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.
Chadbourne & Parke’s banking and financial services litigation practice group represents domestic and foreign financial institutions in all aspects of litigation, with an emphasis on creditors’ rights.
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 (LRs), the Prospectus Rules (PRs) and Disclosure and Transparency Rules (DTRs). The changes are being proposed to reflect developments in market practice.
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 ...