Banking / Finance
Appleby has advised mandated lead arrangers and bookrunners in providing a HKD1.8bn secured syndicated term loan and revolving credit facility to Fortune REIT.
Wragge & Co’s projects team has advised facilities management provider Lovell on a new £32.8m facilities management contract.
Allen & Overy has advised BofA Merrill Lynch, Deutsche Bank London Branch and Société Générale Corporate & Investment Banking in connection with the issue of a €300m convertible bond.
Conyers Dill & Pearman has advised Sunshine 100 China Holdings on its HKD2.4bn listing on the main board of the Hong Kong Stock Exchange.
Eversheds has advised property developer Urban Splash on a £135m refinancing deal and a new joint venture agreement with the Pears Group.
According to an independent survey held by The Legal 500 — EMEA 2014, Ilyashev & Partners is a top-tier firm in dispute resolution and intellectual property.
Understanding Forex manipulation download
Stephen Critchley and Robert Andrews describe in simple terms: what the alleged manipulation is; who may have suffered from it; and the ongoing investigations into it.
A recent US case could have been designed to tick as many ‘topical’ boxes as possible, ranging over the financial sector, big data and the possibly anti-competitive use of technology.
Schoenherr has advised Österreichische Volksbanken-AG (OeVAG) on the sale of its fully owned subsidiary Volksbank Malta to Malta-based Mediterranean Bank.
Privilege denied — defendants’ attempts to withhold disclosure of documents on the grounds of litigation privilege rejected download
In two recent cases, it has been held that professionally prepared correspondence and reports were not protected by litigation privilege.
The range and depth of capabilities of Minter Ellison’s team across Australia has been recognised by the 2014–15 list of Best Lawyers.
Ince & Co partner Andrew Chan, who has advised maritime and trade clients throughout a career spanning more than 30 years, is retiring from the firm.
Hogan Lovells has advised SCOR on the VIF reinsurance of the individual life insurance business portfolio of Mediterráneo Vida, owned by Banco Sabadell.
Marshalling has been under the spotlight following two recent cases. Here Gateley looks at one of them: Szepietowski v The National Crime Agency.
The China (Shanghai) pilot free-trade zone was launched in September 2013 with the promise of significant reforms in a number of areas.
Allen & Overy (A&O) and Latham & Watkins have taken lead roles on the issuance of an international sukuk by Saudi Electricity Company (SEC), worth $2.5bn.
The Board of National Bank of Ukraine has adopted Resolution No. 172, by which it introduced new particularities of foreign currency transactions performance.
The law of Ukraine ?1166-VII introduces some notable changes to the Ukrainian tax code and other laws.
The Ninth Circuit Court of Appeals has ruled that under 28 USC § 1348, ‘a national bank is “located” only in the state designated as its main office’.
As it moves into its second year as the FCA, the FCA has recently published its Business Plan for 2014–15 and its second annual Risk Outlook.
On 1 January 2014, the Financial Markets (Amendment) Act 2014 entered into force.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
Bitcoin is property, not currency, IRS says — notice leaves many open questions about convertible virtual currencies download
The IRS has joined several other jurisdictions in publishing guidance regarding the income tax consequences of certain convertible virtual currency transactions.
This update contains a summary of news and legal developments that have affected the banking and finance industry over the last month.
The Interserve/Kajima consortium has been appointed as the preferred bidder on the first private finance batch of the UK government’s flagship school-building programme.
Ogier has advised Intu on its acquisition of a 50 per cent interest in Merry Hill shopping centre and 100 per cent interests in Derby shopping centre and Sprucefield retail park.
NCTM has been reorganising the leadership positions for its departments, resulting in new co-ordinators for its 12 departments, with Vittorio Noseda as the overall leader.
Dentons’ banking and finance team operates at the industry’s forefront, working with innovative finance products across the world.
Whether you’re an underwriter, issuer or investor, you require a trusted advisor with a forward-thinking vision.
Dacheng has advised Guangdong Technology Finance Group on the formation of a financial lease company, which was launched on 13 March 2014.
Allen & Overy has been awarded M&A Deal of the Year for its work on Shuanghui’s takeover of Smithfields Food at IFLR’s Americas Awards 2014.
We provide clear, pragmatic and practical advice to businesses large and small from around the globe on the corporate transactions and the legal issues they face.
Penningtons Manches has substantial experience in working with clients to devise strategies to avoid possible disputes and to resolve effectively those that do occur.
Whatever you need, we will provide sound advice and negotiate finance arrangements to meet your business requirements.
We work hard to minimise your stress levels by being easy to reach and talk to throughout the sale or purchase of your home or property investment.
Carey Olsen has been named Guernsey Law Firm of the Year 2014 for the fourth time by Who’s Who Legal.
DLA Piper has announced that Ashley R Altschuler will join the firm’s litigation practice as a partner in Wilmington, Delaware, with an office also in New York.
Allen & Overy has advised Saudi Electricity Company on its record-breaking $2.5bn (£1.5bn) sukuk, the largest-ever Rule 144A sukuk offering.
The latest amendments to the Foreign Exchange Law will come into effect on 27 March 2014.
The Ministry of Finance adopted amendments to the Rulebook aimed at easing certain transfer pricing requirements and rectifying certain ambiguities and technical errors.
The Court of Appeal has held that payments made in accordance with a bond will not be held on trust by the recipient beneficiary where the demand for payment was validly made.
The court has struck down a campaign finance provision that limited the total amount that individuals may contribute to federal political candidates and committees.
Shanxi Coking Coal Group has been granted approval for its issuance of medium-term notes and short-term financing bills from NAFMII.
In this video, Jay Gould, partner at Pillsbury, discusses operational and capital raising considerations for hedge funds in 2014.
Partner and head of real estate
The FCA has updated its AIFMD Latest News. The regulator is advising firms to submit applications as soon as possible, ideally no later than 22 April 2014.
In a recent decision, the European Commission confirmed that investors can be found liable where they exercise ‘decisive influence’ over a company and its decisions.
In December 2012, ESMA published its guidelines on exchange-traded funds (ETFs) and other Undertaking for Collective Investment in Transferable Securities (UCITS) issues.
Penningtons Manches’ multi-disciplinary team advises on the full spectrum of restructuring, insolvency, bankruptcy and recovery.
Partner — British Virgin Islands, Cape Town
Partner — British Virgin Islands, Cape Town
Partner — Cayman Islands
Partner — Cayman Islands
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Guernsey
The recently published FCA business plan and risk outlook for 2014 contain some instructive pointers for institutions on both the buy-side and the sell-side.
With global reach from offices in key technology markets around the world, including Silicon Valley, New York, Boston, Vancouver, Toronto, London, Berlin, Moscow and Beijing, Dentons offers a unique perspective on evolving industry trends and emerging market opportunities.
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Securities and corporate finance transactions have become increasingly complex and challenging, particularly in the midst of fluctuating market conditions. Partner with Dentons and work with an innovative thinker in all aspects of securities transactions and regulation, corporate finance and capital markets.
The recent Budget announced a raft of proposals, some new, some that we’ve already heard about, to try to improve access to finance, in particular for SMEs.
The court may make an order that provides for part of an ex-spouse’s maintenance to be paid from a percentage of the breadwinner’s future bonus payments.
According to a KPMG survey, 91 per cent of leading business students expect to work in at least three to four countries during their careers.
The FCA’s newly published business plan envisages Thematic Reviews in a number of areas relevant to investment management
The Financial Conduct Authority published its annual business plan on 31 March 2014.
The continuing obligations of Cayman Islands regulated funds are set out in the Companies Law and Mutual Funds Law (as amended).
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
Partner — Jersey
Partner — Jersey
Freshfields has made a landmark lateral hire in the form of former Cleary Gottlieb Steen & Hamilton capital markets and US corporate partner Ash Qureshi.
Partner — Jersey
Partner — Jersey
Partner (LLP) — London, Jersey
Partner (LLP) — London, Jersey
Partner (LLP) — London
The Serious Fraud Office (SFO) could rack up legal bills of more than £18.5m defending claims totalling £300m from the Tchenguiz brothers, Robert and Vincent.
Allen & Overy, Ropes & Gray and Latham & Watkins have scored instructions on Altice’s acquisition of France’s second-biggest telecom operator SFR.
The Financial Conduct Authority’s (FCA) independent directors have appointed Clifford Chance litigator Simon Davis to conduct an inquiry into its botched announcement of an investigation into the insurance industry.
Guardian Care Homes has agreed to settle its multi-million pound Libor battle against Barclays Bank over the misselling of financial instruments.
Planta de Reserva Fría de Generación de Eten SA has received the Deal of the Year award in the project finance category from International Financial Law Review.
Conyers Dill & Pearman has provided Bermuda law advice to Aircastle on its $900m agreement for the purchase and leaseback of eight Boeing 777-300ER aircraft.
Conyers Dill & Pearman has provided Bermuda law advice to Aircastle on the offering of $500m aggregate principal amount of its 5.125 per cent senior notes due 2021.
Conyers Dill & Pearman was honoured for its involvement in the high-profile $55bn TNK-BP transaction at the International Financial Law Review Europe Awards 2014.
Ince & Co (including Incisive Law) has been ranked by Chambers Global 2014 in 23 legal practice areas.
Addleshaw Goddard has acted for the Royal Bank of Scotland and M&G Investments on the first own-name debt capital markets issue by a Scottish registered social landlord.
Addleshaw Goddard has advised investment management services provider Rathbone Brothers on three transactions.
A series of interviews conducted by KPMG highlights that the current IFRS model of mandatory annual impairment testing of goodwill is due for a rethink.
Hogan Lovells has provided legal support in the creation of Youth Business Spain (YBS).
The FCA is encouraging all alternative investment fund managers (AIFMs) to submit their applications for permission to manage an AIF before 22 April 2014.
No5 Chambers barrister Phil Bradley has defended Michaela Hutchings, 23, of Staffordshire, who retained a wrongly credited bank transfer.
This paper explains the attractions of the Cayman Islands as a destination for managers wanting to establish offshore hedge funds.
Sam Karim from Kings Chambers was part of a recent delegation on a business mission to Brazil to promote barristers’ expertise in international dispute resolution.
An English scheme for a company that has a ‘sufficiently close connection’ with the jurisdiction can be proposed, albeit recognition in Poland is at the discretion of the Polish courts.
At IBB Solicitors, our specialist team will help you to resolve your disputes quickly and easily — often without the need for court intervention.
IBB’s dedicated construction and engineering team provides cost-effective and tailored legal solutions to a wide range of clients.
Our residential conveyancing solicitors provide professional legal advice on all aspects of buying and selling property.
Whether you’re a new start-up or an established corporation with offices based locally and/or around the world, IBB is here to assist with your business needs.
At IBB, our commercial property solicitors understand the specific challenges faced by property developers, investors, occupiers and lenders.
We work with our clients to help them solve problems and ensure they comply with the law and charity best practice.
IBB Solicitors gives you the reassurance that your documents are correctly authenticated and accepted as legally binding for their intended purpose.
We see ourselves as both your legal and business partner and work with you to ensure that litigation doesn’t become an unwelcome distraction from your daily operations.
At IBB Solicitors, our property dispute resolution experts can provide constructive advice to effectively resolve a dispute.
At IBB Solicitors, our Residential Development and Regeneration team is recognised as one of the best and most experienced in the business.
Linklaters’ partner promotions have fallen to 21 from 24 in 2013 and the firm has reduced its focus on the mainstream corporate group.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of telecommunications and transport.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of construction and infrastructure.
Appleby has advised the mandated lead arrangers and financial advisers in relation to the $3bn privatisation of Chinese online gaming company Giant Interactive Group.
Appleby has appointed Caren Pegg, Keith Robinson, Andrew Jowett, Clive Langley, Camilla Neal, Steven Rees Davies, Juan Thornley and Anthony Williams.
Dr Hermann Schneeweiss LLM (Harvard) will be added to the list of attorneys at law practising in Austria on 1 April 2014.
Financial Report: SEC chair speech at SIFMA seminar; cross-border implementation; consultation on bonus clawback; and more download
DLA Piper has released the latest version (Volume 3, No.7) of The Financial Report, featuring news and analysis from across the financial sector.
Up Close and Personnel — March 2014: admissibility of covert recordings made at disciplinary and grievance hearings download
The EAT upheld the decision that covert recordings made by an employee of private conversations of the panels at her grievance and disciplinary hearings were admissible in evidence.
All change for consumer credit download
At midnight on 31 March 2014, the Consumer Credit Act encountered the most significant set of changes that have occurred during its lifetime.
Our experts can help with customs and contract regulation issues, currency control and questions of intellectual property when importing or exporting goods.
The Tax Agent Services Act 2009 has been amended, heralding significant changes to the way financial planners are regulated.
The tax rollercoaster download
This year commenced with contradictory new provisions in the tax field. Popovici Ni?u & Asocia?ii will briefly address only the high and the low of the ride.
Accountability — April 2014: when can you bring a court claim that has already been the subject of a decision by the FOS? download
According to a Court of Appeal decision, only where the claim arises out of a completely different set of facts or where the complainant has rejected the FOS decision.
Accountability — April 2014: notice of an expert’s intention to retire must be given promptly download
The case of Clarke v Barclays Bank plc and another has highlighted the importance of notifying the court promptly if an expert retires or withdraws from a case.
GRATA Law Firm’s banking and finance group is a leading legal counsel in the areas of capital markets, project finance and infrastructure projects development and financial transactions
Our lawyers practise BVI, Cayman, Guernsey and Jersey law and have an international reputation for banking and finance work.
Our pre-eminent litigation practice in the Cayman Islands, Guernsey and Jersey advises clients on the full spectrum of contentious, semi-contentious and advisory work.
Whatever stage of the employment relationship in which you require advice, our employment, pensions and incentive team can assist you.
At Carey Olsen, our market-leading insurance team offers clients a depth of experience that sets us apart from other offshore law firms.
We advise on all fund structures including open and closed-ended, limited partnerships, unit trusts and companies in the BVI, the Cayman Islands, Guernsey and Jersey.
Carey Olsen’s listing services team is well versed in acting as sponsor and/or adviser to a significant number of issuers and investment funds’ listings on the CISE and the CSX.
Our established private client team offers clients confidence that their legal advisers are pure specialists in their fields.
Our established property team represents developers, investors and businesses in the acquisition, development, financing, sale and leasing of property in Guernsey and Jersey.
Our regulatory lawyers advise clients in financial services and other industry sectors on regulatory issues that affect their businesses in the BVI, the Cayman Islands, Guernsey and Jersey.
Whether you’re a director, a debtor, a secured or unsecured creditor or an insolvency practitioner, we offer a proven track record of working with you and your advisers.
Whether you’re a private individual or a commercial enterprise, our trust and fiduciary lawyers work with you and your advisers to establish the appropriate structure.
Allen & Overy has won the International Law Firm of the Year award at the second annual Law Firm of the Year competition in Slovakia.
LIBOR — a quick update download
One year on from the Financial Services Act, what’s changed?
