Director of financial affairs, senior consultant
Door-to-door selling of financial instruments: recent clarifications by the Court of Cassation download
The interpretation of the scope of application of the investor’s right to withdraw from any contracts for the placement of door-to-door financial products has again captured the attention of all players.
This department was one of the first opened by King & Capital. Our securities lawyers have practised for more than 10 years on average.
Conyers has provided BVI law advice to Ziraat Bank on a new financing of $1.65bn to fund the redemption by CFI of security granted in favour of Alfa Telecoms Turkey.
Planta de Reserva Fría de Generación de Eten, a Peru-based power generation company, has received the Best Infrastructure Bond award from LatinFinance.
This briefing summarises some of the areas frequently encountered in relation to equity structuring choices.
Global Financial Markets Insight — the case for a better-functioning securitisation market; the cost of holding ABS; and more
DLA Piper has released the latest version (issue 4, Q3 2014) of its Global Financial Markets Insight publication.
LK Shields Solicitors has appointed Trevor Dolan as a partner in its growing financial services group. Dolan’s appointment is intended to increase the strength and capability of the firm’s financial services offering.
Dacheng and GF Securities Asset Management (Guangdong) have co-hosted the 2014 China Financial Lease Assets Securitization Summit, which took place in Beijing.
Streamlining loan structures download
EAT., the high-street ‘food-to-go’ retailer, has refinanced its existing credit lines with a new £40m unitranche facility. So what is unitranche financing and why is it used?
Gateley has been instructed by a surety syndicate in what the firm describes as the UK’s largest-ever surety bond syndication deal.
Danaher has announced an all-cash public tender offer for publicly held shares of Nobel Biocare Holding. Bär & Karrer acted as legal adviser to Nobel Biocare.
Financial Regulatory Developments — presidency publishes IMD 2 compromise; new commissioners announced; and more download
Dentons has released the 12 September 2014 edition of its Financial Regulatory Developments (FReD) publication.
On 16 July 2014, Luxembourg adopted the law concerning the compulsory deposit and immobilisation of shares and units in bearer form.
The SEC has announced a mass action against 34 defendants for alleged violations of federal securities laws regarding reporting of stock holdings.
Panel reviews 2014: The chosen ones download
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Minter Ellison believes Australia needs a ‘macroprudential’ body with powers to address issues outside the current financial system regulatory parameters.
A Dacheng team led by senior partner Yang Guisheng has ensured financing for CNNC in its acquisition of a stake in Langer Heinrich Mine.
A Ningbo-based team from Dacheng led by corporate head Jiang Yinglei advised Ningbo Zhongyi Petro Chemical Technology Co on the listing.
The National Bank of Ukraine has cancelled the recently imposed restriction on lending of foreign currency to be used within the Ukrainian domestic market.
Hangzhou-based Dacheng attorneys have assisted three enterprises in an SME private bond filing at Shanghai Stock Exchange and Shenzhen Stock Exchange.
Dacheng Space was successfully listed on the National Equities and Exchange Quotations (NEEQ) system on 21 August 2014.
Attorneys from Dacheng’s Tianjin office have advised Tianjin Beichen Science & Technology Park on the issuance of corporate bonds for the year 2014.
Our banking and finance team has a wealth of experience in all transactions of this nature.
Our corporate recovery team provides a full recovery and insolvency service.
Eversheds has appointed Polly Sprenger as of-counsel to its fraud and investigations team.
In a recent hearing in the Cardiff Mercantile Court, His Honour Judge Keyser QC considered various arguments advanced in relation to an interest rate swap.
On 23 July 2014, the US Securities and Exchange Commission published its Money Market Fund Reform Rules.
Partner — Manchester
Partner — Birmingham
Partner — Birmingham
Partner — London
The Arendter — September 2014: private foundations; MiFID II; cross-border AIF distribution; and more
Discover the second issue of Arendt & Medernach’s magazine The Arendter. This publication will give you a quick overview of key topics related to your daily business.
Protecting the bank’s position when customers fall hook, (on)line and sinker for vishing frauds download
As fraud continues to cost the UK economy billions each year, bank customers are now looking to the banks to cover their losses. What steps should banks take to defend themselves?
Addleshaw Goddard has advised Barclaycard, the global payments business of Barclays Bank, on its acquisition of The Logic Group.
Partner — Birmingham
The National Bank of Ukraine has imposed restrictions on lending in foreign currency for the purpose of using such foreign currency within the domestic market of Ukraine.
Partner — Leeds
The FSI panel will be hard pressed to find evidence to support fundamental change to the structure of the banking sector that might flow into regulatory change, according to Richard Batten.
The CFPB’s second TILA-RESPA webinar download
The CFPB has conducted the second in a series of webinars on the TILA-RESPA Integrated Disclosure Final Rule.
Conyers has advised Luye Pharma Group on its $764m IPO of shares by way of a global offering involving a Hong Kong public offering and international offering.
Financial regulatory developments — FCA fines Deutsche Bank for transaction reporting failures; FCA publishes PPI update; and more download
Dentons has released the 5 August 2014 issue of its Financial Regulatory Developments (FReD) publication.
Khaitan & Co has acted as Indian legal adviser to Exal Corporation in relation to the complete buy-out of Mankind Pharma’s stake in Casablanca Industries.
Bruce Dear from Eversheds has commented on the news that Chinese property developers are borrowing at a record pace.
Divorces are now taking longer download
New research has shown that the average divorce now takes more than three weeks longer than it would have done less than a year ago.
The Financial Report — US signs assistance agreement with Peru; ASIC report on corporate finance regulation; and more
The Financial Report offers financial news from the Americas, Asia-Pacific and Europe.
Eversheds has announced the appointment of corporate finance partner Alison Starr, who joins from Pinsent Masons where she was a partner.
Schoenherr has advised the lender syndicate of bauMax on the sale of the art collection ‘Sammlung Essl’ to a company controlled by the Haselsteiner Group.
Conyers Dill & Pearman has advised Morgan Stanley Private Equity Asia (MSPEA) Education Holding on the $107.4m privatisation of Noah Education Holdings.
The road ahead: what’s coming in the final months of the 113th Congress and the Lame Duck session download
Dentons’ look at the road ahead in Washington provides a snapshot of the key issues on the agenda before 4 November and in the ‘Lame Duck’ session to follow.
Welcome to the latest edition of Addleshaw Goddard’s Employee Incentives Update, which contains a round-up of key developments in this area during August 2014.
This experienced team is dedicated to going the extra mile and developing lasting relationships with clients.
Khaitan & Co has advised Abu Dhabi Commercial Bank PJSC in relation to the external commercial borrowing of an aggregate amount of $98m.
The new Companies Bill is likely to become law later this year or early in 2015.
Boyanov & Co advises financial institutions on high-profile and big-ticket finance transactions, banking M&A deals, debt restructurings, note issuance and regulatory matters.
Addleshaw Goddard has announced that it has hired finance litigation expert and partner Richard Clayton, who joins the London office as a partner from TLT.
The National Bank of Ukraine has introduced the compulsory exchange of 100 per cent of foreign currency proceeds.
A favourite context for the use of the word ‘reasonable’ is in loan and other funding agreements that contain negative undertakings.
Switzerland expands its measures to prevent the circumvention of international Ukraine-related sanctions download
Measures have been adopted to prevent Swiss territory being used as a channel to circumvent international sanctions in connection with the situation in Ukraine.
The firm has consistently been praised as a market leader in the corporate and compliance field, especially in mergers and acquisitions and in company law.
Boyanov & Co has the most extensive experience in aircraft finance in Bulgaria. Our lawyers are recognised for their expertise, pragmatism and efficiency.
The German bank restructuring and resolution regime is approaching its ‘home stretch’.
Boyanov & Co provides advice in connection with wealth management, tax planning, business and personal relocation, family law matters and employment law advice.
Partner, capital projects — London
Partner, forensic services disputes
Director, forensic services disputes
Partner, forensic services disputes
Director, forensic services disputes
On 13 August 2014, the Office of Foreign Assets Control (OFAC) issued new guidance on ownership/control for determining blocked parties.
DLA Piper has advised MoboTap on an investment transaction with Changyou.com for nearly $100m.
Partner, forensic services
Partner, forensic services — London
Partner, forensic services
A company registered in a foreign jurisdiction can migrate from its home jurisdiction to Jersey provided the laws of the foreign jurisdiction allow it to do so.
Partner, forensic services
UK data analytics leader
Partner, forensic services
Partner, forensic services
The Pensions Regulator’s financial support direction case against various companies in the Lehman Brothers group has settled.
Time to conserve your energy? Minimum energy performance standards for commercially rented property download
In July, DECC published its consultation paper on the proposed Private Rented Sector Energy Efficiency Regulations (Non-Domestic).
Partner, forensic services
Welcome to PwC Legal LLP, a member of the PwC international network of firms.
We have the breadth of expertise and experience to lead the development of best practice, understand the potential pitfalls you face and know what works in practice.
Dentons is a silver sponsor of the Mining & Investment Latin America Summit, which will take place on 27–28 October 2014 in Lima, Peru.
Youung people are increasingly funding their leisure activities by a traditional route of borrowing from friends.
This article outlines the extent of EU sanctions targeted against Russia, Crimea and Sevastapol and provides some general guidance to TMT companies doing business in Russia.
Dacheng has advised Shanghai Zhongji Investment Holding Co on its acquisition of a stake in offshore DianDian Interactive Holding and DianDian Interactive (Beijing) Technology Co.
Dacheng has advised the government of Hangzhou and Zhejiang Cybernaut Investment Management Co on the creation of the Hangzhou-US Silicon Valley incubator.
Dacheng has advised Shenzhen Xinglong Technology Co on its successful listing on the National Equities and Exchange Quotations (NEEQ) system.
Julie Congreves has commented following the government’s statement that changes to lasting powers of attorney applications will streamline the process.
KPMG has called for the EU’s financial services regulatory reform agenda to be re-evaluated to avoid a serious risk to businesses, jobs and economic growth.
Conyers Dill & Pearman has provided BVI law advice to Petro-Victory Energy Corp on its IPO listing on the TSX Venture Exchange.
Eversheds has appointed Mark Latimour as a pensions partner in the firm’s London office.
Conyers has advised Kosmos Energy on a private offering to eligible purchasers of $300m aggregate principal amount of its 7.875 per cent senior secured notes due 2021.
Khaitan & Co has advised Religare Credit Advisors in relation to setting up of the Religare Credit Opportunities Fund, a scheme of Religare Credit Investments Trust.
Financial Regulatory Developments: Office for Science to examine FinTech; FCA publishes credit application checklists; and more download
Dentons has released the 22 August 2014 issue of its Financial Regulatory Developments (FReD) publication.
DLA Piper was the principal legal adviser on the largest LIC IPO to list on the Australian Securities Exchange (ASX) post global financial crisis.
Ogier has provided Guernsey legal advice to Burford Capital on the raising of $150m through an issue of retail bonds on the London Stock Exchange.
This judgment in the Court of Appeal considered an appeal on one part of the judgment of Lieutenant Bailiff Chadwick (the Judge) of December 2013.
Skadden Arps Slate Meagher & Flom has brokered a record-breaking $16.6bn (£10bn) settlement with the US Department of Justice (DoJ) for client Bank of America to resolve allegations of fraudulent mortgage handling.
The Financial Report — Fed study questions new money market rules; Singapore updates audit committee guidebook; and more
DLA Piper has released the latest version (Volume 3, No.16) of The Financial Report, featuring news and analysis from across the financial sector.
In this fourth briefing on the draft bills, Bär & Karrer analyses the regulation FIDLEG provides in relation to the enforcement of rights by investors.
National Bank of Ukraine introduced mandatory sale of 100 per cent foreign currency proceeds download
The National Bank of Ukraine has toughened requirements for the mandatory sale of international currency proceeds that was temporarily introduced in November 2012.
While the use of crypto-currencies such as bitcoin have increased in popularity in Australia, there has been little clarification in relation to its legal status.
In this first briefing on the draft bills, Bär & Karrer examines the scope of FIDLEG and the proposed regulation for rules of conduct for financial intermediaries.
New rules on prospectus and basic information sheet consultation for FIDLEG and FINIG — part II download
In this second briefing on the draft bills, Bär & Karrer examines the new rules on prospectuses and basic information sheets.
Supervision of financial institutions and registration requirements: consultation for FIDLEG and FINIG — part III download
Bär & Karrer examines the new supervisory regime for financial institutions and the registration requirements that apply to client advisers and foreign financial service providers.
BWB has been at the heart of the social enterprise sector for more than 20 years.
With a diverse client base and varied work load, the property team has an unusual breadth of vision and understanding.
What’s in a name? Nothing, if there’s a number — what if the name and the BIC/account number don’t match? download
Since 2007, all the major UK clearing banks have processed and routed electronic payments on the basis of sort code (or bank identifier code — BIC) and account number.
Our team operates predominantly in the small to mid-cap market, where we have extensive experience and a client-focused approach.
At BWB, we can advise both suppliers and customers for IT and outsourcing services on the full range of outsourcing projects.
Our insolvency group is a team of lawyers with expertise in various areas, working together to provide the best possible service to clients dealing with insolvency.
BWB advises on finance issues for a broad range of clients, both for those providing finance and to those receiving it, be that in the not-for-profit or commercial sectors.
The ATO has released its long-awaited public guidance on the Australian tax and GST treatment of bitcoin and other crypto-currencies.
Allen & Overy and Deutsche Bank have joined forces to mentor budding entrepreneurs from a London secondary school to set up their own small businesses.
Khaitan & Co has provided Indian legal advice to the Hong Kong and Shanghai Banking Corporation, Hong Kong branch.
A shadow director may be someone who is openly involved in managing a company or someone who lurks ‘in the shadows’ behind the scenes.
Calculations on ISDA close-out: Lehman Brothers Finance SA (in liquidation) v Sal Oppenheim jr & cie KGAA download
This case provides further guidance in relation to how payment on early termination of a 1992 ISDA Master Agreement should be calculated where automatic early termination applies.
The US Commerce Department’s BIS has issued a final rule amending the Export Administration Regulations and imposing further export controls against Russia’s energy sector.
The banks’ independent reviewers are now considering consequential loss claims. The FCA expects that process to be concluded by the end of 2014.
The government’s stated aim of improving access to finance for SMEs will be bolstered by its recent statement on 6 August 2014.
The new amendments to the Russian Civil Code will only apply to legal relationships that emerge after 1 July 2014.
The Nigerian banking landscape continues to face significant headwinds on its bottom line — both from the top line and costs.
Conyers Dill & Pearman has provided BVI and Cayman law advice to Colour Life Services Group Co, Ltd on its HK$1.15bn (£89.3m) listing.
Conyers has provided BVI and Cayman law advice to Century Sage Scientific Holdings regarding its listing on the Hong Kong Stock Exchange.
Dentons, Linklaters, Travers Smith and Weil Gotshal & Manges have settled a £184m battle between the Pensions Regulator and Lehman Brothers administrators PricewaterhouseCoopers (PwC).
Conyers Dill & Pearman has provided BVI and Cayman law advice to Hengxing Gold Holding Company on its HKD462.5m IPO.
Conyers Dill & Pearman has provided advice to Jazz Investments, a Bermuda company and a wholly owned subsidiary of Jazz Pharmaceuticals.
Khaitan & Co has advised Yes Bank in relation to the securitisation of portfolio of priority sector loans of an aggregate amount of $78.2m.
Shoosmiths has announced the appointment of two partners who will be based at the firm’s Birmingham office: Karen Featherstone and David Adams.
Understanding Forex manipulation download
Stephen Critchley and Robert Andrews describe what the alleged manipulation is; who may have suffered from it; and the ongoing investigations into it.
Mourant Ozannes has recruited David Byrne as its global head of business development and marketing.
Bär & Karrer has advised Bank of China International, global co-ordinator, on Swiss law in the initial public offering of Ernest Borel Holdings.
Dacheng has advised Guangdong Loongon Animation & Culture Co on its listing on the National Equities and Exchange Quotations (NEEQ) system.
EMIR — European Commission responds to ESMA’s request to clarify the definition of derivative download
The European Commission has provided a further response to a request to clarify the definition of ‘financial instruments’ under Directive 2004/39/EC on MiFID.
Khaitan & Co has advised RapidValue IT Services on the Series A investment by Helion Venture Partners.
At the end of July, the US and the EU escalated their respective sanctions regimes against Russia following the Kremlin’s intervention in the Crimea/Ukraine crisis.
In the H1 2014 league tables, Allen & Overy has ranking as the leading adviser in global debt, equity and equity-related capital markets.
Allen & Overy has advised Freudenberg SE in connection with a €250m syndicated facility.
Khaitan & Co has advised Axis Bank Ltd in relation to financial assistance of $168m (£101m) to Raigarh Champa Rail Infrastructure Private Ltd.
Ethical investor Sustainable Development Capital LLP (SDCL) has appointed six firms to its inaugural legal panel, with Muckle and Walker Morris among those winning a spot.
Court of Appeal clarifies directors’ fiduciary duties and the business judgment rule for executive compensation matters download
The nature of directors’ and officers’ fiduciary duties has been confimed, and the application of the business judgment rule in the context of a dispute regarding executive compensation clarified.
The Financial Conduct Authority (FCA) published its thematic review into ‘enhanced transfer value pension transfers’ last month.
Dentons has released the 8 August 2014 issue of its Financial Regulatory Developments (FReD) publication.
The new EU sanctions against Russia — key points to know, key steps for companies with business interests in Russia download
The EU has adopted economic sanctions against Russia — the latest step relating to the protection of the territorial integrity of Ukraine.
SMEs continue to hunt for credit download
SMEs have found it notoriously difficult to obtain secure funding during the downturn with a trend of the banks refusing to lend.
Double trouble for D&O insurers as the UK regulators extend the limitation period applicable to disciplinary investigations
Recent legislative changes in the UK are likely to raise concerns for D&O insurers and their insureds.
MiFID II and SME growth markets: a new category of markets to facilitate access to capital for SMEs download
The Level 2 process for MiFID 2 and MiFIR (together MiFID II), which are expected to come into force by the beginning of 2017, is under way.
The Financial Report — US GAO reports on ‘too big to fail’; OSC seeks comment on trade repository applications; and more
DLA Piper has released the latest version (Volume 3, No.15) of The Financial Report, featuring news and analysis from across the financial sector.
Following the continued tensions in Ukraine and Russia’s suspected military involvement, the EU has imposed new sanctions against Russia.
Outer Temple Chambers has welcomed Tim Green, a specialist regulatory barrister, to its commercial team.
A bill of sale is primarily a way for individuals to use their existing goods as security for a loan.
DLA Piper has announced that former Commodity Futures Trading Commission (CFTC) chief counsel Elizabeth Ritter has joined the firm.
DLA Piper has announced that Geoffrey M Ossias has joined the firm’s corporate and finance practice as a partner in the Phoenix office.
