In the current market, private equity sponsors are increasingly looking at initial public offerings (IPOs) as a real exit option for their portfolio investments.
This issue looks at some of the issues that will be prominent in the emerging financial environment and the developing products that are arising in the post recessionary global economy
The ability of a private limited company to purchase its own shares is an extremely useful tool.
InCredit March 2014 — mortgages: Mortgage Credit Directive text published in OJEU; FCA publishes findings to MCOB survey; and more download
The text of the Mortgage Credit Directive (MCD) (2014/17/EU) has been published in the Official Journal of the EU.
InCredit March 2014 — market news: Paragon Bank launches under PRA new capital regime; and more download
According to a company press release, Paragon Bank has become the first new bank to obtain a banking licence from the PRA.
InCredit — March 2014: insurance download
The insurance section of the March edition of InCredit features a guide to CMCs and complaints handling and discusses the FCA’s comment on the proposed PPI time limit.
This month’s round-up of developments affecting the consumer credit industry sees the FCA announce tough rules for payday lenders and more.
This section of InCredit looks at the EU study published on consumer protection and financial services, the Banking Standards Review and more.
The ASA has published an adjudication upholding a complaint relating to a television advertisement for a repayment retailer.
It is common in mortgage fraud for lenders to lose advances where their solicitors are innocently duped by fraudsters.
Taylor Wessing private equity partner Ed Waldron meets with Rob McCombie, investment director at CBPE Capital.
DLA Piper has advised Tilad, a multi-family office based in the Gulf region, on the acquisition of the BMW Logistics Centre in Niederaichbach near Munich.
A team from Dacheng has been retained as standing legal counsel for Guangdong Huidong Rural Commercial Bank and Guangdong Boluo Rural Commercial Bank.
On 25 February 2014, Dacheng attorney Qi Yan was officially retained by Qinghai Credit Guarantee Group Co as standing legal counsel.
Dacheng attorney Qi Yan has advised Qinghai Jiangcang Coal Co on its SME private placement bonds issue on the stock exchange of Shenzhen.
Herbert Smith Freehills (HSF) has added Deutsche Bank’s compliance, government & regulatory affairs chief Andrew Procter to its financial services regulatory practice.
Mourant Ozannes has a new Guernsey advocate. Matthew Guthrie, a senior associate within the international trusts and private client practice, has been sworn in at the Royal Court of Guernsey.
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
This note summarises the attractions of the Cayman Islands for prime brokers wishing to establish a prime brokerage business outside their home jurisdictions.
Stephenson Harwood has appointed Tom Platts as a partner in its corporate practice in Singapore. Platts has been based in Singapore for three years.
Andrew Northage considers another case in which the FCA took enforcement action against inadequate anti-bribery procedures — even where no bribery had occurred.
This judgment deals with the in-camera element of a complicated piece of litigation involving a complex trust structure with a substantial portfolio of investments.
In a decision in January, the Information Commissioner’s Office found that the Financial Conduct Authority had breached the Freedom of Information Act 2000.
Pillsbury has announced that partners Graham Tyler and Debra Erni will join the firm’s finance practice in London at the beginning of May.
Addleshaw Goddard has released the latest version of its InVest publication, which focuses on developments affecting banks, wealth managers, brokers and funds.
Slaughter and May has announced a re-jig of its practice stream heads following a partner vote.
NCTM has acted as legal adviser to Gala in its listing on AIM Italia, the alternative capital market devoted to SMEs and managed by the Italian Stock Exchange.
Allen & Overy recently hosted a panel debate on the impact of Shanghai’s free-trade zone at Hong Kong’s China Club.
On 24 February 2014, deferred prosecution agreements legislation was finally brought into force in respect of a wide range of criminal conduct.
Conyers Dill & Pearman has advised Nomura in connection with the £237m refinancing of the group of companies owned by Camden Market Holding Corp.
This alert describes the final regulations issued by the FRB that modify the former requirements applicable to foreign banking organisations pursuant to the FRB’s Regulation K.
The recent changes introduced in Luxembourg to its limited partnerships make it a desirable jurisdiction in which to establish alternative investment funds.
The EAT had to decide two main issues: had the claimant made a ‘disclosure’? Did he suffer detriment as a result of that?
Hogan Lovells has been presented with the Restructuring Team of the Year award at the International Finance Law Review (IFLR) Asia Awards during a ceremony in Hong Kong on 26 February.
Finance and real-estate lawyers at Walker Morris have advised Evans Management on a funding deal worth £175m to assist with investment and acquisition opportunities.
The Court of Appeal has upheld an appeal from the High Court decision in Clark v In Focus that Financial Ombudsman Service decisions are not binding on the claimant.
This year’s survey focuses on respondents’ outlook on the current technological landscape, the ‘hot’ growth areas and what, if any, barriers to growth are affecting businesses.
Walker Morris regulatory team director Ray Watson provides an overview of the Competition Commission’s working paper on the profitability of payday lending companies.
Svitlana Musienko, partner and head of tax at DLA Piper in Ukraine, has been re-elected as a board member of the IFA in Ukraine for the third time in a row.