The Supreme Court has issued a ruling striking down the aggregate limits on individual campaign contributions under the Federal Election Campaign Act.
The US Supreme Court’s decision in a campaign finance case frees individual political donors to contribute to an unlimited number of federal campaigns and committees.
DLA Piper has advised Halton Borough Council on the £600m Mersey Gateway Project, a major scheme to build a new six-lane toll bridge over the Mersey.
Before it disappeared into the wide blue yonder, the OFT published its merger decision in the acquisition by IP Group of Fusion IP.
Allen & Overy has advised Old Mutual on the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to a Cinven and Hannover Re acquisition vehicle.
The European Commission has published its communication to the European Council and the European Parliament on ‘Long-term financing of the European Economy’.
The revised directive harmonises the transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market.
The Corporations and Markets Advisory Committee (CAMAC) has released a broad discussion paper to review the establishment and management of schemes.
The Obama administration has threatened to impose additional sanctions on Russia in response to the Ukraine crisis but so far has only blocked the assets of 32 individuals and one bank.
The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 come into effect from 13 June 2014.
After Mr Durkin’s 16-year-long battle, the Supreme Court has ruled that he validly rescinded his credit agreement. This article looks at the implications for the decision.
The JMSLG’s board has approved the final guidance for consumer credit firms relating to their compliance with anti-money laundering obligations.
A group of four former Allen & Overy (A&O) and Linklaters lawyers have teamed up to launch the latest in a string of Dutch boutiques.
This short note summarises what the EU is working towards when it comes to securities financing and rehypothecation transactions.
The push towards e-procurement is continuing with the recent backing by the European Parliament of the European Commission’s proposals on e-invoicing.
Addleshaw Goddard has released the March 2014 edition of its InSure publication, which rounds up developments affecting the insurance industry.
Allen & Overy advised Macquarie in a complex transaction that led to Macquarie being named winner of the Acquisition of the Year Energy & Natural Resources award.
NCTM has advised BNL and Unicredit in connection with an acquisition financing to Aso Siderurgica for the acquisition of Cromsteel Industries SA.
The Pension Protection Fund (PPF) has handed roles to six firms including Norton Rose Fulbright, Osborne Clarke and DWF in the last of a series of panel reviews.
Ian Bridge of No5 has defended a business man who found himself facing eight separate allegations of fraud on his company, which at the time was indebted to the Natwest Bank.
Hogan Lovells has advised Macquarie Capital Securities and Standard Chartered Securities (Hong Kong) on the sale of 600 million existing shares in Tongda Group Holdings.
Law on deadlines for settlement of financial liabilities in commercial transactions — solvency crisis an ongoing issue download
The law on deadlines for settlement of financial liabilities in commercial transactions entered into force in December 2012 and became a current regulation on 31 March 2013.
KPMG has announced that member firms have received two awards from the Association of Management Consulting Firms.
Asset freeze: Ukraine sanctions download
Heads of state on both sides of the Atlantic recently condemned the Russian Federation for its actions in Ukraine.
Managing partner, GRATA Kazakhstan
This was one of the issues that the High Court had to deal with in Aodhcon LLP v Bridgeco Ltd in which the claimant entered into a bridging loan.
Senior partner and advocate, GRATA Kazakhstan
The Financial Conduct Authority is set to launch an investigation into 30 million insurance policies sold since the 1970s.
Appleby has acted as Bermuda counsel to the Asia Broadcast Satellite group of companies in relation to its $470m secured loan financing from the Export-Import Bank of the United States.
Appleby has acted for Optics Valley Union Holding Company on its listing on the Main Board of the Hong Kong Stock Exchange on 28 March 2014.
Allen & Overy has advised two syndicates of lenders on new loan facilities for Sberbank Europe AG and Credit Bank of Moscow.
Allen & Overy has advised on the financing of upgrades at the Patnów Power Plant I and the refinancing of Zespól Elektrowni Patnów-Adamów-Konin SA’s existing indebtedness.
Eversheds’ Italian office has advised UniCredit in relation to a financing deal for the Salcef Group, a railway and general construction contractor in Italy.
The FCA has published its final rules on the regulation of crowdfunding. This article provides further detail relating to the new rules in this area.
Hogan Lovells has advised Ecuador in the negotiation of a multi-million-dollar facility agreement that was executed by JBIC and the Ministry of Finance of Ecuador.
Hogan Lovells has assisted Axway with its negotiations with Systar’s controlling shareholders for the acquisition of a block of shares representing 61 per cent of Systar’s capital.
Royal Decree-Law 4/2014, of 7 March 2014, on urgent matters in relation to refinancing agreements and debt restructuring download
The Spanish Council of Ministers has passed the Royal Decree-Law 4/2014 on urgent matters in relation to refinancing agreements and debt restructuring.
Game on: video-games tax relief download
The European Commission has given state aid approval to the UK’s video-games tax relief, which was announced in the 2012 Budget.
Addleshaw Goddard has advised Mount Anvil, a London specialist residential property developer, on a £200m partnership with Ares Management.
Addleshaw Goddard will promote eight of the firm’s lawyers to partners, bringing the total of new partners appointed since the beginning of the financial year to 27.
Ogier has advised Avis Budget on the Jersey law aspects of its recent €200m add-on to the 2014 senior notes issuance by Jersey issuer Avis Budget Finance.
Object restrictions on the menu download
The central subject of AG Wahl’s opinion is whether the tariff arrangements of Cartes Bancaires in relation to credit cards is an agreement that restricts competition by ‘object’.
Finance Update — March 2014: lease guarantor released when landlord granted licence for works download
A guarantor will be released from liability if the parties to the contract that is guaranteed vary its terms if it does not confirm its obligations.
Rodney Dukes and Richard Bursby discuss the hotels market and some basic issues that borrowers and lenders in this sector typically need to address.
Performance bonds are widely used in a variety of commercial agreements from construction contracts to insolvency business sales.
The IRS has issued its first major ruling on the US federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies.
KPMG has revealed that rising domestic confidence in many developed markets is not yet translating into an increase in cross-border acquisitions.
Crowdfunders: don’t be an April Fool download
The FCA has issued a policy statement confirming that many of the proposals from its original consultation paper will now be implemented with effect from 1 April 2014.
The Confidential Relationships (Preservation) Law: the Cayman Islands’ Confidentiality Legislation download
The CRPL was enacted with a view to maintaining the confidentiality of commercial activities that take place in or in connection with the Cayman Islands.
The proper construction of a share charge meant the benefit of two unsecured shareholder loan agreements formed part of the security package created by the document.
As of 1 October 2012, transfers of majority shares in a private limited liability company have become more complicated.
Dacheng senior partner Kuang Shuangli from Beijing office’s finance practice has advised on the transactions surrounding the financial lease of nine aircraft engines.
An English court has sanctioned a scheme of arrangement under the Companies Act 2006 relating wholly to debt that was subject to a New York governing law provision.
Finance Update — March 2014: has the US flipped on the enforceability of liquidation protocols in swaps? download
A US court has now recognised as effective the liquidation protocol contained in an ISDA governed interest rate swap.
Allen & Overy has advised the trustee of the ICI Pension Fund on the largest-ever bulk annuity insurance policy (or buy-in) arranged by a UK pension scheme.
Taylor Wessing’s private equity group has advised Electra Partners on the acquisition of audio mixing console manufacturer Calrec from D&M Holdings.
Taylor Wessing is advising Eagle Eye Solutions Group on its proposed flotation on the AIM market of the London Stock Exchange, as well as its acquisition of 2ergo.
Serbia business shape 2014 download
Serbia greatly welcomes foreign investment, as is shown by the Law on Foreign Investments, which prescribes certain exemptions and freedom exclusively assigned to foreign investors.
The Dutch Supreme Court has given its judgment in two landmark cases regarding the classification of hybrid finance instruments.
The claimant, Wellesley, retained Withers to draft an agreement with a Bahrain bank, Addax. Addax was to invest £2.5m or $5m in exchange for a share of the business.
In over-the-counter financial instruments, phrases such as ‘commercially reasonable manner’ are often employed, often at the cost of speed and certainty for the parties to the transaction.
The transfer of consumer credit regulation to the FCA — what does this mean for motor dealers? download
Most motor dealers regularly carry out activities such as introducing customers to finance companies for the purpose of entering into hire and hire purchase agreements.
At the end of February 2014, the Law Commission released its long-awaited report titled ‘Matrimonial Property, Needs and Agreements’.
Senior and managing partner
A bank does not need to take into account the interests of a contractual counterparty when exercising its discretion on a ‘commercially reasonable’ basis.
On 19 March, there were some rather significant announcements affecting the tax and personal finance landscape.
William Ballmann, chair of insolvency trade body R3 in Yorkshire and partner at Gateley, has commented on an R3 report about people in Yorkshire worried about their level of debt.
DLA Piper sets out a summary of key items of interest announced in the Budget relating to businesses, corporate and finance taxation and real-estate taxation.
On 27 March 2014, Allen & Overy will co-host an event with Fenwick & West and the Silicon Valley Bank regarding the growth of Silicon Roundabout companies.
DLA Piper has advised Q2 Holdings, a provider of cloud-based virtual banking solutions, in its initial public offering valued at approximately $100m.
Conyers Dill & Pearman’s British Virgin Islands office has recently added four attorneys to its corporate and litigation practices.
Head of the tax practice
On 10 March 2014, the draft law implementing the Alternative Investment Funds Managers Directive 2011/61/EU (AIFMD) was submitted to Belgian parliament.
Pillsbury has launched an interdisciplinary legal team focused on unmanned aircraft systems that is led by Kenneth Quinn.
Ogier has advised Citigroup, Morgan Stanley and KKR in connection with the $1.7bn acquisition of Del Monte Foods Consumer Products.
NCTM has assisted with the the closing of the complex restructuring of Edilmonte Roma, a company owned by the Ferro family.
Minter Ellison has announced that it has appointed Tony Harrington AM as its new chief executive from 1 July 2014.
DLA Piper has advised Dulles-based SummitIG in its equity investment from ORIX Ventures and Columbia Capital.
DLA Piper has appointed Lillian Mackenzie as a partner in the projects team, part of the finance and projects group.
DLA Piper has been awarded the Best International Law Firm of the Year 2013–14 (India) award at the annual LegalEra Awards.
Ukraine/Russia sanctions escalate download
Sanctions have escalated at a rapid pace as western powers responded to the crisis in Ukraine and Russian’s annexation of Crimea.
Allen & Overy Amsterdam has introduced a series of breakfast meetings called ‘Early Birds’, which is organised by the firm’s Amsterdam financial regulatory team.
Dacheng senior partner Shang Jiangang delivered a keynote speech at the recent ‘Trends and Developments in Bitcoin, the China Perspective’ event.
Conyers Dill & Pearman has advised ADCM on the formation and certain legal documentation of a Cayman-domiciled real-estate acquisition vehicle.
Allen & Overy has advised the Flemish Region and PMV/Via-Invest Vlaanderen NV on the development of the A11 highway in Belgium.
JP Morgan’s £130m legal battle with Berlin’s public transport provider BVG in which Clifford Chance was implicated for allegedly providing negligent advice has settled.
The purpose of this brief note is to help market participants make contingency plans where the political crisis involving Ukraine results in sanctions and embargoes.
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
The Serbian political scene has seen a good deal of turbulence these past months due to all the events preceding the elections.
President Obama has signed an executive order authorising additional sanctions against persons the US has deemed to be contributing to the ongoing situation in Ukraine.
Are banks ready for the cloud? download
The move to the cloud, and the generational shift in computing that it represents, is well under way but we are still at the start of the journey.
In his Budget, the chancellor of the exchequer has announced a number of changes that will affect the SEIS, the EIS and VCT schemes.
Budget Summary: spring edition 2014 download
Winckworth Sherwood has released the 2014 spring edition of its Budget Summary.
As 1 April fast approaches, consumer credit licence holders will be engaged in reviewing their documents, policies and procedures.
Berwin Leighton Paisner has taken eight associates into the partnership across its London, Moscow and Hong Kong offices.
German firms Gleiss Lutz and Hengeler Mueller have had offices raided by state prosecutors investigating allegations of false testimony in lawsuits brought against their client Deutsche Bank.
Charities and the 2014 budget download
As announced in the 2013 Budget, the Finance Bill 2014 will provide for 30 per cent tax relief on investments in qualifying social enterprises.
Appleby has announced that its Hong Kong office received the Asia-Pacific Leisure Deal of the Year award at the 2013 Project Finance Awards.
The Garnet litigation highlights the potential repercussions for banks and financial institutions in reporting suspicion and a resulting refusal of consent by the FIS.
The IASB has brought the publication of an IFRS closer to realisation. But critical decisions remain to be addressed.
The headline policy from this week’s Budget is that individuals will, from April 2015, have full flexibility in what they do with their DC pension pots.
The US Foreign Account Tax Compliance Act (FATCA) creates a new tax information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs) and other ‘foreign’ persons.
Financial Services Regulatory Update — FCA’s fourth quarterly consultation; FCA thematic review; and approval of final text of UCITS V download
The Financial Conduct Authority has published its fourth quarterly consultation (CP14/4) in which it proposes amendments to certain parts of the FCA Handbook.
A recent High Court case highlights the risk in deriving comfort from FCA guidance and the importance of reviewing the underlying legislation.
On 18 March 2014, the Swedish Financial Supervisory Authority approved NASDAQ OMX Clearing as a central counterparty (CCP).
DLA Piper has advised Paylocity Holding Corporation in its initial public offering valued at approximately $100m.
Conyers Dill & Pearman has advised Stolt-Nielsen on the Bermuda law aspects of its issuance of NOK1,250m senior unsecured bonds due in 2021.
Allen & Overy has acted as Australian and international counsel to the export credit agencies and commercial lenders on the financing of the integrated Roy Hill iron ore project.
Lawyers threatened the Law Society with possible legal action today in the wake of Chancery Lane’s recent guidance on drafting Sharia law-compliant wills.
Freshfields Bruckhaus Deringer is about to kickstart the hunt for a London corporate head with former Asia managing partner Simon Marchant and deal-maker Julian Makin emerging as early frontrunners.
Budget update 2014 download
George Osborne has delivered his fifth Budget speech to the House of Commons, but despite speaking for nearly an hour the result was somewhat underwhelming.
In Osborne’s Budget, there was very little excitement for the real-estate sector, with no news building on the Autumn Statement 2013 to address business rates.
Conyers has advised on the Cayman Islands and BVI legal aspects of the acquisition by HM MOS International of Millennium Offshore Services Superholdings.
Faye Jarvis of Hogan Lovells has commented on the ‘radical’ changes to the way in which members of DC pension schemes can access their benefits in the future.
The biggest surprises in the chancellor’s budget statement on 19 March 2014 related to pensions.
Budget 2014 download
Following the 2014 Budget, Taylor Wessing has set out a summary of some of the main announcements.
Budget summary 2014: tax highlights download
The chancellor has delivered the Budget for 2014. This briefing provides a summary of the main tax points of interest.
Allen & Overy’s London and Moscow finance practices have collected the Finance Team of the Year accolade at the Legal Business Awards in London.