DLA Piper has advised GE Capital International and Ares Management on the provision of a £113.5m unitranche facility to refinance Hillarys.
The FCA has published a document setting out a number of considerations for firms who are thinking of using third-party technology or off-the-shelf banking solutions.
London joint managing partner
The Bank of England introduces new Clawback Rules: Code Staff face seven-year clawback on bonuses download
The Bank of England has published new Clawback Rules setting out the standards that banks have to meet when setting variable remuneration for their staff.
This briefing sets out the three key areas that are likely to affect the financial services sector to the greatest extent.
DLA Piper has announced that Mark Roppel has joined the firm’s corporate and finance group as a partner in New York.
Dacheng attorneys have advised three companies on their successful listings on the National Equities Exchange and Quotations (NEEQ) system.
Dacheng has advised Jiangxi HDJ Information Technology Co on its successful listing on the National Equities Exchange and Quotations (NEEQ) system.
Henan Taiping Boar-Breeding, advised by Dacheng, has been issued with a notice of acceptance on its filing of a 2014 SME private placement bond issue by SSE.
Dacheng has advised Hunan Shiyou Electric Co on its successful listing on the National Equities Exchange and Quotations (NEEQ) system.
The European Union has recently agreed to an additional, higher level of sanctions against Russia.
A recent High Court case concerned borrowers who had a buy-to-let portfolio with many of the properties mortgaged.
Article 8 of the European Convention of Human Rights (ECHR) provides that everyone has a right to respect for his home.
In the case of McDonald and Others v McDonald, a married couple borrowed money by way of mortgage from a third party in order to acquire premises.
In a recent case, the Technology and Construction Court found that CBRE overestimated the GDV by 20 per cent and the OMV by nearly £5m.
The issue in Aodhcon v Bridgeco was whether a bridging loan company had taken reasonable care to sell the property at the best price reasonably obtainable.
Financial Regulatory Developments: Treasury makes ring-fencing order; PRA consults on BRRD implementation; and more download
Dentons has released the 1 August 2014 issue of its Financial Regulatory Developments (FReD) publication.
Conyers Dill & Pearman has provided BVI and Cayman advice to China Hongqiao Group in connection with the issue of 7.625 per cent senior notes.
DLA Piper has advised long-term client Rolta India on a high-yield bond offering. The company issued 8.875 per cent senior notes through its wholly owned subsidiary.
Dacheng has advised Hefei Ecolite Information Technology on its listing on the National Equities Exchange and Quotations (NEEQ) system.
Dacheng has advised Hunan Changxin Changzhong Technology Co on its listing on the National Equities Exchange and Quotations (NEEQ) system.
LK Shields Solicitors’ financial services team discusses a new form of Irish corporate fund structure, as proposed by the Irish minister for finance.
In Fons Hf v Corporal Ltd & Anor, the Court of Appeal held, in the context of a specific agreement, that ‘debentures’ included loan agreements.
Reference banks: a dying breed? download
Since July 2013, LIBOR contributing banks have been subject to a code of conduct.
The government has recently announced that it will remove the £5,000 upper limit on fines imposed in the magistrates’ courts.
Dentons’ Adam Pierce explains the extent to which implied terms may limit a lender’s discretions, with particular focus on some recent cases.
Since the beginning of 2014, several critical pieces of EU legislation have reached milestones. Dentons summarises the major developments.
NCTM Studio Legale Associato and SPC have signed an agreement with Deutsche Bank for the management of non-performing loans.
The Finance Act 2014 received royal assent earlier this month. Here is a brief summary of the relevant provisions.
Mobile payments has been heralded as a growth area in technology, retail and financial services for some time now.
Ring-fencing — the detail download
UK banks are now required to ring-fence their retail activities from wholesale and investment banking by protecting the provision of core banking services to retail and SME depositors.
Eversheds’ Hong Kong office has announced the appointment of partner Samuel Chau in the banking team.
Wragge Lawrence Graham & Co has over the past three months acted on seven high-profile transactions that have raised more than £700m in aggregate.
Wragge Lawrence Graham & Co’s finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
DLA Piper has announced that Shane Albright has joined the firm’s corporate and finance practice as a partner in the Silicon Valley office.
The Financial Conduct Authority (FCA) has announced a review of competition in the wholesale financial markets.
The UCITS V Directive focuses on three main areas — which are presented in this briefing from Wildgen.
On 15 July 2014, Dacheng senior partner Gao Mingfei, who is based in Beijing, was interviewed by Global Times in connection with crowd funding.
The CMA is consulting on a provisional decision to refer the market for the supply of retail banking services to PCA customers and to SMEs for a phase II market investigation.
InVest — July 2014: round-up of developments affecting banks, wealth managers, brokers and funds download
Addleshaw Goddard has released the July 2014 issue of its InVest publication.
With many legal and regulatory developments still to come in 2014, it is important for financial institutions to consider and understand these changes.
MiFID 2 is likely to have significant consequences in Switzerland, in particular among Swiss banks, securities dealers and independent asset managers.
InCredit — July 2014: Small Business, Enterprise and Employment Bill 2014–15; ring-fencing update; and more download
Addleshaw Goddard has released the 7 July 2014 issue of its InCredit publication.
Allen & Overy has advised 21st Century Fox on its sale of Sky Italia and its 57.4 per cent stake in Sky Deutschland to BSkyB for a total consideration of $9.3bn.
New CSSF Circular regarding the protection of investors in case of a material change to an open-ended UCI download
The CSSF requires that sufficient time shall be provided to the investors in case of a material change to an open-ended UCI.
The CSSF has issued a new circular 14/587 applying to UCITS depositary banks and to the UCITS themselves regarding their relationship with their depositaries.
On 24 June 2014, Governmental Decree no. 91/2014 (the so-called ‘Competitiveness Decree’) was published in the Italian Official Gazette.
There should be a market investigation into the markets for banking services for SMEs and the supply of personal current accounts, according to the CMA.
Shoosmiths has worked with longstanding client Scanlans Property Management to recover more than £4m of service charges and ground rent for its clients throughout the UK.
KPMG has commented following the IASB’s issuance of the fourth and final version of its new standard on financial instruments accounting — IFRS 9 Financial Instruments.
Earlier this month, frozen food retailer Iceland Foods announced that it had refinanced its existing debt with a high-yield bond issue and a super-senior revolving credit facility.
The Financial Report — analysis of US bank counterparty data; Hong Kong releases REIT consultation conclusions; and more
DLA Piper has released the latest version (Volume 3, No.14) of The Financial Report, featuring news and analysis from across the financial sector.
Conyers has provided Bermuda and BVI legal advice to Global Brands Group Holding on its listing by introduction on the Hong Kong Stock Exchange.
Conyers Dill & Pearman provided Cayman and BVI legal advice to Jinmao (China) Investments Holdings Ltd on its $500m IPO.
Allen & Overy has advised Iceland Foods on its £950m high-yield bond, the largest sterling denominated high-yield bond issuance of 2014.
ESMA has published two consultation documents to gather comments from market actors on the technical advice ESMA is to give to the European Commission.
When she found herself off work with back problems Simmons & Simmons associate Karen Kerrigan hatched a plan: she would leave the law and set up a community forum for people experiencing the same kind of pain as her.
DLA Piper has represented the underwriters for Trupanion, a medical coverage provider for pets, in its $82m initial public offering on the NYSE.
In a move widely seen as inevitable, the NYDFS has released draft regulations for the establishment of a ‘BitLicense’ to govern virtual currency financial services.
On 11 July 2014, Ernest Borel Holdings, advised by Dacheng, was successfully launched on the main board of the Hong Kong Stock Exchange (SEHK).
Khaitan & Co has advised Weener Plastik (‘WEENER’), Germany, in relation to a 100 per cent acquisition of Weener Empire Plastics.
Swallowfalls v Monaco Yachting provides further support for the construction of contracts in the manner most consistent with ‘commercial common sense’.
Eversheds senior associate Muhammad Anum Saleem has commented on the opening of the Saudi Arabian stock market.
DLA Piper has represented TubeMogul, an enterprise software company for digital branding, in its $43.8m IPO on the Nasdaq Global Select Market.
Conyers Dill & Pearman has provided advice to Koradior Holdings Ltd on its $72m offering and listing of shares on the main board of the Hong Kong Stock Exchange.
The Manchester office of Addleshaw Goddard has advised The Hut Group on a significant investment in group by a consortium led by KKR.
Khaitan & Co has advised Mizuho Bank in relation to an external commercial borrowing of $250m granted to Oil India for funding its domestic capital expenditure requirements.
The special asset management scheme administered by Wanjia Gongying Assets Management Co has successfully raised RMB100m.
On 11 July 2014, Hanbo Enterprises Holdings was listed on the Main Board of the Hong Kong Stock Exchange. Zhang Guozhi was invited to the listing ceremony.
The Shipping E-Brief is a quarterly publication providing information on key legal decisions and developments in shipping and related business areas.
On 16 July, RMB10.9bn worth of credit asset-backed securities originated by CDB were successfully issued. Dacheng provided legal advice to CDB.
Anhui Hubin Architecture Company has successfully filed its planned issuance of SME private placement bonds for 2014 with the Shanghai Stock Exchange.
The UCITS V Directive is adopted download
After the publication of the CSSF Circular 14/587 on UCITS depositaries last week, it is now the European legislator’s turn to adopt new rules on UCITS depositaries.
CSSF has received a total number of 773 applications submitted according to the law of 12 July 2013 on alternative investment fund managers (AIFMs).
Partner and head of corporate/commercial
Partner and head of financial disputes
Lesley Farrell, partner at Eversheds, has commented on the news that UK banks are facing a full-scale CMA probe.
Ince & Co has worked with Jefferies in advising a group of ship owners with vessels on long-term charter to Israeli box line ZIM on its $3bn restructuring.
The Development Bank of Southern Africa was created for accelerating sustainable socio-economic development and improving quality of life.
International retail businesses that have businesses or subsidiaries with banking facilities in Italy should be aware of recent tax changes within the country.
DLA Piper has acted for Greencoat UK Wind on the acquisition of Maerdy Wind Farm, an operational wind farm project in Wales.
Allen & Overy has advised the joint lead managers and bookrunners on the issuance of $1.5bn and €525m bonds by ONGC Videsh.
Shoosmiths’ Adam Dowdney has advised the shareholders of Softbox Systems on the strategic majority investment by US private equity firm Great Point Partners.
KKR has agreed to acquire a 49 per cent stake in Ringier’s subsidiaries Scout24 Schweiz and Omnimedia. Bär & Karrer is acting as legal adviser to KKR.
DLA Piper has advised UBM Realitätenentwicklung Aktiengesellschaft on the successful placement of a €160m corporate bond.
Bates Wells Braithwaite’s charity and social enterprise team provides highlights of this week’s charity website announcements.
The latest action to be taken by the competition authorities is the public consultation on the provisional decision by the CMA on PCAs and banking services to SMEs.
International industrial and manufacturing businesses that have Italian businesses or subsidiaries with banking facilities in Italy should be aware of recent Italian tax changes.
Private equity funds are set to benefit from updates to the Cayman Islands exempted limited partnership law.
DLA Piper has advised Ziraat Bank, Turkey’s largest bank by deposits and number of branches, in its debut issuance of $750m 4.250 notes due 2019.
Bär & Karrer has acted as legal transaction counsel to Banque Cantonale de Genève and the joint lead managers on the bond issuance and placement.
The FCA has published the above consultation paper, which sets out its intended approach to the implementation of a price cap for high-cost, short-term credit.
Minter Ellison financial services partner Richard Batten has welcomed the FSI Interim Report as a comprehensive survey of all issues affecting Australia’s financial system.
Bill of law no. 6625, which will substantially change the legal regime applicable to bearer shares issued by a Luxembourg company, was adopted on 16 July 2014.
Ogier has advised R&R Ice Cream on the Jersey aspects of its acquisition of Peters Food Group in Australia for an enterprise value of AUD440m.
Financial Regulatory Developments (FReD) — 18 July 2014: FSB proposes recommendations on forex fix; and more download
Dentons has released the 18 July 2014 issue of its Financial Regulatory Developments (FReD) publication.
Allen & Overy has advised Samena Capital on the acquisition of 30.58 per cent of the share capital of RAK Ceramics PJSC from His Highness Sheikh Saud Bin Saqr Al Qassimi.
Addleshaw Goddard advised new client ClearStar on its admission to trading on the Alternative Investment Market (AIM), effective from 11 July 2014.
The Cayman Islands dominates the offshore world, but can it maintain its leading position?
The recovery in global M&A markets is developing a broader base, according to Allen & Overy’s latest M&A Index.
Simon Concannon, international tax adviser at Walker Morris, has warned anyone who receives an accelerated payment of tax notice to act fast.
The CSSF has released a new circular aimed at clarifying the provisions applicable to Luxembourg credit institutions acting as depositary for UCITS.
AIFM toolbox — July 2014 download
The AlFM toolbox aims to provide reader-friendly access to the EU legislation relating to the AIFMD level-one measures as well as the AIFMR level-two measures.
Our lawyers represent clients in claims relating to interest rate swaps and collars and other financial products, misrepresentation, breach of contract, negligence and fraud.
Ogier Corporate Administration has received approval to its variation of regulatory permission application to act as a trustee or depositary of an AIF.
Real-estate investment in Australia download
Australia offers a platform that allows new foreign investors to embrace the globalisation of real-estate capital with confidence.
A recent Court of Appeal case has caused consternation among City lawyers for introducing significant legal uncertainty over the established distinction between loans and debentures in English law.
On 2 July 2014, Dacheng senior partner Yu Xugang and partner Li Jieyu attended a ceremony celebrating the launch of Hubei Forbon Technology Co.
Dacheng has acted as PRC law counsel for Shenzhou International Group Holdings on the offshore issuance of HKD3.9bn worth of convertible bonds.
DLA Piper has represented Rioprevidencia and the State of Rio de Janeiro in a 144A/Reg S $2bn securitisation of oil royalties.
DLA Piper has advised Oakley Capital on its acquisition of North Sails Europe, a licensee and distributor for North Sails’ sailing technology and products.
Although there has been a steep decline in their use since the 1990 peak, cheques are still an important payment mechanism.
A strategic co-operation framework agreement has been signed by Bo Lili and Kuang Shuangli, senior partner from Dacheng.
Baosteel Resources Australia and Aurizon Operations recently announced a joint conditional off-market takeover offer for all of the outstanding ordinary shares in Aquila Resources.
Khaitan & Co has advised Morgan Stanley India Company in relation to an offer for the buy-back of up to 14.98 per cent of the equity share capital of Cairn India.
Wierzbowski Eversheds has advised the City of Warsaw on obtaining financing from the European Investment Bank of PLN1bn for various projects.
Wragge Lawrence Graham & Co has advised Empiric Student Property on its admission to the UKLA Official List and trading on the London Stock Exchange.
The Luxembourg Parliament has approved the bill of law on a sale and buy-back transaction of real-estate assets to a wholly owned special-purpose vehicle.
The Financial Conduct Authority (FCA) is currently preparing for the award of concurrent competition enforcement powers on 1 April 2015.
Exchange — International newsletter: regulatory developments in the financial services sector download
This issue includes international updates, as well as contributions from Europe, Austria, Belgium, the United Arab Emirates, Kuwait, the UK and the US.
The People’s Bank of China released the Administrative Measures for the Foreign Exchange Purchase and Sale Business Provided by Banks on 22 June 2014.
This note considers what a MAC clause is and when it is used, highlights recent case law and offers some tips for those involved in reviewing or negotiating MAC clauses.
Bates Wells Braithwaite’s charity and social enterprise team provides highlights of this week’s charity website announcements.
Serious Fraud Office director David Green QC has proposed a number of changes to the UK Bribery Act.
Banning assignment bans download
Factoring and invoice discounting are forms of asset-based funding structures that enable businesses to ease cash flow and fund growth.
The Financial Report — Canadian securities regulators propose gender diversity amendments; and more download
DLA Piper has released the latest version (Volume 3, No.13) of The Financial Report, featuring news and analysis from across the financial sector.
In June, a team led by Sun Changjiang was retained as standing legal counsel for Liaoning Equity Exchange Co to advise the company on a multi-faceted, multi-layered basis.
On 21 May 2014, Guangzhou Textiles Industry & Trade Holdings completed the issuance of RMB200m worth of first-phase short-term financing bills for 2014.
Financial Regulatory Developments (FReD): EBA consults on resolution plans; Treasury publishes AML advisory; and more download
Dentons has released the 11 July 2014 issue of its Financial Regulatory Developments (FReD) publication.
Stephenson Harwood has advised easyHotel on its upcoming placing and admission to trading on the AIM market of the London Stock Exchange.
The Dentons restructuring, insolvency and bankruptcy group considers the English law position.
The Dentons restructuring, insolvency and bankruptcy group considers the legal, commercial and practical issues.
Allen & Overy has advised ING and NN Group on the initial public offering (IPO) of up to 77 million ordinary shares of NN Group through ING.
Allen & Overy has advised Deutsche Annington Immobilien SE on the issue of a bond with a volume of €500m (£400m).
Madarassey, Mezzoterro, Villalba: there was a time when the papers were full of reports of women with six-figure salaries taking on their employers in tribunal.
Investor Daily has cited Minter Ellison’s client alert ‘FOFA regulations finally made’ prepared by financial services specialist partner Richard Batten.
Eversheds has announced its results for the 2013–14 financial year, confirming a two per cent year-on-year increase in top-line revenue.
Last December, bitcoin prices plummeted by nearly half, after Chinese authorities banned all financial institutions in China from engaging in bitcoin-related business.
Financial Regulatory Developments (FReD): European Commission updates on derivatives; ESMA updates AIFMD FAQs; and more download
Dentons has released the 4 July 2014 edition of its Financial Regulatory Developments (FReD) publication.
DLA Piper has represented Blue Cross & Blue Shield of Florida (Florida Blue) in its agreement to sell affiliate OptaComp to AmTrust Financial Services.
Bär & Karrer has acted as legal transaction counsel to Von Roll Holding and Privatbank IHAG Zürich on the issuance and placement of CHF61m bonds.
While the use of Bitcoin may not presently be widely accepted like cash or electronic funds transfers, it is undeniable that the market opportunities for Bitcoin are rapidly increasing.
Pillsbury has announced the appointment of 10 partners to firm-wide practice and industry leadership posts.
Islamic finance is booming. Sharia law essentially prohibits investments in certain sectors considered as illicit (‘haram’) and the payment and receipt of interest (‘ribha’).
Merlin Financial Consultants Ltd v Cooper, concerning 12-month non-competition restrictive covenants, suggests that they are easier to enforce in the financial services sector.
A new derivative reporting regime will commence in Australia in 2015.
Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more download
Macfarlanes has released the 4 July 2014 issue of its Investment Management Update.
The Law Commission has issued its report on the fiduciary duties of investment intermediaries. The focus of the report is on pension scheme trustees.