Wragge & Co’s banking and finance team has assisted long-standing client Sanctuary Group in the securing of a £350m loan from the European Investment Bank.
Family disputes over the provisions of a will are a relatively common occurrence in Bermuda courts.
Headlines from the Law Commission report on matrimonial property, needs and agreements — part one download
The Law Commission has published its much awaited report on matrimonial property, needs and agreements.
Headlines from the Law Commission report on matrimonial property, needs and agreements — part two download
Withers sets out some of the main issues raised by the proposed reforms.
Taylor Wessing has been shortlisted for the ‘Effective Legal Team’ award at the WealthBriefing European Awards 2014.
The Federal Reserve has issued a final rule that will fundamentally change the way in which non-US banks are regulated and supervised in the US.
Repeated unmeritorious attempts by the borrower to avoid repossession by the receivers and lender led to the strike-out of the borrower’s claim.
The Law Commission for England and Wales has published its report on matrimonial property, needs and agreements.
FINRA has issued a notice on a proposed new regulatory structure for firms that limit their activities to advising companies on capital raising and corporate restructuring.
Anina Boshoff, a finance partner at Edward Nathan Sonnenbergs, is joining Hogan Lovells on 1 March 2014 to head up the banking and finance department in Johannesburg.
The 2001 Law Commission Report led to the introduction of the Land Registration Act 2002. This replaced the 1925 version of that act.
Deferred prosecution agreements, the government’s newest weapon in the fight against corporate crime, have become available to prosecutors.
The ESMA has written to the European Commission requesting that the definition of ‘derivative’ or ‘derivative contract’ in Regulation (EU) No 648/2012 is clarified.
A long-term holder of securities may wish to enhance the yield provided by such securities by lending in exchange for collateral and a fee.
The Court of Appeal has allowed an appeal by a firm of financial advisers, In Focus Asset Management & Tax Solutions Ltd, against its former clients Mr and Mrs Clark.
In JL Homes Ltd v Mortgage Express, Diakiw and Heap (acting as LPA receivers), the court stepped in to avoid further costs and court time being wasted and granted a civil restraint order.
Finance companies are liable to the ultimate customer on the basis of joint and several liability with the supplier — and this includes in relation to fraudulent misrepresentations.
A Court of Appeal decisionhas ended the legal uncertainty as to whether claimants who had accepted the maximum amount the Ombudsman can award could then sue in court for the balance of their losses.
If you do not make a will, then you lose control over what happens to your estate following your death.
This article considers the key competing mobile payment technologies and the legal risks, and how the adoption of these technologies may shape the payments market of tomorrow.
The private equity team at Wragge & Co has advised Mobeus Equity Partners on a £6m investment in the management buyout of Entanet International.
CSSF updates FAQs on AIFM Law download
The CSSF has issued an updated version of the FAQs relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers (the AIFM Law).
DLA Piper’s 2014 European Acquisition Finance Debt Report has revealed that the market landscape is changing dramatically.
Eversheds has advised NewRiver Retail, a UK REIT specialising in value-creating retail property investment and active asset management, on its latest £85m equity fundraising.
Allen & Overy has been recognised as the ‘Best Overall Law Firm in Islamic Finance’ for the third consecutive year at the annual Islamic Finance News Awards ceremony.
Guarantor consent download
When referring to a guarantee, it is common law that a change to the debt that is being guaranteed can result in a discharge of the guarantor’s obligations.
Dacheng attorneys have advised Nantong-state-owned Assets Investment Holdings on short-term financing bills and medium-term notes registration.
Dacheng senior partner Yu Bin has been appointed as an arbitrator by the Qingdao Arbitration Commission.
Williams v Central Bank of Nigeria download
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.
Dacheng has advised Sundiro on offshore funding and joint venture formation in relation to a project with Italy-based yacht maker Sanlonrenzo.
The Second Circuit has broadened the SEC’s power to seek civil disgorgement of profits from insider trading violations, even where an individual did not personally profit.
Hogan Lovells has advised Mishmeret Trusts Company in its role as trustee and security agent for the high-yield issuance of $800m of senior secured notes due 2021 by B Communications.
Video: Pillsbury 2013 highlight reel — achievements in the energy, financial services, real estate and technology sectors
Pillsbury has produced a three-minute video update featuring its most noteworthy engagements and achievements from 2013.
This report presents detailed results of a survey of more than 250 debt providers, advisers, sponsors and corporates active in the European acquisition finance debt market.
Modern digital currencies such as Bitcoin attempt to do something fundamentally different to a digital representation of ‘standard’ money.
English courts have ruled that accepting an award from the FOS can be a bar to any further proceedings in England and Wales. Shoosmiths examines whether the same principles apply in Scotland.
Karanovic & Nikolic has been named ‘Law Firm of the Year’ for Eastern Europe and the Balkans at The Lawyer’s recent annual European Awards ceremony.
Deferred prosecution agreements, the government’s newest weapon in the fight against corporate crime, become available to prosecutors from 24 February 2014.
Box Clever and Storm Funding decisions show scope of the regulator’s financial support direction powers download
Two recent decisions have demonstrated the latitude that the Pensions Regulator has in pursuing a case for a financial support direction.