DLA Piper, in partnership with East African Development Bank, has run a regional training programme in Kigali, Rwanda, for public sector lawyers and law professors.
Allen & Overy is advising Société Générale on the disposal of its private banking business in Singapore and Hong Kong to Singapore’s DBS Bank, which turned to Allen & Gledhill and Clifford Chance for advice.
Coach company National Express has hired Burges Salmon banking and transport partner Sandra Forbes as general counsel.
Binder Grösswang is among the top Austrian firms in the JUVE rankings for banking and finance law.
Burges Salmon has prioritised women and finance work in this year’s promotions round, with four lawyers joining the partnership - one more than last year.
Ten practices and 24 Pillsbury attorneys have been ranked among the world’s top lawyers according to the 2014 Chambers Global guide.
The start of 2014 has seen the financial regulators begin formal investigations into the troubled Co-operative Bank.
In a move designed to bolster the firm’s presence in Japan, Pillsbury has announced that Anthony Raven and Simon Barrett will join the firm’s finance practice in Tokyo.
Switzerland-UK Budget 2014 analysis download
Despite the usual rumours, the UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years.
Luxembourg: developments in remuneration policy for banks, investment firms, UCITS management companies and external AIFMs download
The preceding weeks have been busy in terms of legislative and regulatory work in the field of remuneration policy.
Commercial interest rates by default download
When a tenant is late in the payment of its rents, some landlords will not go to the trouble of calculating and charging interest while the base rate is so low.
DLA Piper advised BTG Pactual as arranger and placement agent of the $132.8m project bond offering by Eten to finance a thermal cold reserve power plant in Peru.
DLA Piper has successfully acted for ING Bank in litigation proceedings initiated by, among others, Stichting Restschuld Eerlijk Delen.
DLA Piper has provided advice to online fashion retailer Boohoo.com on its flotation and placing of new shares on AIM.
Conyers provided Bermuda law advice to Castlelake, an institutional alternative investment firm specialising in aircraft, in connection with its $515.6m aircraft securitisation.
Allen & Overy claims it has completed a clean sweep of all overall legal adviser awards possible, in addition to topping the major league tables in 2013.
DLA Piper has appointed Paul Gray as a partner in the real-estate finance team, part of the finance and projects group.
DLA Piper has advised Vodafone Holdings Europe SLU on its acquisition of Grupo Corporativo Ono SA for €7.2bn on a debt- and cash-free basis.
Under the guidance of Dacheng, Fujian Makeng Mining has been granted approval from NAFMII for its planned issuance of short-term financing bonds.
Beijing Huinong Capital Management has signed an agreement with Dacheng to engage senior partners Zhu Zhongyou and Liu Yang from the finance practice as legal advisers.
Dacheng has advised Quanzhou Hanwei Machinery Manufacturing and Fujian Lishu Pulp & Paper on the issuance of SME private placement bonds.
Dacheng has provided legal counsel to Langfang Development Zone Construction and Development regarding its issuance of 2014 corporate bonds.
On 17 March 2014, the CSSF issued an updated version of its FAQs relating to the Luxembourg law of 12 July 2013 on alternative investment fund managers.
Karanovic & Nikolic recently created a platform that brought together industry players to discuss financing and the bankability of energy projects in the western Balkans.
The law has established a party’s right to claim privilege over certain documents to keep them out of legal proceedings.
Dacheng attorneys have undertaken advisory work for clients to help them acquire securities investment fund sales qualification.
Clifford Chance has toppled six spaces in this year’s global project finance rankings as Allen & Overy (A&O) rises to pole position with $94.9bn worth of deals.
Imagine you’re the general counsel of London-based private equity investor BC Partners. You’re sipping on your coffee, hashing out the details of your imminent £382m investment into UK-based business publishing company Mergermarket.
Do you accept Bitcoin? download
Bitcoin, the worldwide virtual currency, has attracted much attention in the press recently but little is known about what it is and how it may be used.
The PRC government has been rolling out a series of company registration reforms in an attempt to set up a more transparent and efficient registration regime.
The serious condition of the Italian archaeological and historical heritage is causing growing controversy. Pompeii is the litmus test of this situation.
NCTM has announced the internal promotion of four professionals who have excelled in their various areas of the law in the last few years.
Hogan Lovells has won Project Finance magazine’s Middle Eastern Oil & Gas Deal of the Year 2013 award.
An employee share option plan reserves and allocates a percentage of the shares of the company for share option grants to current and future employees.
Sometimes there is a prohibition on the payment of any dividend, which may be for a limited period of time.
Investors will want to protect the value of their shares from dilution in the event the company issues new shares. This article examines the formulas they use to achieve this.
Where venture capital investors hold a preferred class of shares and it is permitted to convert these to ordinary shares, they generally require the right to convert them at any time.
Explaining investment terms: exit download
Simon Walker looks at under what circumstances an investor may be qualified to leave the company.
The liquidation preference is a right that can be required by venture capital investors in recognition of the risk they bear on their capital contribution.
The right of redemption is the right to demand under certain conditions that the company buys back its own shares from its investors at a fixed price.
Pillsbury has announced that Alan B Kalin has joined the firm’s corporate and securities — technology practice in the Silicon Valley office.
Appleby has appointed Anne Freeman as a senior associate (solicitor, England and Wales) in its corporate and commercial team.
Schoenherr practice areas in Austria and across CEE attained eight rankings in the top tier (Band 1) awarded by Chambers and Partners.
Wragge & Co has been appointed to advise Birmingham City Council on the sale of the NEC Group, which owns venues including the NEC, the ICC and the NIA.
DLA Piper has advised Coupons.com on its initial public offering on the New York Stock Exchange.
Conyers Dill & Pearman’s BVI office has been ranked in Band 1 in both the corporate and finance and dispute resolution categories in Chambers Global 2014.
Conyers Dill & Pearman has again been recognised as a Band 1 offshore firm in Chambers Global, one of the world’s foremost guides to the legal profession.
The Manchester office of Addleshaw Goddard has advised Zeus Capital in its role as nominated adviser and broker to the IPO of Boohoo.com on AIM.
Compared with other topics that relate more to specific industries (for example investment access), the topic of forex control liberalisation is of a more generic nature.
DLA Piper has released Issue 15 of its Real Estate Gazette, which focuses on the topic of sustainability.
All the latest partner hires and other appointments within firms and offices in the Asia Pacific region.
Hogan Lovells has announced that corporate partner Jan de Snaijer is to take on the role of office managing partner of the firm’s Amsterdam office.
They’re getting the mandates, and they’ve got the hiring power. Are US firms elbowing out the magic circle on leveraged finance?
Have the magic circle firms squandered their lead in acquisition finance?
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.
RMR provides detailed information on the restrictions applicable where an OFI markets or sells a range of financial products and services on a cross-border basis.
BDK offers specialised knowledge in banking transactions, capital markets, project finance, derivatives and structured finance products and insolvency and restructuring.
We advise on the most appropriate corporate forms for establishing a presence in local jurisdictions, as well as on more complex issues.
Russian firm Egorov Puginsky Afanasiev & Partners is boosting its capital markets practice with the hire of a team led by the managing partner of corporate and finance boutique Liniya Prava.
FATCA update for UK trustees download
FATCA will apply to all financial institutions in the UK and will require all financial institutions to file reports.
In October 2013, the Financial Conduct Authority (FCA) published a consultation paper setting out its proposed approach to the regulation of crowdfunding platforms.
Retired senior partner and immediate past chair of Pillsbury Mary Cranston will receive the inaugural Hortense Ward Courageous Leader Award by the Center for Women in Law.
The corporate team at Nabarro has advised Hiscox on a £200m return of capital to its shareholders.
Hogan Lovells has advised long-standing client Shaftesbury on the placing of 25,250,000 new ordinary shares, announced on 6 March 2014.
The anonymous nature of Bitcoin payments has caught the attention of tax authorities and other regulators, both in Australia and overseas.
The US Department of the Treasury and the Internal Revenue Service have released the ‘last substantial package of regulations’ necessary to implement FATCA.
Allen & Overy in Luxembourg has announced the launch of its international desk in London.
Regulatory Update — Serbia: the key risks and mitigating measures in the banking sector, the Vienna Initiative and more download
There are 30 banks in Serbia, of which six are state owned (wholly or partially) and 21 are foreign owned.
Chris Busby and Jeremy Irving from Eversheds have commented on news that the UK FCA is set to intervene in the insurance add-ons market.
Dacheng senior partner Li Shoushuang has advised JD Capital on the formation of a new US dollar fund, the Jiuding China Growth Fund II.
Conyers Dill & Pearman has advised the underwriters on the initial public offering of Lenta, a Russian hypermarket chain.
Allen & Overy has advised Deutsche Bank, Crédit Agricole Corporate and Investment Bank and Société Générale as mandated lead arrangers on two murabaha facilities for Mobily.
Agency for Financial, IT and Intermediary Services from Sarajevo fined for abuse of dominance download
The Competition Council of Bosnia and Herzegovina has fined the Agency for Financial, IT and Intermediary Services for abuse of dominant position in the relevant market.
Luxembourg legal update — March 2014: enforcement of 2013 financial information, criminal settlement for Luxembourg and more download
Arendt & Medernach has released its Luxembourg legal update for March 2014.
Freshfields Bruckhaus Deringer has made up 15 new partners in its 2014 promotion round, creeping up slightly from last year’s low of 14.
South African firm Werksmans has recruited two finance partners from Baker & McKenzie, two years after the duo were among a team that left the firm for Dewey & LeBoeuf.
BDK has announced that Dragan Demirovic has joined the firm as head of the tax practice. He joins from Deloitte.
Nabarro is investing in the growth of its dispute resolution team with the lateral hire of Lee Gluyas, a partner with a specialist focus on complex IT disputes.
The legacy of the global financial crisis is ever apparent, especially for those working in the real-estate finance sector.
From 15 March 2014, Hungarian law will recognise the concept of trust, and the problems with securing syndicated loans under Hungarian law seem to be solved.
Heavyweight One Essex Court silk Tony Grabiner QC has been appointed to lead the independent investigation into allegations of forex manipulation at the Bank of England (BoE).
DLA Piper has advised Oakley Capital Private Equity and its fund OCPE II Master LP on the acquisition of a majority stake in NTG.
Move towards a Chinese FATCA? Enhanced reporting requirements for PRC residents on foreign assets and transactions download
The PRC State Council has released the revised reporting requirements for ‘PRC residents’ in relation to their cross-border receipts and payments.
Finance lawyers at Walker Morris have advised waste specialist company Augean on its £15m refinancing.
Field Fisher Waterhouse has further bulked up its finance group with the hire of Simmons & Simmons partner Philip Abbott.
Travers Smith has been appointed to lead an independent review into allegations the Bank of England allowed fixing of the multi-trillion dollar foreign exchange (forex) market.
In January 2014, the FCA issued guidance on proportionality in the operation of certain remuneration provisions.
In February 2014, the European Securities and Markets Authority (ESMA) published a Q&A document regarding the application of the AIFMD.
Case update — performance bonds download
A court has reinforced the position that the primary liability to pay under a performance bond is separate from the relationship between the parties to the underlying contract.
US tax reform update: House Ways and Means chairman tax reform discussion draft and new building blocks for eventual US tax reform download
The last two weeks have seen significant developments in building the blocks for what could eventually form the base of US tax reform.
The cost and headache of operating client accounts can be a significant drain for solicitors — so why do it?
One Essex Court’s Tony Grabiner QC and Mishcon de Reya have picked up a role on private equity magnate Guy Hands’ long running battle against Citigroup over his ill-fated acquisition of EMI.
The City of London Law Society Land Law Committee has released a protocol for discharging mortgages of commercial property.
Finance lawyers from Walker Morris have advised budget gym operator Xercise4Less on securing a £5.5m finance package from Lloyds Commercial Banking to facilitate expansion.
Walker Morris has held its third Food Leadership Dinner at the Cedar Court Hotel in York, which was attended by key figures from the UK food and drink sector.
Conyers Dill & Pearman has played key roles in both of Marine Money’s Securitisation Deals of the Year.
Practically every aspect of financial law is regulated and controlled to the highest degree. Not so state insolvency.
The purpose of this paper is to examine the impact of a sovereign state restructuring on credit default swaps.
The pari passu clause typically provides that the bond debt will rank pari passu with other debt or, in the case of sovereigns, other external debt.
This paper explores how the Greek debt reorganisation of 2012 changed the rules of sovereign insolvency.
Financial Services Regulatory Update — the FCA’s notes for AIFMs, managing the risks of financial incentives and more download
Marfarlanes has released the 7 March issue of its Financial Services Regulatory Update.
Shadow banking is an incredibly complex and complicated subject that regulators themselves still do not know how to tackle.
The euro: the ultimate crib download
This paper is a summary checklist of the state of the art about contingency planning for a euro break-up.
The euro and currency unions download
This briefing reviews the role of the euro in the context of the formation and break-up of currency unions.
Cyprus is a tiny economy but the treatment of its financial problems by the eurozone could have symbolic and far-reaching consequences.
Barack Obama has signed an executive order authorising targeted sanctions against persons determined to be contributing to the ongoing situation in Ukraine.
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
The offshore jurisdictions are thought to be secretive, with banking secrecy being an important part of what those jurisdictions offer to businesses and individuals who use them.
Berwin Leighton Paisner has named two new department heads within its finance team following a string of exits from the firm.
Ilyashev & Partners provides highly professional advice on banking, corporate finance, debt collection, investment, property assets and lease, securities.
Ilyashev & Partners represents its clients worldwide by working closely with many leading international law firms abroad.
Schoenherr’s tax practice group advises domestic and international clients on their most sophisticated and challenging tax matters.
The real-estate practice group is highly regarded across CEE/SEE. It enjoys high visibility in the region’s largest and most important transactions and projects.
Schoenherr’s IP practice group has long-standing experience and an outstanding reputation in trademark, design, patent, copyright and unfair competition matters.
Our core practice is advising and representing clients on transactions and complex corporate and commercial matters.
Dentons has unveiled a mass restructure for its UKMEA LLP following its 2013 tripartite merger, bringing its list of practice and sector groups under five new divisional heads.
Schoenherr advises on banking, finance (including project and acquisition finance), debt restructuring and re-financing, acquisition and disposition of distressed assets and loan portfolios, claims trading, capital market transactions (including equity/equity linked, hybrid, debt and regulatory capital issuances) funds, derivatives, structured finance, securitisations and other financial services.
Ogier BVI and Bryan Cave have advised a private investor group led by Peak Hotels & Resorts Group on the acquisition of Aman Resorts.
Partner and co-head of the shipping group Oliver Rossbach will participate in a panel discussion at INSOL Hong Kong about shipping insolvencies and restructurings.
The Trust Deficit: After the Crash — DLA Piper’s response to a perspective report by Populus download
The Trust Deficit: After the Crash report suggests that trust between business, politics and the media has broken down completely.
This update contains a summary of news and legal developments that have affected the banking and finance industry over the last month.
