain a new managing partner, with acquisition finance lawyer Anthony Ward filling the gap left by Kenneth MacRitchie.
Cracking the US legal market has been one of the toughest challenges faced by the UK's magic circle.
A&O and Freshfields Bruckhaus Deringer have made at least £15m in combined fees from the collapse of Northern Rock, it was revealed yesterday.
Freshfields Bruckhaus Deringer finance partners Maurice Allen and Mike Goetz are setting up an informal conflicts referral relationship in London with their previous firm White & Case.
Clifford Chance and Cleary are already looking at the Turkish market
Banking partners Maurice Allen and Mike Goetz are no strangers to building a business from scratch. But can they help Freshfields catch up with the rest of the magic circle?
Despite, or perhaps even because of, the rocky trading conditions, 2007 will be remembered as a banner year for the top US law firms - as The Lawyer’s exclusive research reveals
Allen & Overy (A&O) banking partner and former New York chief Carl Sheldon has joined the Abu Dhabi National Energy Company (TAQA) as its first ever general counsel. Sheldon was lured away from the magic circle firm after being introduced to TAQA through A&O’s banking practice. TAQA has had close links with the firm since it was founded in 2005.
Skadden Arps Slate Meagher & Flom and Wachtell Lipton Rosen & Katz have scooped lead roles on JPMorgan Chase's acquisition of troubled investment bank Bear Stearns.
Chancellor Alistair Darling has pushed ahead with plans to hit non-domiciled residents with a £30,000 annual tax, with the levy kicking in once they have lived in the UK for seven years.
Allen and Goetz have walked, but can the finance partners be appeased?
The co-head of global banking at White & Case, Maurice Allen and London co-head, Mike Goetz, have resigned.
The top US firms are turning their attention to the sovereign wealth funds.
The deals may have become smaller, but a more cautious market means lawyers are being consulted more than ever.
Rigid foreign exchange policies have helped shield China from the worst effects of the US sub-prime crisis. By Han Qimeng and Marianne Ramel
Société Générale has become the latest victim of rogue trading, but after years of repeated systemic failure, regulations must respond and improve.
The credit crunch is putting pressure on acquisition finance lawyers to tighten up their documentation.
Six months on from Norton Rose's credit crunch survey, has the leveraged buyout market changed in line with predictions?
White & Case capital markets partner Peter Epp, who last May pulled out of launching Bracewell & Giuliani's London office in favour of partnership at White & Case, is leaving the firm for Herbert Smith.
Baker & McKenzie has expanded its London capital markets practice with the hire of partner Peter Castellon.
Denton Wilde Sapte, Hammonds, Linklaters and Pinsent Masons are advising the four bidding consortia on the Nuclear Decommissioning Authority's (NDA) £17bn winding-down ...
Herbert Smith is advising Marshall Wace on the London listing of its hedge fund MW Tops, which will take place thanks to updated listing rules.
The International Swaps and Derivatives Association (ISDA) is working with the Central Bank of Chile to open up the jurisdiction's derivatives market with a new 'master agreement'.
Bankruptcy petitions and company wind-ups have gone down in number despite the credit crunch, according to Ministry of Justice (MoJ) figures published today.
Latham & Watkins has turned to Barclays Capital for the latest hire into its New York capital markets team.
The magic circle dominated last year's debt capital markets according to Thomson Financial's capital markets survey for 2007. Allen & Overy, Linklaters and Clifford Chance took first, second and third place, advising ...
Watson Farley & Williams (WFW) is attempting to rebrand its finance practice away from shipping by splitting it into two practice groups.
The International Swaps and Derivatives Association (ISDA) is ramping up its worldwide legal capabilities in response to the rapid growth of the global derivatives market.
Société Générale's (SecGen) corporate and investment banking arm has appointed a new general counsel for the Americas (SG Americas), promoting internally for the role.
Dickinson Dees has advised Abbey on its first two forays into the PFI and PPP markets since its acquisition by Banco Santander in 2004.
Ukrainian independent firm Magister & Partners has made its seventh hire in three months, after bringing in a new finance partner in Kiev.
Can mid-sized firms fight back as the UK elite elbow their way into midmarket?
Weil Gotshal & Manges' London office has thrown down the gauntlet to its rivals by reporting a doubling of its profit in what looks set to be a record year for US firms.
Berwin Leighton Paisner (BLP) has secured the services of fraud specialist Segun Osuntokan from DLA Piper.
Dechert has snared a Baker & McKenzie London-based finance partner to bolster its finance team in the capital.
Mayer Brown is beefing up its restructuring and insolvency practice with the appointment of Allen & Overy (A&O) senior associate Ashley Katz.
The credit crisis marks a need for a return to the old school and tried-and-tested methods.
The SEC is reeling after a second court decision dismissing allegations of hedge fund fraud.
What do Coventry FC and a litigation funder have in common? Not much, other than they are both benefiting from the largesse of a hedge fund with an eye for canny investments, Sisu Capital.
Olswang has appointed Gerald Montagu from Sidley Austin as a partner in the tax team as part of an expansion drive that includes bringing in three new associates.
Hogan & Hartson has snared Skadden Arps Slate Meagher & Flom's French tax head as a partner in its tax group.
Can Chapter 11 ever be the more attractive option? The Pension Protection Fund's levy on defined pension schemes may go some way towards making this a reality. Carolyn Swain reports
Don't be fooled - the present economic climate in the UK is merely the calm before the storm. Patricia Godfrey reports on the tough times ahead
Insolvency and fraud often go hand-in-hand and bring up subsequent investigatory hurdles. This is where the Insolvency Act's Section 236 orders come into their own. By Philip Marshall
Allen & Overy (A&O) has made millions of pounds in fees out of bankrupt furniture retailer Courts, which still has a pension deficit of over £14m.
US firm Brown Rudnick has snared Addleshaw Goddard's former head of corporate restructuring and insolvency group to join its London office.
Addleshaw Goddard has snared a rising leveraged finance star from O'Melveny & Myers to strengthen its London finance team.
Berwin Leighton Paisner (BLP) wrapped up three AIM deals before the 2007 year-end, including its first listing of an Indian company and the flotation of the first Asia-based gaming company to seek a London listing.
A raft of firms has landed roles on a road development project in Northern Ireland that has seen Denton Wilde Sapte (DWS) win its second mandate acting for the Northern Irish Department of Regional Development.
Linklaters has advised the 10 lenders that brought the $867.7m (£439.4m) Bujagali power plant deal in Uganda to a successful close after the previous sponsor, AES, pulled out.
Standard Chartered Bank is bulking up its in-house derivatives expertise across the globe.
The rivalry between US firms' finance teams was heightened last week with Latham & Watkins high-yield London partner Jacques McChesney defecting to Shearman ...
Ashurst, Mayer Brown rethink debt package for Citigroup tower" /Patience and a considerable rejigging of the financing package were needed in order for Ashurst client Gardenprime to complete a major acquisition.
Nabarro has nudged aside magic circle firm Linklaters to win an instruction advising BP's pension fund on its real estate investments.
The London office of Jones Day has secured one of the Stock Exchange’s biggest flotations this year, advising Kazakhstan mining company Eurasian Natural Resources Corp (ENRC) on its £1.36bn London listing.
Linklaters is meeting with global clearing banks to pitch its latest IT initiative, which ensures compliance with complex Basel II requirements.
Malaysia's central bank, Bank Negara Malaysia, will open the country's legal market to foreign law firms as early as next year.
Dechert has seen off competition from the magic circle, winning a beauty parade to advise on a $2bn (£970m) Middle Eastern bond issuance.
Denton Wilde Sapte (DWS) and White & Case have won lead roles advising on a groundbreaking African infrastructure deal.
SJ Berwin has scooped a lead role advising on a key acquisition in the healthcare and fitness sector.
Shearman & Sterling has appointed head of Frankfurt office Stephan Hutter as the firm's new head of Asia and Europe capital markets.
Lovells has expanded its international equity capital markets (ECM) practice with the addition of a partner in Milan.