The Financial Report — donation-based platforms, SEC’s draft strategic plan and ASIC information sheet for whistleblowers
DLA Piper has released the latest version (Volume 3, No.4) of The Financial Report, featuring news and analysis from across the financial sector.
The Authorised Collective Investment Schemes (Class B) Rules 2013 came into operation on 2 January 2014, replacing the Collective Investment Schemes (Class B) Rules 1990.
This article looks at what prompted the Law Commission’s consultation on the fiduciary duties of investment intermediaries, what it is focused on and what might come next.
Taylor Wessing has advised Grand City Properties on its issue of €150m senior secured five-year convertible bonds convertible into new and/or existing ordinary shares.
In these video briefings, Pillbury partner Mike Sullivan takes on four key issues that entrepreneurs commonly contend with in the early days of their start-up efforts.
The CSSF has published on its website the fourth update of its Frequently Asked Questions document regarding Luxembourg’s law of 12 July 2013 on alternative investment fund managers.
Luxembourg’s CSSF has issued a circular that aims to clarify technical details of how alternative fund managers should comply with reporting obligations.
Richard Hitchcock from Outer Temple Chambers has been selected for the award of Queen’s counsel.
The US government has taken another important step in helping to reintegrate Myanmar (referred to as Burma for official purposes) into the global economy.
Shoosmiths has advised Singapore-based Freight Investor Services on the strategic sale of a majority shareholding in Cleartrade Exchange to European Energy Exchange.
European Finance Litigation Review — February 2014: litigation concerning banks’ disclosure requirements and more download
This quarterly edition of the European Finance Litigation Review contains coverage of the most interesting cases and developments from across Allen & Overy’s European network.
Allen & Overy has advised JP Morgan Securities, Berenberg Bank, Deutsche Bank and Anoa Capital on the successful placement of €150m secured convertible bonds.
Agreement on the core rules of the second Markets in Financial Instruments Directive (MiFID II) download
The European Parliament and the European Council have reached an agreement in principle on updated rules for the market in financial instruments.
DLA Piper is one of the most active law firms in terms of venture capital (VC) deal volume, according to the ‘2013 Most Active VC Law Firms’ report published by PitchBook.
Ben Jones, tax expert at Eversheds, has commented on concerns that the introduction of an EU-wide financial transactions tax could hit UK savers.
SEC provides expanded no-action relief from broker-dealer registration for intermediaries in private M&A transactions download
The staff of the SEC’s Division of Trading and Markets issued a no-action letter on 4 February that provides guidance on how intermediaries may effect securities transactions.
Stephenson Harwood has advised three separate companies on their recent secondary fundraisings, raising more than £60m in aggregate.
There has been an increase in the number of investment treaty arbitrations brought by investors seeking to enforce their rights against states.
A term sheet is a document that outlines the key financial and other terms of a proposed investment.
A team of Dacheng attorneys, led by senior partner in finance Wang Weidong, has been named the best service provider in the microcredit sector.
The long-awaited judgment in Clark v In Focus was handed down at the Court of Appeal on 14 February, allowing the appeal.
DLA Piper’s financial services regulatory team has released the spring 2014 edition of its Money Laundering Bulletin.
Alistair Schaff QC of 7KBW has appeared for financial services firm In Focus Asset Management in Clark v In Focus Asset Management.
Eversheds has advised consumer electronics retailer Expansys on its recommended takeover by celebrity entrepreneur and Dragons’ Den panellist Peter Jones.
Registering as a financial institution via IRS FATCA portal and the role of the responsible officer download
Ogier has compiled the most frequently asked questions regarding the Foreign Account Tax Compliance Act (FATCA) regulations.
Walker Morris corporate partner Debbie Jackson has been listed as one of The Lawyer’s Hot 100 Lawyers in its annual research report.
FCA proposes revised test for sponsor competency and sparks debate on joint sponsor arrangements download
In its new consultation paper, the FCA proposes various changes to the sponsor competency regime and initiates discussion on joint sponsor arrangements.
Hogan Lovells has hired Andy Ferris as a partner in its Singapore international debt capital markets team. He will join the law firm on 3 March 2014.
Hogan Lovells has achieved success for Otkritie, a Russian financial services provider that the firm advised throughout a dispute regarding multi-million-dollar fraud against it.
Allen & Overy has advised Citigroup in its capacity as co-arranger with HSH Nordbank in relation to a secured refinancing transaction of HSH Nordbank.
DLA Piper has advised China Shipping Terminal Developments on its acquisition of approximately 24 per cent of issued shares in APM Terminals Zeebrugge.
Eversheds has appointed three partners to its financial services dispute resolution and investigations team in response to increasing client demand.
A Hogan Lovells corporate team has advised Kite Realty Group Trust on its proposed merger with Inland Diversified Real Estate Trust, Inc.
Taylor Wessing has been named one of eprivateclient’s Top 25 Most Admired Companies.
The case of Richard Gabriel v Peter Little and others has highlighted the importance of engagement letters in clarifying the scope of a professional retainer.
The Belgian Financial Services and Markets Authority is consulting on new rules regarding the marketing of financial products to retail clients.
There has been unanimous support from the European Parliament’s Economic and Financial Affairs Committee for the agreement on the proposed CSMAD.