The government has recently announced that it will remove the £5,000 upper limit on fines imposed in the magistrates’ courts.
Loan Market Association update download
The Loan Market Association has made several announcements recently.
Rector Report on reforming reserve financing transactions: much work remains — six developments download
The PBR Task Force held a conference call to discuss comments to the modified recommendations to the report issued by Rector & Associates regarding reserve financing transactions.
The debate at the heart of US Bank Trustees v Titan Europe was whether a distressed property portfolio should be sold at once or retained in the hope of realising a better price.
In the diverse and rapidly changing software sector, our clients need informed and practised advice. They get this from Kemp Little.
We have a very impressive pedigree of working with some of the leading names in the games industry.
Kemp Little recognises that the use of technology in professional services firms is reaching a tipping point.
We help directors get to grips with the myriad corporate governance rules and regulations through a complimentary range of services, events and information.
At Kemp Little, we truly understand the risks facing this sector and we work with our clients to conquer those challenges.
For clients operating in the internet sector, Kemp Little is structured to comprehensively meet their legal needs.
Head of financial regulatory
Head of data protection and privacy
Asaleo Care, advised by Minter Ellison, has completed its initial public offering (IPO) of shares and listing on the Australian Securities Exchange.
Conyers Dill & Pearman has announced the appointment of Dennis Ryan as head of corporate services in its Dubai office, effective 1 July 2014.
Mourant Ozannes has advised Heritage Oil on its takeover by Energy Investments Global, a wholly owned subsidiary of Al Mirqab Capital SPC.
Nabarro has advised Oriel Securities, a long-standing client of the firm, on the initial public offering (IPO) of Secure Income REIT.
Online payment specialist PayPal is innovative and dynamic, and that’s how Tom Brown, UK and Ireland head of legal, demands his team to be too
Annabel Mackay, managing associate at Addleshaw Goddard, comments on the government’s response to its call for evidence on the whistleblowing framework.
This edition of Governance News provides a synopsis of Minter Ellison’s weekly summary of corporate law and governance developments in Australia and overseas.
Non-competition restrictive covenants have been described by a leading judge as ‘the most powerful weapon in the employer’s armoury’.
A recent mis-selling case (Kays Hotels Ltd v Barclays Bank plc) has two concerning new developments.
The importance of careful drafting was recently reiterated by the New York Court of Appeals in Quadrant Structured Products Co v Vertin.
In this briefing, Nabarro’s Deborah Lloyd looks at the general issues that apply to all types of funds.
The topics considered in this update have, by accident rather than design, an anti-money laundering flavour to them.
High Court allows application for permission to bring judicial review proceedings relating to the jurisdiction of the FOS download
Sarah Hitchins considers the High Court’s decision to allow an application for permission to bring judicial review proceedings relating to the jurisdiction of the FOS.
On 18 June, Outer Temple Chambers hosted a roundtable forum of experts to discuss the Treasury’s consultation paper on enforcement decision making.
Allen & Overy is advising Evonik Industries on its acquisition of an equity interest of approximately 9.06 per cent in Borussia Dortmund.
The Corporations Amendment (Streamlining Future of Financial Advice) Regulation 2014 was made on 26 June and registered on 30 June.
Allen & Overy has advised Bank of America Merrill Lynch, Credit Suisse, HSBC and JP Morgan as joint bookrunners on PTT Exploration and Production Public Company Ltd’s corporate hybrid bond issuance.
Wragge Lawrence Graham & Co’s finance litigation experts bring you the latest on the cases and issues affecting the lending industry.
InContact — 14 June 2014: Small Business, Enterprise and Employment Bill 2014–15; BBA report; and more download
Addleshaw Goddard has released the June edition of InContact, which covers the latest market news and developments in the payments space.
The Bank of England has announced measures to cool the housing market. Bruce Dear, head of London real estate at Eversheds, has commented on the measures.
Nowadays financial services businesses really need a law firm that truly understands the interrelationship between technology, regulation and the financial sector.
Tax-efficient borrowing download
Businesses should aim to pay the lowest rate of interest when borrowing from banks, as well as ensuring any financing is structured tax efficiently.
NCTM has advised Triboo Media on the acquisition of 100 per cent of the share capital of HTML.it.
DLA Piper has published the June 2014 edition of its Austrian Tax Newsletter.
CSRC recently gave approval to an application for private placement filed by Guangdong Highsun Group Co (hereinafter referred to as Highsun Group).
Andrew Henderson has commented on news that the EU’s markets, banking and insurance watchdogs could be funded from a direct levy on the sector.
Dacheng has advised ZhongyueHuatai Investment Management (Beijing) on the formation of a fund named ‘Caiyunzhi nan’ (‘South of the Cloud’).
Dacheng has advised Guangdong Highsun Group on its registration of ¥600m worth of private placement notes.
Conyers Dill & Pearman’s Bermuda office advised Markit on its 10-times oversubscribed $1.3bn initial public offering and listing on the Nasdaq Global Select Market.
A recent decision has highlighted an older and wider meaning of debenture: any document that creates or acknowledges a debt (and not just one creating security).
BVI approved managers regime download
The Investment Business (Approved Managers) Regulations 2012 provides an attractive ‘regulatory light’ option for qualifying investment managers and advisers.
Plaintiffs in securities fraud class actions may satisfy the reliance element by showing that they traded on an ‘efficient market’ presumed to reflect all public material information.
The Court of Appeal has once again determined the issues of ‘unfair relationship’ and agency in the borrowers’ favour.
Conyers has provided BVI law advice to HICKIES Corp on three rounds of financing, including funding led by the venture arm of one of the global footwear brands.
Allen & Overy has advised the book-running lead managers on Yes Bank’s QIP of shares to fund the bank’s future expansion.
M&A Weekly Update: market abuse — UK rules will continue to be super-equivalent; and other items download
Macfarlanes has released its M&A Weekly Update for the period 13–19 June 2014.
DLA Piper has announced that Kevin Lytle and Craig Cartwright have joined the firm’s real-estate practice as partners in the Phoenix office.
Eversheds has advised Investec Bank, as sponsor and sole bookrunner, on the £308.5m main market IPO of FDM Group.
DLA Piper has advised Allied Minds on its initial public offering (IPO) and admission to trading on the main market for listed securities of the London Stock Exchange (LSE).
Financial Regulatory Developments (FReD): MiFID 2 package published in the OJEU; presidency updates on MLD4; and more download
Dentons has released its Financial Regulatory Developments (FReD) publication for 20 June 2014.
Formidable growth in UK tech scene? download
Research indicates significant growth in London’s tech sector over the next decade. If the forecasts are to be believed, they are certainly to be welcomed.
Allen & Overy’s Roger Lui and Elizabeth Leckie have published a chapter in the 2014 edition of The International Comparative Legal Guide to: Lending & Secured Finance.
The Provisions on the Administration of Foreign Exchange for Cross-Border Security replace 12 existing regulations providing for cross-border security.
Khaitan & Co has advised Koovs Marketing Consulting in relation to a listing of its shares on the AIM segment of the London Stock Exchange.
Eversheds has announced the appointment of Dani Kabbani as managing partner of the firm’s office in Qatar.
Ilyashev’s Roman Marchenko has been selected as a member of the International Chamber of Commerce’s Financial Institutions and International Arbitration task force.
Comment on UK/China summit download
Trade deals are expected to be announced following the meeting between Chinese premier Li Keqiang and UK prime minister David Cameron.
In his Mansion House speech on 12 June, George Osborne announced a number of measures in light of recently alleged or established market abuses.
Around 1,500 firms regulated by the FCA must now get to grips with substantial changes coming into effect under the FCA’s Client Assets rules.
Addleshaw Goddard has promoted Manchester-based managing associate Vicky Niescier to partner with immediate effect.
AOTS, advised by DLA Piper, has signed construction contracts with supporting guarantees for the development of its project to construct a large oil terminal facility.
Investing in the future — how megatrends are reshaping the future of the investment management industry download
The world in which we live and work is changing rapidly, driven by a number of deeply rooted forces — megatrends.
First R-QFII manager based outside Greater China to obtain CSSF approval for a R-QFII UCITS-compliant product download
Earlier this year, Ashmore became the first manager based outside Greater China to be granted a R-QFII licence by the authorities of the PRC.
Partner — Northampton
Partner — Edinburgh
In early May 2014, three Chambers directors and 15 Outer Temple barristers visited Dubai to strengthen and reaffirm their commitment to working in the region.
In this presentation, John Schmidt reports on the IBC conference on competition challenges in the financial services sector in 2014.
Hungary wishes to follow the approach taken by many other countries by creating a ‘bad bank’.
The global asset management industry will radically transform over the next 15 years due to seismic shifts in client demographics and other factors, according to KPMG.
Ilyashev & Partners has successfully represented PJSC SUMYKHIMPROM in the Kharkiv Commercial Court of Appeal.
IFLR1000 Energy and Infrastructure 2014 has recommended Ilyashev & Partners on its energy and infrastructure and financial and corporate work.
LK Shields has appointed solicitor Liam Carney as a partner in its banking practice. Carney previously worked as a partner in two other Irish law firms.
LK Shields Solicitors advises on public offerings and private placing of equity and debt securities.
LK Shields Solicitors advises banks, asset managers and multinationals on regulated, domestic and unregulated funding structures in Ireland.
Nabarro is advising Main Market-listed PXP Vietnam Fund on a placing and open offer issue to raise up to $134.56m (before expenses).
ASIC cuts highlight the need for better financial planning self-regulation, according to Richard Batten from Minter Ellison.
LK Shields Solicitors offers a range of domestic banking services. The firm also represents creditors and debtors in examinership and liquidation proceedings.
Gateley has advised on the admission to trading of German biopharmaceuticals company Biofrontera on AIM.
Bruce Dear, head of London real estate at Eversheds, has commented on what could potentially be Europe’s largest property IPO.
By now, any ‘financial institution’ would need to have had its head in the sand in order not to be aware of the impact of FATCA and its need to comply with this new regime.
Many investment structures, particularly in the private equity, venture capital and property asset classes, are now caught within the scope of the AIFMD.
The final texts of the revised Markets in Financial Instruments Directive have been published in the Official Journal of the European Union.
Ashurst’s low-cost support base in Scotland is to rejig its business model by adding at least two qualified lawyers to the office by the end of the year.
Eversheds’ Paul Worth has commented on news that the incoming deputy governor of the Bank of England is to drive through changes to foreign exchange and other benchmarks.
Wragge Lawrence Graham & Co has advised investment firm MxP Partners on its £80m private equity buyout of Amber Taverns.
Priority of security is important where a borrower becomes insolvent and its assets are insufficient to discharge all its liabilities.
Dacheng senior partner Kuang Shuangli’s experience and reputation in advising on financial leasing matters has won him the role of vice-president of the SLTA.
Collyer Bristow has announced that Janine Alexander has been promoted to partner, bringing the number of partners in the firm’s financial services disputes group to three.
This report considers the FCA’s decision to fine Invesco Perpetual for failings relating to fund management and for exposing investors to high levels of risk.
Allen & Overy Amsterdam has introduced a series of breakfast meetings called ‘Early Birds’, targeted at financial regulatory and compliance experts.
ESMA has notified the European Commission of issues that it has identified regarding the frontloading requirement under Regulation (EU) No 648/2012.
DLA Piper has advised Rizhao Port on its issue of RMB850m worth of credit-enhanced bonds, its first ‘Dim Sum’ bond offering in Hong Kong, in mid-May.
Partner and chairman
Working with clients throughout the UK, we have become one of the most respected groups in this dynamic area of the law.
Our team advise on a wide range of finance-related matters. Our significant experience gives us the ability to provide responsive, practical advice tailored to our clients’ business objectives.
With a strong, dedicated team, we offer advice to private individuals and families throughout the UK and overseas.
Stephenson Harwood has advised on the launch of the UK’s first listed investment fund dedicated to investing in peer-to-peer loans and related credit assets.
Thirteen Carey Olsen lawyers have been named in the ninth annual Citywealth Leaders List 2014.
At the launch ceremony of the Shanxi Investment Fund Industry Association in Taiyuan, Dacheng’s Wei Haisheng was elected vice-president.
Dacheng’s Qu Feng is part of a working team on the standardisation of financial leasing contracts, set up at a seminar held by the Shanghai Leasing Trade Association.
This briefing considers the difference between the account options available and certain potential benefits or risks associated with them.
In 2012, the FSA imposed a financial penalty of £450,000 on JP Morgan’s Ian Hannam in relation to two instances of market abuse. In 2013, Hannam appealed this decision to the Upper Tribunal.
The China Financial Futures Exchange Co has announced that Qu Feng from Dacheng’s Shanghai office is to be retained as counsel.
The SEC has approved amendments proposed by FINRA to two of its rules that are critical in the public offering process.
Global Financial Markets Insight: post-acquisition high-yield bond exits; CRA3; securitisation in Belgium; and more
This year continues to see significant activity in high-yield issuance with a large number of funding and refinancing deals involving exchange offers and consent solicitations.
Conyers Dill & Pearman was named Offshore Law Firm of the Year at Asian Legal Business’ (ALB) 10th annual SE Asia Law Awards.
Eversheds partner Tim Buckingham has commented on The British Retail Consortium’s (BRC) report that cash use in the UK has fallen 14 per cent in five years.
A cross-border mortgage dispute over three chemical ships was recently concluded and executed in favour of the party represented by a Dacheng team.
Dacheng senior partner Yu Hui has won the bid to advise China Life, a life insurance company in China, on the formation of an industry investment fund.
DLA Piper has advised Crédit Agricole Corporate and Investment Bank and others on their provision of senior debt finance to Education Personnel Holdco Ltd and its subsidiaries.
Allen & Overy has advised on on the $5.5bn (£3.3bn) STAR Rafineri project financing — Turkey’s largest ever project financing.
Carey Olsen is the number-one offshore legal adviser to London Stock Market (LSE) clients, according to the Corporate Advisers Rankings Guide (Q2 2014).
Queen’s Speech 2014 download
There are significant proposals this year on areas such as infrastructure, pensions, zero-hours contracts, ‘modern slavery’ and recall of MPs.
Conyers Dill & Pearman has advised on the Bermuda aspects of the financing for Signet Jewelers’ $1.4bn acquisition of Zale Corporation.
Conyers has acted as Cayman counsel to HKT Group Holdings and provided Cayman legal opinions and condition precedents confirmation.
A flair for innovation sets apart the banking and finance teams on this year’s shortlist for top honours at The Lawyer Awards
The Financial Report: US SEC developments; US judicial developments; global regulators; and more download
DLA Piper has released the latest version (Volume 3, No.10) of The Financial Report, featuring news and analysis from across the financial sector.
Financial regulatory developments (FReD): Commission asks ESMA for MAR advice, EBA for MiFID 2 advice; FCA holds general insurance conference; and more download
Dentons has released its Financial Regulatory Developments (FReD) publication for June 2014.
Tax seems to spawn acronyms and we may, at least in a mainland European (if not the UK) context, soon have to get used to a new one: FTT, or financial transaction tax.
BVI law imposes a number of ongoing obligations on BVI regulated funds. The main continuing obligations for BVI private and professional funds are set out in basic detail below.
A unitranche loan is a lending facility where a single lender offers the borrower a senior and a subordinated tranche of debt and blends them into a single loan.
Resolution No. 328 of the Management Board of the National Bank of Ukraine prolongs the effect of many temporary restrictions on currency exchange transactions.
In Merlin Financial Consultants Ltd v Cooper, Mr Cooper was a financial adviser employed by Merlin.
In a High Court decision, the liquidators of an insolvent company successfully applied for the company’s accountants to produce documents detailing their dealings with the company.
LIBOR scandal: two years on download
This note looks back at some of the key developments regarding the LIBOR scandal over the second year.
FATCA — FAQs download
This briefing from Macfarlanes presents answers to some of the more frequently asked questions about FATCA.
The Spanish government has asked an experts committee to prepare a report with proposals for the tax reform that the Spanish government is currently drafting.
Parties have been understandably concerned about their ability to agree extensions of time with an opponent.
The Technology and Construction Court (TCC) has reaffirmed the approach to be taken to the construction of exclusion and limitation of liability clauses.
The Financial Reporting Council is consulting on changes to the UK Corporate Governance Code, which sets out good practice for UK listed companies.
FRC publishes amendments to FRSSE download
On 29 April 2014 the Financial Reporting Council (FRC) published amendments to the Financial Reporting Standard for Smaller Entities (FRSSE).
New draft partnership tax manual download
HMRC has published a new draft partnership tax manual following the recommendations of the Office of Tax Simplification for a consolidated version of the guidance on partnerships.
The importance of ensuring service download
In T&L Sugars Ltd v Tate & Lyle Industries, the Commercial Court considered the meaning of ‘service’ in the context of warranty claims in a share and business sale agreement.
Weekly Newsletter Italy: HR consultancy; competition, EU and regulatory; and financial services disputes and investigations download
Eversheds has published its weekly newsletter covering Italy for 19–25 May 2014. It looks at HR consultancy, competition, EU and regulatory, financial services disputes and more.
Report 393 reviews market practice concerning protection of confidential, market-sensitive information.
This is the first in a series of three briefings. This briefing covers the typical issues for exiting a closed-ended fund.
KPMG and Rothstein Kass, a professional services firm in the hedge fund industry, have entered into an agreement by which most of the employees of Rothstein Kass will join KPMG.
Financial Regulatory Developments (FReD): ESMA consults on MiFID 2 implementation; FCA fines Barclays and former trader for gold fixing failures; and more download
Dentons has released its Financial Regulatory Developments (FReD) publication for May 2014.
Memery Crystal has advised British chocolatier Hotel Chocolat on the development and issue of its second ‘Chocolate Bond’ offer.
Memery Crystal has advised UK golf travel company Golfbreaks.com on the development and issue of its ‘Golfbreaks Bond’ offer.
Watson Farley & Williams (WFW) increased its revenue in 2013/14 by 14.6 per cent last year, resulting in a jump in revenue from £102.1m to £117m.
New PRC cross-border guarantee rules download
On 12 May 2014, the State Administration of Foreign Exchange issued the Rules on the Foreign Exchange Administration for Cross-border Guarantee.
Allen & Overy has announced that Jake Keaveny will join its high-yield practice as a partner in the London office.
The European Securities and Markets Authority (ESMA) has issued its first consultation papers on implementing the ‘MiFID 2’ package.
Nabarro has advised Primary Health Properties on the launch of a £82.5m convertible bond due to mature in 2019.
Khaitan & Co has advised Standard Chartered Bank in relation to Wilmar Sugar Holdings, which proposes to subscribe to equity shares of Shree Renuka Sugars.
Partner and head of the family practice
The British Virgin Islands is one of the most popular offshore jurisdictions for investment funds. Here are some reasons why.
KPMG has launched a virtual R&D centre that will serve as a global innovation hub with the aim of incubating and developing data-driven business solutions.