Marshalling is an equitable remedy for achieving fairness between two or more secured creditors of the same debtor.
JPM Jankovic Popovic Mitic has provided full legal support to Serbian companies Imlek, Knjaz Milos, Bambi and Diary Subotica.
JPM Jankovic Popovic Mitic has announced that senior lawyer Nikola Poznanovic has been made a partner in the firm as of 1 February 2014.
DLA Piper has appointed Tony Katz and Alexander ‘Sam’ Millar as partners in the litigation and regulatory group.
DLA Piper has acted for Nord LB on the financing of Lilbourne wind farm, developed by Energiekontor.
Attorneys in Dacheng’s Changsha office have been elected to posts at the eighth Hunan Lawyers’ Congress and the fourth Changsha Lawyers’ Congress.
An administrator, liquidator or receiver must make a ‘prescribed part’ of the company’s net property available for the satisfaction of unsecured debts.
Tax Newsletter — Serbia: rulebooks on tax balance and tax returns for corporate taxpayers and entrepreneurs download
Karanovic & Nikolic has published the March 2014 edition of its Tax Newsletter.
The Financial Report — CSA proposes prospectus amendments; ASIC on use of internet for selling securities; and more
DLA Piper has released the latest version (Volume 3, No.5) of The Financial Report, featuring news and analysis from across the financial sector.
The notion of ‘gross negligence’ is an important matter for customers and institutions alike and has been reviewed by the High Court and Supreme Court in deciding a recent case.
The FCA has published its policy statement on the regulation of crowdfunding. This follows its consultation paper in October last year.
Nicholas Scott discusses bilateral investment treaties and their role in protecting the interests of mining companies from detrimental actions taken by host countries.
This issue looks at some of the issues that will be prominent in the emerging financial environment and the developing products that are arising in the post recessionary global economy
InCredit March 2014 — mortgages: Mortgage Credit Directive text published in OJEU; FCA publishes findings to MCOB survey; and more download
The text of the Mortgage Credit Directive (MCD) (2014/17/EU) has been published in the Official Journal of the EU.
InCredit March 2014 — market news: Paragon Bank launches under PRA new capital regime; and more download
According to a company press release, Paragon Bank has become the first new bank to obtain a banking licence from the PRA.
InCredit — March 2014: insurance download
The insurance section of the March edition of InCredit features a guide to CMCs and complaints handling and discusses the FCA’s comment on the proposed PPI time limit.
This month’s round-up of developments affecting the consumer credit industry sees the FCA announce tough rules for payday lenders and more.
This section of InCredit looks at the EU study published on consumer protection and financial services, the Banking Standards Review and more.
The ASA has published an adjudication upholding a complaint relating to a television advertisement for a repayment retailer.
It is common in mortgage fraud for lenders to lose advances where their solicitors are innocently duped by fraudsters.
Wragge & Co has been overlooked by Premier Foods in its £1.1bn capital refinancing plan, with Slaughter and May picking up the core mandate on the deal.
Financial services dispute resolution body Prime Finance has recruited another 16 senior lawyers for its panel of experts, bringing the number on the list to more than 100.
DLA Piper has advised Tilad, a multi-family office based in the Gulf region, on the acquisition of the BMW Logistics Centre in Niederaichbach near Munich.
A team from Dacheng has been retained as standing legal counsel for Guangdong Huidong Rural Commercial Bank and Guangdong Boluo Rural Commercial Bank.
Dacheng attorney Qi Yan has advised Qinghai Jiangcang Coal Co on its SME private placement bonds issue on the stock exchange of Shenzhen.
Mourant Ozannes has a new Guernsey advocate. Matthew Guthrie, a senior associate within the international trusts and private client practice, has been sworn in at the Royal Court of Guernsey.
Mourant Ozannes has a new Jersey advocate and Jersey solicitor. James Daniel and Carol Doherty appeared before the Royal Court of Jersey on 3 March 2014.
This note summarises the attractions of the Cayman Islands for prime brokers wishing to establish a prime brokerage business outside their home jurisdictions.
The Securities Litigation Uniform Standards Act of 1998 does not preclude class action lawsuits asserting state law claims in connection with the notorious Ponzi scheme.
Riaz Karamali, a partner in Pillsbury’s Silicon Valley and San Francisco offices who represents emerging growth companies, answers some common questions innovators face.
Stephenson Harwood has advised Soma Oil & Gas Holdings on an equity investment of $50m from private equity investment company Winter Sky.
Stephenson Harwood has appointed Tom Platts as a partner in its corporate practice in Singapore. Platts has been based in Singapore for three years.
Andrew Northage considers another case in which the FCA took enforcement action against inadequate anti-bribery procedures — even where no bribery had occurred.
In a decision in January, the Information Commissioner’s Office found that the Financial Conduct Authority had breached the Freedom of Information Act 2000.
Pillsbury has announced that partners Graham Tyler and Debra Erni will join the firm’s finance practice in London at the beginning of May.
The last two years have seen Libor manipulation or rate fixing at the centre of a scandal that emerged in the US and crossed the Atlantic to the UK.
Addleshaw Goddard has released the latest version of its InVest publication, which focuses on developments affecting banks, wealth managers, brokers and funds.
How do you solve a problem like the Berwin Leighton Paisner (BLP) finance team?
It is now two years since the collapse of mammoth firm Dewey & LeBoeuf. But the next chapter in the story of its dramatic spiral into crisis is about to emerge in lurid technicolour following a High Court trial last week.
NCTM has strengthened its London office and banking and finance department with the appointment of a new partner, Andrea De Tomas.
NCTM has acted as legal adviser to Gala in its listing on AIM Italia, the alternative capital market devoted to SMEs and managed by the Italian Stock Exchange.
A former ABN Amro Group senior lawyer has brought a £300,000 case against the bank after claiming she was racially harassed and hounded out of her job.
Ben Jones, tax expert at Eversheds, has commented on news that the UK is set to scrap VAT on Bitcoin.
On 24 February 2014, deferred prosecution agreements legislation was finally brought into force in respect of a wide range of criminal conduct.
Conyers Dill & Pearman has been recognised for its expertise in the Asian legal market, being named ‘Offshore Law Firm of the Year’ at the 2013 China Business Law Awards.
Conyers Dill & Pearman has advised Nomura in connection with the £237m refinancing of the group of companies owned by Camden Market Holding Corp.
This alert describes the final regulations issued by the FRB that modify the former requirements applicable to foreign banking organisations pursuant to the FRB’s Regulation K.
Singaporean firm Rajah & Tann has taken a team of 14 lawyers from US firm Hunton & Williams’ Bangkok office.
InSure — February 2014: BIBA’s budget statement, IMD2 amendments, Insurance Contracts Bill and more download
Addleshaw Goddard has released the February 2014 edition of InSure, which centres on developments affecting the insurance industry.
The recent changes introduced in Luxembourg to its limited partnerships make it a desirable jurisdiction in which to establish alternative investment funds.
Winckworth Sherwood is set to attend MIPIM 2014 on 11–14 March in France. MIPIM is described as the leading real-estate event for property professionals.
Hogan Lovells has been presented with the Restructuring Team of the Year award at the International Finance Law Review (IFLR) Asia Awards during a ceremony in Hong Kong on 26 February.
Finance and real-estate lawyers at Walker Morris have advised Evans Management on a funding deal worth £175m to assist with investment and acquisition opportunities.
DLA Piper has appointed Richard Hopkinson-Woolley, Laurence Rogers and Neville Wright to its real-estate team. The three partners join the firm from BLP.
The Court of Appeal has upheld an appeal from the High Court decision in Clark v In Focus that Financial Ombudsman Service decisions are not binding on the claimant.
The High Court will examine whether banking giant Barclays colluded with the now defunct Dewey & LeBoeuf to induce partners to take out individual loans to keep the firm afloat.
Top 10 tips — insurance requirements download
Gateley looks at some of the themes that commonly crop up in transactions when negotiating insurance provisions in finance documents.
A commercial entrepreneur who applies national accounting standards has the possibility to operate a revaluation of its industrial property assets in the 2013 balance sheet.
Svitlana Musienko, partner and head of tax at DLA Piper in Ukraine, has been re-elected as a board member of the IFA in Ukraine for the third time in a row.
Allen & Overy has announced the promotion of 16 lawyers to partner across its global network in the Asia-Pacific, Europe, the Middle East and North America.
After scooping a prize at The Lawyer Awards for the rescue of Northern Rock, the merged Virgin Money in-housers are now on a mission to rewrite the banking best-practice rulebook
Linklaters has lost another capital markets partner with the exit of Nigel Pridmore, who quit the firm last month.
The fragile refinance market is back in rude health and US-style alternative lenders are stepping up with innovative structures to sustain the recovery
Russia dominates accolades of firms that have stayed strong and imaginative
International Law at Work: intranet announcement creates legally enforceable right to bonus promised for bank employees download
Making a contract with the whole world is not a legal concept that is intuitively recognised.
Wragge & Co’s banking and finance team has assisted long-standing client Sanctuary Group in the securing of a £350m loan from the European Investment Bank.
Taylor Wessing has been shortlisted for the ‘Effective Legal Team’ award at the WealthBriefing European Awards 2014.
In the UAE, there are two separate jurisdictions that need to be considered. This update will focus on some recent developments in both jurisdictions.
The Federal Reserve has issued a final rule that will fundamentally change the way in which non-US banks are regulated and supervised in the US.
A Bermuda court has ruled that the target of an intergovernmental request for information under a TIEA may require the attorney-general to produce the terms of the request.
Repeated unmeritorious attempts by the borrower to avoid repossession by the receivers and lender led to the strike-out of the borrower’s claim.
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
Anina Boshoff, a finance partner at Edward Nathan Sonnenbergs, is joining Hogan Lovells on 1 March 2014 to head up the banking and finance department in Johannesburg.
The 2001 Law Commission Report led to the introduction of the Land Registration Act 2002. This replaced the 1925 version of that act.
Deferred prosecution agreements, the government’s newest weapon in the fight against corporate crime, have become available to prosecutors.
The ESMA has written to the European Commission requesting that the definition of ‘derivative’ or ‘derivative contract’ in Regulation (EU) No 648/2012 is clarified.
A long-term holder of securities may wish to enhance the yield provided by such securities by lending in exchange for collateral and a fee.
The Court of Appeal has allowed an appeal by a firm of financial advisers, In Focus Asset Management & Tax Solutions Ltd, against its former clients Mr and Mrs Clark.
A raft of ten firms including Clifford Chance, Norton Rose Fulbright and Burges Salmon, have been appointed to the UK Green Investment Bank’s (GIB’s) first-ever formal legal panel.
Lloyds Banking Group is collecting internal feedback on its panel firms as it prepares to kick off a review of its delayed customer-pay panel, The Lawyer understands.
Two years on from DLA Piper’s report The Trust Deficit: Views from the Boardroom, the firm returns to the theme and asks how companies can foster a culture of trust in a post-crash economy.
Allen & Overy has announced the promotion of 16 lawyers to partner across its global network in the Asia-Pacific, Europe, the Middle East and North America.
Trusts (Capital and Income) Act 2013 download
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.
Finance companies are liable to the ultimate customer on the basis of joint and several liability with the supplier — and this includes in relation to fraudulent misrepresentations.
A Court of Appeal decisionhas ended the legal uncertainty as to whether claimants who had accepted the maximum amount the Ombudsman can award could then sue in court for the balance of their losses.
A dispute related to a shipbuilding contract where the bank guaranteed the payment obligations of its customer, the buyer, to the claimant seller under the contract.
Berwin Leighton Paisner (BLP) has appointed projects and infrastructure head Adam Dann as finance head following the surprise resignation of partner Matthew Kellett last October.
This article considers the key competing mobile payment technologies and the legal risks, and how the adoption of these technologies may shape the payments market of tomorrow.
CSSF updates FAQs on AIFM Law download
The CSSF has issued an updated version of the FAQs relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers (the AIFM Law).
DLA Piper’s 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically.
Allen & Overy has been recognised as the ‘Best Overall Law Firm in Islamic Finance’ for the third consecutive year at the annual Islamic Finance News Awards ceremony.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor’s obligations.
Gateley has advised management on its recent buyout of Reader Offers, an independent cruise specialist for all the major cruise lines, from its privately held owner.
The Master of the Rolls Lord Dyson has recommended raising the cost budgeting limit from £2m to £10m for Commercial Court cases.
Teaming up to bring litigation can be a struggle, as shown by the latest stage in the fight between RBS and the shareholders bringing a case against it.
The Bank of England (BoE) has created two new legal jobs due to an influx in work from its financial services regulatory body Prudential Regulation Authority (PRA).
Bird & Bird dispute resolution head Steven Baker has come under fire from the High Court after he made a £635m "mistake" in calculating the claim value of a mammoth shareholder group action against the Royal Bank of Scotland (RBS).
Dacheng attorneys have advised Nantong-state-owned Assets Investment Holdings on short-term financing bills and medium-term notes registration.
Dacheng senior partner Yu Bin has been appointed as an arbitrator by the Qingdao Arbitration Commission.
Williams v Central Bank of Nigeria download
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.
Dacheng has advised Sundiro on offshore funding and joint venture formation in relation to a project with Italy-based yacht maker Sanlonrenzo.
The Second Circuit has broadened the SEC’s power to seek civil disgorgement of profits from insider trading violations, even where an individual did not personally profit.
Hogan Lovells has advised Mishmeret Trusts Company in its role as trustee and security agent for the high-yield issuance of $800m of senior secured notes due 2021 by B Communications.
This newsletter sets out in chronological order the main tax news/amendments published in the period of 1–31 January 2014.
This report presents detailed results of a survey of more than 250 debt providers, advisers, sponsors and corporates active in the European acquisition finance debt market.
Clifford Chance has elected Guy Norman as its new corporate chief following an uncontested election.
Modern digital currencies such as Bitcoin attempt to do something fundamentally different to a digital representation of ‘standard’ money.
English courts have ruled that accepting an award from the FOS can be a bar to any further proceedings in England and Wales. Shoosmiths examines whether the same principles apply in Scotland.
DPAs may be relevant to any Jersey company that is liable to prosecution under the UK’s Bribery Act 2010.
Direct disclosure obligations resulting from joinder of adult beneficiaries to matrimonial proceedings affecting trusts download
The trustees had applied to the Royal Court of Jersey and the Eastern Caribbean Supreme Court for the approval of their decisions not to participate in the English financial remedy proceedings.
APRA’s new regime on risk management download
The Australian Prudential Regulation Authority (APRA) recently released a package of governance measures for banks, and general and life insurance companies.
Karanovic & Nikolic has been named ‘Law Firm of the Year’ for Eastern Europe and the Balkans at The Lawyer’s recent annual European Awards ceremony.
Conyers Dill & Pearman has advised Global Container Assets 2013 on its $280m (£168m) note offering.
While much has been written about the Volcker Rule’s restrictions on banking entities, less attention has been paid to its impact on asset managers who are not banking entities subject to the rule.
New directive would require member states to provide in their national legislation for criminal sanctions related to insider dealing, market manipulation and unlawful disclosure of inside information.