Nabarro and White & Case win coveted hedge fund roles on Northern Rock" /Nabarro and White & Case have found themselves holding key roles in the battle for Northern Rock.
Mayer Brown's London capital markets team is advising Imperial College's technology commercialisation subsidiary Imperial Innovations Group on a placing of new ordinary shares.
The collapse of the US sub-prime mortgage market has forced lenders to tighten the purse-strings. By Mark Davis and Eleanor West
Dewey & LeBoeuf in New York has hired a Weil Gotshal & Manges restructuring team headed by partner Martin Bienenstock.
Credit crunch hits; firm to hive off volume business post-Clementi
Clifford Chance and Lovells played lead roles on a major refinancing in the Middle East and North Africa.
Reed Smith Richards Butler has snared the general counsel of Dubai World as part of a strategy to develop its Islamic finance capabilities.
Eversheds bags sole Threadneedle role" /Eversheds has won another Tyco-style adviser role by becoming the main legal adviser to asset manager Threadneedle.
Dickinson Dees has plundered North East rival Watson Burton to replenish its insolvency team following the retirement of long-serving insolvency partner and head of banking Gordon Sanderson.
Linklaters global head of tax Guy Brannan is standing down after two terms in the role, with partner Yash Rupal set to take up the position.
Burges Salmon has landed a role advising the Government on its carbon offsetting policy for Government official and ministerial air travel.
US firm Gibson Dunn & Crutcher has advised longstanding client London & Stamford Property on its £247.5m AIM flotation.
Freshfields Bruckhaus Deringer and Travers Smith have landed key roles on the latest potential union of two City financial institutions.
Taylor Wessing posted a 16 per cent growth in its top line to £77.7m for the first half of this year.
Field Fisher Waterhouse (FFW) has boosted its derivatives practice with the hire of Joseph Carrico, the former head of legal services for trading at Citigroup.
Nexus Solicitors has snared a Hill Dickinson corporate and insolvency restructuring team. New partner Andrew Tongue, associate Paul Warburton and administrator Alisha Hackney will spearhead a new department at Nexus. The addition of the new team follows Nexus's office expansion in June, which saw the firm double its space in order to accommodate growing staff numbers.
Squire Sanders & Dempsey has recruited Speechly Bircham's head of finance Andrew Knight.
Eversheds has advised HSBC on the £385m sale of two of its credit card businesses, Marbles and Beneficial, to SAV Credit, which specialises in loans to so-called near-prime customers.
SJ Berwin has established Scandinavian funds for Industri Kapital and Segulah, with values of £1.16bn and £375m respectively.
The failure of many EU states to implement Mifid hasn't stopped the European Commission from trying to push through the new regulations, says David Heard
Skadden Arps Slate Meagher & Flom has snared Weil Gotshal & Manges’ head of restructuring to head up its European restructuring practice.
Norton Rose has dealt a blow to Denton Wilde Sapte (DWS) by poaching highly-rated head of Islamic finance Farmida Bi.
Clifford Chance has laid off six associates from its structured finance group in New York.
Lawyers and bankers gave a thumbs up to the recently issued principles for retail structured products (RSPs) after two feedback meetings were held last month.
McGrigors has formed a dedicated capital markets team with the intention of ramping up its AIM capability.
Norton Rose has scooped a lead role advising on a British Airways (BA) debt facility, funded by a number of Chinese banks.
Simon Neilson-Clark has stepped down as DLA Piper’s EMEA restructuring practice group head, in expectation of an upsurge in demand for restructuring leading him to focus on client work.
Clifford Chance merges energy and asset finance teams" /Clifford Chance has merged its energy and asset finance teams with the aim of streamlining internal administrative requirements and freeing up client-facing time, www.thelawyer.com can reveal.
Allen & Overy has taken the first step in rebuilding its Italian banking practice by snatching Freshfields Bruckhaus Deringer's Italian finance chief Stefano Sennhauser.
Allen & Overy (A&O), Cleary Gottlieb Steen & Hamilton and Mayer Brown have secured lead roles advising on the proposed mortgage securities superfund, which has been designed to help alleviate the impact of the credit crunch.
Allen & Overy, Mayer Brown and Cleary Gottlieb Steen & Hamilton have secured roles advising on the mortgage securities superfund designed to help ease the credit crunch.
Allen & Overy has taken the first step in rebuilding its Italian banking practice, snatching Freshfields Bruckhaus Deringer’s Italian finance chief Stefano Sennhauser
Boutique IT outfit Technology Law Alliance has bolstered its financial services practice with the hire of senior Norwich Union in-house lawyer Jess Brown.
Linklaters has launched an automated documentation programme designed to speed up the leveraged term sheet process.
A range of UK firms are celebrating roles on the new roster for Deutsche Bank Asset Management's flagship alternative investment fund RREEF Alternative Investments.
Cadwalader Wickersham & Taft's London securitisation special counsel Nick Butler has left the firm to join Berwin Leighton Paisner (BLP) as a partner.
Schultze & Braun, Germany's third-largest insolvency practitioner, which has offices in 27 German cities, from Achern to Wuppertal, has opened up in the City of London.
Kirkpatrick & Lockhart Preston Gates Ellis (K&L Gates) has won its first AIM instruction for Kaupthing Singer & Friedlander Capital Markets since the stock exchange granted Iceland's largest bank nominated adviser (nomad) status.
Norton Rose pitch in to Middle East peace process" /Freshfields Bruckhaus Deringer and Norton Rose have advised on a $238m (£116.63m) investment deal that could bring the Middle East peace ...
Denton Wilde Sapte (DWS) has demonstrated its dedication to Africa by advising on Ghana's debut sovereign bond.
Allen & Overy (A&O) has landed another role on Northern Rock by advising the Virgin Group on its proposals to the beleaguered mortgage adviser.
Lovells has scooped the mandate to advise the underwriters of an Islamic loan for a Pakistani energy plant.
Linklaters.jpg" alt="Linklaters and Ogier get in on Northern Rock" /Linklaters and offshore firm Ogier are the latest names on a long roster of firms advising on the Northern Rock saga.
Freshfields Bruckhaus Deringer was dumped by its oldest client the Bank of England after it chose to advise beleaguered mortgage lender Northern Rock.
Quadrant Chambers has raided 4-5 Gray's Inn Square for a trio of barristers as it ramps up its banking and financial services practice for the expected influx of work following the credit crunch.
The first deal to be completed by newly merged firm Dewey & LeBoeuf has been closed by a London-based legacy Dewey Ballantine partner.
White & Case has strengthened its New York capital markets practice with the hire of Linklaters partner Adele Hogan.
Watson Burton banking star" /Manchester-based Pannone has raided Leeds firm Watson Burton, poaching its banking head Andrew Gosnay.
Bingham McCutchen has secured a high-profile mandate advising the creditors of Northern Rock on protecting their interests throughout the bank's crisis.
Manchester-based Pannone has raided the Leeds office of Watson Burton, poaching its banking head Andrew Gosnay.
Slaughter and May is the latest City firm to be enlisted into the saga of Northern Rock.
Record first-quarter deal activity helps firms maintain healthy financial positions; magic circle also confident
The Treasury is planning to bring the UK covered bond market into line with the EU by ringfencing assets and giving the FSA more powers. Alan Newton and Will Higgs report
After a summer spent watching how the US sub-prime market would cope with its downfall, David Koschik reports on a somewhat uncertain future
Chicago-headquartered Kirkland & Ellis has cemented its relationship with blue-chip private equity client CVC Capital Partners, advising on the record $6bn (£3.01bn) fundraising for its latest Asia fund.
Eversheds is ramping up its Middle East capabilities, parachuting a key London Islamic finance partner into its Qatar office.
Eversheds’ London and Qatar Islamic finance teams have advised on a $600m (£300.43m) loan for Qatar real estate company Barwa.
Olswang’s US alliance with Greenberg Traurig, along with its new office in Berlin, has helped the firm score a new corporate client in Europe.