DLA Piper has advised Rizhao Port Group on the listing of its credit-enhanced bonds and China Agri-Products Exchange on its medium-term note programme.
Conyers has provided Bermuda legal advice to HKT on the $2,425m financing and security in respect of its acquisition of the entire issued share capital of CSL.
US District Court reaffirms distressed debt funds not eligible assignees under loan agreement download
The US District Court for the Western District of Washington found that certain distressed debt funds were not ‘financial institutions’ under the definition of ‘eligible assignee’.
NCTM has appointed three new equity partners, Sergio Fulco, Guido Martinelli and Lukas Plattner, who were all previously salary partners.
Fund manager Andy Thomas details what the Greater Manchester Loan Fund (GMLF) is, who it is aimed at and the benefits associated with the fund.
CSRC has granted approval to China World Trade Center Co for a public offering of corporate bonds. The approval was obtained under the guidance of Dacheng.
Dacheng has advised Zhongao Holdings on its approval from NAFMII for the registration of RMB1bn worth of commercial papers and private placement notes.
The legislative ‘black hole’ in aircraft creditors’ rights in Canada: pre-Cape Town Convention interests download
The entry of the Cape Town Convention into force is positive, but has led to a legislative ‘black hole’ in the protection provided to certain aviation creditors.
Allen & Overy has announced the hiring of Attila K Csongrady as counsel to join the firm’s CEE English law banking and finance practice.
Collyer Bristow has hired partner Robin Henry to its financial disputes group. Henry advises on structured finance and distressed debt strategies.
Dacheng has advised Liaoning WellhopeAgri-Tech on approval for a planned IPO, which was approved by the China Securities Regulatory Commission.
Dacheng Shanghai-based senior partner Qu Feng has been officially appointed to an advisory team specially designed for futures legislation.
Shoosmiths has welcomed partner Liz Sweeney and associate Ruth Evans to its banking team.
Hungary: will the security interest vanish when the underlying secured obligations are transferred? download
The fact that the new Hungarian Civil Code has at last recognised the concept of transfer of contractual position was a welcome development.
Conyers has provided Cayman law advice to Lombard Medical on its $55m US IPO and the listing of the company’s ordinary shares.
Foresight is an easy-to-use legal calendar that outlines major cases, government policy and forthcoming legislation right through to 2017.
Failing to mention the cost of PPI is a breach of the obligation to communicate with borrowers in a fair, clear and non-misleading way.
In In the matter of Black Ant Co Ltd (in Administration), two charge holders had advanced loans to two companies, which went into administration.
Governments and tax authorities continue to develop their fiscal and tax positions relating bitcoins.
Investment Management Update: FCA thematic review of clarity fund charges; ABI guide to unit-linked funds; and more download
Macfarlanes has released the 22 May 2014 issue of its Investment Management Update.
Allen & Overy has advised Bharti Airtel International (Netherlands) BV, as issuer, and Bharti Airtel Ltd, as guarantor, on a dual-currency international bond issue.
Both Ogier Legal and Ogier Fiduciary Services won awards at the Citywealth Magic Circle Awards 2014, which were held on 8 May at the Grange Hotel in London.
Addleshaw Goddard has announced that it has hired financial services expert and partner Fiona Ghosh from Eversheds.
New York Department of Financial Services proposes stricter standards in reviewing life insurance acquisitions download
The New York Department of Financial Services is proposing to extend stricter standards to acquisition deals across the life insurance industry.
The Financial Conduct Authority (FCA) has won its appeal against the stay in the high-cost fraud trial known as Operation Cotton, with the Court of Appeal (CoA) ruling that proceedings should resume.
Regulators in California and New York are concerned about the increased risk of cyber attacks on the security of personal information collected by regulated entities.
DLA Piper has announced the addition of Julia Gorham as head of the Asia employment practice. She joins as a partner from JP Morgan.
DLA Piper has advised Transfield Services on a major global refinancing.
Financial regulatory developments: Council adopts MiFID 2; ESMA proposes to ease frontloading burden; and more download
Dentons has released the latest edition of its Financial Regulatory Developments (FReD) publication.
KPMG is working with economia magazine to host a series of roundtables in major capital markets focusing on the current and future state of audit.
Addleshaw Goddard has announced that John Joyce has been elected managing partner for a term of three years, which took effect from 16 May 2014.
Khaitan & Co has advised Orient Cement in relation to loan facilities for financing the development of a 3MTPA Greenfield integrated cement plant.
Schoenherr has represented Carso Telecom in a takeover offer for all shares in Telekom Austria AG not held by Carso Telecom, AMX, Telekom Austria or the OIAG.
Schoenherr has advised PALFINGER AG and individual-selling PALFINGER shareholders on the establishment of a mutual capital interlinking.
DLA Piper’s Kristin Franceschi has been named as one of ‘Maryland’s Top 100 Women’ by The Daily Record.
The Australian government released its 2014–15 Budget on 13 May. Karen Payne and Adrian Varrasso highlight a number of issues that will affect corporate Australia.
This article examines the current position on UK bankers’ pay, the consultation on clawback provisions and the UK government’s challenge to the remuneration provisions.
DLA Piper has released the latest version (Volume 3, No.10) of The Financial Report, featuring news and analysis from across the financial sector.
HM Treasury is set to undertake a review of the enforcement decision-making processes for the FCA and the PRA.
Nabarro has advised long-standing client Oriel Securities on its proposed sale to Stifel Financial Corp, a US listed financial services group.
Allen & Overy has acted for the lenders consortium in a project to develop a 600MW offshore wind farm.
Any investment of public money in a private undertaking has the potential to be unlawful state aid if it gives that undertaking an economic advantage over its competitors.
The government of Indonesia has informed the Netherlands that its bi-lateral investment treaty with Indonesia will be terminated from July 2015.
DECC has provided more detail of how the financial support that the government gives to renewable energy schemes will work going forward.
New HMRC powers to recover tax debts download
The government plans to introduce new powers allowing HMRC to directly raid the bank accounts of tax debtors,focusing on those who owe at least £1,000.
Dacheng senior partner Yu Hui has won a lawsuit on behalf of Fuhui Fund, an investor in a valuation adjustment mechanical (VAM) arrangement.
The US, Canada and the EU have designated a number of additional officials and companies as the unrest continues in eastern Ukraine.
Schoenherr has advised Slovenian creditor financial institutions in the debt restructuring of Laško Group, a regional beverage manufacturer and distributor.
Khaitan & Co has advised JP Morgan Europe in relation to senior and mezzanine facilities aggregating to £235m for acquisition of a property in London.
The Financial Conduct Authority (FCA) has published a policy statement containing its final rule changes on the use of dealing commission.
Conyers has provided BVI and Cayman legal advice to iKang Healthcare Group on BVI selling shareholders in connection with a $150m initial public offering.
Conyers has advised Stonegate Pub Company on the issue of £400m senior secured notes due 2019 and its entry into a new £25m revolving credit facility.
Allen & Overy has been presented with the 2013 Deal of the Year award by the US Ex-Im Bank at the bank’s 39th Annual Conference.
Khaitan & Co has advised Peninsula Brookfield Real Estate Fund in relation to an investment of $40m in Inesh Realtors Private.
The new rules considerably increase the protection of investors vis-à-vis managers of UCITS funds and their depositaries.
M&A Weekly Update: controlling shareholder Listing Rule changes; Pfizer’s hostile takeover bid for AstraZeneca; and more download
The FCA has published a final version of its changes to the UK’s Listing Rules, regulating controlling shareholders of premium listed companies.
Jonathan Brook has joined Eversheds as a partner in the law firm’s London litigation team.
Corporate Finance News — April 2014: FCA’s listing rules; abolition of stamp duty; merger control reforms; and more download
Addleshaw Goddard has released the April edition of its Corporate Finance News publication.
The Consolidated FDI Policy was released by the Department of Industrial Policy and Promotion and the Ministry of Commerce and Industry on 17 April 2013.
NCTM has advised Enertronica on its mini-bond Enertronica SpA, a company operating in the sectors of renewable sources, energy efficiency and electromechanical systems.
Khaitan & Co has acted as legal counsel to the issue in relation to India Infoline Housing Finance’s initial public offering (IPO).
A networking initiative has been launched in the BVI for women working in financial services. The initiative is the brainchild of associates from five firms including Mourant Ozannes.
Harvey v Dunbar Assets highlights the potential adverse consequences for lenders when guarantees are not fully or correctly executed.
The Homes and Communities Agency (HCA) has recently issued prospectuses for new funds to deliver housing.
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 subject of so-called ‘minibonds’ has become particularly topical, following the recent conversion into law of the decree law ‘Destinazione Italia’ at the end of February.
Investment Management Update: FCA expectations for investment managers on dealing commission; and more download
The Financial Conduct Authority has published Policy Statement PS 14/7 on changes to the rules on use of dealing commission.
DLA Piper was recognised as one of the most active law firms in terms of venture capital deal volume in the first quarter of 2014, according to PitchBook.
Collyer Bristow’s financial disputes lawyer Janine Alexander has been quoted in The Times.
Our capital markets clients instruct us for a whole host of domestic and international fundraising.
Khaitan & Co represents banks and borrowers alike. We have substantial experience in advising on financing transactions across all forms of end use.
Wealth management and asset management sectors: what you should be aware of in FCA’s Business Plan 2 download
Wragge Lawrence Graham & Co’s experts outline some of the key issues for which the asset management, wealth management/private banking sectors should prepare.
Shoosmiths has contributed to a report by the Royal College of Psychiatrists and the Money Advice Trust that will help vulnerable people receive better service.
Collyer Bristow has appointed financial markets and distressed debt specialist Robin Henry and experienced commercial litigator Roger Billins.
Ben Jones, a tax expert at Eversheds, has commented on news that a EU-wide financial transaction tax (FTT) is set to be effective from 2016.
Winckworth Sherwood has appointed a new partner with expertise in large-scale urban regeneration and infrastructure projects.
Stephenson Harwood has advised Baker Tilly on the sale of its private client financial management business to Towry, a wealth advice firm.
ICE Benchmark Administration took over the administration of LIBOR from the British Bankers Association (BBA) on 1 February 2014.
ATHEX: the place of opportunities download
Athens Exchange (ATHEX) is the only official market for shares, derivatives, products and bonds trading in Greece, both for private and institutional investors.
Dacheng senior partner Zhang Lei has been elected deputy head of the Economic Law Committee of All China Lawyers Association (ACLA).
Dacheng senior partners Ping Yunwang and Zhang Lei and partner Liu Tao have advised Chengtun Mining on a private placement.
Conyers has advised AerCap Holdings in connection with the sale by AerCap International Bermuda of the class A common shares in GFL to GFL Holdings.
Following strong year-end deal volume results in the 2013 national and regional Experian Corpfin league tables, Gateley has reported impressive rankings in Q1 2014.
Conyers Dill & Pearman has provided British Virgin Islands (BVI) and Cayman Islands legal advice to Agile Property Holdings on a $475m (£280m) bridging loan.
Allen & Overy has advised ANOA Capital, quirin bank and Close Brothers Seydler Bank in connection with the issue of four series of bonds by Air Berlin.
Allen & Overy has advised ICBC on its proposed acquisition of 75.5 per cent of the issued share capital of Tekstil Bankasi (Tekstilbank) from GSD Holding.
Fawaz Elmalki, a director in Conyers’ Dubai office, has been named to the MENA Fund Manager Service Provider Power 30 list for the third consecutive year.
InSure — April 2014: general — the FCA Risk Outlook and Business Plan; Flood Re cover; and more download
Addleshaw Goddard has released the general section of its InSure publication for April 2014.
A briefing note entitled ‘Lending, debt collection and mental health: 10 steps for treating potentially vulnerable customers fairly’ was released on 30 April.
Nabarro has announced the appointment of Candice Blackwood, a partner who will join the firm’s real-estate practice and who has expertise in the healthcare sector.
Memery Crystal has partnered with the London Stock Exchange on the ELITE programme for ambitious, high-growth private businesses.
Avoid potential FCA fines: ensure proper anti-bribery and corruption systems and controls are in place download
The FCA has fined Besso for failing to have proper controls in place to counter the risk that commissions it shared with third parties could be used for corrupt purposes.
Dacheng has co-hosted the 2014 Asia Pacific Regional Meeting with the World Services Group. Dacheng’s Shanghai office acted as the meeting organiser.
Conyers has provided BVI legal advice to Credit Suisse in connection with a long-term senior credit and guarantee agreement to Canacol Energy.
QFII, R-QFII and Luxembourg funds download
The first Luxembourg R-QFII UCITS allowing for a 100 per cent China A-Shares strategy has been approved by the CSSF.
Complete revision of the Kremer-Lebbe book on collective investment schemes under Luxembourg law download
The Luxembourg financial centre is the second largest in the world for investment funds in terms of assets managed.
The Financial Report: CSA proposes guidance for proxy advisory firms; raw material exchanges approved for Shanghai; and more
DLA Piper has released the latest version (Volume 3, No.9) of The Financial Report, featuring news and analysis from across the financial sector.
The Prudential Regulation Authority (PRA) has given some further colour on how it intends to supervise international banks operating in the UK.
Simmons & Simmons has made up eight to its partnership today, with 50 per cent of the new partners based in London.
Baker Tilly offers outsourced back office accounting, management reporting and payroll services via its innovative Cloud solutions.
The Baker Tilly accounting and business advisory group is made up of experienced accountants and business advisers.
Baker Tilly’s professional practices audit team understands the sector and the issues faced by businesses operating within it.
It can be difficult for shareholders of private established companies to sell shares without the company being quoted on an exchange.
Investment funds in Guernsey download
The investment funds industry in Guernsey has achieved significant growth in recent years.
A recent decision has confirmed the purpose and effect of key provisions relating to transitional security interests, perfection, priority and vesting rules under the PPSA 2009.
AIFMD: private placement update download
The AIFMD will soon be fully in force for EU fund managers and for non-EU fund managers marketing their funds into the EU.
Appleby has become the first offshore law firm licensed to provide offshore legal advice in mainland China where it has had a Shanghai base since 2012.
Former Berwin Leighton Paisner (BLP) head of finance Matthew Kellett is leaving the firm to join accountancy and consulting giant EY as it ramps up its investment in the legal sector.
Next step towards the banking union download
The European Parliament has approved three pieces of legislation considered as central for the establishment of a solid and efficient Banking Union.
Ogier Fiduciary Services has announced the promotion of Charles Le Cornu to director. The firm has also welcomed new directors Simon King and Jon Barratt.
NCTM has been awarded the Law Firm of the Year — Equity Capital Markets, while Piermauro Carabellese won Professional of the Year — Transfer Pricing.
On 16 April 2014, the Privy Council issued a welcome decision in the Fairfield Sentry case.
On 1 April 2014, the FCA published its research into ‘Consumer Credit and Consumers in Vulnerable Circumstances’ customer segmentation.
On 31 March 2014, 10 days after it published its new guides to supervision, the FCA published its Business Plan and Risk Outlook for the coming year.
Eversheds’ Spotlight briefing includes developments in Italian derivatives case law and an overview of the amendments made to Spain’s insolvency regulation.
Conyers has provided legal advice to Agile Property Holdings in connection with an international offering of the company’s ¥2bn 6.50 per cent senior notes.
Conyers Dill & Pearman has provided BVI and Cayman legal advice to Yuzhou Properties Company in connection with an international offering of up to $300m.
Conyers Dill & Pearman has provided BVI and Cayman legal advice to YY Inc in connection with an international offering of $400m.
The ‘unfair relationship’ concept in respect of credit agreements was introduced into the Consumer Credit Act 1974 on 6 April 2007.
Conyers has provided BVI and Cayman legal advice to China Aoyuan Property Group in connection with issue of $300m 11.25 per cent senior notes due 2019.
The Luxembourg tax authorities are currently carrying out transfer pricing audits, particularly for financing companies.
Conyers has provided BVI and Cayman advice to Agile Property Holdings in connection with an international offering of $500m 8.375 per cent senior notes due 2019.
The appointment of a Financial Services Ombudsman in Jersey came a step closer on 1 April 2014 when the States of Jersey approved the Financial Services Ombudsman (Jersey) Law 201.
These are contractual terms between shareholders that are usually included in the articles of association.
Ogier acted with Mibank, Tweed, Hadley & McCloy to represent the the underwriters on the $350m initial public offering by Nord Anglia Education.
Hogan Lovells’ tax team has been shortlisted in 11 categories of the International Tax Review (ITR) European Tax Awards.
E.Surv claimed contribution under the Civil Liability (Contribution) Act 1978 from Goldsmith Williams.
The AIFMD and the relevant Jersey-implementing legislation have been in force for more than six months.
Ratchet structures download
A ratchet is a structure whereby the eventual equity allocations between the shareholders depend on future performance of the company or the rate of return achieved by the venture capital firm.
On 4 April, Birmingham Citizens Advice Bureau held a fundraising Golf Day at North Worcestershire Golf Club, which was sponsored by No5 Chambers.
The Czech Republic has become one of the few countries in continental Europe whose legal system can offer a vehicle with the same nature as mudarabah or musharakah.
Business as usual will not be enough to secure a productive future for Australians, according to Minter Ellison’s financial services experts.
On 2 April 2014, ENS gave a lecture at Dacheng on investment opportunities and risks in South Africa and the African region as a whole.
Dacheng senior partner Gao Mingfei has accepted a mandate from Crowdfunding (Shanghai) Assets Management Co to act as its standing legal counsel.
Venture capital investors will agree with the company in which they intend to invest on a valuation for the company prior to the new investment round.
Andrew Barber and Emma Radmore look at what those who lend and advise under regulated mortgages must do to comply with the new rules.
Marshalling is an equitable principle that aims to prevent one secured creditor arbitrarily depriving another secured creditor of his only security.
Before agreeing amendments, a lender needs to understand whether there is a genuine risk that its existing security will no longer work.
Former CFTC commissioner Bart Chilton has joined DLA Piper as a senior policy adviser in the Washington DC office.
Conyers Dill & Pearman has advised on the licensing by the Bermuda Monetary Authority of Watford Re, a multi-line Bermuda reinsurance company.
Binder Grösswang has been recognised as Austrian Law Firm of the Year 2014 at International Financial Law Review’s (IFLR) annual European awards in London.
Conyers Dill & Pearman has advised on the grant of a new senior $657m credit facility to Orient-Express Hotels.
Mourant Ozannes has advised John Laing Environmental Assets Group on all Guernsey-related aspects of its listing on the main market of London Stock Exchange.
Conyers Dill & Pearman has advised AVIC International Finance & Investment in connection with issue of CNY1.5bn 4.80 per cent guaranteed bonds due 2017.
EMIR — European Commission responds to ESMA’s request to clarify the definition of derivative download
The European Commission has responded to a request from ESMA to clarify the definition of ‘financial instruments’ under Directive 2004/39/EC.
On 24 April 2014, a roundtable focusing on new challenges faced by Ukraine’s banking sector — organised by Ilyashev & Partners — will take place.
