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.
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.
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.
Debevoise & Plimpton has announced that Brian F McKenna has been named international counsel to the firm, effective 1 November 2013.
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.
Partner and head of Bra?ov office
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.
Krogerus has advised arranger and dealer Pohjola Bank, and the other dealers, on SATO’s €500m secured note issuance programme.
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 ...