The location of a company’s registered office is vital during insolvency proceedings. Georgia Quenby reports on how a German company survived after ‘migrating’ to England
O’Melveny & Myers has scored a deal advising new banking client Climate Change Capital on the launch of its first clean technology private equity vehicle, the €200m (£137.82m) Climate Change Capital Private Equity Fund.
Salans has launched a capital markets practice in Poland, raiding Clifford Chance’s Warsaw office for four senior lawyers.
The US sub-prime mortgage decline has had a knock-on effect in Europe. Thank heavens for the mid-market, says Stuart Brinkworth, which is keeping leveraged deals alive
Tighter regulation of investment products will spark higher costs for professional advice and leave the mass market out in the cold. By Simon Gleeson
Tighter regulation of investment products will spark higher costs for professional advice and leave the mass market out in the cold. By Simon Gleeson
DLA Piper has poached Jones Day partner Stephen Peepels to head its US capital markets offering in Asia.
Norton Rose has hired SJ Berwin’s German capital markets chief Frank Regelin.
Nomura International has appointed Mark Chapman as its general counsel and executive committee member following the retirement of Terence Kyle in March.
Baker Botts corporate finance partner Andrei Yakovlev has quit after just two months to head Norton Rose's capital markets IPO push in Central and Eastern Europe (CEE).
Dewey Ballantine has poached the deputy general counsel of US property developing company KB Home for its global finance group.
Cadwalader Wickersham & Taft has snared a structured finance lawyer from rival US firm Sidley Austin Brown & Wood.
Bingham McCutchen has scored a significant hire for its financial restructuring practice with the appointment of Essex Court Chambers barrister Sue Prevezer QC.
McDermott Will & Emery is ramping up its restructuring capabilities with a hire from boutique firm Simmons Cooper Andrew.
Financial markets have been in turmoil over the past seven weeks, triggered by the US sub-prime mortgage crisis. Thousands of column inches have been devoted to analysing the root causes of the ...
Clifford Chance bags HVB role on tripartite collateralised loan" /Clifford Chance has scooped the lead role advising on a unique collateralised loan obligation (CLO) that incorporates three bank portfolios in a single transaction.
Jones Day has acted for Aberdeen-based oil and gas production company Venture Production in relation to £585m of debt financing.
Australia firm Slater & Gordon, which made history earlier this year by floating on the Australian Stock Exchange, has exceeded its profit forecast of A$9.1m (£3.74m) for the year ended June, posting an actual figure of A$10.7m (£4.39m).
HSBC has instructed traditional corporate advisers Norton Rose to advise on its $4.9bn (£2.43bn) bid for Korea Exchange Bank (KEB).
Allen & Overy scooped the lead role advising on the first ever sukuk programme in Kuwait.
Bridge equity challenges the traditional approach of banks in financing transactions, offering them new opportunities - and new risks. By Tihir Sarkar and Jeffrey Karpf
SJ Berwin has underlined its strategy to expand its client base in the finance sector by advising the lead arranger on the Chrysalis Radio LBO.
Dechert has acted on a key Islamic finance deal, advising on the establishment and London Stock Exchange listing of a $1bn (£485.87m) sukuk certificate issuance programme.
Denton Wilde Sapte (DWS) has bagged a role on the first securitisation of sharia-compliant mortgage equivalents in the United Arab Emirates (UAE).
A TEAM from Lovells’ Dubai office has closed its first major deal since the firm opened in the emirate in May.
Linklaters and White & Case have landed lead roles on CVC Capital Partners' planned leveraged buyout (LBO) of tobacco company Altadis.
As banks realise the opportunities they offer, turnaround funds are becoming an increasingly used method of insolvency. By Bryan Green
It’s not just pro-Muslim sentiment that is fuelling the emerging Islamic finance market, Government legislation is lending a helping hand too. By Farmida Bi
Dechert" /Dechert has scooped a key role as lead adviser for the first sharia-compliant private equity fund, CMH Enterprise Fund I.
Allen & Overy (A&O) has advised the lead arrangers on the latest securitisation of the Canary Wharf Estate. The firm advised Morgan Stanley and Lehman Brothers on the £726m tap issue and the redemption of £574.6m worth of existing bonds that are backed by seven properties on the Canary Wharf Estate. Partner David Shearer led the A&O team. The transaction, which completed on 23 April, began at the ...
New rules are set to shake the financial services market, giving smaller companies a chance to break into EEA business and set their own agendas. By Tony Woodward
The Irish government announced this morning (Friday 27 April) that it has appointed the managing partner of Dublin-headquartered Arthur Cox, Pádraig Ó’ Ríordáin, as chair of the new Financial Legislation Advisory Forum.
Herbert Smith is advising the syndicate of banks providing the finance for Kohlberg Kravis Roberts’ (KKR) proposed takeover of Alliance Boots, The Lawyer understands.The US private equity house, alongside Alliance Boots deputy chairman Stefano Pessina, is receiving financial advice mainly from UniCredit Markets & Investment Banking, JPMorgan Cazenove and Merrill Lynch.
Allen & Overy (A&O) has advised on the two largest transactions in the history of the European syndicated loan market in the past three weeks.
Linklaters has scored two deals on groundbreaking covenant-lite transactions in Europe.
Clifford Chance is set to confirm Mark Campbell and David Dunnigan for another four years as heads of banking and capital markets.
Ashurst has acted for Imperial College, London, on the sale of a £50m bond to help fund its teaching and research. The bond is one of the largest deals by a British university.
Allen & Overy (A&O) has landed the plum role advising the banks and the monoline insurer on Arsenal Football Club's landmark securitisation of ticket sales from its new 60,000-seater Emirates Stadium.
Ashurst has won a mandate to advise the lead managers on the financing for the UK's largest-ever PPP project.
Burges Salmon has advised on an innovative commercial property Islamic finance product for longstanding client Bristol & West Property Finance.
Weil Gotshal & Manges and White & Case have secured roles on Investec's first collateralised debt obligation (CDO) as the financial services group launches an assault on the market.
White & Case has landed the role of advising the bank consortium funding Linde's £8bn takeover of BOC.
Travers Smith has strengthened its relationship with private equity house 3i, securing the lead advisory role on its £110.7m bid to take children's books brand manager Chorion private.
Lovells has advised HSBC on a commercial mortgage-backed security (CMBS) that gives the issuer an unprecedented level of flexibility to change the underlying portfolio.
Borrowers' counsel have the upper hand as loan pricing plummets. By Catrin Griffiths
The Loan Market Association (LMA) has put its leveraged finance standard form out for review amid criticism that it is too biased towards lenders.
Man Investment's unusual tack of having huge legal coverage gives it the edge in the investment funds market. Joanne O'Connor reports
Norton Rose has rehired a former assistant as a partner to help build its Greek law practice. Vassilis Koroxenidis, who worked at Norton Rose between 1997 and 1999 as an assistant before forming his own firm, joins existing partner Dimitri Sofianopoulos in the Piraeus office. He will be responsible for helping to develop Norton Rose’s burgeoning Greek law department, especially in the banking and finance ...
Magic circle firm rejects borrowing experiment out of hand; balance sheet benefits to tune of millions
Deutsche Bank is to launch a review of its UK law firm panel for leveraged finance deals in a bid to slash its annual legal spend.It is understood that Deutsche will use the review to persuade external lawyers to write off legal fees more readily when a deal collapses.
Ongoing refinancings stall in anticipation of damning report into hospital PFI. By Joanne O’Connor
Asset management company Cairn Capital has hired a senior lawyer from Banque AIG to lead its new legal team.
As the BCCI liquidator’s case against the Bank of England rumbles on, a surprise settlement has been reached in its parallel case, BCCI’s massive claim against Bank of America.
Schroders Asset Management has ended its eight-month search for a head of legal for its products with the hire of Christian Cano from JPMorgan Fleming Asset Management.
Ashurst has put an overseas partner on its management board for the first time.
Washington DC-based Steptoe & Johnson has launched a New York operation on the back of its white collar crime practice.