InVest — February 2014: banking download
The European Commission published its plans for structural reform of the banking sector on 29 January 2014.
Investigation into Mayfair Charities download
The Charity Commission last month released the findings of an investigation begun in July 2012 into concerns over Mayfair Charities’ financial accounts.
With European elections in May, the flow of new regulations from Europe is expected to slow, with the immediate focus being on fine tuning already adopted policy.
The continuing obligations of Cayman Islands regulated funds are set out in the Companies Law and Mutual Funds Law (as amended).
In a long-anticipated move, the Regulator published its discussion paper on charging fees for regulation on 10 February 2014.
On 16 January 2014, the Financial Conduct Authority published its finalised guidance on supervising retail investment advice.
This section of InVest includes an update from the Financial Conduct Authority on the Retail Distribution Review post-implementation review timetable and more.
The BoE has published a statement relating to the exercise of the Financial Policy Committee’s powers to supplement capital requirements for the purposes of financial stability.
The City of London Law Society Land Law Committee has produced a protocol for discharging mortgages of commercial property.
Mills & Reeve has assisted IVF clinic Bourne Hall on the agreement of a deal with Mobeus Equity Partners to raise a £3.5m equity investment.
Governance News — 11 February 2014 download
The fallout from controversial trades in David Jones (DJs) shares and a rejected merger proposal have escalated, with the chairman and two other directors stepping down from the DJs board.
Addleshaw Goddard has released the January 2014 edition of its Corporate Finance News publication.
This update contains a summary of news and legal developments that have affected the banking and finance industry over the last month.
JPM advises on all aspects of individual employment issues, as well as on collective bargaining agreements, redundancy plans and social and restructuring programmes.
JPM’s banking and finance clients include major banks, insurance companies and other financial institutions, as well as corporate local borrowers and lenders.
NCTM has assisted La Gardenia Beauty, an Italy-based beauty and cosmetics retailer, with its restructuring following the entry of Fondo Orlando Italy into its share capital.
DLA Piper has advised Laureate Education on its recent acquisition of SEEK’s remaining 80 per cent interest in THINK: Education Group and its subsidiaries.
Dacheng has provided advice to the Industrial Bank, which has successfully completed bidding and issued ¥5.2bn (£516m) worth of credit asset-backed securities.
Dacheng partner Liu Jiawang has been elected as vice-president of the Internet Society of Yunnan.
Attorney Zhou Liang, equity partner in Dacheng’s Guangzhou office, has been retained as an independent director of Guangdong Jiedong Rural Commercial Bank.
Conyers has provided Bermuda law advice to the initial purchasers of a private offering of $600m 6.25 per cent senior notes due 2019, issued by North Atlantic Drilling.
Stephenson Harwood has hired Yann Beckers as a partner in its Paris banking and finance department. He joins the law firm from Clifford Chance.
King & Wood Mallesons has advised China Huarong Asset Management Co on phase one of the Huayuan 2014 CLO securitisation trust scheme.
Limited changes: Luxembourg’s introduction of the AIFMD law consolidates its leading position in the private equity sector download
On 12 July 2013, the Luxembourg parliament transposed Europe’s Alternative Investment Fund Managers Directive into the national legislation (AIFMD law).
The European Market Infrastructure Regulation (EMIR) introduces new requirements to reduce the risks associated with the derivatives market and thus improve transparency.
Marfarlanes has released the 7 February issue of its Financial Services Regulatory Update.
Since the current UK government was formed in 2010, it has been keen to promote industrial and provident societies and mutuals as part of the diversity of the UK economy.
Governance of Cayman Islands regulated mutual funds has received a great deal of focus recently, including from the CIMA, the Cayman Islands Courts and the market at large.
A recent case has emphasised the importance of getting the drafting of loan agreements right.
DLA Piper has advised Bristow Helicopters on its acquisition of a 60 per cent interest in the privately owned Eastern Airways International.
Eversheds has appointed financial services lawyer Andrew Henderson as a partner in the London office.
Mourant Ozannes has assisted lead adviser Clifford Chance in advising Electra Private Equity on its £180m acquisition of Ogier Fiduciary Services.
The advertising section of InCredit focuses on the ASA adjudication in Instant Cash Loans Ltd, t/a The Money Shop.
The market news section of InCredit focuses on the EC proposing a structural reform package on the EU banking sector and more.
InCredit — February 2014: insurance download
The insurance section of InCredit focuses on the ABI good-practice guide for mobile phone insurance providers and more.
InCredit — February 2014: mortgages download
The mortgages section of InCredit looks at the European Council adopting the Mortgage Credit Directive and more.
The current accounts section of InCredit looks at BBA’s comment on the Which? release on overdraft charges and more.
This section of InCredit looks at the FSCS management expenses consultation and more.
The consumer credit section of InCredit looks at the Consumer Rights Bill progress and the BSA and FLA response to FCA CP13/10 on consumer credit regime.
The enforcement section of InCredit looks at the Sentencing Council’s definitive guidelines for fraud, bribery and money laundering.
The date by which existing managers had to submit their authorisation/registration applications to the FCA has now slipped.