Conyers Dill & Pearman has advised Qannas Investments on its acquisition of interests in ADCM SPEF and SPE Qannas C.
Asset managers continue to face significant regulatory challenges and 2014 marks the first full year of operation for many new regulations.
Investment Management Update: FCA’s 2014 Risk Outlook; consumer complaints fall; European Parliament draft agenda; and more download
The FCA has published its risk outlook for the year. The outlook is split into two parts entitled ‘drivers of risk’ and ‘the evolving risk landscape’.
The Jersey Financial Services Commission has confirmed its position in relation to the licensing of Jersey law LLPs to conduct certain classes of ‘fund services business’.
Financial services newsletter — trade reporting obligations from 12 February 2014; standard form for EMIR reporting; and more download
Eversheds has released the latest version of its financial services newsletter.
The AVCA conference was held in Lagos, Nigeria, at the beginning of this month. Here are Dentons’ top five takeaways from the conference.
Financial Regulatory Developments — update on G20 on Brisbane Summit preparations; Ukraine warning; and more download
The FSB has sent the G20 finance ministers and Central Bank governors a letter outlining the work it is carrying out ahead of the Brisbane Summit.
In this video interview, Washington DC public policy and regulation partner Mike Zolandz discusses how the 2014 mid-term election will affect US policy.
The ‘unfair relationship’ concept in respect of credit agreements was introduced into the Consumer Credit Act 1974 on 6 April 2007.
The rate at which house prices are rising has continued to increase, according to official figures from the Office for National Statistics.
In this video, Greg Laughlin discusses the legislative steps being taken to prevent future large-scale government bailouts of distressed financial institutions.
The aim of this update is to focus on current legal and regulatory developments affecting financial services institutions in Jersey.
We welcome the Financial System Inquiry (FSI) and the opportunity to offer detailed insights and recommendations to the inquiry via this written submission.
Conyers Dill & Pearman has advised 58.com, in connection with a follow-on offering in the US of 13,800,000 Class A ordinary shares.
Conyers Dill & Pearman has advised Aircastle Ltd in connection with its $450m (£271m) unsecured revolving credit facility
Appleby has advised mandated lead arrangers and bookrunners in providing a HKD1.8bn secured syndicated term loan and revolving credit facility to Fortune REIT.
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.
There are now a number of government-backed schemes in existence with the intention of making home ownership more affordable and accessible to the general public.
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.
Mills & Reeve offers top tips for those looking to move or get their foot on the housing ladder.
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.
Shoosmiths has advised the sellers on the £40m sale of digital marketing agency Realise to St Ives.
In February 2013, the European Commission released a draft Network and Information Security Directive.
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.
Special problems of syndicated loans download
Syndication continues to grow in popularity among lenders. Here, the authors explain the significant legal issues surrounding such transactions.
The China (Shanghai) pilot free-trade zone was launched in September 2013 with the promise of significant reforms in a number of areas.
The Board of National Bank of Ukraine has adopted Resolution No. 172, by which it introduced new particularities of foreign currency transactions performance.
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.
Weekly Newsletter Italy: 31 March to 6 April 2014 — Jobs Act; more controls of project workers; and more download
Eversheds has released its Italy newsletter, which contains information on HR consultancy, litigation and dispute management and financial services and markets regulation.
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.
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.
Allen & Overy has advised Saudi Electricity Company on its record-breaking $2.5bn (£1.5bn) sukuk, the largest-ever Rule 144A sukuk offering.
Recent insurance cases — spring 2014 download
This briefing from Eversheds focuses on three recent insurance cases, including Frank McHugh v Shelbourne O’Brien Ltd Trading As the Stag’s Head.
Eversheds has announced new senior office partner roles for the firm’s London, Newcastle, Nottingham and Cardiff offices. The changes will take effect as of 1 May 2014.
The Queensland Government has unveiled a series of amendments to be made to the Building and Construction Industry Payments Act 2004 (BCIPA).
Further details have been released in relation to the compensation packages for homeowners and businesses close to the HS2 high-speed rail link.
The latest amendments to the Foreign Exchange Law will come into effect on 27 March 2014.
The court has struck down a campaign finance provision that limited the total amount that individuals may contribute to federal political candidates and committees.
‘Keep your income and expenses in the same currency’ — everyone knows this golden rule, even if they are not always able to stick to it.
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.
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 a two-part analysis, Withers compared how different jurisdictions dealt with spousal maintenance.
The court has emphasised that sharing stops on divorce — so logic dictates that with the marriage over, sharing has no place in the assessment of maintenance.
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 — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
Partner — Guernsey
This edition of Governance News provides a synopsis of Minter Ellison’s weekly summary of corporate law and governance developments in Australia and overseas.
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
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.
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.
M&A Weekly Update: when is there a duty of good faith between contracting parties; prospectuses: acceptable languages; and more download
Two cases decided last year raised concerns that the English judiciary were becoming more open to implying a duty of good faith into commercial contracts.
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.
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
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner (LLP) — London
Injunctions in matrimonial matters download
Michael Gouriet and Natalie O’Shea review the court’s approach to anti-suit injunctions and also consider what Ahmed & Anor v Mustafa demonstrates about injunctions.
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.
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.
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.
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.
Lehman surplus distribution download
The High Court has decided how the expected surplus assets of Lehman Brothers International Europe should be distributed between a number of creditors.
Walker Morris has bolstered its competition team with the appointment of Shaukat Ali as a director.
IBB’s dedicated construction and engineering team provides cost-effective and tailored legal solutions to a wide range of clients.
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.
Macfarlanes has made up nine lawyers to partner in its largest-ever round of promotions, across a range of practice areas including corporate, funds and financial services.
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 appointed Caren Pegg, Keith Robinson, Andrew Jowett, Clive Langley, Camilla Neal, Steven Rees Davies, Juan Thornley and Anthony Williams.
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.
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.
The Tax Agent Services Act 2009 has been amended, heralding significant changes to the way financial planners are regulated.
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
GRATA is the leading independent legal consultant in the mining and natural resources sector in Central Asia.
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.
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.
Whether you’re planning an acquisition or a sale, entering into a joint venture or considering a corporate restructure our M&A lawyers can help.
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.
Pillsbury has announced the opening of its Austin office as the next step in the firm’s strategic focus and its commitment to clients throughout the state of Texas and the Gulf Coast.
In Rusal, the Administrative Court was asked to find that a decision by the London Metal Exchange to consult on a single preferred option was unfair.
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.
Flexible working: now you see me... download
Flexible working for the masses comes into force on 30 June 2014. Anyone with 26 weeks’ continuous service will be able to apply to work flexibly.
The first Luxembourg R-QFII UCITS2 allowing for a 100 per cent China A-Shares strategy has been approved by the Luxembourg CSSF.
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.
IORP II has a dual legislative basis: completion of the internal market in financial services and consumer protection.
The Corporations and Markets Advisory Committee (CAMAC) has released a broad discussion paper to review the establishment and management of schemes.
In order to be a UK alternative investment fund manager, you need to be carrying on the regulated activity of ‘managing an AIF’.
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.
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.
This short note summarises what the EU is working towards when it comes to securities financing and rehypothecation transactions.
Eversheds has signed an agreement with CWA Morocco to partner in the country, establishing two new offices in Casablanca and Tangier.
NCTM has advised BNL and Unicredit in connection with an acquisition financing to Aso Siderurgica for the acquisition of Cromsteel Industries SA.
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.
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.
This was one of the findings of the High Court in Bassano v (1) Toft, (2) Biddulph and (3) Borro Loan Ltd.
An unfair relationship arose between a creditor and debtor. So held the High Court in Link Financial Ltd v Teresa North Wilson.
Insurance intermediaries should ask open and fair questions of customers to ensure they understand their genuine demands.
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.
Eversheds’ Italian office has advised UniCredit in relation to a financing deal for the Salcef Group, a railway and general construction contractor in Italy.
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.
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.
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.
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.
Walker Morris’s corporate group has advised CPP Group on the sale of CPP Holding’s 49 per cent shareholding in Home3 Assistance to Mapfre Abraxas Software.
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.
The Dutch Supreme Court has given its judgment in two landmark cases regarding the classification of hybrid finance instruments.
Governance News — 25 March 2014: corporate law and governance developments in Australia and overseas download
The latest edition of Governance News from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
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.
Conyers Dill & Pearman’s British Virgin Islands office has recently added four attorneys to its corporate and litigation practices.
On 10 March 2014, the draft law implementing the Alternative Investment Funds Managers Directive 2011/61/EU (AIFMD) was submitted to Belgian parliament.
Minter Ellison has announced that it has appointed Tony Harrington AM as its new chief executive from 1 July 2014.
DLA Piper has appointed Lillian Mackenzie as a partner in the projects team, part of the finance and projects group.
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.
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.
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.
The amended California custody rule will come into effect on 1 April 2014.
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.
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.
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.
Minter Ellison is advising two global investment banks on Kingsgate’s AUD59.4m institutional placement and accelerated non-renounceable entitlement offer.
Allen & Overy’s London and Moscow finance practices have collected the Finance Team of the Year accolade at the Legal Business Awards in London.
Binder Grösswang is among the top Austrian firms in the JUVE rankings for banking and finance law.
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.
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.
Baker & McKenzie is to be joined in its London financial services group by RPC’s former head of financial services and regulatory Steven Francis.
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 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.
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.
Ogier has advised online fashion retailer Boohoo.com on its corporate reorganisation and subsequent successful AIM listing.
There has been quite a bit of talk about new regulation of industrial and provident societies (IPSs), but what is actually happening and is much really changing?
Dacheng attorneys have undertaken advisory work for clients to help them acquire securities investment fund sales qualification.
From 6 April 2014, industrial and provident societies will be able to enter administration or make a voluntary arrangement with creditors.
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.
DWF has scooped three finance partners from Lawrence Graham in a bid to boost its London office.
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.
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 has extensive experience in the M&A sector in Serbia, Montenegro and Bosnia & Herzegovina, both in the context of privatisation and private transactions.
BDK offers specialised knowledge in banking transactions, capital markets, project finance, derivatives and structured finance products and insolvency and restructuring.
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.
The Court of Appeal has handed down its decision in Santander UK plc v RA Legal Solicitors.
The corporate team at Nabarro has advised Hiscox on a £200m return of capital to its shareholders.
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.
Conyers Dill & Pearman has advised Jadara Capital Partners on the formation and launch of the Jadara Frontier Fund, a concentrated long/short hedge fund.
Allen & Overy in Luxembourg has announced the launch of its international desk in London.
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.
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.
BDK has announced that Dragan Demirovic has joined the firm as head of the tax practice. He joins from Deloitte.
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.
Finance lawyers at Walker Morris have advised waste specialist company Augean on its £15m refinancing.
Hogan Lovells has advised long-standing client Hawksford International on the acquisition of Janus Corporate Solutions, a Singapore-based corporate services business.
Hogan Lovells has advised senior managers of grocery store chain Albertsons in its $9bn acquisition of Safeway.
Walker Morris has advised Welcome Financial Services on the sale of Shopacheck Financial Services to Rcapital, a London-based private investment company.
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.
The cost and headache of operating client accounts can be a significant drain for solicitors — so why do it?
The City of London Law Society Land Law Committee has released a protocol for discharging mortgages of commercial property.
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 and currency unions download
This briefing reviews the role of the euro in the context of the formation and break-up of currency unions.
This note contains a brief commentary on some of the main legal terms in international debt issues of or guaranteed by Ukraine.
Ilyashev & Partners provides highly professional advice on banking, corporate finance, debt collection, investment, property assets and lease, securities.
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.
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.
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’s debt finance team, part of the finance and projects group, closed three major deals in the week ending 2 March 2014.
If two or more creditor meetings are needed to approve an IVA, the IVA will bind any creditor whose claim against the debtor arose after the first meeting.
An administrator, liquidator or receiver must make a ‘prescribed part’ of the company’s net property available for the satisfaction of unsecured debts.
If an individual borrower is made bankrupt or dies or if a corporate borrower goes into liquidation, any receiver appointed loses the agency relationship they would have previously had.
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.
In the current market, private equity sponsors are increasingly looking at initial public offerings (IPOs) as a real exit option for their portfolio investments.
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
The ability of a private limited company to purchase its own shares is an extremely useful tool.
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.
Taylor Wessing private equity partner Ed Waldron meets with Rob McCombie, investment director at CBPE Capital.
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.
On 25 February 2014, Dacheng attorney Qi Yan was officially retained by Qinghai Credit Guarantee Group Co as standing legal counsel.
Dacheng attorney Qi Yan has advised Qinghai Jiangcang Coal Co on its SME private placement bonds issue on the stock exchange of Shenzhen.
Herbert Smith Freehills (HSF) has added Deutsche Bank’s compliance, government & regulatory affairs chief Andrew Procter to its financial services regulatory practice.
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 announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
This note summarises the attractions of the Cayman Islands for prime brokers wishing to establish a prime brokerage business outside their home jurisdictions.
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.
This judgment deals with the in-camera element of a complicated piece of litigation involving a complex trust structure with a substantial portfolio of investments.
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.
Addleshaw Goddard has released the latest version of its InVest publication, which focuses on developments affecting banks, wealth managers, brokers and funds.
Slaughter and May has announced a re-jig of its practice stream heads following a partner vote.
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.
Allen & Overy recently hosted a panel debate on the impact of Shanghai’s free-trade zone at Hong Kong’s China Club.
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 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.
The recent changes introduced in Luxembourg to its limited partnerships make it a desirable jurisdiction in which to establish alternative investment funds.
The EAT had to decide two main issues: had the claimant made a ‘disclosure’? Did he suffer detriment as a result of that?
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.
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.
This year’s survey focuses on respondents’ outlook on the current technological landscape, the ‘hot’ growth areas and what, if any, barriers to growth are affecting businesses.
Walker Morris regulatory team director Ray Watson provides an overview of the Competition Commission’s working paper on the profitability of payday lending companies.
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.
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.
Family disputes over the provisions of a will are a relatively common occurrence in Bermuda courts.
Headlines from the Law Commission report on matrimonial property, needs and agreements — part one download
The Law Commission has published its much awaited report on matrimonial property, needs and agreements.
Headlines from the Law Commission report on matrimonial property, needs and agreements — part two download
Withers sets out some of the main issues raised by the proposed reforms.
Taylor Wessing has been shortlisted for the ‘Effective Legal Team’ award at the WealthBriefing European Awards 2014.
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.
Repeated unmeritorious attempts by the borrower to avoid repossession by the receivers and lender led to the strike-out of the borrower’s claim.
The Law Commission for England and Wales has published its report on matrimonial property, needs and agreements.
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.
In JL Homes Ltd v Mortgage Express, Diakiw and Heap (acting as LPA receivers), the court stepped in to avoid further costs and court time being wasted and granted a civil restraint order.
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.
If you do not make a will, then you lose control over what happens to your estate following your death.
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.
The private equity team at Wragge & Co has advised Mobeus Equity Partners on a £6m investment in the management buyout of Entanet International.
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.
Eversheds has advised NewRiver Retail, a UK REIT specialising in value-creating retail property investment and active asset management, on its latest £85m equity fundraising.
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.
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.
Video: Pillsbury 2013 highlight reel — achievements in the energy, financial services, real estate and technology sectors
Pillsbury has produced a three-minute video update featuring its most noteworthy engagements and achievements from 2013.
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.
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.
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.
Deferred prosecution agreements, the government’s newest weapon in the fight against corporate crime, become available to prosecutors from 24 February 2014.
Box Clever and Storm Funding decisions show scope of the regulator’s financial support direction powers download
Two recent decisions have demonstrated the latitude that the Pensions Regulator has in pursuing a case for a financial support direction.
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.
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.
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.
Richard Hitchcock from Outer Temple Chambers has been selected for the award of Queen’s counsel.
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.
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.
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.
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.
A team of Dacheng attorneys, led by senior partner in finance Wang Weidong, has been named the best service provider in the microcredit sector.
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.
Alistair Schaff QC of 7KBW has appeared for financial services firm In Focus Asset Management in Clark v In Focus Asset Management.
Eversheds has advised consumer electronics retailer Expansys on its recommended takeover by celebrity entrepreneur and Dragons’ Den panellist Peter Jones.
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.
Walker Morris corporate partner Debbie Jackson has been listed as one of The Lawyer’s Hot 100 Lawyers in its annual research report.
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.
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.
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.
A Hogan Lovells corporate team has advised Kite Realty Group Trust on its proposed merger with Inland Diversified Real Estate Trust, Inc.
Taylor Wessing has been named one of eprivateclient’s Top 25 Most Admired Companies.
The case of Richard Gabriel v Peter Little and others has highlighted the importance of engagement letters in clarifying the scope of a professional retainer.
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.
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).
In a long-anticipated move, the Regulator published its discussion paper on charging fees for regulation on 10 February 2014.
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.
The City of London Law Society Land Law Committee has produced a protocol for discharging mortgages of commercial property.
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.
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.
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 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.
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 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.
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.
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.
A recent case has emphasised the importance of getting the drafting of loan agreements right.
DLA Piper has advised Bristow Helicopters on its acquisition of a 60 per cent interest in the privately owned Eastern Airways International.
Eversheds has appointed financial services lawyer Andrew Henderson as a partner in the London office.
Mourant Ozannes has assisted lead adviser Clifford Chance in advising Electra Private Equity on its £180m acquisition of Ogier Fiduciary Services.
The advertising section of InCredit focuses on the ASA adjudication in Instant Cash Loans Ltd, t/a The Money Shop.
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.
The date by which existing managers had to submit their authorisation/registration applications to the FCA has now slipped.
DLA Piper has released the latest version (Volume 3, No. 3) of The Financial Report.
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.
Withers and Focus, an expat membership organisation for international people living in the UK, have put together a survey to help understand awareness levels around succession planning.
Ince & Co Singapore has represented Oro Negro in its international bond issuance, an offering of $725m notes due 2019. The transaction closed on 24 January 2014.
New rules that will apply to most businesses have been laid before parliament. These rules will apply to relevant consumer contracts entered into on or after 13 June 2014.
A number of Hogan Lovells partners have been listed as All-Stars in the 2014 BTI Client Services All-Star report.
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.
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.
The partners of Ogier Fiduciary Services have agreed terms to complete a management buy-out of the Ogier Fiduciary Services business from the Ogier Group.
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.
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.
Hogan Lovells has recruited partner Don McGown to join its London corporate practice. He joins on 3 February 2014.
The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR).
The Australian government has released a consultation draft of a bill concerning amendments to the Future of Financial Advice (FOFA) regime.
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.
Minter Ellison partner Richard Batten said there is a reluctance among licensees to apply for relief from ASIC in case it results in increased scrutiny from ASIC.
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.
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.
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.
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.
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.
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.
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm’s restructuring group from O’Melveny & Myers.
Hogan Lovells has boosted its international debt capital markets practice by hiring counsel Katia Merlini.