Allen & Overy (A&O) has muscled in on longstanding Slaughter and May client Standard Chartered after the magic circle firm scooped an instruction to advise the bank on a major acquisition in Korea.
Washington DC-based law firm Hogan & Hartson has bagged two new partners for its London office with the addition of CMS Cameron McKenna’s water practice head Richard Temple and Landwell’s head of insurance Jennifer Donohue.
Clifford Chance has appointed a new finance director after searching for a year. Stephen Purse succeeds Christopher Merry, who quit in November 2003 for headhunting company Whitehead Mann. For the last year Clifford Chance has had an interim finance director, William Barnes. Purse has been finance director at Management Consulting since November 2001. Merry was finance director at Clifford Chance ...
SJ Berwin has poached Simmons & Simmons finance partner Colin Millar to develop its Paris practice. Millar, an acquisition finance lawyer, has a French leveraged buyout practice servicing clients such as ABN Amro. The former Simmons man joined SJ Berwin last Monday (3 January).
Dewey Ballantine has made up 11 lawyers to member or partner status.
Norton Rose halves German turnover with Cologne sale" /Norton Rose has seen its German turnover cut in half following the completion of talks that see the firm’s Cologne office move to CMS Hasche Sigle.
Making sure JO Hambro complies with regulations across the pond is the driving force for Hannah Marshall. By Husnara Begum
Just like the January sales, the publication of M&A league tables seem to come earlier every year.
Norton Rose’s Islamic finance practice has built a name for itself as the market leader in this niche, but expanding, area. The team is headed by Neil Miller from London and encompasses lawyers from related practice areas based in London, Bahrain, Dubai and Singapore.
He may be aggressive. He may be abrupt. He may even, on occasion, be a little bit rude. But when you are as good as Tony Keal, you can get away with it.
Clifford Chance has elbowed out Berwin Lieghton Paisner (BLP) after scooping an instruction to advise furniture retailer Courts in relation to the appointment of advisers.
Hogan & Hartson has taken its first step into the Middle East by launching a strategic alliance with The Law Firm of Salah Al-Hejailan (LFSH), one of Saudi Arabia’s leading firms.
UK giants Allen & Overy (A&O) and Linklaters have played key roles on a landmark Egyptian IPO – the first for almost half a decade.
The actuarial profession’s report into ‘compensation culture’ has arrived at a handy time for insurers fighting asbestos claims. Are the beancounters exaggerating the problem? By
American Express (Amex) has appointed Carol Cocksho-rt as its new managing counsel for Europe, the Middle East and Africa (EMEA).Cockshort, currently Amex’s regional managing counsel for Latin America, is replacing Mark Chambers, who left the company in October.
Roschier Holmberg has just regained its leadership of the Finnish market after revealing an 18 per cent rise in turnover from €25.5m (£16.6m) to €30.1m (£20.8m).
Following a year-long flurry of work in the banking and telecoms sectors, Simmons & Simmons’ Qatar office has scooped the work on a key sponsorship deal with the state’s national Olympics committee.
Despite the Financial Ombudsman Service’s growing power in the market, many legal advisers don’t seem to be up to speed. Garon Anthony reports
The FSA has widened its scope to include the regulation of insurance brokers. Michael Wainwright highlights the changes
Lawyers should take advantage of the twelve days of Christmas to review their finances. David Dale provides the lowdown on how to extend your festive cheer
Osborne Clarke is set to refocus its media finance team following the departure of film finance partner Phil Alberstat. The Canadian lawyer is leaving the firm in December to join the William Morris talent agency in Los Angeles as a film agent.
Primus Telecommunications’ former European general counsel Ashraf Mohammed has resurfaced at the Asian Development Bank (ADB).
Clifford Chance and Linklaters have worked on the £391.7m collateralised loan obligation (CLO) of PFI loans – the first ever synthetic risk transfer within that asset class, which will boost the growing secondary PFI market.
Its parent company has received a hefty fine from US regulators, but that isn’t why Invesco has beefed up its legal team. Gemma Westacott meets head of legal Michelle Moran
ING Group’s UK legal chief has moved to allay law firm fears about accepting instructions against the major banks.
Berwin Leighton Paisner (BLP) has displaced Ashurst on the multi-million pound restructuring of US bus and coach maker Henlys, it has emerged.
Beachcroft Wansbroughs senior partner Lord Hunt of Wirral is taking on a new role as chair of the Chartered Insurance Institute’s (CII) professional standards board. Hunt will be in charge of the launch of the CII’s new code of ethics and conduct, which is being designed to give a code of conduct for institute members and the industry as a whole. The institute is a professional organisation for those working in the financial services and insurance industries.
Teams of lawyers have been left with empty diaries after two film finance cases – widely believed to be two of the largest of 2005 – have settled.
Lovells has bolstered its tax practice with the hire of Mayer Brown Rowe & Maw (MBR&M) partner Trefor John as head of the tax knowledge management team.
The announcement last week that French giant Fidal had reappointed Jean-Louis Paul as managing partner and scooped tax partner Hervé Bidaud from rival EY Law comes as a turbulent year draws to an end for former accountancy-tied firms in Paris.
In a blow to Lovells’ acquisition finance practice, star banking partner Adam Freeman has quit to join Linklaters.
HSBC Holdings is demanding a single worldwide rate from firms seeking a place on the bank’s global panel.
After five years in limbo, the £700m dispute over funds transferred to the family of the late Nigerian dictator General Sani Abacha finally comes to court this week.
Merger suitors DLA and Piper Rudnick have issued a battle cry to finance practices in London and New York after announcing plans to attack capital markets following their anticipated December merger. Management from both firms last week revealed plans to target corporate finance and capital markets in both New York and London.
Sidley Austin Brown & Wood’s hire of Linklaters structured finance star Richard Hughes has already paid dividends, with the firm winning the mandate to advise on MBNA’s latest note issue.
Herbert Smith has closed its first leveraged financing for Royal Bank of Scotland (RBS) after winning a coveted place on the £100m-plus deals panel last November.
SJ Berwin has bolstered its German practice with the appointment of the former head of legal and fund development at WestAM, the asset management division of WestLB Group.
Corporate told to produce strategy by December after ‘ten years of failure’; banking group seeks M&A cull
Legal fees for the mammoth British Energy restructuring are about to overtake the payout to law firms on Marconi.
Allen & Overy (A&O) banking lawyers sound like they’ve had enough. They’re not exactly about to declare UDI, but the level of frustration is palpable. After three years where they hoovered up the fees on Marconi and Drax, and where the global loans group alone consistently produced profits three and a half times those of their corporate brethren, they now want payback.
Skadden beats Davis Polk to Ashtead deal" /Skadden Arps Slate Meagher & Flom has nudged aside Davis Polk & Wardwell to land a new client, UK-listed equipment hire company Ashtead.
The British Virgin Islands has recently introduced legislation aimed at satisfying international regulatory requirements, and more is planned. By Stephen Moverley Smith
Luxembourg may not be the first name on everybody’s lips in offshore terms, but it’s still a success story. Vanessa Molloy reports
Kramer Levin Naftalis & Frankel has hired the highly regarded former general counsel of France Telecom for its Paris office. Jean-Pierre Mattout joined the US firm as a partner on 13 October. Mattout quit as France Telecom’s general counsel this May after two years in the post. Prior to that he served as general counsel and a member of the executive management board of the corporate and investment banking arm of BNP Paribas. First revealed on www.thelawyer.com 14 October
Latham & Watkins has cemented its place at the pinnacle of Russia’s nascent equity capital markets after scoring the lead roles on the $1bn (£557.9m) London Stock Exchange (LSE) IPO of Sistema and on the New York Stock Exchange (NYSE) listing of steel company Mechel.
Channel Islands professional services group Mourant has scored a first in the legal market by incorporating as a limited company.
Lovells and Portugal’s Vieira de Almeida & Associados have secured new instructions on bids for two of Portugal’s latest project-financed road deals after concluding a novel financing on the Litoral Centro toll road.