Deferred prosecution agreements, the government’s newest weapon in the fight against corporate crime, become available to prosecutors from 24 February 2014.
Mexico has recently adopted amendments to the Mexican Constitution that will profoundly change all aspects of the electric power sector in Mexico.
It is not unusual for a settlor to impose confidentiality conditions upon trustees by the terms of the trust. However, there are limits to the extent to which information may be withheld from beneficiaries.
‘Firms must put the interests of customers first’ warns the FCA as it hands down its largest ever retail conduct fine
Failings by insurance intermediary HomeServe have resulted in the company being fined £30.6m, the largest amount ever imposed by the Financial Conduct Authority for the retail sector.
The Financial Report — donation-based platforms, SEC’s draft strategic plan and ASIC information sheet for whistleblowers
DLA Piper has released the latest version (Volume 3, No.4) of The Financial Report, featuring news and analysis from across the financial sector.
The Authorised Collective Investment Schemes (Class B) Rules 2013 came into operation on 2 January 2014, replacing the Collective Investment Schemes (Class B) Rules 1990.
What is your opinion? Why opinions can be of critical importance on a cross-border transaction download
Opinions are common legal documents, although their importance is often overlooked. This post explains what they are.
Paul Chaisty QC and Mark Harper of Kings Chambers have acted for Redstone Mortgages on four ‘test’ professional negligence claims against a firm of solicitors.
This article looks at what prompted the Law Commission’s consultation on the fiduciary duties of investment intermediaries, what it is focused on and what might come next.
Taylor Wessing has advised Grand City Properties on its issue of €150m senior secured five-year convertible bonds convertible into new and/or existing ordinary shares.
ESMA has published a Q&A on the application of the Alternative Investment Fund Managers Directive (AIFMD).
Eversheds has advised Flybe Group, a company listed on the London Stock Exchange, on raising £150m by way of a firm placing and open offer.
Attorneys from Dacheng’s Changsha office have advised Kingdom Auto-Control Tech (Changsha) Co on its NEEQ Listing.
A team of attorneys from Dacheng’s Wuhan office has advised Ferguson (Wuhan) Biotechnologies on its application for a listing at the NEEQ system.
Dacheng has advised two Harbin-based enterprises on their launch on the NEEQ system.
Disputes about which country should deal with a divorce and financial claims are high-stake, with international couples navigating through complex international, EU and domestic laws.
Russian powerhouse Egorov Puginsky Afanasiev & Partners triumphed at The Lawyer’s fifth European Awards last night, taking home the title of European Firm of the Year.
In these video briefings, Pillbury partner Mike Sullivan takes on four key issues that entrepreneurs commonly contend with in the early days of their start-up efforts.
The CSSF has published on its website the fourth update of its Frequently Asked Questions document regarding Luxembourg’s law of 12 July 2013 on alternative investment fund managers.
Luxembourg’s CSSF has issued a circular that aims to clarify technical details of how alternative fund managers should comply with reporting obligations.
Bingham has posted its biggest decline in firm-wide revenue for 20 years, with total turnover for 2013 falling by 12.6 per cent from $871.8m to $762m.
The US government has taken another important step in helping to reintegrate Myanmar (referred to as Burma for official purposes) into the global economy.
Shoosmiths has advised Singapore-based Freight Investor Services on the strategic sale of a majority shareholding in Cleartrade Exchange to European Energy Exchange.
DLA Piper has advised the McCambridge Group on the sale of Soreen to Gibbs Croft, part of Samworth Brothers.
Conyers Dill & Pearman has provided BVI and Cayman advice to Honworld Group on the global offering of its shares and its listing on the Hong Kong Stock Exchange.
Conyers Dill & Pearman has provided BVI advice to Guangzhou R&F Properties on the issue of $1bn 8.50 per cent senior notes due 2019.
Conyers Dill & Pearman in Hong Kong has provided BVI and Cayman Islands advice to Miko International Holdings on the IPO of a PRC children’s clothing retailer.
European Finance Litigation Review — February 2014: litigation concerning banks’ disclosure requirements and more download
This quarterly edition of the European Finance Litigation Review contains coverage of the most interesting cases and developments from across Allen & Overy’s European network.
Allen & Overy has advised JP Morgan Securities, Berenberg Bank, Deutsche Bank and Anoa Capital on the successful placement of €150m secured convertible bonds.
Agreement on the core rules of the second Markets in Financial Instruments Directive (MiFID II) download
The European Parliament and the European Council have reached an agreement in principle on updated rules for the market in financial instruments.
DLA Piper is one of the most active law firms in terms of venture capital (VC) deal volume, according to the ‘2013 Most Active VC Law Firms’ report published by PitchBook.
Ben Jones, tax expert at Eversheds, has commented on concerns that the introduction of an EU-wide financial transactions tax could hit UK savers.
The recently published FCA sanction against HomeServe Membership provides further insight into the regulator’s expectations of senior management.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor’s obligations.
SEC provides expanded no-action relief from broker-dealer registration for intermediaries in private M&A transactions download
The staff of the SEC’s Division of Trading and Markets issued a no-action letter on 4 February that provides guidance on how intermediaries may effect securities transactions.
Stephenson Harwood has advised three separate companies on their recent secondary fundraisings, raising more than £60m in aggregate.
Litigation and Regulatory Update: no knock-out blow in bank fees class actions (Paciocco v ANZ) download
Both sides claimed victory when Justice Gordon of the Federal Court of Australia delivered her decision in the bank fees litigation, Paciocco v ANZ.
There has been an increase in the number of investment treaty arbitrations brought by investors seeking to enforce their rights against states.
A term sheet is a document that outlines the key financial and other terms of a proposed investment.
Fundraisings of early-stage life science companies can be complicated affairs from the point of view of actually securing the funds from investors in the first place.
The articles of association are a contract between the company and each shareholder and between the shareholders themselves.
A life sciences company raises funds either by issuing shares or by borrowing money from individuals, venture capital bodies or lending institutions.
A team of Dacheng attorneys, led by senior partner in finance Wang Weidong, has been named the best service provider in the microcredit sector.
All the existing shareholders and the company should be a party to the agreement, although it may not be practical for all minority shareholders to be a party if there is a large number of them.
It is common in investments for life sciences companies for a term sheet to be put in place between the investors and the founders that sets out the key terms of the investment.
While a business founder may have come up with a brilliant invention, he or she may be totally unfamiliar with even the most basic corporate concepts.
The long-awaited judgment in Clark v In Focus was handed down at the Court of Appeal on 14 February, allowing the appeal.
DLA Piper’s financial services regulatory team has released the spring 2014 edition of its Money Laundering Bulletin.
Conyers has acted for the borrower, RISE, in relation to the financing of an acquisition from affiliates of GECAS of a portfolio of 26 commercial passenger aircraft.
DLA Piper has been named Law Firm of the Year at the 2014 Legal Business Awards, held on 13 February at the Grosvenor House Hotel in London.
The Court of Appeal has accepted the arguments of Bank of Scotland in the first reported case to analyse the proper content of a unilateral notice registered in the charges register to a property.
Registering as a financial institution via IRS FATCA portal and the role of the responsible officer download
Ogier has compiled the most frequently asked questions regarding the Foreign Account Tax Compliance Act (FATCA) regulations.
Croatia: recent news highlights — Strategic Investment Act and proposed new act on maritime goods and sea harbours download
The new act on strategic investment in Croatia has achieved its goal of reducing administrative procedures and ensuring the speedy realisation of strategic projects in Croatia.
FCA proposes revised test for sponsor competency and sparks debate on joint sponsor arrangements download
In its new consultation paper, the FCA proposes various changes to the sponsor competency regime and initiates discussion on joint sponsor arrangements.
Companies House updates its guidance on the penalties imposed on companies that file their accounts late download
Other than in very limited circumstances, all companies, even those that are dormant or exempt from audit, are required to file accounts at Companies House each year.
CMS and Dundas & Wilson are understood to be in talks with their shared clients over which partners will stay on their rosters after the two firms merge on 1 May 2014.
Stephenson Harwood has advised Incadea on the acquisition of RC Real Business Solutions and an associated placing of 11,100,000 ordinary shares.
If you have paid duty on the extension of a deferred note purchase financing arrangement, you may be entitled to a refund of the duty.
A further tranche of tax legislation to exempt ‘IMR foreign funds’ from Australian income tax has been released for public comment.
Mills & Reeve has advised Trinity College on its acquisition of Dunsfold Park near Cranleigh in Surrey at a total cost of just more than £50m.
Hogan Lovells has hired Andy Ferris as a partner in its Singapore international debt capital markets team. He will join the law firm on 3 March 2014.
Conyers Dill & Pearman has provided legal advice to Franco-Nevada (Barbados) Corporation in relation to the $135m financing to Teranga Gold Corporation.
Dickson Minto is beefing up its banking department with the hire of Weil Gotshal & Manges senior associate Chris Barron, who is joining the firm as a partner.
Hogan Lovells has achieved success for Otkritie, a Russian financial services provider that the firm advised throughout a dispute regarding multi-million-dollar fraud against it.
Allen & Overy has advised Citigroup in its capacity as co-arranger with HSH Nordbank in relation to a secured refinancing transaction of HSH Nordbank.
DLA Piper has advised China Shipping Terminal Developments on its acquisition of approximately 24 per cent of issued shares in APM Terminals Zeebrugge.
Eversheds has appointed three partners to its financial services dispute resolution and investigations team in response to increasing client demand.
Taylor Wessing has been named one of eprivateclient’s Top 25 Most Admired Companies.
On 10 December 2013, HMRC published the 2014 Draft Finance Bill. The new rules will come into effect from 6 April 2014.
This article details what types of transactions give rise to a heightened risk of insider trading, highlights the importance of confidentiality and provides practical guidance.
The Belgian Financial Services and Markets Authority is consulting on new rules regarding the marketing of financial products to retail clients.
There has been unanimous support from the European Parliament’s Economic and Financial Affairs Committee for the agreement on the proposed CSMAD.
InVest — February 2014: banking download
The European Commission published its plans for structural reform of the banking sector on 29 January 2014.
This alert provides a preliminary assessment of the cybersecurity EO and observations that may be helpful in considering how new standards may affect your company.
EU audit reform — all change download
On 17 December 2013, the European Parliament voted to accept the European Commission’s revised proposals for audit reform.
Investigation into Mayfair Charities download
The Charity Commission last month released the findings of an investigation begun in July 2012 into concerns over Mayfair Charities’ financial accounts.
With European elections in May, the flow of new regulations from Europe is expected to slow, with the immediate focus being on fine tuning already adopted policy.
The continuing obligations of Cayman Islands regulated funds are set out in the Companies Law and Mutual Funds Law (as amended).
On 16 January 2014, the Financial Conduct Authority published its finalised guidance on supervising retail investment advice.
This section of InVest includes an update from the Financial Conduct Authority on the Retail Distribution Review post-implementation review timetable and more.
The BoE has published a statement relating to the exercise of the Financial Policy Committee’s powers to supplement capital requirements for the purposes of financial stability.
Reed Smith has hired Travers Smith leverage finance partner Ben Davis in a further boost to its UK finance practice.
An article in the 2014 State Budget Act aims at fostering the modernisation or construction of sports facilities by simplifying the relevant administrative procedures and by foreseeing innovative funding.
The City of London Law Society Land Law Committee has produced a protocol for discharging mortgages of commercial property.
Three years after investing in Discovery Holiday Parks, Next Capital, Allegro Funds, Macquarie Funds and management have sold the majority of the business to Sunsuper.
Mills & Reeve has assisted IVF clinic Bourne Hall on the agreement of a deal with Mobeus Equity Partners to raise a £3.5m equity investment.
Governance News — 11 February 2014 download
The fallout from controversial trades in David Jones (DJs) shares and a rejected merger proposal have escalated, with the chairman and two other directors stepping down from the DJs board.
This article explores profit and loss allocations by partnerships, the special rules for AIFMs and the disposal of assets through partnerships that lead to a tax advantage.
Addleshaw Goddard has released the January 2014 edition of its Corporate Finance News publication.
This update contains a summary of news and legal developments that have affected the banking and finance industry over the last month.
Partner and founder
JPM advises on all aspects of individual employment issues, as well as on collective bargaining agreements, redundancy plans and social and restructuring programmes.
JPM’s real-estate and construction department advises on all aspects of real estate, including legal support in significant real-estate transactions.
JPM’s banking and finance clients include major banks, insurance companies and other financial institutions, as well as corporate local borrowers and lenders.
NCTM has assisted La Gardenia Beauty, an Italy-based beauty and cosmetics retailer, with its restructuring following the entry of Fondo Orlando Italy into its share capital.
Hogan Lovells has announced the further expansion of its New York office with the addition of corporate partner Adam Golden.
DLA Piper has advised Laureate Education on its recent acquisition of SEEK’s remaining 80 per cent interest in THINK: Education Group and its subsidiaries.
Dacheng has provided advice to the Industrial Bank, which has successfully completed bidding and issued ¥5.2bn (£516m) worth of credit asset-backed securities.
Dacheng partner Liu Jiawang has been elected as vice-president of the Internet Society of Yunnan.
Attorney Zhou Liang, equity partner in Dacheng’s Guangzhou office, has been retained as an independent director of Guangdong Jiedong Rural Commercial Bank.
Conyers has provided Bermuda law advice to the initial purchasers of a private offering of $600m 6.25 per cent senior notes due 2019, issued by North Atlantic Drilling.
Stephenson Harwood has appointed Sean Angle as a corporate and projects partner in its Dubai office. He joins the law firm from DLA Piper Middle East.
Stephenson Harwood has hired Yann Beckers as a partner in its Paris banking and finance department. He joins the law firm from Clifford Chance.
King & Wood Mallesons has advised China Huarong Asset Management Co on phase one of the Huayuan 2014 CLO securitisation trust scheme.
KWM has advised Investec on the financing of Cirrus Media’s acquisition of the Medical Observer journal, ‘MyDr’ website and ‘Medical Media’ ambient information channel.
DLA Piper has announced that James Brogan, Paul Hall, Joseph Kernen and Norman Leon have been recognised in a BTI Consulting Group report.
A bridge to Africa: Morocco is the place to be for companies and firms looking to gain a foothold in Africa download
Because of its undeniable political stability due to its monarchy, Morocco is uniquely positioned to play the geostrategic role of a regional power.
Limited changes: Luxembourg’s introduction of the AIFMD law consolidates its leading position in the private equity sector download
On 12 July 2013, the Luxembourg parliament transposed Europe’s Alternative Investment Fund Managers Directive into the national legislation (AIFMD law).
The European Market Infrastructure Regulation (EMIR) introduces new requirements to reduce the risks associated with the derivatives market and thus improve transparency.
Marfarlanes has released the 7 February issue of its Financial Services Regulatory Update.
A new leaf for LIBOR download
As of 1 February 2014, administration of the London Inter Bank Offered Rate (LIBOR) was taken over by ICE Benchmark Administration.
Since the current UK government was formed in 2010, it has been keen to promote industrial and provident societies and mutuals as part of the diversity of the UK economy.