DLA Piper has released the latest issue of The Financial Report, which includes discussion and analysis, Securities and Exchange Commission developments and more.
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.
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.
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.
Arendt & Medernach has been named ‘Best Advisory Firm’ for the second year running at the 2014 MENA Fund Manager Fund Services.
In an unexpected and dramatic change of policy, the government has decided that a price cap should be introduced for payday loans.
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.
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 Authority has amended the DIFC Arbitration Law to ensure that it fully complies with the UAE’s treaty obligations under the New York Convention.
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.
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.
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.
Popovici Nitu & Asociatii has advised Romanian construction company Hidroconstructia on a new €60m syndicated loan.
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 CSSF has published a fourth update of its frequently asked questions on the law of 12 July 2013 on alternative investment fund managers.
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.
Derivative Services, an affiliate of Allen & Overy, is updating its Rulefinder Shareholding Disclosure service with enhanced content.
Mills & Reeve has acted for Low Carbon Innovation Fund on a series of investments totalling approximately £12.5m in just nine months.
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.
Eversheds’ Swedish office has advised Virtusa Corporation, which has acquired Swedish company TradeTech Consulting Scandinavia.
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.
During 2013, Goodman Derrick’s technology group had lead roles in relation to three equity fundraisings for technology companies.
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.
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.
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.
Allen & Overy has reported that across seven major jurisdictions selected for its Global Cartel Enforcement 2013 Year in Review, cartel fines handed down in 2013 totalled €3.1bn.
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.
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.
In the midst of its rapid economic development, the People’s Republic of China (PRC) has finally determined to change its domestic currency market.
The FCA has published its findings into its review as to whether asset managers are effectively managing the risks relating to outsourcing.
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.
King & Wood Mallesons (KWM) has advised Zhejiang Zheneng Electric Power on its successful listing on the SSE through a shares swap absorption merger.
The creation of security over intangible movables under Jersey law is now governed by the Security Interests (Jersey) Law 2012.
Conyers has advised Mara Partners FS in connection with its founding shareholder subscription of ordinary shares and warrants of Atlas Mara Co-Nvest.
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.
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.
Corporate lawyers at Walker Morris have advised the management team of Yorkshire-based UK Wealth Management on its acquisition by Ashcourt Rowan.
King & Wood Mallesons has expanded its Western Australia practice with the appointment of energy and resources partner Shaun McRobert.
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.
At the second meeting of the 13th CPPCC of Putuo District, Dacheng senior partner Shang Jiangang submitted a proposal on subsidising listed companies on the SEE.
Taylor Wessing has advised PA Group on the sale of its full-service weather business, MeteoGroup, to General Atlantic.
Debevoise & Plimpton has published its FCPA Update for December 2013. The lead article is ‘Weatherford International enters the FCPA top 10 list with $152.5m in fines and penalties’.
Legal Notebook: December 2013 download
DLA Piper’s Legal Notebook for December 2013 presents recent cases, headline issues and new legislation.
Mills & Reeve has advised on a deal designed mainly to fund capital investment programmes at 18 Cambridge colleges.
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.
In accordance with its usual practice, ASIC has now reported on the findings of its latest review of financial reports.
On 11 December, the European Parliament and EU member states agreed on the long-awaited Bank Recovery and Resolution Directive (RRD).
Arendt & Medernach has released its Luxembourg legal update for December 2013.
Alan Dickson, head of Conyers Dill & Pearman’s Singapore office, has discussed why offshore jurisdictions are here to stay despite the rise in midshore markets.
The new Australian privacy principles attempt to keep pace with changing technology, emerging privacy issues and developments in privacy law in Australia and internationally.
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.
This alert focuses on several major measures that are related to outbound investment by Chinese persons and inbound investment in China by foreign investors.
In this video, PwC’s John Tracey, Andrew Clark and Jon Hayton discuss the changing face of regulatory investigations in the financial services industry.
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.
Investment bank Nomura has wrapped up a review of its panel firms in Europe, the Middle East and Africa (EMEA), reappointing Osborne Clarke to its existing list of legal advisers.
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.
Federal regulators have voted to approve the ‘Volcker Rule’, more than two years after the rule’s proposal in 2011.
Outer Temple Chambers has hosted the Financial Services Lawyers Association Christmas drinks reception.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on regulatory developments.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on consumer credit.
Allen & Overy has advised German pharmaceutical and chemical group Merck on its £1.6bn takeover offer of Luxembourg-based AZ Electronics Materials.
Appleby acted as Cayman Islands counsel to Dongpeng Holdings Company Limited in connection with its listing on the main board of the Hong Kong Stock Exchange.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on speeches, the BBA event and more.
InVest — November 2013: market news download
Addleshaw Goddard has released the November 2013 edition of InVest. 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.
Governance News — 10 December 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
The assistant treasurer was quizzed recently about the timetable for his Future of Financial Advice changes.
HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
The dilemma of delayed completion download
If a buyer fails to complete on the completion date, this will amount to a breach of contract.
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.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on enforcement and financial crime.
Addleshaw Goddard has released the November 2013 edition of InSure. This section is a general update.
InCredit — November 2013: insurance download
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on insurance.
Legal treatment of matters related to securing debts (in the old terminology, ‘securing obligations’) will be significantly changed by the new Czech Civil Code effective from 1 January 2014.
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.
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.
Conyers Dill & Pearman has announced that Christopher Page has relocated to the firm’s Singapore office to further support the expansion of its practice in Asia.
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.
A recent case has underlined the importance of a regular review of founding documents to ensure that those documents continue to meet your not-for-profit organisation’s objectives.
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 advertising.
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.
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.
The FCA’s chief executive recently gave a speech that focused on conduct and ethics within firms.
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…
InCredit — November 2013: mortgages download
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on mortgages.
This briefing includes a capsule review of the relevant provisions of the Dodd-Frank Act that were crafted to enhance corporate responsibility.
The court determined a number of issues about the nature and effect of a policy of professional liability insurance.
Shoosmiths’ Recoveries Services Group (RSG) has won Mortgage Finance Gazette’s Customer Service/Treating Customers Fairly award for the second year running.
Conyers Dill & Pearman has advised Barclays Capital, Citigroup Global Markets and Wells Fargo Securities on a $400m offering by Energy XXI (Bermuda).
The Cayman Islands and the US have signed the long-anticipated FATCA Model 1 inter-governmental agreement.
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.
Binder Grösswang has appointed Maurizia Anderle-Hauke as an attorney at law. She specialises in the fields of banking and capital markets law.
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.
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.
Governance News — 26 November 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
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.
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).
AIFMD’s plans for alternative investment funds could create an unfair advantage in the market
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.
The Great Hural, Mongolia’s Parliament, has ratified a new investment law, already in effect since 1 November, that dramatically alters the investment landscape in Mongolia.
This update is targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
DLA Piper has released the latest version (Volume 2, No. 21) of The Financial Report.
Glen Meyer, partner at Arendt & Medernach, identifies three strategic trends that will characterise part of the financial services industry next year.
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.
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.
KPMG has welcomed the International Accounting Standards Board’s new general hedge accounting standard — IFRS 9 Financial Instruments (2013).
Conyers Dill & Pearman is co-sponsoring the American Bar Association Section of International Law’s upcoming seminar, The Pros and Cons of Offshore Centres.
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.
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.
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.
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.
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
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.
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
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’.
The International Swaps and Derivatives Association (ISDA) has published model arbitration clauses for use in ISDA agreements.
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.
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.
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.
Does ‘all monies’ mean all monies? download
There is a difference in how ‘all monies’ guarantees and guarantees in respect of a specific obligation are treated.
The Leeds office of law firm Addleshaw Goddard has advised John Laing on a deal that will see a major onshore wind farm delivered.
Eversheds’ Pamela Thompson has been named as one of the 100 most influential women by Financial News.
Taylor Wessing has announced that Habib Ullah has joined Taylor Wessing Middle East, the law firm’s Dubai office, as its head of banking.
The tribunal has produced a decision which, in the words of Paul George, the FRC’s executive director of conduct, ‘should be essential reading for all members of the profession’.
In The Financial Report — Volume 2, No. 20, DLA Piper focuses on discussion, analysis, news and developments in the financial services sector.
The Luxembourg Supervisory Authority for the Financial Sector has clarified its position in relation to the definition of ‘securitisation special-purpose entities’.
The 2014 edition of Chambers UK has recognised Pillsbury’s outsourcing and information technology practice and several partners.
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.
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 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.
The size of the Diebold financial resolution raises questions about future enforcement of the FCPA, as well as the incentives for companies to self-report.
The Competition Commission has been conducting a market investigation into statutory audit services and has been reviewing clauses in loan agreements relating to the appointment of auditors.
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.
The mantra we continue repeating is to never draft an agreement without taking into account the sector regulations. Today’s outsourcing tip carries on this refrain.
Christopher Butcher QC and Benjamin Parker were counsel for Equitas in Equitas Ltd v Walsham Brothers & Co Ltd  EWHC 3264 (Comm).
The 22 October 2013 issue of Hogan Lovells’ Global Payments Newsletter includes sections on regulatory developments, payment market developments and reports and surveys.
Robert Rhodes QC has been appointed by the FRC to chair a tribunal that will decide on a complaint against accountancy firm Mazars and one of its partners.
DLA Piper has released the latest version (Volume 2, No. 19) of The Financial Report.
This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
Governance news from Minter Ellison download
This briefing from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
ESMA guidelines introduce new standards for alternative investment managers, some of whom are not currently subject to any remuneration requirements.
Mourant Ozannes focuses on the many legal and regulatory developments that lie ahead for financial institutions in Jersey, both during the coming quarter and beyond.
Hedge fund managers making significant investments to comply with global regulatory changes: industry survey download
A global survey of hedge fund managers reveals that they are making significant investments in their firms’ infrastructure to comply with new regulatory requirements.
Few areas of financial crime prevention in Bermuda are as complicated and misunderstood as ‘sanctions’, writes compliance manager Jarion Richardson.
This briefing considers the potential for increased use of arbitration in cross-border financial services disputes and the implications for key stakeholders within the financial-services sector.
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.
In its 2013 budget, the government announced various financial support plans intended to invigorate the residential property market.
Shoosmiths’ head of recoveries services compliance has warned businesses to be aware of the impact of new regulatory developments that have recently come into force.
Shoosmiths has been shortlisted in two categories for the Credit Today Debt Collection Awards 2013.
Financial services and insurance industry group leader
Head of tax division
This update sets out the Future of Financial Advice’s best interests duty.
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.
On 29 September 2013, China officially launched the pilot free trade zone in Shanghai.
Ogier has four people included in Citywealth’s Jersey Future Leaders list: three from Ogier Private Wealth and one from Ogier Legal.
The FCA has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships.
Mourant Ozannes has maintained its position with top-tier rankings in the latest IFLR1000 rankings.
The Takeovers Panel has had to consider the appropriateness of ‘lock-up’ devices put forward by a lender in a recapitalisation proposal for a financially distressed company.
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.
PI services occur where a provider that is present as a payment option on a merchant’s platform, provides a medium between a customer and their online payment account.
The European Commission (EC) has issued a proposal to amend and restate the existing Payment Services Directive and so create a new directive (PSD2)
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 May 2013, the FCA consulted on guidance about dealing fairly with interest-only mortgage customers who risk being unable to repay their loan.
We have a substantial financial services practice with extensive experience of advising insurance companies, intermediaries, corporate finance firms, private banks and the Office of Fair Trading.
We have more than 200 lawyers worldwide who provide dispute management advice to domestic and international banks, fund managers, brokers and proprietary traders.
Our global fraud and international investigations group comprises specialists from Europe, Africa, Asia and the Middle East.
The international inquiries and investigations team is made up of more than 200 lawyers worldwide and is able to quickly mobilise dedicated resources.
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.
Minter Ellison’s corporate team has extensive and market-leading experience in all aspects of corporate and securities laws.
We have a team of more than 60 dedicated lawyers, giving us a global perspective when dealing with the contractual, regulatory and financial issues that affect this sector.
We are able to carry out standard and complex recoveries involving international portfolios of assets in countries such as Spain, France, Romania and Ireland.
According to The Legal 500’s latest report on the UK legal industry, Walker Morris has achieved its best ever results, reinforcing its position in the top tier.
The SEC has announced that it will remain open and operational in the event of the federal government lapse in appropriations on 1 October.
Addleshaw Goddard has increased its financial regulation capability in London with the appointment of consumer finance expert Nikki Worden as partner.
Court of Appeal remits the decision to impose a prohibition order on an individual to the Upper Tribunal download
In FCA v David Hobbs, the Court of Appeal decided to remit to the Upper Tribunal the question of whether a prohibition order should be imposed on a trader.
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.
DLA Piper has announced that the firm is relocating its Wilmington office to a 23-storey office building at 1201 North Market Street on 30 September.
DLA Piper has released the latest issue (Volume 2, No. 17) of The Financial Report.
Outer Temple's Michael Bowes QC set to chair Butterworths' Financial Services Investigations and Enforcement conference
Michael Bowes QC from Outer Temple Chambers is set to chair a Butterworths conference focusing on financial services investigations and enforcement.
The SEC has charged the owner of an investment advisory firm with defrauding investors while exaggerating the amount of assets under his management.
Oliver Assersohn from Outer Temple has given talks about current issues in financial services disputes at seminars in Shanghai and Beijing.
The associate general counsel of Bank of America (BofA) Merrill Lynch, Richard Atkinson, has taken up a general counsel role at New York independent advisory firm StormHarbour.
Amendments to the Croatian Act on Financial Operations and Pre-bankruptcy Settlement Proceedings became applicable on 7 September 2013.
Corporate and finance lawyers from Walker Morris have advised Finance Yorkshire on a loan with profit participation investment in Chameleon Technology.
Karanovic & Nikolic hosted a working breakfast focused on PPA and energy finance at its offices on Resavska 23 for financiers, regulators and industry figures.
Walker Morris director Ray Watson will be joining the Debt Managers Standards Association (DEMSA) as non-executive chairman.
What does the new wave of municipal securities enforcement cases mean for municipal underwriters? download
The last several months have seen a notable uptick in municipal securities actions brought by the Securities and Exchange Commission’s Enforcement Division.
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.
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.
Stephenson Harwood has advised Baker Tilly on the acquisition of RSM Tenon Group by way of a pre-pack administration.
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.
In July 2013, the Office of Fair Trading announced the launch of its new ‘Unfair Terms Hub’.
There’s good news and more clarity for pension funds reviewing their derivatives investment strategy in the light of the European Market Infrastructure Regulation.
This briefing from Mourant Ozannes about AIFMD contains case studies regarding the Channel Islands.
This briefing from Mourant Ozannes about AIFMD contains case studies regarding the Cayman Islands and New York.
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.
The Royal Court of Jersey has delivered a very significant judgment concerning certain of the provisions in the Financial Services (Jersey) Law 1998.
ASIC has made important amendments to the Australian financial services licence passport exemption for UK regulated financial services providers.
On 30 July 2013, the Financial Conduct Authority (FCA) published Primary Market Bulletin (PMB) No.6, the first edition in its capacity as the new regulatory authority governing the UK Listing Regime.
Bribery Act — finally making waves download
Recent press reports suggest that authorities, both at home and abroad, are ramping up their bribery investigations.
Mills & Reeves looks at the proposed introduction of a code of conduct for brokers and what it will really mean for the brokers’ market.
Ogier’s Sally Edwards and Fiona Barrie have been included in Citywealth’s IFC Power Women Top 100.
The Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA) came into force in April 2013. It impacts on any insurer or broker dealing with consumer/personal insurance.
Appleby has become the only firm to clinch four places in magazine Citywealth’s International Financial Centres Power Women Top 100 list.
A cross-practice team at Ogier in Jersey and Guernsey has been formalised to create Ogier Local Legal Services.
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.
Allen & Overy has advised on the landmark creation of the Abu Dhabi Global Market.
Through boom, crash and revolution, banknote printer De La Rue keeps the world’s currencies flowing under the watchful eye of intrepid legal director Douglas Denham
King & Wood Mallesons and SJ Berwin are advising ASX-listed IRESS on its acquisition of Avelo FS Holdings, a provider of financial services technology in the UK.
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.
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.
On 30 July 2013, the FCA published Primary Market Bulletin No. 6, the first edition in its capacity as the new regulatory authority governing the UK Listing Regime.
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
The Court of Appeal considered whether advice on an unregulated activity arising from a regulated activity was within the jurisdiction of the FSCS.
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
Stephenson Harwood has appointed Lisa Marks as an asset finance partner in London.
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 High Court has held that a typical hybrid jurisdiction clause found in many finance documents is valid.
The Alternative Investment Fund Managers Directive (AIFMD) is now law in the UK.
The capital market practice of Binder Grösswang is based on the specialisation and many years of experience of its team members, as well as their ability to be able to implement pragmatic solutions professionally even under great time pressure.
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.
On 11 July 2013, the ABI published its report ‘Encouraging Equity Investment’ following a review of the processes for IPOs and secondary offerings.
Tracy McDermott, director of enforcement and financial crime at the FCA, has set out the FCA’s approach to date and what its focus will be going forward.
The US government has postponed the commencement of 30 per cent withholding on payments of US source income under the FATCA until 1 July 2014.
The CFTC has approved a final interpretive guidance and policy statement regarding compliance with certain swap regulations.
The Financial Services Commission of the BVI has entered into co-operation arrangements with the securities regulators of 25 European countries.
Outer Temple Chambers has a team of barristers who specialise in banking and financial services with an emphasis on commercial litigation and arbitration, civil fraud and regulatory matters involving the Financial Conduct Authority (FCA) and other regulators.
ALFI has released new anti-money laundering practices and recommendations aimed at reducing the risk of money laundering and terrorist financing in Luxembourg.
A report from Appleby focuses on CLO activity for 2013.
We face a Competition Commission enquiry.
Stephenson Harwood is hiring partner Lisa Marks from Berwin Leighton Paisner (BLP), where she has been a partner in the finance practice since 2008.
There have been some developments in relation to the EU Regulation 236/2012 on short-selling and certain aspects of credit default swaps.
On 18 June, the government published an action plan to prevent the misuse of companies and legal arrangements.
The FRC has announced proposals to develop its guidance on going concern.
Exchange (DLA Piper Financial Services International Regulatory team): Issue 19 — July 2013 download
DLA Piper’s Financial Services International Regulatory team has released the 19th edition of Exchange — International.
The Securities and Futures (Amendment) Bill 2013 sets out the proposed regulatory regime for OTC derivatives in Hong Kong.
Pillsbury provides financial services clients advice on all facets of regulatory compliance and transactions.
ASIC has released new Class Orders that apply to operators of IDPS and IDPS-like platforms.
ASIC releases new financial requirements for custodians, responsible entities and IDPS operators download
ASIC has introduced new financial requirements for custodians, responsible entities and IDPS operators.
A recent judgment in the Scottish Court of Session has underlined the need for divorced or separated couples to ensure that their interests are adequately protected.
