US CFTC and EU regulators provide guidance on deadlines for new swap regulations
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. Beginning before 12 October 2012 (the date when many of the CFTC’s rules under Dodd-Frank became effective), the CFTC and its Staff have issued dozens of no-action letters, interpretations, and rulemakings further clarifying, and in certain instances extending, market participants’ compliance deadlines with respect to, among other things, mandatory clearing, mandatory trading, reporting, recordkeeping, registration, and external and internal business conduct standards.
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Jurisdiction of the Hong Kong Courts re winding up and unfair prejudice petitions — offshore companies
Hong Kong law contains a number of provisions designed to protect the interests of minority shareholders, including the “unfair prejudice” remedies under section 168A of the Companies Ordinance and the Ordinance’s “just and equitable” winding-up provisions.
The EU’s banking union proposals, consolidating the European regulatory supervision of credit institutions
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.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
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.