DLA Piper has released the latest version (Volume 3, No. 3) of The Financial Report.
Withers has been named ‘Law Firm of the Year — Hong Kong’ at the Citywealth International Financial Centre Awards.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
Withers and Focus, an expat membership organisation for international people living in the UK, have put together a survey to help understand awareness levels around succession planning.
Ince & Co Singapore has represented Oro Negro in its international bond issuance, an offering of $725m notes due 2019. The transaction closed on 24 January 2014.
New rules that will apply to most businesses have been laid before parliament. These rules will apply to relevant consumer contracts entered into on or after 13 June 2014.
A number of Hogan Lovells partners have been listed as All-Stars in the 2014 BTI Client Services All-Star report.
Adequacy of due diligence of investment advisers recommending alternative investments and their managers download
SEC issued a risk alert highlighting key observations from examinations of due diligence processes that investment advisers use to select alternative investments and their managers.
The FCA has published a voluntary application for the imposition of a requirement by price comparison website MoneySuperMarket.com.
The FCA has published finalised guidance on inducements for product providers and advisory firms following its consultation (GC13/05) in September 2013.
Binder Grösswang has appointed attorneys Dr Stephan Heckenthaler and Dr Markus Uitz as partners in the firm, effective 1 February 2014.
Allen & Overy has continued to strengthen its position as a leading adviser in global debt and equity capital markets.
The restructure of the Channel Islands Stock Exchange by way of a scheme of arrangement was approved by the Royal Court in Guernsey last Friday.
OMB publishes final uniform guidance governing grants, co-operative and other funding agreements with federal agencies download
The OMB has published a series of significant reforms to the government’s policies relating to grants and co-operative agreements.
The partners of Ogier Fiduciary Services have agreed terms to complete a management buy-out of the Ogier Fiduciary Services business from the Ogier Group.
Eversheds’ Neill Blundell, partner and head of fraud at the firm, has commented on reports that the scale of corruption across the EU is said to be breathtaking.
This may be the year that swap market counterparties face the full effect of dual US and foreign regulatory requirements for cross-border swap activities.
For the third year running, Allen & Overy has topped the Thomson Reuters EMEA syndicated loans legal advisers league table for both borrowers and lenders.
Addleshaw Goddard has, for the first time, been appointed to a position on the core legal panel of Nationwide Building Society, a UK financial services provider.
Hogan Lovells has recruited partner Don McGown to join its London corporate practice. He joins on 3 February 2014.
The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR).
The Australian government has released a consultation draft of a bill concerning amendments to the Future of Financial Advice (FOFA) regime.
The Luxembourg private foundation download
The bill of law number 6595 submitted to parliament on 22 July 2013 intends to introduce in Luxembourg the private foundation, which has been in development for two years.
Minter Ellison partner Richard Batten said there is a reluctance among licensees to apply for relief from ASIC in case it results in increased scrutiny from ASIC.
Eversheds Bianchini has advised a pool of Italian banks led by Unicredit on a debt restructuring agreement for San Giorgio and its group of companies.
NCTM has launched a capital markets and financial intermediaries department under the direction of Prof Alberto Toffoletto.
Ogier has won the Law Firm of the Year Award 2014 for Jersey at the Citywealth International Financial Centres awards, which focus on the private wealth sector.
The Treasury has released exposure drafts of amendments to the Corporations Act and Corporations Regulations to implement the government’s proposed changes to the FoFA regime.
The Security Interests (Jersey) Law 2012 provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
Crowdfunding as a way of securing investment is beginning to gain ground on both sides of the Atlantic. What are the current regulatory requirements and how is this likely to change?
New tax rules for LLP members download
The government has issued draft anti-avoidance legislation that overrides the current presumption that a member of an LLP is self-employed for tax purposes and is not an employee.
A court has considered whether an instruction to make a payment through CHAPS was satisfied where the number and sort code were identified, but not the name of the beneficiary.
Finance Litigation LegalEye — winter 2014: financial mis-selling claims: latest Court of Appeal decision download
The Court of Appeal has dismissed Green & Rowley’s mis-selling claim in relation to an interest rate swap.
The Court of Appeal has allowed the borrowers in two cases against LIBOR panel banks to amend their pleadings to include allegations of pre-contractual misrepresentation relating to LIBOR manipulation.
What are the obligations of a global custodian service provider in giving investment advice to its clients? download
In Första AP-Fonden v Bank of New York Mellon SA/NV and Others, the Commercial Court considered the advisory obligations of a global custodian service provider.
Parties to a contract need to be confident that the directors of the company they are dealing with have authority to bind the company. What is the position where the director has no authority?
Dacheng’s Guo Qing has been appointed as a member of the Credit Administration Committee of China Development Bank to advise on lending-related decision making.
Conyers Dill & Pearman has advised AIM-listed client PureCircle on a new revolving credit facility provided by Macquarie Bank.
Conyers Dill & Pearman has advised a consortium of financial institutions in connection with a refinancing of €800m of debt facilities granted to the Hilding Anders group.
Conyers Dill & Pearman has advised financial institutions as purchasers in connection with a €400m senior secured note offering issued by Smurfit Kappa Acquisitions.