Competition Commission announces investigation into payday lending industry and invites responses from interested parties
The Competition Commission has confirmed that it is set to carry out an investigation into the market for payday lending in the UK.
DLA Piper has partnered with Corporate Pro Bono and the ACC to host a Clinic in a Box programme at its Chicago office.
A recent seminar jointly held by Allen & Overy and the Journal of Regulation focused on bank recapitalisation and state aid.
The most radical change to the law relating to workplace pensions in a generation is coming into force between October 2012 and April 2017.
The Russian courts have allowed a Russian company to terminate unilaterally an interest-rate swap and ‘walk away’ without paying any termination costs.
Over the last few months, the lawfulness of certain fees charged by Czech retail lenders to their borrowers has been challenged.
Three Allen & Overy Greater China partners are set to present at the ICC in Paris.
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’.
Taylor Wessing has advised Electra Partners on the acquisition of mixing console manufacturer Allen & Heath from D&M Holdings.
The Bankruptcy and Debt Advice (Scotland) Bill was introduced in the Scottish Parliament on 11 June 2013.
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.
The bans on conflicted remuneration, volume-based shelf space fees and asset-based fees on borrowed amounts commence on 1 July 2013.
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.
Three unrelated legislative initiatives are likely to have a significant impact on the ability to seek collective redress in Belgium in the near future.
Winckworth Sherwood has strengthened its corporate and commercial team with the appointment of a partner and an associate.
FCA bans the promotion of unregulated collective investment schemes and close substitutes to ‘ordinary’ retail investors download
Effective from 1 January 2014, the FCA will ban the promotion of unregulated collective investment schemes and equivalent pooled vehicles to retail investors.
BISL Ltd has given an undertaking relating to the cancellation terms in its insurance policies, after the Financial Services Authority found the terms to be unfair.
Shoosmiths’ Shaun McCabe has acted as part of a team of experts advising on NorthEdge Capital’s acquisition of a majority stake in Jigsaw24.
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.
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.
The second edition of the Commonwealth Grant Guidelines came into effect on 1 June 2013.
This month has seen the effective and powerful section 213 of the Securities and Futures Ordinance hard at work.
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.
Financial institutions acting on the basis of the freedom to provide services may be obliged to co-operate with the financial intelligence unit of the host member state according to the CJEU.
If it is implemented as proposed, the financial transaction tax is likely to cause distortion to the financial sector and will almost certainly change the way we do business.
Chambers USA 2013 recognises Hogan Lovells’ practice areas and lawyers.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Simmons & Simmons is set to add a fourth partner to its low-cost Bristol base with the hire of Burges Salmon funds specialist Mahrie Webb.
This briefing deals with the regulation of late payment of commercial debts.
The Polish implementation of the 2010 Amending Directive is expected shortly.
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.
The FCA has published its Policy Statement addressing payments from product providers to platform service providers and consumers.
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.
Walker Morris announces two partner promotions as well as eight director promotions.
In December 2012, the government issued an emergency ordinance for the creation, organisation and functioning of a financial supervisory authority (FSA).
LIBOR reforms — an update download
Proposals in relation to the reform of the regulation and supervision of LIBOR have been finalised.
Our integrated, cross-disciplinary approach is ideally suited to advising our financial services clients to navigate through the regulatory maze
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 SEC has at last proposed new trading rules for foreign banks that do business with US entities in the over-the-counter derivatives market.
On 1 January 2013, the inducement rules for non-MiFID products were amended in the Netherlands by the introduction of a complete ban on third-party inducements.
The latest development around the FoFA regime is the release of further draft regulations whereby the Treasury proposes to tighten the application of the conflicted remuneration grandfathering rules.
The European Parliament has finally accepted the six draft EMIR regulatory technical standards and they entered into force on 15 March 2013.
The Hong Kong court has handed down a landmark ruling on the mis-selling of financial products in Hong Kong, rejecting a customer’s allegations of breach of duty against the bank.
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.
The Review of Financial Advice (RFA) is the Jersey Financial Services Commission’s response to the UK Financial Services Authority’s Retail Distribution Review (RDR).
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 new PIB module of the Dubai Financial Services Authority has set the DIFC financial services world alight.
Addleshaw Goddard has expanded its London corporate team with the appointment of financial services transactions specialist Ben Koehne from Allen & Overy.
King & Wood Mallesons has advised The Trust Company on a proposal announced by Perpetual to acquire all of the shares in The Trust Company via a scheme of arrangement.
DLA Piper has represented Erickson Air-Crane in a stock purchase agreement for Evergreen Helicopters from Evergreen International Aviation.
Apps are not new, but the way businesses are monitising them is evolving rapidly, and developing models brings legal and brand challenges.
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.
Hogan Lovells has advised Kingdom Holding Company in the refinancing of the Savoy hotel in London.
Initial expectations that the Dodd-Frank whistleblower bounty programme would have broad reach have been tempered by SEC rule making and recent court cases.
British Virgin Islands and Cayman Islands companies have long been a valuable feature of commercial life in Hong Kong and China.
King & Wood Mallesons has advised Morgan Stanley and Evans & Partners on Tox Free Solutions’ recently announced $43m capital raising.
In most facility agreements, lenders include a clause that the loan can only be used for a specific purpose, for example to assist with the costs of development of a property.
ACH Shoosmiths has opened its new offices in the heart of Edinburgh’s business and financial district.
Mourant Ozannes has been named Best Offshore Law Firm at the HFM European Hedge Fund Services Awards.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
Addleshaw Goddard has announced that asset-based lending specialist Simon Prendergast has joined its banking group as a partner.
Appleby’s Carlos de Serpa Pimentel has provided an overview of offshore PC&T developments in the Cayman Islands and BVI in 2012.
The parliament of Mongolia has approved an amendment to its strategic foreign investment law.
Exchange – International Newsletter download
DLA Piper has released issue 18 of its Exchange — International Newsletter, dated April 2013.
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.
Conyers Dill & Pearman has compared the trust laws in Bermuda, the British Virgin Islands and the Cayman Islands.
Bermuda continues to maintain its position as an attractive jurisdiction for the international high-net-worth private client.
KWM has sponsored the establishment of a new chair at the University of New South Wales in partnership with the CIFR.
Appleby has announced two senior additions to its funds and investment services team in Guernsey.
The Financial Services Authority (now replaced by the FCA) took action against Digital Satellite Warranty Cover Ltd to wind it up ‘in the public interest’.
NCTM Studio Legal Associato has assisted Fiera Milano in its expansion project in China, with the acquisition of a 75 per cent stake in Guangzhou Shi Zhan Exhibition Service.
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.
Nerves are mounting over the ‘twin peaks’ financial regulation regime which could see accountants grabbing top-end advice work
Conyers Dill & Pearman has released issue three of its Jurisdiction Update for 2013, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius. Topics include insurance developments in Bermuda, a new ‘approved manager’ regime in the British Virgin Islands, Cayman Islands master funds and more.
On 28 March 2013, the Code Committee of the Takeover Panel made a number of amendments to the Takeover Code.
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.
In each of these new quarterly updates, Mourant Ozannes will be focusing on issues that affect financial institutions in Jersey.
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 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.
DLA Piper has released its European Acquisition Finance Debt Report for 2013.
Enforcement of a mortgage download
The judgment discussed in this briefing highlights how a mortgage can be enforced by the Execution Court in the event a debtor defaults on paying the mortgage instalments.
On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the AIFMD into UK law (CP2).
Roger Tym, London financial institutions partner at Hogan Lovells, has raised concerns for UK financial regulation.
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.
Shoosmiths has reached 100 employees at its Manchester office.
Taylor Wessing has released issue six of its UK Regulatory Update.
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.
The Companies Winding Up (Amendment) Rules 2013 came into operation on 1 March 2013. Orders 3, 8, 9, 11, 15, 19 and 25 of the Companies Winding Up Rules 2008 have been revoked and replaced by new orders.
The UK law commissions are recommending fine-tuning to two aspects of the unfair terms regime.
Appleby acts as Jersey counsel for Starcom in relation to AIM market flotation.
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.
Legislative certainty over portability in Australia is now on its way.
Luxembourg legal update — March 2013 download
Arendt & Medernach has released its Luxembourg legal update for March 2013.
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.
Simmons & Simmons is advising Grant Thornton on the administration of Opal Property Group.
Consumers are naturally drawn to brand names that clearly indicate the services being offered. It is therefore not uncommon for financial services to be offered using descriptive names such as Cash Today or Pay Day Loan.
On 15 March 2013, a number of Regulatory Technical Standards implementing the European Markets Infrastructure Regulation take effect.
Appleby has acted as Cayman counsel for Xinchen China Power Holdings in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
Corporate specialists at Shoosmiths have helped Chase Templeton Group to make its first acquisition since securing growth funding.
Hogan Lovells has advised a syndicate of five lenders on the €80m refinancing of French holiday-park operator Siblu.
Appleby has acted as Cayman counsel for Oi Wah Pawnshop Credit Holdings in relation to its listing on the Main Board of the Hong Kong Stock Exchange with gross proceeds of approximately HKD98m (£8.5m).
The FSA and OFT have published their final guidance and summary of responses on Payment Protection Products.
Being English, you might think it is our nature to miss penalties, but what you might not realise is that as lawyers we can be just as anxious about penalties as the Premier League’s finest.
Regulatory risk: new SFO Director signals changes in how the agency will treat companies in the future download
The Serious Fraud Office has withdrawn its guidance to companies that discover and report corrupt conduct in order to avoid prosecution.
The OFT has found a widespread lack of compliance on the part of licensed businesses in the payday lending market.
UK Regulatory Update — Issue 4 considers the new role of the FCA as a competition watchdog (as we shall see, of sorts).
The 1983 Security Interests (Jersey) Law is set to be replaced in 2013 by the Security Interests (Jersey) Law 2012.
Ince & Co Singapore and Incisive Law have advised Cyprus-based Dynamic Offshore Drilling on the vessel financing, construction and delivery of Dynamic Vision.
On 14 February 2013, the FSA fined Nestor Healthcare Group £175,000 for failing to take proper steps to secure the compliance of its board members and senior executives with the share dealing provisions of the Model Code.
The government has released an exposure draft Corporations Amendment Regulation concerning the ban on conflicted remuneration.
Jersey’s finance industry is being consulted on the impact of entering a ‘FATCA-type’ agreement with the UK.
Plaintiffs in securities fraud cases do not have to establish materiality before a class can be certified based on the ‘fraud-on-the-market’ theory.
ASIC has finalised its regulatory guidance on codes to obviate the FoFA opt-in requirement.
Mourant Ozannes has gained recognition as the leading offshore law firm for international trusts and private client work.
Consultation on UKLA guidance notes download
The UK Listing Authority (UKLA) has published its fifth Primary Market Bulletin.
The Isle of Man Disclosure Facility was announced on 19 February.
The third issue of our step-by-step guides looks at the new and improved enforcement powers of the PRA and FCA.
Late-payment directive download
The European Commission has passed a number of directives relating to late payment, the latest of which is Directive 2011/7/EU.
Chadbourne has represented Geopark Holdings Limited in a $300m US bond offering.
On 14 February 2013, the Financial Services Authority (FSA) released a Final Notice against Nestor Healthcare Group.
The High Court has allowed a claim to recover losses above FOS ruling.
Our Private Wealth practice advises wealthy families and entrepreneurs on the legal structuring of their wealth and investments.
Chadbourne promotes four attorneys to counsel in New York and Washington DC.
DLA Piper’s Financial Services International Regulatory team welcomes you to the 27th edition of ‘Exchange — International’.
The decision of the German Federal Supreme Court regarding illiquidity and imminent illiquidity.
Walker Morris has advised on a deal that sees the acquisition of Wage Day Advance by Speedy Cash Corp.
Mayer Brown’s global financial services regulatory and enforcement practice provides solutions for firms operating in today’s complex regulatory environment.
On 15 October 2012 the UK Financial Services Authority (FSA) published a document entitled ‘Journey to the FCA’.
This month’s round-up of developments affecting the consumer credit industry.
Our team provides expert ongoing advice on ever-evolving financial services regulation.
Nearly every public company and financial industry firm subject to the enforcement jurisdiction of the US Securities and Exchange Commission employs both internal and external accountants and auditors.
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.
Our financial services and regulatory practice draws together our expertise on the conduct of regulated financial services, insurance and banking business in the BVI, Cayman Islands, Guernsey and Jersey.
Our lawyers in the business and finance group provide advice to clients on a range of commercial transactions including company acquisition, financing, joint venture or commercial contracts.
We understand that our clients face ever-greater challenges and opportunities as the global economy evolves. Our goal is to offer you the best possible representation to help you achieve the best outcomes for your business.
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.
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.
Wakala contracts are agency agreements that are widely used in Shari’ah compliant Islamic finance transactions.
A look ahead to amendmends to the 2000 Financial Services and Amendments Act and UK prospectus rules in the light of the EU’s Prospectus Directive.
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.
In a judgment delivered on 23 January 2013, the UK Supreme Court upheld the decision of the Court of Appeal, that legal advice privilege (“LAP”) should not be extended to cover legal advice provided by accountants.
FSA sanctions in team move cases download
In Spring 2010, we published an Update on the Tullett Prebon Plc v BGC Brokers LP case.
On June 6, 2012, the European Commission presented a draft directive on the recovery and resolution of credit institutions and investment firms.
The Companies Bill recently passed in the Legislative Council renders auditors criminally liable if they knowingly or recklessly omit certain information from their reports.
Changes to European prospectus regime: will it be easier for US companies to operate employee stock plans in Europe? download
Recent amendments to the European prospectus rules may make the operation of certain employee stock plans in Europe by multinationals listed in the United States cheaper and more straightforward.
Recent amendments to the European prospectus rules may make the operation of certain employee stock plans in Europe, by multinationals listed outside Europe, cheaper and more straightforward.
On 19 December 2012 the Commission adopted legislation on OTC derivatives, central counterparties and trade repositories (“EMIR”).
The FSA published the first of two consultation papers yesterday, setting out how the Alternative Investment Fund Managers Directive (AIFMD) will be implemented in the UK.
The FSA published the first of two consultation papers on implementing the Alternative Investment Fund Managers Directive (AIFMD). This briefing sets out more detail following our recent alert.
The wait is over. The European Commission published the implementing regulation (Regulation) for the Alternative Investment Fund Managers Directive (AIFMD) on 19 December 2012.
The prospectus regime is being amended throughout Europe.
June 2012: TransAtlantic newsletter download
Covering issues facing US companies in the UK market.
Hot on the heels of the release of the FSA discussion paper on the Alternative Investment Fund Managers Directive (AIFMD), the European Securities and Markets Authority (ESMA) recently published a short discussion paper tackling some of the key issues on scope.
Amendments to the SFC Code of Conduct (“Code”) were announced earlier this year and the majority came into effect over the weekend, on 1 December 2012.
On November 6, 2012, the Parliament of Ukraine passed the law authorizing the National Bank of Ukraine to introduce a temporary requirement on mandatory conversion of a foreign currency transferred to Ukraine from abroad.
Monthly update on issues in corportate law, covering acquisitions, international dispute resolution and investment in Ukraine.
An update on issues in corporate law, covering acquisition agreements, insurance-linked securities and the general economic climate in Europe.
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.
The Financial Services Authority (FSA) recently published Consultation Paper 12/2 (CP) on 26 January 2012 setting out proposals for a range of changes to the Listing Rules.
Former Allen & Overy (A&O) partner Charles McKenna and former Aegon UK general counsel Marian Glen have been unveiled as new non-executive directors on the board of the Financial Services Compensation Scheme (FSCS).
In this issue: additional SEC guidance on estimated value disclosures; FINRA to continue Its focus on structured products; FINRA’s Ketchum discusses structured products; FINRA issues Q&A guidance on new communications rules; FINRA proposal requires disclosure of enhanced compensation.
Job losses in the City reached the highest level since the peak of the financial crisis in 2008, data obtained by Pinsent Masons has revealed.
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.
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.
The China affiliates of the biggest accounting firms in the world have been placed in real jeopardy due to the stalled negotiations between US and Chinese regulators over document sharing.
Linklaters and Norton Rose have advised alongside the magic circle firm’s new South African ally Webber Wentzel as Johannesburg bank Absa Group buys Barclays’ African operations for £1.3bn.
During his first term, President Obama began an ambitious path of reforming the US financial system with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
General Electric’s (GE) external legal advisers are on standby as the US conglomerate finalises a process to review its European panels.
The High Court has upheld a judicial review of the Financial Services Compensation Scheme (FSCS) in a move that could have implications for the way the FSCS assesses compensation claims for poor investment advice.
On 28 August 2012, the UK’s Financial Services Authority published a consultation paper which includes proposals to amend the rules on how insurance firms deal with client money.
The Financial Services Authority (FSA) is to launch its first ever panel of external advisers to carry out investigations at banks.
Sullivan and Cromwell and Wachtell Lipton Rosen & Katz have won roles advising on one of the biggest US bank acquisitions of the year as Buffalo-based M&T Bank agreed to buy smaller rival Hudson City.
At its open meeting on 15 August 2012, the Public Company Accounting Oversight Board adopted Auditing Standard No. 16, Communications with Audit Committees, and related amendments to other PCAOB standards.
At an open meeting held on 15 August 2012, the Public Company Accounting Oversight Board voted to approve new Auditing Standard No. 16, Communications with Audit Committees.
The Financial Services Authority (FSA) has confirmed that Tracey McDermott, a former litigator at legacy Dechert firm Titmuss Sainer Dechert, has been appointed director of enforcement and financial crime.
Everyone needs a pension, but the issues surrounding the development of pensions legislation are varied and complex
Freshfields Bruckhaus Deringer has launched a bespoke financial investors group comprised of around 100 partners and over 200 associates worldwide.
Directors of failed banks should be held accountable for their actions according to the long-awaited report into the collapse of the Royal Bank of Scotland (RBS) in 2008.
The Parliamentary Joint Committee on Corporations and Financial Services (Committee) has released the recommendations from its inquiry into the Corporations Legislation Amendment (Derivative Transactions) Bill 2012 (Cth) (Bill).
A Herbert Smith lawyer who had a stint as acting director of enforcement at the FSA has joined London set 39 Essex Street.
A team of lawyers drawn largely from the Amsterdam offices of Baker & McKenzie and DLA Piper has launched a new firm focusing solely on financial services law.
Berwin Leighton Paisner (BLP) has hired Mayer Brown partner Nick Kynoch in a bid to boost its financial services practice.
Raquel Agnello QC and Thomas Robinson report on the implications of a ruling that helps to clarify the relationship between the Upper Tribunal and the Pensions Regulator
?Stephanie Biggs and Lisa Cawley ask whether the proposed shake-up of financial regulation in the UK is really as dramatic as it seems
Barlow Lyde & Gilbert financial services chief Tim Strong has left to join Taylor Wessing less than a year after the firm created the specialised practice area.