The Department of Energy & Climate Change recently announced further revisions to the Consumer Credit Act 1974, as applicable to Green Deal plans.
Governance of Cayman Islands regulated mutual funds has received a great deal of focus recently, including from the CIMA, the Cayman Islands Courts and the market at large.
DLA Piper has advised Bristow Helicopters on its acquisition of a 60 per cent interest in the privately owned Eastern Airways International.
Mourant Ozannes has assisted lead adviser Clifford Chance in advising Electra Private Equity on its £180m acquisition of Ogier Fiduciary Services.
Pillsbury lawyer Amy Pierce captures the key acronyms, abbreviations and definitions relevant to the virtual currency industry.
The advertising section of InCredit focuses on the ASA adjudication in Instant Cash Loans Ltd, t/a The Money Shop.
Stephenson Harwood has appointed Michael Kim as a partner in the marine and international trade practice.
The market news section of InCredit focuses on the EC proposing a structural reform package on the EU banking sector and more.
InCredit — February 2014: insurance download
The insurance section of InCredit focuses on the ABI good-practice guide for mobile phone insurance providers and more.
InCredit — February 2014: mortgages download
The mortgages section of InCredit looks at the European Council adopting the Mortgage Credit Directive and more.
The current accounts section of InCredit looks at BBA’s comment on the Which? release on overdraft charges and more.
This section of InCredit looks at the FSCS management expenses consultation and more.
The consumer credit section of InCredit looks at the Consumer Rights Bill progress and the BSA and FLA response to FCA CP13/10 on consumer credit regime.
The enforcement section of InCredit looks at the Sentencing Council’s definitive guidelines for fraud, bribery and money laundering.
Where different, equally ranking unsecured noteholders had no realistic prospect of obtaining any return on the alternative scenario of an insolvency, they could vote as a single class.
As the aftermath of the global financial crisis continues to unfold, financial markets regulators have been criticised for missed opportunities to charge senior executives.
Last month Iranian president Hassan Rouhani attended the World Economic Forum and encouraged the international community to ‘come and visit Iran to see the investment opportunities’.
The date by which existing managers had to submit their authorisation/registration applications to the FCA has now slipped.
Financial fair play for the few? download
Financial fair play (FFP) has recently been making the headlines almost as much as the action on Europe’s football pitches.
DLA Piper has released the latest version (Volume 3, No. 3) of The Financial Report.
Addleshaw Goddard has released the January 2014 edition of its Corporate News publication.
Ince & Co has announced the appointment of Hugh O’Donovan, who will join the firm’s aviation group as head of commercial aviation on 21 February 2014.
French private equity and venture capital magazine Option Finance has named Wragge & Co’s Paris private equity team one of the best in France.
Withers has been named ‘Law Firm of the Year — Hong Kong’ at the Citywealth International Financial Centre Awards.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
The Chinese government has taken a big step towards liberalising the Chinese outbound investment regime.
Mourant Ozannes has announced the promotion of a number of lawyers to senior positions within the firm.
Allen & Overy has advised Xe-Pian Xe-Namnoy Power Company and its sponsors in connection with the $1.02bn 410MW Xe-Pian and Xe-Namnoy cross-border hydropower project.
Governance News — 5 February 2014 download
David Jones’ announcement that it received a merger proposal from Myer last year has received considerable media coverage.
Justice Gordon has handed down her decision in Paciocco v ANZ, concerning whether bank fees charged by ANZ were penalties or otherwise unconscionable under relevant legislation.
NYSE and NASDAQ post forms for listed companies to certify compliance with revised compensation committee listing standards download
Companies listed on the NYSE and NASDAQ are required to certify their compliance with some of the revised standards.
The LSE has published AIM Notice 38, which announced its consultation on proposed changes to the AIM Rules for Companies and the AIM Rules for Nominated Advisers.
A number of Hogan Lovells partners have been listed as All-Stars in the 2014 BTI Client Services All-Star report.
The FCA has published the decision notice it has issued to Standard Bank, fining it £7.6m for failings relating to its anti-money laundering (AML) policies.
Adequacy of due diligence of investment advisers recommending alternative investments and their managers download
SEC issued a risk alert highlighting key observations from examinations of due diligence processes that investment advisers use to select alternative investments and their managers.
The FCA has published a voluntary application for the imposition of a requirement by price comparison website MoneySuperMarket.com.
The FCA has published finalised guidance on inducements for product providers and advisory firms following its consultation (GC13/05) in September 2013.
The Financial Conduct Authority has published a final notice prohibiting inter-dealer broker Anthony Verrie from performing any function relating to any regulated activity.
Guardian Care Homes has changed its advisor in its mammoth Libor battle with Barclays for the second time in three months, handing the case to Hausfeld & Co partners Anthony Maton and Lianne Craig.
This briefing describes the general offence/what constitutes prohibited conduct; and highlights the extent of ASIC’s recent activity in prosecuting insider trading and market misconduct offences.
The European Commission has published a legislative proposal for a regulation introducing structural reforms to the EU banking sector.
The Basel Committee on Banking Supervision has issued new risk management guidelines relating to antimoney laundering and terrorist financing.
A new case in the court of session reminds lenders that a high degree of care is required where a wife is granting a security on account of her husband’s debts.
Establishing a Luxembourg SOPARFI download
A SOPARFI (société de participation financière), in straightforward terms, is an ordinary, unregulated, commercial company used extensively in Luxembourg.
The commercial court considers the date at which loss should be assessed where damages are sought as a result of alleged negligent financial advice.
Binder Grösswang has appointed attorneys Dr Stephan Heckenthaler and Dr Markus Uitz as partners in the firm, effective 1 February 2014.
Allen & Overy has continued to strengthen its position as a leading adviser in global debt and equity capital markets.
The restructure of the Channel Islands Stock Exchange by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.
OMB publishes final uniform guidance governing grants, co-operative and other funding agreements with federal agencies download
The OMB has published a series of significant reforms to the government’s policies relating to grants and co-operative agreements.
TLT has lost an equity partner and two lawyers from its City corporate team to DWF.
Conyers Dill & Pearman has provided BVI advice to HudBay Minerals on its $173m equity offering of 20,930,000 common shares.
A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments by a number of industry groups.
Eversheds’ Neill Blundell, partner and head of fraud at the firm, has commented on reports that the scale of corruption across the EU is said to be breathtaking.
This may be the year that swap market counterparties face the full effect of dual US and foreign regulatory requirements for cross-border swap activities.
A snapshot of 2013 deal activity would appear to confirm that a global recovery has started to gain some real traction despite recent setbacks.
For the third year running, Allen & Overy has topped the Thomson Reuters EMEA syndicated loans legal advisers league table for both borrowers and lenders.
Allen & Overy has announced the appointment of partner Aurélien Hamelle to the Paris dispute resolution practice.
Addleshaw Goddard has, for the first time, been appointed to a position on the core legal panel of Nationwide Building Society, a UK financial services provider.
Bermuda is becoming increasingly attractive as a place to invest pension assets, to manage the risks associated with funding pensions and to carry on a pension trustee business.
The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR).
The Court of Appeal has revisited the issue of unfair relationship in payment protection insurance (PPI) claims where the payment of commission was not disclosed.
On 1 January 2014, two new measures relating to so-called de minimis state aid have been introduced and will apply until 31 December 2020.
The Australian government has released a consultation draft of a bill concerning amendments to the Future of Financial Advice (FOFA) regime.
A winding-up order was wrongly made where a creditor was described as a contingent creditor, but the underlying debt upon that the petition was based appeared to be genuinely dispute
Equity of exoneration download
A sub-surety was entitled to an indemnity from the assets of a guarantor before a third party’s debt bit upon the guarantor’s assets.
In January 2014, UK house prices rose on average by 8.8 per cent on an annual basis versus January 2013.
The Luxembourg private foundation download
The bill of law number 6595 submitted to parliament on 22 July 2013 intends to introduce in Luxembourg the private foundation, which has been in development for two years.
Appleby has been named ‘Caribbean Law Firm of the Year’, ‘Isle of Man Law Firm’ and ‘Trust Company of the Year’ at the Citywealth International Financial Centre Awards 2014.
Attention being paid by senior management to money laundering challenges is at an all-time high, according to findings from a new KPMG International report.
Eversheds Bianchini has advised a pool of Italian banks led by Unicredit on a debt restructuring agreement for San Giorgio and its group of companies.
Structured trade and commodity finance is central to international trade and is progressively becoming an important source of finance for Chinese companies.
DLA Piper has advised Leroy Merlin on the construction and opening of its second hypermarket in Brovarskyi prospect 3V in Kyiv.
Linklaters has won a mandate from HM Treasury to advise on its first-ever Sukuk issue.
NCTM has launched a capital markets and financial intermediaries department under the direction of Prof Alberto Toffoletto.
Ogier has won the Law Firm of the Year Award 2014 for Jersey at the Citywealth International Financial Centres awards, which focus on the private wealth sector.
The Treasury has released exposure drafts of amendments to the Corporations Act and Corporations Regulations to implement the government’s proposed changes to the FoFA regime.
The Security Interests (Jersey) Law 2012 provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
The London Stock Exchange has published AIM notice 38, which consults on a number of proposed changes to the AIM Rules for Companies and AIM Rules for Nomads.
Crowdfunding as a way of securing investment is beginning to gain ground on both sides of the Atlantic. What are the current regulatory requirements and how is this likely to change?
New tax rules for LLP members download
The government has issued draft anti-avoidance legislation that overrides the current presumption that a member of an LLP is self-employed for tax purposes and is not an employee.
A court has considered whether an instruction to make a payment through CHAPS was satisfied where the number and sort code were identified, but not the name of the beneficiary.
Finance Litigation LegalEye — winter 2014: financial mis-selling claims: latest Court of Appeal decision download
The Court of Appeal has dismissed Green & Rowley’s mis-selling claim in relation to an interest rate swap.
The Court of Appeal has allowed the borrowers in two cases against LIBOR panel banks to amend their pleadings to include allegations of pre-contractual misrepresentation relating to LIBOR manipulation.
What are the obligations of a global custodian service provider in giving investment advice to its clients? download
In Första AP-Fonden v Bank of New York Mellon SA/NV and Others, the Commercial Court considered the advisory obligations of a global custodian service provider.
Parties to a contract need to be confident that the directors of the company they are dealing with have authority to bind the company. What is the position where the director has no authority?
Dacheng’s Guo Qing has been appointed as a member of the Credit Administration Committee of China Development Bank to advise on lending-related decision making.
Conyers Dill & Pearman has advised AIM-listed client PureCircle on a new revolving credit facility provided by Macquarie Bank.
Conyers Dill & Pearman has advised a consortium of financial institutions in connection with a refinancing of €800m of debt facilities granted to the Hilding Anders group.
Conyers Dill & Pearman has advised financial institutions as purchasers in connection with a €400m senior secured note offering issued by Smurfit Kappa Acquisitions.
The Court of Appeal has handed down its judgment in Graiseley Properties v Barclays Bank, heard jointly with Deutsche Bank v Unitech Global.
An updated version of the frequently asked questions relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers has been issued.
This client update focuses on the examination priorities that are most relevant to investment advisers to private equity and hedge funds.
Hogan Lovells has advised EDF in relation to its 100-year bond issue in pound sterling, which enabled EDF to raise £1.35bn.
Clifford Chance corporate partner Guy Norman is set to enter the race to lead the Clifford Chance corporate group following the promotion of incumbent Matthew Layton.
KWM has advised the Agricultural Development Bank of China on the issuance of RMB bonds worth ¥3bn and getting listed on the Hong Kong Stock Exchange.
KWM has acted for the Hong Kong Electric Co on a three-year syndicated term loan facility and a three-year syndicated term loan facility with HK Electric Investments.
Employment News — 27 January 2014: no deal: claimant’s rejection of offer to settle did not justify costs award download
The claimant was dismissed from her job as a bank branch manager on conduct grounds, following an incident where she had left the branch safe open.
After many years in the pipeline, the draft Financial Services Ombudsman (Jersey) Law 201- has been lodged for debate in the States of Jersey.
The Volcker Rule — a suggested approach for banking entities when analysing its impact on business models, activities and transactions download
This alert provides an overview of the principal elements of the Volcker Rule and identifies concerns that have already been raised by industry participants.
As from April 2014, new legislation will take effect to change the rules for partnership taxation with a view to shutting down certain perceived abuses.
Thirty years after China began a process of economic reform with the introduction of special economic zones, it is now launching a ground-breaking economic experiment.
New measures intended to be implemented by the FCA will have a significant impact on companies with controlling shareholders who are premium listed.
It took a while for activity to pick up on AIM last year, but there is no doubt that there has been an uptick in activity in recent months.
The investment landscape in Africa has changed dramatically in the last two decades. Not only have the demographics of the continent altered, but so has its constitution.
Appleby has announced that Faye Moffett, a banking and finance practitioner, has been appointed as head of the corporate and commercial practice group in the Isle of Man.
Appleby has acted as BVI counsel to Standard Chartered Bank in relation to an HKD404m secured loan facility and an HKD384 million loan facility to Prosperity REIT.
Herbert Smith Freehills (HSF) has brought the number of real estate partners in its Madrid office to three with the addition of Javier Ortega de la Peña from DAC Beachcroft (DACB).
Further tranches of draft rules under the Public Governance, Performance and Accountability Act 2013 have been released for consultation by the Department of Finance.
The NYSE has updated its Section 303A written affirmation form to reflect the recent modifications to the NYSE listing standards for compensation committees of equity issuers.
AMAC has announced a provisional regulation requiring the registration of domestic Chinese private equity fund managers and filings by domestic Chinese private equity funds with AMAC.
Tax Update — January 2014 download
In this Tax Update, Arendt & Medernach focuses on both Luxembourg and international news.
Conyers Dill & Pearman has provided advice to China Water Property Group in connection with the issuance of 12.5 per cent senior notes due 2016.
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm’s restructuring group from O’Melveny & Myers.
King & Wood Mallesons has advised Chinasoft on its successful non-public issuance of 21,587,512 A-shares on the Shanghai Stock Exchange.
An Appleby report on petition filings in the Cayman Islands has revealed that insolvency filings spiked more than 30 per cent in 2013 when compared with 2012.
Hogan Lovells has boosted its international debt capital markets practice by hiring counsel Katia Merlini.
Taylor Wessing has advised HSH Nordbank in connection with the financing of three wind parks located in Burgundy, France, consisting of 13 wind turbines.
Taylor Wessing has acted for Arab Jordan Investment Bank on its exchange of contracts with HSBC Bank Middle East to acquire HSBC’s business and assets in Jordan.
DLA Piper has released the latest issue of The Financial Report, which includes discussion and analysis, Securities and Exchange Commission developments and more.
Retail bonds can present not only an attractive alternative or addition to bank finance but also a way to promote stronger links with customers and to engender greater brand loyalty.
The SEC recently published Form SD, the disclosure form to be filed by all SEC reporting companies that are subject to the SEC’s conflict minerals rule.