The Court of Appeal has handed down its judgment in Graiseley Properties v Barclays Bank, heard jointly with Deutsche Bank v Unitech Global.
An updated version of the frequently asked questions relating to the Luxembourg Law of 12 July 2013 on alternative investment fund managers has been issued.
After many years in the pipeline, the draft Financial Services Ombudsman (Jersey) Law 201- has been lodged for debate in the States of Jersey.
The Volcker Rule — a suggested approach for banking entities when analysing its impact on business models, activities and transactions download
This alert provides an overview of the principal elements of the Volcker Rule and identifies concerns that have already been raised by industry participants.
As from April 2014, new legislation will take effect to change the rules for partnership taxation with a view to shutting down certain perceived abuses.
New measures intended to be implemented by the FCA will have a significant impact on companies with controlling shareholders who are premium listed.
It took a while for activity to pick up on AIM last year, but there is no doubt that there has been an uptick in activity in recent months.
Appleby has announced that Faye Moffett, a banking and finance practitioner, has been appointed as head of the corporate and commercial practice group in the Isle of Man.
DLA Piper has announced the appointments of Mark Fairbairn and Ashley Bell to the firm’s restructuring group from O’Melveny & Myers.
Hogan Lovells has boosted its international debt capital markets practice by hiring counsel Katia Merlini.
DLA Piper has released the latest issue of The Financial Report, which includes discussion and analysis, Securities and Exchange Commission developments and more.
In Szepietowski v National Crime Agency, the Supreme Court set out a clear test for when the remedy of marshalling should be available to a second mortgagee.
We often come up against the argument from defendant professionals that the lender would not have acted differently even if it had been properly advised.
The judgment in this case gives a thorough and helpful review of the authorities and issues in play when a solicitor seeks to rely on a section 61 TA defence to a claim for breach of trust.
InCredit — January 2014: and also... download
This section of InCredit includes information on the Financial Services (Banking Reform) Bill, the OFT letter to banks and more.
InCredit — January 2014: market news download
The market news section of InCredit discusses the warning from foreign banks over China lending limit rules and Santander’s acquisition of the Bank of Shangai.
The current accounts section of InCredit contains information on the EP publishing amendments adopted in EC directive on payment accounts.
InCredit — January 2014: mortgages download
The mortgages section of InCredit includes briefing notes on amendments to the Banking Reform and information on the new CML chairman.
The consumer credit section of InCredit includes information on the call to ban payday loan adverts at the Commonwealth Games and more.
InCredit — January 2014: advertising download
The advertising section of InCredit includes information on the ASA adjudication on Raedex Consortium Ltd.
InCredit — January 2014: insurance download
The insurance section of InCredit includes information on the Ministry of Justice’s PPI bulletin.
The Jersey Financial Services Commission has published its consultation paper on the penultimate stage of its Review of Financial Advice.
Standard Chartered consolidated its two Jersey banking entities into a single operating platform for its Jersey business in September 2013.
The Moneylenders Act 1991 was intended to regulate lending practices in the Isle of Man by providing a regulatory framework for consumer loan agreements.
Australian PPSA deadline looming — last chance to protect PPSA transitional security interests download
If you have not yet taken stock on all of your transactions requiring action under the PPSA to protect transitional security interests, then you should do this now.
There is no doubt that second ranking security can be taken under the Security Interests (Guernsey) Law, 1993. But the process can be somewhat involved.
Assets bequeathed or the manner in which they are bequeathed can lead to unnecessary costs and complications for the beneficiaries.
Arendt & Medernach has been named ‘Best Advisory Firm’ for the second year running at the 2014 MENA Fund Manager Fund Services.
In an unexpected and dramatic change of policy, the government has decided that a price cap should be introduced for payday loans.
DIFC court determines it has inherent jurisdiction to stay proceedings in favour of DIAC arbitration download
The DIFC court has confirmed that it has the inherent jurisdiction to grant a stay of proceedings in favour of a DIAC arbitration.
CSSF clarifies its position on AIFM download
The CSSF has issued its updated version of the frequently asked questions concerning alternative investment fund managers.
The DIFC Authority has amended the DIFC Arbitration Law to ensure that it fully complies with the UAE’s treaty obligations under the New York Convention.
Table comparing the old Security Interests (Jersey) Law and the new Security Interests (Jersey) Law download
This table provides a comparison of certain provisions of the Security Interests (Jersey) Law 2012 and the Security Interests (Jersey) Law 1983.
Conyers Dill & Pearman has advised Premier Oil on the establishment of its £500m euro medium-term note programme.
Conyers Dill & Pearman has advised FTV Capital on its $40m investment in Credorax, a company that processes credit and debit card payments.
Allen & Overy has advised Link Market Services in connection with the acquisition of Registrar Services, based in Frankfurt, from Deutsche Bank.
The final Volcker Rule has relaxed the proposed restrictions on the ability of a non-US bank to engage in transactions with certain investment vehicles.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
Popovici Nitu & Asociatii has advised Romanian construction company Hidroconstructia on a new €60m syndicated loan.
Conyers has announced that Linda Martin has joined the firm as a director in its London office, where she will advise on Cayman Islands law.