City lawyers have welcomed news that the Conservative-Liberal Democrat coalition government will not press ahead with Tory plans to scrap the FSA as part of a radical shake-up of financial services regulation.
Barlow Lyde & Gilbert (BLG) regulatory partner Ian Mason has quit the firm for Baker & McKenzie in a move that will strike a blow to BLG’s new management line-up.
Simmons & Simmons is scoping the Irish market as part of extensive scenario planning for its funds practice.
Lovells has advised M&G, the investment management arm of Prudential, on the launch of a £1bn company financing fund.
Clifford Chance, Linklaters, Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell have led on the $13.5bn (£8.20bn) sale of Barclays Global Investors to BlackRock.
Many companies have been tempted to ease their financial woes by delisting from AIM. But this is not a decision to be taken lightly, say Claire Clarke and Stephen Hamilton
Employers are keen to find ways of keeping pension liabilities in check as the recession continues to bite. By David Saunders
Clifford Chance has scooped the lead role on its second mega-deal in the past three months, advising on the financing of Norilsk Nickel's acquisition of LionOre Mining International.
Jones Day has acted for Aberdeen-based oil and gas production company Venture Production in relation to £585m of debt financing.
Vinson & Elkins has scooped a role advising on the first sukuk from Swiss renewable energy company EnergyMixx.
Dechert has acted on a key Islamic finance deal, advising on the establishment and London Stock Exchange listing of a $1bn (£485.87m) sukuk certificate issuance programme.
A TEAM from Lovells’ Dubai office has closed its first major deal since the firm opened in the emirate in May.
Linklaters and White & Case have landed lead roles on CVC Capital Partners' planned leveraged buyout (LBO) of tobacco company Altadis.
Clifford Chance has won a pan-European mandate to advise the underwriters of the first-ever climate awareness bond, which is expected to be worth up to e1bn (£680m).
West End-based Davenport Lyons has helped saved the UK-produced St Trinian's remake from the scrapheap with its first foray into film financing.
US firm Cadwalader Wickersham & Taft has been instructed to advise on the world's first bond designed to protect London's business districts from large-scale flooding.
White & Case fought off two rivals firms to advise Saudi Arabian telecoms company Etihad Etisalat Company (Mobily) on the largest-ever syndicated Islamic financing.
Addleshaw Goddard and Allen & Overy (A&O) have broken new ground in tax law, advising on the first publicly listed securitisation structure under new regulations.
Allen & Overy (A&O) has bagged a lead role advising on the first sukuk programme to be listed on the London Stock Exchange (LSE).
Lovells' Tokyo office has acted for longstanding client Softbank Group on its refinancing of its acquisition of Vodafone Japan.
Torquay-based firm Boyce Hatton and Herbert Smith have advised on the UK's first 'clean coal' power generation project - a £1bn, 800MW plant on Teesside.
Taylor Wessing has bagged the lead role advising the administrators of Christmas hamper company Farepak on its insolvency proceedings.
Clifford Chance, DWS handed roles on LSE sukuk flotation" /Clifford Chance and Denton Wilde Sapte (DWS) scored lead roles on the flotation of a $225m (£120.38m) Islamic bond, or sukuk, on the London Stock Exchange (LSE), only the second sukuk to have done so.
Ashurst has advised Merrill Lynch on a collateralised debt obligation (CDO) involving small and medium-sized enterprises (SMEs) issuing bonds as security for notes.
Lovells has maintained its relationship with private equity house Terra Firma to advise on a landmark securitisation, even though the firm lost the original partner on the deal to Clifford Chance.
Allen & Overy (A&O) and Clifford Chance have been called up for a second time to advise Manchester United and JPMorgan on a £660m debt refinancing that increased the amount of money borrowed against the club's assets, but reduced its exposure to payment-in-kind notes (Piks).
Ashurst has acted for Imperial College, London, on the sale of a £50m bond to help fund its teaching and research. The bond is one of the largest deals by a British university.
McGrigors and Herbert Smith have taken the lead roles to advise on a $1bn (£542.66m) financing facility for a Scottish oil and gas exploration and production company that will see the development of a massive Indian oil field.
CMS Cameron McKenna and Linklaters are working on the final stages of the landmark bond from the Wellcome Trust, the first of its kind in the UK market.
Allen & Overy (A&O) has landed the plum role advising the banks and the monoline insurer on Arsenal Football Club's landmark securitisation of ticket sales from its new 60,000-seater Emirates Stadium.
Freshfields Bruckhaus Deringer and Simmons & Simmons have won the mandate to advise Royal Bank of Scotland (RBS) on the latest in a series of chunky collateralised loan obligations (CLOs) by the big banks as they clear up their balance ...
DLA Piper Rudnick Gray Cary has acted for longstanding client Barclays Leveraged Fina-nce on a £138m refinancing for Tragus Holdings that is set to return £27m to its investors.
Ashurst has won a mandate to advise the lead managers on the financing for the UK's largest-ever PPP project.
Burges Salmon has advised on an innovative commercial property Islamic finance product for longstanding client Bristol & West Property Finance.
Weil Gotshal & Manges and White & Case have secured roles on Investec's first collateralised debt obligation (CDO) as the financial services group launches an assault on the market.
White & Case has landed the role of advising the bank consortium funding Linde's £8bn takeover of BOC.
Lovells has advised HSBC on a commercial mortgage-backed security (CMBS) that gives the issuer an unprecedented level of flexibility to change the underlying portfolio.
Allen & Overy (A&O) has scooped a mandate to advise BAA on the £2bn bond issue that is at the centre of Grupo Ferrovial's potential takeover of the UK-listed airports operator.
Jersey-based firm Bedell Cristin advised on the first-ever protected cell company (PCC) in the Channel Islands and completed the deal on the same day as the new legislation became law.
The biggest financing deal of December was the £3.3bn package supporting Dubai Ports World's bid for P&O - a bid which at press time was being contested by Singapore-based PSA. Allen & Overy (A&O) partner Mike Duncan led for Deutsche Bank, while Clifford Chance partner Mark Campbell advised Dubai Ports World. ...
Simmons & Simmons has advised Barclays Bank on the largest collaterised loan obligation (CLO) to be fully placed on the bond market.
Allen & Overy (A&O), Clifford Chance and Denton Wilde Sapte (DWS) have landed instructions to advise on the issue of the largest-ever Islamic bond.
A slew of major acquisition finance deals closed in November.
Herbert Smith and alliance partner Stibbe have scooped an instruction to advise Tele Atlas on its global offer and listing on the Amsterdam Stock Exchange.
Simmons & Simmons has brought a new level of innovation into the organisation of split capital investment trusts with a new type of reconstruction.
Bryant Edwards is campaigning to dilute call protection. It could be controversial, says Catrin Griffiths
Latham & Watkins is putting preparations in place for one of the biggest European high-yield bond issues to date.
Berwin Leighton Paisner (BLP) has completed its first deal for Macquarie European Infrastructure Fund and its subsidiary Energy Power Resources Group (EPR).
Weil Gotshal & Manges and Linklaters' Warsaw office are celebrating after advising Polish energy company PGNiG on a successful IPO on the Warsaw Stock Exchange.
Sidley Austin Brown & Wood has stated its intention to muscle in on longstanding Linklaters client Kensington Mortgages after assisting with a £400m mortgage-backed ...
Linklaters has advised several bank consortia on landmark loan facilities worth $1.98bn (£1.1bn) for Saudi financial institutions.
DLA Piper Rudnick Gray Cary has landed the instruction to act for the administrators of Red Letter Days, the business run by television personality Rachel Elnaugh.
Allen & Overy (A&O) advised arranger Royal Bank of Scotland (RBS) on a tranche of commercial mortgage-backed notes (CMBs) issued by Trafford Centre Finance.
Lovells has strengthened its relationship with Charterhouse Capital Partners by advising the private equity group on its successful £262m acquisition of pub operator Barracuda Group from PPM Capital.
Paul Weiss Rifkind Wharton & Garrison has scooped the first high-yield bond offering by a South African issuer in a deal worth €175m (£116.5m).
Lovells has closed its first securitisation deal for Para-gon Finance after beating a raft of City rivals to the deal.
Weil Gotshal & Manges has secured its first instruction from Indian private equity house Chatterjee Group to advise on its role in the acquisition of chemical group Basell.
Field Fisher Waterhouse (FFW) has beaten off competition from a number of UK and Portuguese firms to scoop the lead role advising the Maltese Ministry of Finance on its newly-unveiled PPP initiative.
Lawrence Graham's business recovery team has rounded off a productive few months in the retail sector with an instruction on the controversial Gadget Shop administration.
Lovells' Paris office has acted for Electricite de France (EDF) on a new credit facility, underlining the power of the borrowers in the European loan markets.
Macfarlanes (Tom Speechley) advised NIB Capital Bank on the refinancing of Schoeller Wavin Systems Holding and its subsidiaries in connection with the simultaneous acquisition of Arca Systems International. Clifford Chance advised the Schoeller Wavin group. Mannheimer Swartling advised the vendors.
Simmons & Simmons has closed its first capital markets deal for niche bank Singer & Friedlander.
DLA Piper Rudnick Gray Cary (John Cutler, Richard Mann, Alex Dumphy) advised Barclays Leveraged Finance on the £75m debt funding of the secondary buyout of Tragus Group, owner of the Café Rouge and Bella Italia restaurant chains, among others.
Warm, bright and highly businesslike, Clifford Chance’s James Johnson is also one of the magic circle firm’s most consistent performers.
Following a year-long flurry of work in the banking and telecoms sectors, Simmons & Simmons’ Qatar office has scooped the work on a key sponsorship deal with the state’s national Olympics committee.
Clifford Chance and Linklaters have worked on the £391.7m collateralised loan obligation (CLO) of PFI loans – the first ever synthetic risk transfer within that asset class, which will boost the growing secondary PFI market.
Freeman for its leveraged finance team. The magic circle firm has been on a leveraged buyout (LBO) roll of late, all thanks to its merry band of laterals: Nick Syson from Wilde Sapte, Gideon Moore from DLA, Stephen Lucas from Clifford Chance and now Freeman from Lovells.
Clifford Chance advised MBNA Europe Bank in structuring and executing the first reverse enquiry-driven trade through a newly-established delinked securitisation platform. The issue was a single class of £250m ‘Class A’ floating rate notes. Securitisation partner Debashis Dey led the team, which included assistant Martin Wong and tax partners Stephen Shea and Etienne Wong.
Skadden beats Davis Polk to Ashtead deal" /Skadden Arps Slate Meagher & Flom has nudged aside Davis Polk & Wardwell to land a new client, UK-listed equipment hire company Ashtead.
McDermott Will & Emery’s client Polygon Investment Partners has backed down in its high-profile dispute with British Energy.
Herbert Smith has completed its first deal for new client Hypo Real Estate Bank International.
Lovells has triumphed over Clifford Chance to secure the lead role on Italy’s first ever hospital private finance initiative (PFI).
Allen & Overy (Vikki Greatorex) represented ABN Amro Bank, Citibank and ING as joint lead arrangers on the financing of the €1.1bn (£733.6m) acquisition of Mobiltel by a consortium of funds. The deal, financed by €450m (£300.1m) of equity and €650m (£433.5m) of acquisition debt, ...
Lovells has won its first instruction from Allied Irish Bank (AIB) to act on the €230m (£154.4m) refinancing of retail distribution company BWG Group.
Memery Crystal float on AIM high as IPOs hit record levels" /As AIM celebrated its ninth birthday last weekend, the junior market continued to outperform its full-list older brother. According to London Stock Exchange figures, the total number of initial public offerings (IPO) on AIM in the first ...
White & Case scoops major Kazakhstan banking clients" /White & Case has cemented its place at the forefront of Kazakhstan capital markets after the firm won mandates to advise the lead managers and trustees on two of the country’s major bond issues in the banking sector this year.
Eversheds has received its first instruction for the management of clothing retailer Ethel Austin thanks to a referral from Deloitte & Touche corporate finance.
Allen & Overy (A&O) has won a landmark Court of Appeal case for National Westminster Bank (NatWest), finally overturning a 2001 Privy Council ruling in the Brumark Investments case which restricted banks’ access to the book debts of insolvent companies.
Finance assistants have decent partner prospects, but not always in the big four. By Catrin Griffiths
Freshfields Bruckhaus Deringer (Don Guiney) is advising Barclays Capital and HSBC as lead arrangers on a €10bn (£6.78bn) covered bond programme for Northern Rock. Dundas & Wilson ...
Latham & Watkins’ London office has helped secure the future of Atlantic Electric & Gas after pushing through the company’s sale just hours after it was put into receivership.
Nabarro Nathanson has won Numis as a client, after advising the broker on the unusual demerger and AIM listing of Moneybox.
Linklaters (Alejandro Ortiz, Vinay Samani) advised Banco Bilbao Vizcaya Argentaria as lead arranger on the establishment and update of the €5bn (£3.37bn) repackaging programme of Atlanteo Capital. It is the first programme arranged by a Spanish bank. Ogier & Le Masurier acted for the special purpose vehicle on aspects of Jersey law.
Masons has taken advantage of its recent appointment to Lancashire County Council’s panel by beating Eversheds to one of the largest waste management private finance initiative (PFI) projects to date.
Macfarlanes’ new boy brings NIB Capital Bank" /Macfarlanes has scored a new banking client thanks to recent recruit Tom Speechley, who joined in January to bolster the firm’s acquisition finance capability.
Linklaters Spain has achieved a stranglehold on the banks representing Spanish companies issuing bonds on the equity capital markets.
Ashurst (Philip Broke) advised UK stockbroker Panmure Gordon on the £14.3m rights issue and cash placing by ML Laboratories. Stringer Saul (David Smith) represented ML Laboratories.
Lovells has strengthened its relationship with CIBC World Markets after scooping its first European-based acquisition finance deal for the bank.
SJ Berwin has completed its first major UK deal for key private equity client Coller International in a deal led by funds partner John Daghlian, who is leaving the firm for O’Melveny & Myers.
Ashurst Morris Crisp (Mike Logie) acted for Crédit Agricole Indosuez as arranger on a $48.9m (£28m) synthetic collateralised debt obligation (CDO). The firm also advised the London branch of Bank of New York, the trustee and agents on the deal. Walkers (Julian Black) advised the issuer, ABSolute II Synthetic CDO.
Allen & Overy's (A&O) Amsterdam office has scooped its first instruction from Stibbe client Wolters Kluwer.
Matthew Arnold & Baldwin (MAB) has advised former Allen & Overy (A&O) client Orbain on its recent refinancing following Orbain's secondment of MAB partner Steve Janes as a part-time in-house counsel.
Denton Wilde Sapte has advised the government of Qatar on the world's second Islamic bond and the Middle East's first.
The US firm is challenging CDO topdog Ashursts - with help from Linklaters
Lovells has scooped its first acquisition finance mandate for Société Générale (SocGen) since the bank put together its global panel earlier this year.
Norton Rose has underlined its position in the mid-level acquisition finance market by snaring its second deal for NIB Capital Bank in the space of a year.
Taylor Wessing is understood to have usurped Lawrence Graham in the affections of London & Regional Properties (L&R), the entrepreneurial property company run by brothers Ian and Richard Livingstone.
CMS Cameron McKenna (Andrew Ivison) advised Barclays, Abbey National Treasury Services, Bank of America and Bank of Scotland, the lead arrangers on a £600m bond refinancing of a credit facility. The facility was underwritten in 2001 for the Airline Group's acquisition of the Government's 46 per cent interest in National Air Traffic Services. MBIA Assurance, represented by Allen & Overy, guaranteed the ...
Have Ashursts and Latham helped give birth to the ultimate high-yield vehicle? By Catrin Griffiths
Peter Carter-Ruck & Partners got in on the battle for AIM-listed Murray Financial Corporation (MFC) last month, when former chief executive Ken Murray instructed the firm to launch an unusual defamation claim against Resurge, the institutional shareholder that forced his resignation.Murray, a high-profile Scottish businessman, was forced to resign from the board of Murray Financial, a building society takeover vehicle, at an extraordinary general meeting convened by Halliwell ...
Herbert Smith (Dina Albagli) advised Halifax Bank of Scotland (HBOS) on its issue from its master trust Mound Financing, raising £2.26bn for the bank and an increase in trust property to £7.5bn. Shepherd + Wedderburn acted for HBOS on issues relating to Scottish law. Citigroup acted as sole arranger with Credit Suisse First Boston as joint book runners. Morgan Stanley and Deutsche Bank, represented by Allen ...
Julia Cahill investigates the new-look PFI scheme being introduced across the NHS
French private equity group PAI's championing of Linklaters has helped win the law firm its second instruction by CIBC World Markets on CVC's recent £372m acquisition of Danske Traelast.
White & Case has usurped Freshfields Bruckhaus Deringer to act for housebuilding group Westbury on its £150m private placement.
Cadwalader Wickersham & Taft (Paul Biggs) acted for the Maputo Port Development Company and a consortium of investors, including the Mersey Docks and Harbour Company, Skanska BOT and Liscont Operadores de Contentores on financing agreements for the $72m (£46.4m) privatisation of the Maputo Port. The local partners were the Mozambique government and the National Port and Rail Organisation of Mozambique, advised in-house. The lenders included Standard Corporate and Merchant Bank, DBSA and ...
Are Freshfields' finance partners really ready to hustle for work?
Linklaters has secured Chinese walls between its dual roles on Xstrata’s multimillion pound rights issue and acquisition of Australia’s MIM Holdings. The firm is acting for JPMorgan and Deutsche Bank, the joint sponsors, financial advisers and underwriters to mining giant Xstrata’s £900m rights issue, the proceeds of which will be used on its £1.3bn takeover of MIM. Linklaters has erected ...
Nabarro Nathanson has won a new name to add to its US investor client base. It advised WP Carey & Co on the financing of a £16m, 13-acre site acquisition through a 30-year sale and leaseback agreement.
Norton Rose has lost the US aspects of French national railway SNCF's $1.3bn (£831.6bn) cross-border lease financing deal to Linklaters, which boasts the New York capability required to handle a deal essentially governed by US law. Norton Rose's Paris office retained the French aspects of the deal, despite the loss of ...
The Lawyer team picks the best deals of 2002
Julia Cahill finds that Lovells is making strides in the mid-tier market with CIBC and Mizuho
Allen & Overy (A&O) and Clifford Chance advised opposite each other on the E1bn (£642m) take private of Green Property.
on a debt facility to help fund a management buyout of the Early Learning Centre from John Menzies. Osborne Clarke (Greg Leyshon, Roma Linton) advised equity stakeholder 3i. Dechert (Dick Russell) advised the management.
Richards Butler acted for the Commercial Bank of Qatar on arranging a £120m loan agreement to finance future public and private sector initiatives. The facility was arranged with a number of international, regional and local banks. Richards Butler banking partner Hugh Thompson acted on the deal from the firm's associate office in Qatar. Clifford Chance's Dubai office advised the arranging and lending ...