Last month, the Guernsey court approved a scheme of arrangement that saw the creation of a brand-new Channel Islands stock exchange.
The High Court in Graiseley Properties Ltd v Barclays Bank plc had permitted the borrower to amend their particulars of claim following LIBOR-fixing allegations, but in Deutsche the court refused.
In Szepietowski v National Crime Agency, the Supreme Court set out a clear test for when the remedy of marshalling should be available to a second mortgagee.
We often come up against the argument from defendant professionals that the lender would not have acted differently even if it had been properly advised.
The judgment in this case gives a thorough and helpful review of the authorities and issues in play when a solicitor seeks to rely on a section 61 TA defence to a claim for breach of trust.
Wragge & Co’s real-estate team has advised a consortium of developers on a major land purchase earmarked for the development of a new market town.
Fiona Ghosh has commented on the European Council’s approval of an agreement with the European Parliament on the proposed draft SEPA Migration Regulation.
InCredit — January 2014: and also... download
This section of InCredit includes information on the Financial Services (Banking Reform) Bill, the OFT letter to banks and more.
InCredit — January 2014: market news download
The market news section of InCredit discusses the warning from foreign banks over China lending limit rules and Santander’s acquisition of the Bank of Shangai.
The current accounts section of InCredit contains information on the EP publishing amendments adopted in EC directive on payment accounts.
InCredit — January 2014: mortgages download
The mortgages section of InCredit includes briefing notes on amendments to the Banking Reform and information on the new CML chairman.
The consumer credit section of InCredit includes information on the call to ban payday loan adverts at the Commonwealth Games and more.
InCredit — January 2014: advertising download
The advertising section of InCredit includes information on the ASA adjudication on Raedex Consortium Ltd.
InCredit — January 2014: insurance download
The insurance section of InCredit includes information on the Ministry of Justice’s PPI bulletin.
Luxembourg firm Kleyr Grasso Associés has made a lateral partner hire from Linklaters, appointing Jean-Paul Spang as its ninth partner.
Slaughter and May’s first-ever female partner, and financial regulation group head, has retired after 37 years at the City firm.
This Snapshot report sets out Appleby’s analysis of petition filings in the Cayman Islands in 2013 against the backdrop of the prior five years.
The old saw about the best-laid plans of mice and men also goes for international tax planning and transactions with significant tax consequences.
InVest — January 2014: banking download
The banking section of InVest includes information on CRD developments, the Banking Reform Act receiving royal assent, the FCA quarterly consultation and more.
The enforcement and financial crime section of InVest includes information on plans to suspend individuals during enforcement cases blocked by MPs.
The general developments section of InVest includes information regarding the Autumn Statement 2013 and private equity in Africa in 2014.
The investments and funds section of InVest includes information regarding the Volcker Rule, AIFMD developments, outsourcing and more.
This spotlight article focuses on outsourcing by asset managers and the renewed FCA focus on exit planning and oversight arrangements
The Cayman Islands Monetary Authority has formally issued its long-awaited statement of guidance on corporate governance for regulated mutual funds.
The Jersey Financial Services Commission has published its consultation paper on the penultimate stage of its Review of Financial Advice.
Standard Chartered consolidated its two Jersey banking entities into a single operating platform for its Jersey business in September 2013.
The Moneylenders Act 1991 was intended to regulate lending practices in the Isle of Man by providing a regulatory framework for consumer loan agreements.
Australian PPSA deadline looming — last chance to protect PPSA transitional security interests download
If you have not yet taken stock on all of your transactions requiring action under the PPSA to protect transitional security interests, then you should do this now.
There is no doubt that second ranking security can be taken under the Security Interests (Guernsey) Law, 1993. But the process can be somewhat involved.
Assets bequeathed or the manner in which they are bequeathed can lead to unnecessary costs and complications for the beneficiaries.
DLA Piper has announced that Christina Houston has joined its corporate and finance practice as a partner in the Wilmington office.
The publication of the Resource Guide to the US Foreign Corrupt Practices Act was followed by a mixed year in terms of the number of resolutions and size of recoveries.
Individual protection from the lifetime allowance: what are the features and implications of IP14? download
Another reduction in the lifetime allowance, scheduled for April 2014, means another round of protections.
Wildgen has annouced that it has hired junior associate Martin Scholter, who specialises in banking and finance law and capital markets.
In an unexpected and dramatic change of policy, the government has decided that a price cap should be introduced for payday loans.
King & Wood Mallesons has advised Neway Valve on its successful listing on the Main Board of the Shanghai Stock Exchange.
King & Wood Mallesons has advised China Cinda Asset Management in its successful listing on the Main Board of the Hong Kong Stock Exchange (SEHK).
Ben Jones, tax expert at Eversheds, has commented following the news of HMRC’s investigation of the tax treatment of Bitcoins.
DIFC court determines it has inherent jurisdiction to stay proceedings in favour of DIAC arbitration download
The DIFC court has confirmed that it has the inherent jurisdiction to grant a stay of proceedings in favour of a DIAC arbitration.
Tax support for the UK onshore shale gas industry: an innovative approach to an unconventional fuel reserve download
The government is ambitious to support industry in its exploitation of shale gas as a new source of energy supply.
CSSF clarifies its position on AIFM download
The CSSF has issued its updated version of the frequently asked questions concerning alternative investment fund managers.
The DIFC court has declined to stay proceedings in favour of an LCIA arbitration in London, despite finding that the arbitration clause was valid.
The DIFC Authority has amended the DIFC Arbitration Law to ensure that it fully complies with the UAE’s treaty obligations under the New York Convention.
French boutique Lacourte Raquin Tatar has bolstered its team with two new partners, including the Royal Bank of Scotland’s (RBS) head of legal for France.
UCITS V Proposal Directive download
On 3 July 2012 the European Commission published a ‘Proposal for a Directive of the European Parliament and of the Council amending the UCITS IV Directive’.
DLA Piper’s Africa group has expanded in northern, southern and eastern Africa with the addition of three new member firms.
NCTM has been awarded the 2014 Islamic Finance Law Firm of the Year in Italy accolade by Corporate INTL magazine.
Table comparing the old Security Interests (Jersey) Law and the new Security Interests (Jersey) Law download
This table provides a comparison of certain provisions of the Security Interests (Jersey) Law 2012 and the Security Interests (Jersey) Law 1983.
The New York Non-Profit Revitalization Act of 2013 was signed into law on 18 December 2013 and the bulk of its provisions will take effect on 1 July 2014.
For some reason the politics of King & Wood Mallesons SJ Berwin’s corporate department attracts extraordinary attention online from our readers.
Co-op in-housers work to forge legal roster system that suits bank and group
Investment firm Barings Asset Management has lost its first global general counsel Sandie Okoro to HSBC Asset Management.
Conyers Dill & Pearman has advised Premier Oil on the establishment of its £500m euro medium-term note programme.
Conyers Dill & Pearman has advised FTV Capital on its $40m investment in Credorax, a company that processes credit and debit card payments.
Osborne Clarke has been dropped from the Citibank panel following a restructure that saw its roster reduced from 21 to 19.
Allen & Overy’s Corporate Funding Monitor underlines the extent to which corporates have sought to diversify their funding mix.
DLA Piper’s head of global equity, Dean Fealk, has been appointed to the Northern California DEC.
Amendment of Transparency Directive download
The Transparency Directive requires issuers of securities to publish inter alia periodic financial information about the issuer’s performance over the financial year.
Eversheds Bianchini and Tremonti Vitali Romagnoli Piccardi e Associati advise PEP on the legal and tax aspects of its agreement with Keyhaven Capital.
Hogan Lovells has announced that it has opened an office in São Paulo, Brazil — its second in Brazil, with one already in Rio de Janeiro.
Allen & Overy has advised Link Market Services in connection with the acquisition of Registrar Services, based in Frankfurt, from Deutsche Bank.
The final Volcker Rule has relaxed the proposed restrictions on the ability of a non-US bank to engage in transactions with certain investment vehicles.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Stephenson Harwood has announced that four of its upcoming cases have been included in The Lawyer’s 2014 ‘cases to watch’.
Popovici Nitu & Asociatii has advised Romanian construction company Hidroconstructia on a new €60m syndicated loan.
On 20 December 2013, the CFTC issued a series of comparability determinations for certain swap dealer and major swap participant business conduct requirements.
The draft Finance Bill 2014 proposes a number of changes to the approval process for employee share schemes.
DLA Piper has represented Arsenal Capital Partners in its purchase of Certara, a biopharmaceutical service provider.
The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over the past decade.
Conyers has announced that Linda Martin has joined the firm as a director in its London office, where she will advise on Cayman Islands law.
The FCA has fined JLT Speciality £1,876,000 for failing to manage bribery and corruption risks created by overseas payments, in breach of Principle 3 of PRIN.
The Financial Conduct Authority (FCA) has published a webpage on the implementation of COLL 4.2.5R(3)(ca).
The FCA has fined Christoper Willford £30,000 for failing to provide the board with up-to-date information about Bradford & Bingley’s financial position.
Concerns had been raised by stakeholders in relation to the Financial Conduct Authority’s proposed deadline of 22 January 2014.
SEC and FINRA release priorities for SEC’s examinations of investment advisers and investment companies and FINRA’s examinations of broker-dealers.
The European Banking Authority has approved the draft regulatory technical standard on the definition of material risk takers.
On 2 January 2014, FERC and CFTC signed two MoUs, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Confidential Relationships (Preservation) Law: the Cayman Islands’ Confidentiality Legislation download
Much has been made in recent times of the need for transparency in offshore financial centres.
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 imposed additional new requirements on commodity trading advisers.
The CSSF has published a fourth update of its frequently asked questions on the law of 12 July 2013 on alternative investment fund managers.
Wierzbowski Eversheds is to be a topic partner for a debate entitled ‘Class Actions: Law and Practice’, which will be held on 16 January 2014 in Warsaw.
Eversheds has commented on changes to the Basel III regulations, stating that they are good news for economic growth.
Allen & Overy’s latest M&A Index has revealed that the recovery in M&A activity predicted at the beginning of 2013 has failed to materialise.
The Cayman Islands Monetary Authority’s recently published statement of guidance on matters of fund governance takes effect on 13 January 2014.
ASIC issued Class Order [CO 13/1621] on 7 January 2014 to exempt responsible entities from the application form requirements of section 1016A.
In a report released last month, the FSB provided an update on its initiative to encourage global adherence to international standards.
This year, the SEC is intent on bringing record numbers of financial reporting cases and has some new tools and resources to enable it to do so.
The Co-operative Group has finalised the process of dividing its legal function in the wake of losing control of its banking arm to investors in October.
DLA Piper advised on more than 20 significant inbound and outbound US transactions that closed last year on behalf of Israeli institutional investors and companies.
The amendments to Regulation A are intended to expand the existing exemption to increase access to capital for smaller companies.
Nabarro has advised the winning consortium, led by infrastructure fund Equitix, on the £83m bond-financed Brunswick (Manchester) social-housing PFI project.
Eversheds’ Swedish office has advised Virtusa Corporation, which has acquired Swedish company TradeTech Consulting Scandinavia.
Law firms’ finance practices have developed new ways of growing in the last few years, and these Hot 100 members have been at the forefront.
CFTC no-action relief and request for comment for the transaction-level requirements of non-US swap dealers download
On 14 November 2013, the DSIO of the CFTC issued Advisory 13-69 in response to inquiries from swap market participants.
DLA Piper has released the latest version (Volume 3, No. 1) of The Financial Report.
CSSF issues press release on the enforcement of the 2013 financial information prepared by issuers of securities download
The CSSF has issued press release 14/02 concerning the enforcement of the 2013 financial information prepared by issuers of securities, subject to the Transparency Law.
Ashurst and Hogan Lovells have taken lead roles on Barclays’ innovative collaboration with alternative provider BlueBay Asset Management’s Direct Lending Fund.
Melanie Chell, head of Shoosmiths’ asset finance team, has been included in this year’s Motor Finance Power 50, which lists the 50 most influential and powerful people in UK car finance.
Clifford Chance has entered into an association with Indonesian firm Linda Widyati & Partners (LWP) in a further bid to cement its presence in the Asia Pacific.
Prioritisation and globalisation drive higher fine totals from fewer investigations.
Appleby Isle of Man is celebrating the addition of new advocates Katherine Johnson and Alexandra Watterson, as well as the exam success of two trainees.
King & Wood Mallesons has announced the appointment of Craig Pollack as the new global co-ordinator for dispute resolution/litigation.
King & Wood Mallesons has appointed four new special counsel and 28 new senior associates across its Melbourne, Sydney, Brisbane and Perth centres.
The Consumer Financial Protection Bureau (CFPB) has published its ‘Arbitration Study Preliminary Results’, mandated by section 1028(a) of the Dodd-Frank Act.
KPMG International has appointed Brian Daly as global insurance tax lead. He also sits on the company’s Global Financial Services leadership team.
Three Raymond Buildings has a long-established reputation as a leading set for fraud, money laundering and anti-competitive conduct.
We are regularly instructed by disciplinary authorities and respondents in proceedings dealing with the full spectrum of professional misconduct.
We have a distinguished reputation in licensing law and the length and breadth of our experience in this area is unmatched.
Back to 2013 — Luxembourg newsflash download
Arendt and Medernach has released a short flashback intended to enable you to keep track of the main legal trends that marked 2013.
Addleshaw Goddard has secured the mandate on one of the biggest cases to be heard in the Commercial Court in 2014, acting in a $1bn conspiracy dispute that involves claimant representation from four top silks.
Insight into the global CLO market download
The latest report from Appleby provides data, insight and analysis on the global collateralised loan obligation (CLO) market.
Welcome to the Mourant Ozannes financial services winter update.
Appleby has published its second report on collateralised loan obligations (CLO). The law firm’s CLO Insider report focused on the second half of 2013.
Stephen Kitts, Asia managing partner at global law firm Eversheds, has commented on the decision to open up the Chinese banking market.
King & Wood Mallesons has advised Qinhuangdao Port on its successful listing on the Main Board of Hong Kong Stock Exchange.
US federal regulators have voted to approve the final Volcker Rule, which imposes restrictions on banking entities’ ability to engage in proprietary trading.
This update presents a more in-depth analysis of the proprietary trading aspects of the Final Rule and their implications for affected institutions.
French firm August & Debouzy has boosted its private equity practice with the hire of partner David Malamed from Weil Gotshal & Manges.
This update presents an in-depth analysis of the covered funds aspects of the final regulations and their implications for affected institutions.
Hogan Lovells has announced the promotion of 29 new partners, effective 1 January 2014.
Tax prompts — January 2013 download
Government Ordinance no. 8/2013, published in the Official Gazette no. 54 of 23 January 2013, brings several amendments to the Fiscal Code.
Mourant Ozannes has acted for Premier Oil, a FTSE 250-listed international oil and gas exploration and production company, on the Jersey aspects of its recent fundraisings.
DLA Piper has hired Tim Tan as a partner in the corporate group of the Bangkok office. Tan joins from O’Melveney & Myers.