Undertaking financial activity in accordance with Islamic precepts is a growing area of international business for many banks. Critical to any banking product is the enforceability of the contracts. An Islamic banking product not only has to reflect Sharia principles but also be enforceable under the prevailing law. There has been virtually no judicial guidance on this concern within ...
Jersey and Guernsey, which rode the storm of regulations and law, now have more appeal as offshore financial centres than ever before. By Simon Gray
The Securities Institute has received the stamp of Government approval for its new four-paper Investment and Financial Advice Qualification (IFA). The scheme, aimed at independent financial advisers, has met the required standards of the Qualifications and Curriculum Authority (QCA), the official education regulator in the UK. The IFA qualification has been launched in response to the Financial Services Authority’s and the Financial Services Skills Council’s examination review. The ...
The RAC is calling for a radical reformation of the legal profession to allow the incorporation of practices owned by non-solicitors.
Addleshaw Goddard’s burgeoning finance department has poached Simmons & Simmons’ head of banking Nicholas Fisher.
Berwin Leighton Paisner (BLP) has snared two new capital markets and project finance partners as part of the firm’s continuing bid to bolster its finance practice.
DLA is accelerating its push into project finance with the lateral hires of Debbie Barbour and Anil Mehta, previously associates at Clifford Chance and Allen & Overy respectively. They join the London office as partners, bringing to 26 the partner count in the project finance practice.
Beachcroft Wansbroughs is bolstering financial services after snaring a specialist from the sector. Mark Broadhead, formerly a compliance officer at Royal London, joins the Manchester office as a partner. Also, barrister Natasha Peacock is moving from several years spent in-house in legal and compliance roles in the financial services industry to become a legal and regulatory consultant in Beachcrofts’ London office. First revealed on www.thelawyer.com 4 October
McDermott Will & Emery’s client Polygon Investment Partners has backed down in its high-profile dispute with British Energy.
The world of solicitors’ financial services has been through a profound upheaval since the Financial Services Authority (FSA) assumed responsibility for regulation. The arrival of the FSA in December 2001 was heralded by an explosion in the volume and complexity of regulatory edict and increases in the cost of doing business. At the same time, the first attempt was made to reduce ...
New UK legislation introduced to catch terrorists has caught three British bankers accused of Enron-related fraud who are now fighting extradition. By Jon Robins
Another week and another partner quits Simmons & Simmons.
SEC fine and UK regulatory burden spark massive investment in legal function
Business support services company Serco has hit back at criticism levelled at its new online tender process, which is being used for the selection of its new group legal panel.
Our story last week on the banks’ legal panels denying their adversaries a choice of legal advisers has prompted a certain amount of humbug on the part of the banks and their advisers. A number of law firms, scared of antagonising their paymasters, say on the record that panels “don’t necessarily” cut off client choice. You may not be entirely astonished ...
Linklaters Sweden is ushering in a new managing partner. Jorgen Durban is replacing Rolf Johansson, who is returning to full-time fee-earning. Durban is the current head of banking and finance there and has been a member of the management committee for seven years. He was key in the Lagerlöf & Leman merger. The new appointment takes effect from 1 May. First revealed on www.thelawyer.com 29 September
White & Case has snared the name partner of Italian independent Morano e Associati and a team of 20 lawyers for its Milan practice.
How the banks have played the panel system and firms’ fear of conflicts – and destroyed client choice
Coudert Brothers is set to pick up the remaining vestiges of Freshfields Bruckhaus Deringer’s Bangkok office, beating DLA and Australia’s Minter Ellison to secure the deal.
The Financial Services Authority (FSA) expects to increase its external legal spend again next year after more than doubling its budget for external enforcement to £5m for the 2004-05 financial year.
Our front page story this week highlights an issue which goes to the heart of the debate on conflicts: client choice, or in this case, the lack of it.
Lawrence Graham and T&L" /Lawrence Graham is in advanced discussions with Tite & Lewis (T&L), the former law firm of accounting giant Ernst & Young (E&Y).
Norton Rose may be on the verge of losing its entire Cologne office as its partners accelerate talks with CMS Hasche Sigle.
KPMG International has announced its first UK-based general counsel, bringing in senior Linklaters corporate partner Tom Wethered.
Fried Frank has raided Ashurst and Simmons & Simmons for two high-profile partner laterals. The US firm has poached securitisation star Siân Withey from one-time merger prospect Ashurst and corporate energy rainmaker Jerry Walter from Simmons.
The new chancery set 13 Old Square, headed by former political speechwriter John McDonnell QC, has hired 14 tenants.
Linklaters.jpg" alt="‘Farce’ as Linklaters’ Galileo satellite job goes to Lovells" /Linklaters and Deloitte Touche Tohmatsu missed out on key roles on the mammoth Galileo satellite project following a “farcical” EU-run procurement process, which saw the pair left high and dry at the eleventh hour.
Morrison & Foerster (MoFo) is blazing ahead with the expansion of its Tokyo office after scooping a senior finance partner from Milbank Tweed Hadley & McCloy. Tsugumichi Watanabe has worked in both New York and Tokyo and has more than 20 years’ experience of acting on complex financing transactions. MoFo is also taking on an extra floor at its Tokyo offices, allowing it to expand from 65 lawyers ...
The magic circle firm is poised to reap the benefits of the burgeoning Greek market in the wake of the Olympics
Morrison & Foerster is blazing ahead with the expansion of its Tokyo office after scooping a senior finance partner from Milbank Tweed Hadley & McCloy.
Dechert’s string of partner losses has lengthened further after another partner prepares to leave the firm.
Shock for NY market as investment bank shakes up fee structures; UK, German firms under review
US firm Hunton & Williams has paid former Hammonds partner Martin Thomas a signing-on fee of £250,000.
Wall Street legend Martin Lipton has lost his chairmanship of the New York Stock Exchange’s (NYSE) legal advisory committee to Silicon Valley stalwart Larry Sonsini.
Ince & Co has plucked a former Norton Rose partner in a bid to bolster its burgeoning ship finance team. David Baker will be responsible for the launch of a ship finance practice at Ince & Co’s Piraeus office, which currently focuses solely on maritime litigation. Baker set up an equivalent practice for Norton Rose, ...
The trust arm of Jersey law firm Bedell Cristin has deepened its penetration of the onshore sector with the launch of a business in Switzerland.
Isle of Man firm Cains is preparing to establish a London office to enhance its ship and film financing businesses.
Lovells has strengthened its relationship with Citigroup after the firm scooped its first ever instruction to advise the bank on an IPO.
Travelex may have been started on a shoestring, but canny acquisitions have made it a major player in financial services. By Ben Mitchell
Tulkinghorn’s lady helpers were delighted to meet one of Europe’s few attractive male lawyers last week.
Norton Rose is rightly proud of its Islamic finance team, and given the firm’s expertise in this field, one would think it possessed a superior knowledge of the key dates in the Muslim calendar. It would appear not.
The sentencing of CSFB banker Frank Quattrone to eighteen months in prison has blown the issue of privilege wide open. Jon Robins reports
The EU Prospectus Directive requires issuers to settle on a home member state. Cormac Kissane and John Matson present the case for Ireland
Ince & Co has plucked a former Norton Rose partner in a bid to bolster its burgeoning ship finance team.
Lobbying battle goes to heart of government as Chancery Lane hires Kentridge to stop the accountants
Northern Rock has brought in US law firm Shearman & Sterling to help it fight a potential tie-up between Abbey and HBOS. Shearman is the first US firm to get a major role on the Abbey deal. That it was preferred over second-tier City firms such as CMS Cameron McKenna, Denton Wilde Sapte or
Abbey National is pursuing a radical overhaul of its legal function despite the fact that the bank is the subject of an £8.75bn takeover by Banco Santander and is facing rival bids from other UK banks.
Keating Chambers and Seven Bedford Row have snapped up two magic circle lawyers, the latest in a string of defections from top City firms to the bar.