The FCA has fined JLT Speciality £1,876,000 for failing to manage bribery and corruption risks created by overseas payments, in breach of Principle 3 of PRIN.
The Financial Conduct Authority (FCA) has published a webpage on the implementation of COLL 4.2.5R(3)(ca).
The FCA has fined Christoper Willford £30,000 for failing to provide the board with up-to-date information about Bradford & Bingley’s financial position.
Concerns had been raised by stakeholders in relation to the Financial Conduct Authority’s proposed deadline of 22 January 2014.
SEC and FINRA release priorities for SEC’s examinations of investment advisers and investment companies and FINRA’s examinations of broker-dealers.
The CSSF has published a fourth update of its frequently asked questions on the law of 12 July 2013 on alternative investment fund managers.
Eversheds has commented on changes to the Basel III regulations, stating that they are good news for economic growth.
Allen & Overy’s latest M&A Index has revealed that the recovery in M&A activity predicted at the beginning of 2013 has failed to materialise.
Derivative Services, an affiliate of Allen & Overy, is updating its Rulefinder Shareholding Disclosure service with enhanced content.
Mills & Reeve has acted for Low Carbon Innovation Fund on a series of investments totalling approximately £12.5m in just nine months.
The Cayman Islands Monetary Authority’s recently published statement of guidance on matters of fund governance takes effect on 13 January 2014.
ASIC issued Class Order [CO 13/1621] on 7 January 2014 to exempt responsible entities from the application form requirements of section 1016A.
In a report released last month, the FSB provided an update on its initiative to encourage global adherence to international standards.
Eversheds’ Swedish office has advised Virtusa Corporation, which has acquired Swedish company TradeTech Consulting Scandinavia.
CFTC no-action relief and request for comment for the transaction-level requirements of non-US swap dealers download
On 14 November 2013, the DSIO of the CFTC issued Advisory 13-69 in response to inquiries from swap market participants.
DLA Piper has released the latest version (Volume 3, No. 1) of The Financial Report.
CSSF issues press release on the enforcement of the 2013 financial information prepared by issuers of securities download
The CSSF has issued press release 14/02 concerning the enforcement of the 2013 financial information prepared by issuers of securities, subject to the Transparency Law.
During 2013, Goodman Derrick’s technology group had lead roles in relation to three equity fundraisings for technology companies.
Melanie Chell, head of Shoosmiths’ asset finance team, has been included in this year’s Motor Finance Power 50, which lists the 50 most influential and powerful people in UK car finance.
Prioritisation and globalisation drive higher fine totals from fewer investigations.
Appleby Isle of Man is celebrating the addition of new advocates Katherine Johnson and Alexandra Watterson, as well as the exam success of two trainees.
The Consumer Financial Protection Bureau (CFPB) has published its ‘Arbitration Study Preliminary Results’, mandated by section 1028(a) of the Dodd-Frank Act.
KPMG International has appointed Brian Daly as global insurance tax lead. He also sits on the company’s Global Financial Services leadership team.
Three Raymond Buildings has a long-established reputation as a leading set for fraud, money laundering and anti-competitive conduct.
Allen & Overy has reported that across seven major jurisdictions selected for its Global Cartel Enforcement 2013 Year in Review, cartel fines handed down in 2013 totalled €3.1bn.
Insight into the global CLO market download
The latest report from Appleby provides data, insight and analysis on the global collateralised loan obligation (CLO) market.
Welcome to the Mourant Ozannes financial services winter update.
Appleby has published its second report on collateralised loan obligations (CLO). The law firm’s CLO Insider report focused on the second half of 2013.
Mourant Ozannes has acted for Premier Oil, a FTSE 250-listed international oil and gas exploration and production company, on the Jersey aspects of its recent fundraisings.
In the midst of its rapid economic development, the People’s Republic of China (PRC) has finally determined to change its domestic currency market.
The FCA has published its findings into its review as to whether asset managers are effectively managing the risks relating to outsourcing.
King & Wood Mallesons has advised Huishang Bank on its successful listing on the Main Board of Hong Kong Stock Exchange.
King & Wood Mallesons has advised Bitauto on its successful issue of American depository shares.
King & Wood Mallesons (KWM) has advised Zhejiang Zheneng Electric Power on its successful listing on the SSE through a shares swap absorption merger.
The creation of security over intangible movables under Jersey law is now governed by the Security Interests (Jersey) Law 2012.
Conyers has advised Mara Partners FS in connection with its founding shareholder subscription of ordinary shares and warrants of Atlas Mara Co-Nvest.
Australia’s coalition government has announced that it will make good on its election promises to fix some of the problems of FOFA and more.
For the first time, capital rules will apply through a single piece of legislation to all EU banks and investment firms.
Early indications are that the free-trade zone will liberalise foreign investment into China, particularly in the financial services sector, and not just in Shanghai.
Australia’s root-and-branch Financial System Inquiry is progressing, with details of the final terms of reference, the full panel and the process released last week.
Corporate lawyers at Walker Morris have advised the management team of Yorkshire-based UK Wealth Management on its acquisition by Ashcourt Rowan.
King & Wood Mallesons has expanded its Western Australia practice with the appointment of energy and resources partner Shaun McRobert.