Allen & Overy has advised NEXI and a syndicate of commercial banks on the $1.43bn debt financing of the Az Zour North IWPP.
In the midst of its rapid economic development, the People’s Republic of China (PRC) has finally determined to change its domestic currency market.
Mills & Reeve has advised worldwide fruit and vegetable supplier UNIVEG on its acquisition of UK-based fruit company Empire World Trade.
New legislation presents challenges to investors as the Hungarian government advances its ‘unorthodox’ political agenda download
Since its election in 2010, the Hungarian government has used its parliamentary majority to pass much legislation — 223 new laws in 2012.
The FCA has published its findings into its review as to whether asset managers are effectively managing the risks relating to outsourcing.
The High Court will host some of the largest-value cases it has ever seen in 2014 - but only the biggest disputes will fight all the way.
Clifford Chance is facing a £130m negligence claim after being joined to a suit brought by JP Morgan against German transport provider BVG.
King & Wood Mallesons has advised Huishang Bank on its successful listing on the Main Board of Hong Kong Stock Exchange.
King & Wood Mallesons has advised Bitauto on its successful issue of American depository shares.
Eversheds is one of a number of organisations sponsoring a new OHADA law diploma at the universities of Panthéon-Assas and Paris 13.
The creation of security over intangible movables under Jersey law is now governed by the Security Interests (Jersey) Law 2012.
The Department of the Treasury’s Federal Insurance Office has published How to Modernize and Improve the System of Insurance Regulation in the United States.
DLA Piper has been recommended as a leading law firm in various practice areas by ‘50 Leading Law Firms in Ukraine 2013’.
DLA Piper has advised on the €750m re-financing of NH Hoteles, a large Spanish hotel group and one of the top 25 hotel chains in the world.
DLA Piper has served as sole international counsel on the $1.1bn (£667m) offering by Power Grid Corporation of India, the largest power transmission company in India.
President Barack Obama has signed into law the Bipartisan Budget Act of 2013.
UK amnesty for UK taxpayers download
The UK government has announced an amnesty for UK taxpayers, giving them an opportunity to check that their affairs are up to date and make a disclosure of any potential unpaid tax liabilities.
Senate finance committee chairman Max Baucus has issued a sweeping energy tax reform proposal.
King & Wood Mallesons has advised DBP on its AUD745m bank debt refinancing transaction, provided by a syndicate of Australian, Asian and Canadian banks.
Corporates and investors have access to capital again and are more willing to consider growth by acquisition. The financial services sector has been particularly active.
CFTC comparability determinations and no-action relief for certain foreign swap dealers and major swap participants download
The CFTC has approved a series of broad comparability determinations permitting substituted compliance for non-US swap dealers and major swap participants.
Conyers Dill & Pearman has advised Luxoft Holding, a European IT service provider, on all British Virgin Islands (BVI) law aspects of its secondary public offering.
Conyers has advised Mara Partners FS in connection with its founding shareholder subscription of ordinary shares and warrants of Atlas Mara Co-Nvest.
Group deputy general counsel Dominique Bourrinet is to take the chief legal role at Société Générale (SocGen).
Australia’s coalition government has announced that it will make good on its election promises to fix some of the problems of FOFA and more.
For the first time, capital rules will apply through a single piece of legislation to all EU banks and investment firms.
Is the safety, competitiveness and efficiency of Australia’s payment systems important to your organisation? Will recent and foreshadowed changes affect you?
Five US federal agencies have issued final rules to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker rule).
Early indications are that the free-trade zone will liberalise foreign investment into China, particularly in the financial services sector, and not just in Shanghai.
Australia’s root-and-branch Financial System Inquiry is progressing, with details of the final terms of reference, the full panel and the process released last week.
Robin Johnson, head of international M&A at Eversheds, has commented following news that M&A in Europe reached a 10-year low in 2013.
NCTM has advised a pool of banks on a short-term financing to Banca Farmafactoring worth €255m.
Fiona Ghosh of Eversheds has commented following news that US retailer Overstock plans to accept online currency Bitcoin as payment.
Conyers has provided Bermuda law advice to Arch Capital Group in connection with the offering of $500m aggregate principal amount of 5.144 per cent senior notes due 2043.
Addleshaw Goddard is increasing its capability in Hong Kong following the appointment of a third partner in its associated local law firm.
Corporate lawyers at Walker Morris have advised the management team of Yorkshire-based UK Wealth Management on its acquisition by Ashcourt Rowan.
DLA Piper has advised Europe Virgin Fund, a private equity fund sponsored by Dragon Capital, on the acquisition of the majority stake in Portmone.com.
The treasurer has announced his conditional approval of a $7.5bn foreign investment application from State Grid Corporation of China.
Litigation partner Steve Immelt has been appointed as CEO of Hogan Lovells. His appointment was confirmed by a partner vote that closed on 16 December.
Appleby has acted as Cayman counsel for Consun Pharmaceutical Group in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 19 December 2013.
Appleby has acted as Cayman counsel for Fu Shou Yuan in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 19 December 2013.
Appleby has acted as Bermuda counsel for Kerry Logistics Network in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 19 December 2013.
In this second instalment, Rob Thomas assesses ways of convincing the CFO that new technology can do more than merely provide a return on investment.
The Hong Kong office of Eversheds has advised BOCI Asia in connection with the HKD1.09bn initial public offering (IPO) of Consun Pharmaceutical Group.
Taylor Wessing has advised PA Group on the sale of its full-service weather business, MeteoGroup, to General Atlantic.
Legal Notebook: December 2013 download
DLA Piper’s Legal Notebook for December 2013 presents recent cases, headline issues and new legislation.
Mills & Reeve has acted for the shareholders of Maynard & Harris Group on the sale of the company to RPC Group for an expected total deal value of £103.5m.
Deutsche Bank is hiring Linklaters partner Florian Drinhausen as co-deputy general counsel for Germany and Central and Eastern Europe (CEE).
Eversheds has advised Emperor International Holdings, which through its wholly owned subsidiary Big Right Investment issued its inaugural USD listed notes.
Attorney and deputy beware download
What are the duties of an attorney under a property and affairs LPA and a deputy under a deputyship order when it comes to the investment and management of money?
Mourant Ozannes has advised the Stanley Gibbons Group on the Jersey aspects of its acquisition of Noble Investments (UK).
In accordance with its usual practice, ASIC has now reported on the findings of its latest review of financial reports.
Mills & Reeve has acted for FactSet Research Systems on its strategic acquisition of a majority stake in Matrix-Data.
The second tranche of draft rules under the Public Governance, Performance and Accountability Act 2013 has been released for consultation by the Department of Finance.
Memery Crystal has acted for Gaming Realms on its acquisition of Quick Think Media for a total consideration of approximately £2.2m.
Two recent judgments of the Federal Court have highlighted the potential for Australian competition law to affect distribution arrangements between principals and their agents.
On 11 December, the European Parliament and EU member states agreed on the long-awaited Bank Recovery and Resolution Directive (RRD).
A Belgian sports agent representing a number of European footballers has launched a challenge against the legitimacy of UEFA’s Financial Fair Play Rules.
Conyers Dill & Pearman has provided Cayman Islands advice to Cayman Hotel Holdings pertaining to the $130m refinancing of the Ritz-Carlton Grand Cayman property.
Outgoing Clifford Chance managing partner David Childs is to chair the Financial Reporting Council’s (FRC’s) Conduct Committee when he retires from the firm next year.
Arendt & Medernach has released its Luxembourg legal update for December 2013.
International climate change negotiations concluded last month in Warsaw at the 19th Conference of the Parties to the United Nations Framework Convention on Climate Change.
InVest — December 2013 download
Addleshaw Goddard has released the December 2013 issue of InVest, a round-up of developments affecting banks, wealth managers, brokers and funds.
Allen & Overy has advised Tank & Rast Group on the successful placement of €460m senior second-lien high-yield bonds and on the placement of a €240m PIK facility.
Allen & Overy has advised Heraeus Holding in connection with a €300m syndicated credit facility.
As we head towards 2014, the finance market is becoming more optimistic and competitive.
This alert focuses on several major measures that are related to outbound investment by Chinese persons and inbound investment in China by foreign investors.
Global capital markets: 2013 marked as the year of the ‘come-back’. What’s in store for 2014? download
In the end, 2013 did not disappoint, with resurgence in equity offerings, promising company valuations and greater market liquidity.
Tax Newsletter — November 2013 download
Jinga Maravela has released the November edition of its Tax Newsletter, which sets out in chronological order the main tax news/amendments published in the period 1—30 November 2013.
Update: SDLT charities’ relief download
Legislation has been introduced in the Finance Bill 2014 regarding the SDLT relief available to a charity where it purchases a property jointly with a non-charity purchaser.
InShort — 12 December 2013 download
Addleshaw Goddard has released the latest version of InShort, which provides updates on legal news relating to the banking and finance sectors.
The November/December 2013 edition of the Employee Incentives Alert has been published by Addleshaw Goddard.
Addleshaw Goddard has released its Data & Information E-Alerts publication for 6 December 2013.
The recent decision of senior judge Lush in the case of Re GM provides a window into the workings of a dysfunctional lay deputyship.
Hogan Lovells has successfully advised on two capital markets transactions for a combined value of more than $355m.
The Enterprise Investment Scheme and Seed Enterprise Investment Scheme offer a number of tax incentives to individuals investing in certain qualifying trading companies.
The Enterprise Investment Scheme and the Seed Enterprise Investment Scheme offer a number of tax incentives to individuals investing in certain qualifying trading companies.
DLA Piper has represented Fibra UNO, Mexico’s first publicly traded REIT, in its debut in the Mexican debt capital markets.
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
Mills & Reeve, alongside a number of other law firms, has advised GB Group on the financing of its new hotel development at Portland Crescent.
A pair of King & Wood Mallesons SJ Berwin (KWMSJB) partners have quit the newly-merged firm for local firms in France and Germany.
Appleby has acted as Cayman Islands counsel to Yi Hua Department Store Holdings in connection with its listing on the Main Board of the Hong Kong Stock Exchange.
DLA Piper has represented Isola USA Corp in connection with the refinancing of its senior debt and pay-down of other debt.
Appleby has acted as Cayman counsel for Times Property Holdings in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 11 December 2013.
On 4 December 2013, the government published the latest version of the National Infrastructure Plan, which was referred to by the chancellor in his Autumn Statement the following day.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
The Volcker Rule — an overview download
Federal banking agencies, the Securities and Exchange Commission and the Commodity Futures Trading Commission have adopted final regulations to implement section 13 of the ‘Volcker Rule’.
Mandatory exchange trading for swaps download
Next year, market participants may be required to execute certain interest rate swaps and credit default swaps on a DCM or SEF, rather than entering into such swaps over the counter.
DLA Piper has released the latest version (Volume 2, No. 22) of The Financial Report.
In the third quarter of 2013, there were 538 deals announced offshore, with a combined value of $34.5bn.
The Cayman Islands Monetary Authority has produced the Statement of Guidance on Corporate Governance for Mutual Funds.
Allen & Overy has advised JP Morgan Securities in connection with the capital increase of ThyssenKrupp, raising gross proceeds of approximately €882.3m in a private placement.
Federal regulators have voted to approve the ‘Volcker Rule’, more than two years after the rule’s proposal in 2011.
UK FATCA update — Bermuda download
The UK government announced late last year that it would seek to make arrangements for the automatic exchange of information with its overseas territories.
DLA Piper has advised Safestyle UK, a retailer of PVCu windows and doors for the UK homeowner replacement market, on a £77m placing on London’s AIM market.
Five federal financial regulatory agencies have released final rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
King and Wood Mallesons (KWM) has assisted in the financing aspects of Paxus’s acquisition of Labour Solutions Australia (LSA).
Wragge & Co and Lawrence Graham are set to merge, forming a new firm — Wragge Lawrence Graham & Co — from 1 May 2014.
DLA Piper has advised BTG Pactual as arranger and placement agent of a $132.8m project bond offering by Planta de Reserva Fría de Generación de Eten.
Hogan Lovells has advised BTA Bank in a fraud case that saw the English High Court grant a further judgment in favour of BTA Bank against Mukhtar Ablyazov for $400m.
Minter Ellison has provided legal advice to TPG, which has entered into a binding sale agreement to acquire 100 per cent of Telecom New Zealand Australia.
Conyers Dill & Pearman has advised Aircastle on the offering of $400m aggregate principal amount of its 4.625 per cent senior notes due 2018.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on regulatory developments.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on spotlight articles.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on consumer credit.
TSB Bank has named Susan Crichton, previously the Post Office general counsel, as its first general counsel.
Former Stewarts Law partner Andrew Shaw is fighting the Solicitors Disciplinary Tribunal (SDT) ruling which saw him struck off in the High Court today, bringing the details of the case into the public domain for the first time.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on speeches, the BBA event and more.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on current accounts.
InVest — November 2013: market news download
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on market news.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on investment and funds.
InCredit — December 2013: insurance download
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on insurance.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on market news.
InCredit — December 2013: mortgages download
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on mortgages.
AUSTRAC and the Commonwealth Attorney-General’s Department have released an issues paper as part of a post-implementation review of Australia’s AML/CTF regime.
David E Grant of Outer Temple Chambers spoke at the recent Annual Winter Trade Finance Conference hosted by the International Chamber of Commerce.
The Tribunal has upheld the FCA’s decision to fine Westwood Independent Financial Planners £100,000 for communications and suitability failings.
The assistant treasurer was quizzed recently about the timetable for his Future of Financial Advice changes.
The FCA will publish more detailed information on the volumes of approved persons applications for controlled functions that it has received and on which it has taken a decision.
Nabarro has advised on Jordans first utility-scale onshore wind farm amid growing demand for energy in the region.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on enforcement and financial crime.
Autumn Statement 2013 download
Following the release of the Autumn Statement, Taylor Wessing has summarised some of the main announcements.
Dementia sufferers set to triple download
This week sees the G8 Dementia Summit take place in London. Politicians, researchers, drug companies and charities will discuss what can be done to tackle the condition.
The FCA has published a ‘Dear CEO’ letter sent by Clive Adamson, FCA director of supervision, to the chief executive officers of mortgage lenders relating to changes to mortgage contracts.
Allen & Overy tax partner Lydia Challen has written an article for British Tax Review as part of its analysis of the Finance Act 2013 provisions.
The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7m next-generation market surveillance system has become operational.
A summary of some of the transactions the RCR lawyers of Taylor Wessing have been involved in.
KPMG’s Larry Bradley believes that the IAASB’s proposals are an important first step towards better meeting the needs of users who want more insight into audits than is currently possible.
Ashurst has hired Linklaters debt capital markets partner Francis Kucera, in a boost to its securities and derivatives practice.
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.
DLA Piper’s financial services regulatory team has released the winter 2013 edition of its Money Laundering Bulletin.
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. InVest is a monthly round-up of developments affecting investment banks, wealth and asset managers, brokers and funds. 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.
Anthony Collins Solicitors has been named as a top five legal adviser to the top 350 charities in the UK in the second annual Charity Legal Survey by Charity Finance.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.