Norton Rose US capital markets star Richard Baumann is quitting the firm to lead US firm Dorsey & Whitney’s capital markets practice in London.
As Herbert Smith embarks on its elections for senior partner, one thing ought to be on the minds of the two candidates – how is the firm going to regain momentum?
Lovells has plugged a gap in its European private equity practice with the recruitment of French private equity star Monique Sentilles-Dupont from Paris boutique Nomos.
Barclays’ in-house lawyers have teamed up for the first time with Indian firm AZB & Partners to advise the bank on its joint venture with Mumbai-based processing centre Intelenet.
Norton Rose beats Richards Butler to Hemscott contracts" /Norton Rose has elbowed aside Richards Butler to scoop a trio of deals for new client business and financial information supplier Hemscott.
Clifford Chance is hanging on to key client Canary Wharf Group after being instructed on a large letting to US investment bank Morgan Stanley.
Paul Weiss Rifkin Wharton & Garrison (John Lange) advised TCL Communications Technology Holdings on its acquisition of Alcatel’s mobile handset R&D, manufacture and distribution business. The joint venture established to carry out the acquisition is owned 55 per cent by TCL and 45 per cent by Alcatel.
Cobbetts has bolstered its IP, information, communications and technology and media teams with the hire of two solicitors for its Manchester office. Laura Harper arrives after a five-year stint at Pannone & Partners, while Sonia Luthra joins the top 50 firm from DWF Solicitors.
News that Admiral’s £700m-plus flotation is on track has been greeted in some quarters as an indication that the UK’s new issues market is about to get a much-needed kick up the backside.
Byrne and Partners, an independent six-partner boutique specialising in commercial litigation, was founded on high aspirations. “We aren’t yet a name in the marketplace that everyone thinks of first, but that’s what we’re aiming for,” says partner Matthew Frankland. “We want to be the pre-eminent business crime firm, offering real solutions to real problems and adding value ...
Legal & General (L&G) is in the throes of a full-scale review of its UK law firm panel.
The Financial Services Authority (FSA) has begun the hunt for a new chairman of its regulatory decisions committee following the resignation of former Slaughter and May partner Christopher Fitzgerald in June.
McGrigors has distanced itself further from its former allegiance with KPMG by signing an agreement for new offices in London.
Ex-Lester Aldridge partner James Daly has left private practice to launch the Flying Lawyer, a new mobile legal concept designed to meet the needs of businesses in the asset, consumer and motor finance sectors. Daly, who has 20 years of expertise in asset and consumer financing and on industry committees, aims to provide a client-tailored service. Specifically, the Flying Lawyer will offer an in-house ...
Linklaters’ New York office has made its second lateral hire in just over a week, this time paving the way for a US structured finance and derivatives practice. Adam Glass is moving to Linklaters from Sidley Austin Brown & Wood, which he joined in 1997. His appointment arrives hot on the heels of Mark Palmer, a restructuring ...
A former City lawyer is heading the legal team at Capital One, a company that markets itself as ‘fun’. Jodi Bartle goes looking for a laugh
A senior associate from Allen & Overy has been propelled to the head of property finance at Olswang.
Berwin Leighton Paisner is to lose one of its longest-standing project finance partners to a small regional practice in Devon.
Freshfields Bruckhaus Deringer has won its first instruction for GE Consumer Finance to advise on the company’s largest Russian investment to date.
For those of us not on a beach, there is only one deal in town worth watching: the battle for Abbey National. For lawyers stuck in the City, the question of who has snapped up the remaining mandates is becoming an obsession. For those of you not topping up your tans, here’s a few titbits the firms involved refuse to confirm or deny.
Hammonds has recruited a top in-house lawyer as a finance partner in its Brussels office.
Pinsents has lost another partner from its London private equity group just six months after group head Alan Greenough quit for White & Case.
Lovells has beaten a number of City rivals to scoop an instruction to advise on one of the largest and most complex public private partnerships (PPP) currently in the European market.
Mourant Equity Compensation Solutions, the arm of Jersey firm Mourant du Feu & Jeune which advises businesses on their employee share schemes, has launched a Seattle office.
HSBC Holdings has kickstarted the long-awaited full-scale review of its external legal advisers. As first revealed in The Lawyer (26 April), the bank is exploring the possibility of merging its eight-strong City and 11-strong regional panels. It is understood that the bank has invited firms on the existing panels, as well as several firms that have not historically acted for HSBC, to tender.
Bingham McCutchen has boosted its securities litigation practice with the hire of a specialist partner for its Boston office. Jordan Hershman, former co-chairman of Testa Hurwitz & Thibeault’s securities litigation group, joins Bingham as a senior member. First revealed on www.thelawyer.com, 11 August
The Law Society president has written to the Accounting Standards Board urging clarification of new tax rules in a bid to wipe out widespread confusion over FRS5. FRS5 Application Note G, which relates to the way profits and work in progress are calculated in accounts, was first introduced eight months ago. The Law Society is calling for the issue to be referred to the Accounting Standards Board’s urgent issues task force. First revealed on www.thelawyer.com, 11 August
East London firm Adams is opening a third office in Canary Wharf in a bid to reposition itself as a boutique corporate and finance practice. The new office, on the 29th floor of One Canada Square, will open on 1 September with an estimated 18 staff and will specialise in corporate, finance and property. The office will be managed by banking and finance partner Sean Sydenham, who will move from the firm’s Whitechapel headquarters along with the firm’s property team.
Wragges scoops Inter-Alliance merger" /Wragge & Co has completed its first deal for new client Inter-Alliance Group, the AIM-listed independent financial adviser (IFA).
Herbert Smith has completed its first deal for new client Hypo Real Estate Bank International.
There are many practical issues associated with the tracing of assets in which lawyers and forensic accountants tend to get involved. Will Kenyon reports
Bingham McCutchen has made another addition to its ever-growing securities litigation practice after bagging a specialist partner for its Boston office.
The Law Society president has written to the Accounting Standards Board urging clarification of new tax rules in a bid to wipe-out widespread confusion on FRS5.
East London law firm Adams is opening a third office in Canary Wharf in a bid to reposition itself as a boutique corporate and finance practice.
Gianni Origoni and Weil Gotshal stick by deal with Bondi not to pursue action against ‘potential clients’
Linklaters has been hit by another wave of partner defections to US firms after losing highly rated structured finance expert Richard Hughes to Sidley Austin Brown & Wood.
When Gianni Origoni Grippo & Partners’ managing partner Francesco Gianni told Parmalat administrator Enrico Bondi he would only take the job if it didn’t entail suing global financial institutions, he was obeying one of the 10 commercial commandments: “Thou shalt not sue the investment banks.”
Addeshaw Goddard’s head of private equity has quit for DLA.
Mahonia, a company administered by Jersey’s Mourant du Feu & Jeune and directed by the firm’s chairman Ian James, has been cleared of any links to disguised loans for disgraced energy giant Enron.
American Express (Amex) managing counsel for Europe, the Middle East and Africa (EMEA) has quit after just over 18 months in the role. Mark Chambers is leaving to join Royal & SunAlliance as general counsel and group company secretary with effect from October. He is replacing Jan Miller as group company secretary. Prior to joining Amex, Chambers was general counsel for GE Insurance Holdings between 2000 and 2003. First revealed on www.thelawyer.com, 3 August
Lovells has triumphed over Clifford Chance to secure the lead role on Italy’s first ever hospital private finance initiative (PFI).
A High Court registrar has launched a searing attack on City firms’ billing rates after Baker Tilly brought in Mayer Brown Rowe & Maw (MBR&M) on the administration of Cabletel Installations.
White & Case is attempting to reinvigorate its Italian operation by taking on the name partner of Milan independent Morano e Associati. The US firm is in advanced talks with Alberto Morano, a private equity and acquisition finance specialist and managing partner of the Milan-based boutique.
Allen & Overy (A&O) has reached pole position in the project finance rankings for the first half of this year, with deals worth nearly double that of its nearest rival.
Penningtons has taken on a former salaried partner from Lovells to boost its retail banking practice. Marjena Fidalgo, who left Lovells at the start of the year, will join Penningtons’ London retail banking practice today (2 August), bringing the number of partners in the division to seven.
The new money laundering regime continues to throw up practical problems for those practising in the financial services sector and for their clients. What has emerged is the difference between the theoretical requirement to send in a suspicious activity report and the irate client who does not take long to work out who it is that has brought the authorities down upon them. Lawyers are ...
In a development that has caused consternation in the asset finance market, Clifford Chance and Freshfields Bruckhaus Deringer have been overlooked for the export credit agencies’ (ECAs) first ever joint aviation legal panel.
DLA’s head of banking in Hong Kong is leaving after less than two years at the firm.
Allen & Overy targets investment funds with Clifford Chance team" /Allen & Overy (A&O) is set to make a push on the investment funds market with the hire of a team of six associates from Clifford Chance in London. ...
Skadden Arps Slate Meagher & Flom has appointed joint heads for Moscow, drafting in Chicago-based project finance and M&A specialist Dmitri Kovalenko. He will become European counsel and co-head of the office along with resident lawyer Alexey Kiyashko. Partner Pranav Trivedi will continue to split his time between London and Moscow, advising on international corporate finance, ...
Jersey’s Mourant du Feu & Jeune has extended its reach to the Cayman Islands, making it the third Channel Islands firm to launch a Caribbean practice this year. Mourant is hoping to win corporate instructions through the move and is also waiting for the outcome of a licence application from the Cayman authorities to establish a trust administration service on the island. First revealed on www.thelawyer.com 20 July
Farrer & Co has become involved in a groundbreaking e-commerce case that could have far-reaching implications for the future of electronic banking.
Slaughter and May has scooped a huge instruction from Jarvis, having been brought in by the troubled infrastructure group earlier this year to advise on its strategic review.
Langleys Solicitors has appointed a new partner to bolster its commercial team. Andrew Argyle has joined the firm’s Lincoln office, where he will specialise in commercial litigation. Argyle arrives from Birmingham firm Shakespeares, where he was a partner in the commercial litigation department.
Clifford Chance and Denton Wilde Sapte have won places on Barclays’ first international panel for its African operations.
The Ogier Group is set to become the first Channel Islands firm to expand into New Zealand, taking advantage of the country’s low tax regime. The group will staff the New Zealand post from its fiduciary division and will provide trust administration services to wealthy individuals. New Zealand has all the trappings of an offshore jurisdiction, with foreign businessmen paying almost zero tax on profits, while having a less regulated, onshore status. The move means the group now has a presence ...
The Bank of New York has drafted in the former head of banking and finance from Belgium-based Tiberghien as its European counsel. Wim Hautekiet will also become managing director and will report to Michael Shepherd, executive vice president and general counsel, and Tim Keaney, executive vice president and head of Europe. As part of his remit, Hautekiet will relocate to London. First revealed on www.thelawyer.com 13 July
Lovells and global investment bank Lehman Brothers have teamed up to advise on their first ever AIM float – the initial public offering (IPO) of advertising agency M&C Saatchi.
A&O’s raid on Norton Rose two years ago stunned the City. What’s happened since? By Catrin Griffiths
Allen & Overy (Vikki Greatorex) represented ABN Amro Bank, Citibank and ING as joint lead arrangers on the financing of the €1.1bn (£733.6m) acquisition of Mobiltel by a consortium of funds. The deal, financed by €450m (£300.1m) of equity and €650m (£433.5m) of acquisition debt, ...
Buying companies saddled with state aid liabilities can be a risky business. The European Court of Justice (ECJ) has recently given some types of buyers the benefit of the doubt, but those rushing to the conclusion that from now on a buyer will never have to repay unlawful state aid received by the seller should think twice – and carefully.
With a sevenfold increase in profits, ING is turning its back on tougher times. Husnara Begum finds out how a management restructure and the new legal panel is helping
MAD gives a European approach to market abuse. Mathew Rutter reports
Will the new consumer credit regulations help the customer or just lead to more confusion? asks Jonathan Guest
New legislation aims to make pensions more simple, but Chris Clarke warns that the changeover might not be so easy
The Ogier Group is set to become the first Channel Islands firm to expand into New Zealand, taking advantage of the country’s low tax regime.
The legal arm of PricewaterhouseCoopers, Landwell, which is the UK’s sole surviving accountancy-tied law firm, has made up a salaried partner to the equity in only its second salaried partner promotion since its launch in 1996.
Linklaters has emerged as a multiple adviser on Marks & Spencer’s (M&S) bid battle with Philip Green, as the retail entrepreneur last week returned his gaze to the company’s pension fund trust.
Clifford Chance (David Lewis) acted for Luxembourg steel producer Arcelor on acquiring a 33.75 per cent stake in Companhia Siderúrgica de Tubarão worth $579m (£311.8m), increasing Arcelor’s overall holding in the company to 62 per cent. Vieira Rezende Barbosa e Guerreiros acted ...
The Chartered Institute of Arbitrators, in association with Mediation and Training Alternatives, has announced the launch of a new mediator training and accreditation programme.The scheme is intended for those aiming to become commercial mediators and those who will represent clients in mediation situations. It will focus on the skills required to successfully manage the complete mediation process.
Bristol’s Burges Salmon has reported solid figures for the 2003/2004 financial year, with profits up 10 per cent.
PriceWaterhouseCooper’s legal arm Landwell, the UK’s sole surviving accountancy-tied law firm, has made up a salaried to the equity - its second only salaried partner promotion since its launch in 1996.
Norton Rose’s grip on trophy client HSBC weakened as magic circle firm finally lands massive Asia deal for bank
Clifford Chance is finally drawing a line under its rocky West Coast strategy after reaching a settlement over the $100m (£55.1m) lawsuit brought by former Brobeck Phleger & Harrison members.
Sidley Austin Brown & Wood has boosted its international finance practice by recruiting the former head of Baker & McKenzie’s London derivatives and structured finance group. Matthew Dening joins the London office as a partner, hiking the number of partners made up to 30, compared with 28 the previous year.
Jones Day has boosted its burgeoning European operation with the launch of its first Eastern Europe office.
Lovells has won its first instruction from Allied Irish Bank (AIB) to act on the €230m (£154.4m) refinancing of retail distribution company BWG Group.
Jersey law firm Mourant du Feu & Jeune’s chairman Ian James has been cross-examined in a case brought by German bank WestLB, which alleges that disguised loans were made by JPMorgan Chase to Enron.
Fresh from the Telegraph triumph, Lovells’ Marco Compagnoni wants to take his private equity group to new heights. Catrin Griffiths reports
DLA is set to distance itself from its debt recovery arm, joining the legion of firms that have already made the strategic move away from volume work.
Stephenson Harwood has lost its head of corporate and a partner to Taylor Wessing, but has gained two new recruits. James Robertson, group practice leader for corporate, and partner Adrienne Seaman are leaving for Taylor Wessing. However, Stephensons is taking on two lawyers for its banking and asset finance ...
Paul Hastings Janofsky & Walker has bolstered its Asian project finance practice with White & Case’s former global head of India. Raj Pande, who has spent his entire legal career at White & Case, the last 10 years as a partner, becomes Paul Hastings’ first dedicated project finance partner in Asia. As head of Asian project finance, he will flit between Toyko and Hong Kong.
Slaughter and May has won out against a slew of City firms for the coveted role as legal adviser on the demutualisation of Standard Life. The demutualisation will be the first time that Slaughters has acted for the company, which undertook a review of its legal panel, beginning in March, in preparation for the mandate. Dundas
Thames Valley firm Pitmans has appointed a new senior solicitor to its defendant personal injury team. Alan Davies joins from Merriman White, a firm based in London and Guildford. Davies was previously a partner at Gregory Rowcliffe & Milners and Edward Lewis in London and specialises in insurance litigation.
Stephenson Harwood has lost its head of corporate and a partner to Taylor Wessing but gained two new recruits.
White & Case’s London capital markets group is in a state of turmoil after the partner charged with restructuring the European practice has quit after just six months at the firm.
DLA has poached SJ Berwin private equity partner Andrew Harris.DLA voted Harris into the equity last Friday (18 June), just a week after private equity partner Andrew Carpenter quit for O’Melveny & Myers.
Bevan Ashford is finally to split in two, 18 years after its merger. The move was announced last Monday (14 June), and will see the Birmingham, Bristol and London (BBL) arm formally demerge from the Exeter, Plymouth and London arm (EPL) at the end of October.
Dublin firm McCann Fitzgerald has taken advantage of the impact of the Sarbanes-Oxley Act on Ireland’s big four accountants to grab a funds-listing and authorisation team from Ernst & Young (EY).
Lovells is closing its niche commodities and securities litigation practice in Chicago, a move that will lead to the departure of litigation partner Timothy Carey and two associates.
The Bank of England’s legal budget will top £20m for the second year running. Fees for the BCCI litigation were £21m in the last financial year, and £21.2m is budgeted for 2004/2005. In total, the bank will have paid its advisers Freshfields and Fountain Court’s Nicholas Stadlen QC more than £60m over four years. Governor Mervyn King defended the costs, which represent nearly 10 per cent of the bank’s annual budget.
CMS Cameron McKenna has opened its first project office in Bulgaria after closing the country’s largest ever leveraged privatisation for longstanding client Advent.
Allen & Overy (A&O) is rebuilding its Roman banking practice with the transfer of project finance partner Catia Tomasetti to the Italian capital from Milan.
Freshfields Bruckhaus Deringer has elected M&A and private equity lawyer Jean-Claude Cotoni as its French managing partner for a three-year term. Cotoni succeeds Jean-Luc Michaud, who has been the managing partner since 2001. Freshfields’ Paris office has 38 partners and 211 lawyers. First revealed on www.thelawyer.com 15 June
Memery Crystal float on AIM high as IPOs hit record levels" /As AIM celebrated its ninth birthday last weekend, the junior market continued to outperform its full-list older brother. According to London Stock Exchange figures, the total number of initial public offerings (IPO) on AIM in the first ...
White & Case scoops major Kazakhstan banking clients" /White & Case has cemented its place at the forefront of Kazakhstan capital markets after the firm won mandates to advise the lead managers and trustees on two of the country’s major bond issues in the banking sector this year.
Eversheds has received its first instruction for the management of clothing retailer Ethel Austin thanks to a referral from Deloitte & Touche corporate finance.
Clifford Chance is facing an unfolding crisis within its West Coast practice as it emerges that a group of partners is in talks to jump ship to Orrick Herrington & Sutcliffe.
On 22 June, 1400 people will crowd into the Grosvenor House Hotel on Park Lane for the most eagerly-awaited event of the year. With only one week to go, The Lawyer brings you a sneak preview of the shortlisted individuals and teams
On 22 June, 1400 people will crowd into the Grosvenor House Hotel on Park Lane for the most eagerly-awaited event of the year. With only one week to go, The Lawyer brings you a sneak preview of the shortlisted individuals and teams
On 22 June, 1400 people will crowd into the Grosvenor House Hotel on Park Lane for the most eagerly-awaited event of the year. With only one week to go, The Lawyer brings you a sneak preview of the shortlisted individuals and teams
Clifford Chance has secured a victory for client Piers Morgan after the former Daily Mirror editor was cleared following a four-year-long Department of Trade and Industry (DTI) investigation into the ‘City Slickers’ share scandal.
My, my. The timing couldn’t have been better. A week after Barry O’Brien’s team at Freshfields Bruckhaus Deringer was thrown off the M&S bid, Law Society president Peter Williamson was giving delegates at The St Paul risk management conference an insight into the way the new conflicts rules were shaping up.
Japanese investment bank Nomura has lost the head of its transactional legal department following a shake-up instituted by head of legal Terence Kyle.
Nabarro Nathanson has raided rival Berwin Leighton Paisner (BLP) for the latest addition to its construction team.
Lovells has hired a new partner in Milan from Freshfields Bruckhaus Deringer. Marco Lantelme, a former senior finance associate at Freshfields, will launch an Italian capital markets and securitisation practice from Lovells’ Milan office. The move follows the exit of corporate head Greg Terry from Lovells’ Asian practice after just one year. Lovells is understood to be planning more ...
Dechert has swooped on Morgan Lewis & Bockius, taking an eight-strong securitisation team that includes the former chairman of the group. Steven Molitor, who served as chairman of the securitisation group during his tenure at Morgan Lewis and as a partner for over 10 years, led the team of attorneys to Dechert’s Philadelphia office. The loss comes soon after the departure of two partners from Morgan Lewis’s ...
DLA has lost a private equity partner to O’Melveny & Myers. Andrew Carpenter is joining the US firm around the same time as Stuart Hills, a senior associate from Freshfields Bruckhaus Deringer. Hills specialises in acquisition finance.
Washington DC is the latest Clifford Chance office to be hit by a departure as the managing partner for the region leaves for an in-house role at the Securities Industry Association.
A financial arm of Cayman Islands firm Maples & Calder has bought a Jersey branch of world-renowned fund manager Gartmore, whose chairman recently took up posts at both Marks & Spencer and the Guardian Media Group.
A vast network has been established involving three Middle East law firms and Cyprus’s largest practice.
Allen & Overy (A&O) has won a landmark Court of Appeal case for National Westminster Bank (NatWest), finally overturning a 2001 Privy Council ruling in the Brumark Investments case which restricted banks’ access to the book debts of insolvent companies.
Assets Recovery Agency head of legal Sue Edwards has brought plenty of nous to her job. And that’s bad news for wealthy criminals. Brendan Malkin investigates
Julia Hayhoe was elected as a director of management consultancy Hildebrandt International last month. Hayhoe, a former commercial litigator, primarily advises law firms, but also consults with investment banks, pharmaceutical companies and other professional services organisations. She has worked out of the New Jersey office since 2003 and will return to London at the end of this year, retaining an office in both cities.
Lawyers often do not have the time or skills to deal with relationships and charm is often sidelined by intellect. Ben Stones warns that soft skills training is vital
Latham & Watkins has replaced the managing partner of its Los Angeles office after a six-year tenure.
Japanese investment bank Nomura has tapped Wragge & Co’s corporate team for a new addition to its asset finance group.
Lovells’ head of corporate for Asia is leaving the firm for an in-house role at Morgan Stanley.
The glow of a new client win just might be fading over at Freshfields Bruckhaus Deringer today.
Davis Arnold Cooper (DAC) boosted its London finance group in April with the hire of Mayer Brown Rowe & Maw banking partner Simon Pullen.
Lovells has split its contentious insurance, professional indemnity and environment group in preparation for an anticipated rise in asbestos claims.
Cobbetts has boosted its banking capability in Leeds with the hire of two new partners. Real estate finance expert Tracy Hall joined the firm from Eversheds’ Leeds office in April, while former Addleshaw Goddard corporate banking partner Richard Berry is set to join later this month. The hires bring the number ...
Bingham McCutchen is continuing its aggressive push to build its broker-dealer practice by recruiting a trio of experts from UBS Financial Services, Morgan Stanley DW and Wilmer Cutler & Pickering. The hires provide a cross-state boost to the firm’s 70-strong broker-dealer group.
Cadwalader Wickersham & Taft has thrown Queen Moat House’s (QMH) debt restructuring into a state of flux after client Goldman Sachs Whitehall Fund bought up large debt and equity stakes in the troubled hotel operator.
Latham & Watkins’ London office has won its first work for private equity fund Indigo Partners LLC, thanks to a referral from the US firm’s Silicon Valley office.
Freshfields Bruckhaus Deringer is advising New Star Asset Management on a defamation claim arising out of the Financial Services Authority’s (FSA) investigation into New Star and others in the split-capital trusts case.