In this second instalment, Rob Thomas assesses ways of convincing the CFO that new technology can do more than merely provide a return on investment.
At the second meeting of the 13th CPPCC of Putuo District, Dacheng senior partner Shang Jiangang submitted a proposal on subsidising listed companies on the SEE.
Taylor Wessing has advised PA Group on the sale of its full-service weather business, MeteoGroup, to General Atlantic.
Debevoise & Plimpton has published its FCPA Update for December 2013. The lead article is ‘Weatherford International enters the FCPA top 10 list with $152.5m in fines and penalties’.
Legal Notebook: December 2013 download
DLA Piper’s Legal Notebook for December 2013 presents recent cases, headline issues and new legislation.
Mills & Reeve has advised on a deal designed mainly to fund capital investment programmes at 18 Cambridge colleges.
Mills & Reeve has acted for the shareholders of Maynard & Harris Group on the sale of the company to RPC Group for an expected total deal value of £103.5m.
In accordance with its usual practice, ASIC has now reported on the findings of its latest review of financial reports.
On 11 December, the European Parliament and EU member states agreed on the long-awaited Bank Recovery and Resolution Directive (RRD).
Arendt & Medernach has released its Luxembourg legal update for December 2013.
Alan Dickson, head of Conyers Dill & Pearman’s Singapore office, has discussed why offshore jurisdictions are here to stay despite the rise in midshore markets.
The new Australian privacy principles attempt to keep pace with changing technology, emerging privacy issues and developments in privacy law in Australia and internationally.
InVest — December 2013 download
Addleshaw Goddard has released the December 2013 issue of InVest, a round-up of developments affecting banks, wealth managers, brokers and funds.
Allen & Overy has advised Tank & Rast Group on the successful placement of €460m senior second-lien high-yield bonds and on the placement of a €240m PIK facility.
This alert focuses on several major measures that are related to outbound investment by Chinese persons and inbound investment in China by foreign investors.
InShort — 12 December 2013 download
Addleshaw Goddard has released the latest version of InShort, which provides updates on legal news relating to the banking and finance sectors.
Investment bank Nomura has wrapped up a review of its panel firms in Europe, the Middle East and Africa (EMEA), reappointing Osborne Clarke to its existing list of legal advisers.
Mandatory exchange trading for swaps download
Next year, market participants may be required to execute certain interest rate swaps and credit default swaps on a DCM or SEF, rather than entering into such swaps over the counter.
DLA Piper has released the latest version (Volume 2, No. 22) of The Financial Report.
In the third quarter of 2013, there were 538 deals announced offshore, with a combined value of $34.5bn.
The Cayman Islands Monetary Authority has produced the Statement of Guidance on Corporate Governance for Mutual Funds.
Federal regulators have voted to approve the ‘Volcker Rule’, more than two years after the rule’s proposal in 2011.
Outer Temple Chambers has hosted the Financial Services Lawyers Association Christmas drinks reception.
Addleshaw Goddard has released the November 2013 edition of InSure. This section focuses on regulatory developments.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on consumer credit.
Allen & Overy has advised German pharmaceutical and chemical group Merck on its £1.6bn takeover offer of Luxembourg-based AZ Electronics Materials.
Appleby acted as Cayman Islands counsel to Dongpeng Holdings Company Limited in connection with its listing on the main board of the Hong Kong Stock Exchange.
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on speeches, the BBA event and more.
InVest — November 2013: market news download
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on market news.
InCredit — December 2013: mortgages download
Addleshaw Goddard has released the December 2013 edition of InCredit. This section focuses on mortgages.
Governance News — 10 December 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
The assistant treasurer was quizzed recently about the timetable for his Future of Financial Advice changes.
HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
The dilemma of delayed completion download
If a buyer fails to complete on the completion date, this will amount to a breach of contract.
The FCA will publish more detailed information on the volumes of approved persons applications for controlled functions that it has received and on which it has taken a decision.
Addleshaw Goddard has released the November 2013 edition of InVest. This section focuses on enforcement and financial crime.
Addleshaw Goddard has released the November 2013 edition of InSure. This section is a general update.
InCredit — November 2013: insurance download
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on insurance.
Legal treatment of matters related to securing debts (in the old terminology, ‘securing obligations’) will be significantly changed by the new Czech Civil Code effective from 1 January 2014.
The FCA has published a ‘Dear CEO’ letter sent by Clive Adamson, FCA director of supervision, to the chief executive officers of mortgage lenders relating to changes to mortgage contracts.
Allen & Overy tax partner Lydia Challen has written an article for British Tax Review as part of its analysis of the Finance Act 2013 provisions.
KPMG’s Larry Bradley believes that the IAASB’s proposals are an important first step towards better meeting the needs of users who want more insight into audits than is currently possible.
Conyers Dill & Pearman has announced that Christopher Page has relocated to the firm’s Singapore office to further support the expansion of its practice in Asia.
The doctrine of marshalling could be excluded by contract but the contract would have to be one between the two creditors not the relevant obligors and one such creditor.
DLA Piper’s financial services regulatory team has released the winter 2013 edition of its Money Laundering Bulletin.
The FCA has updated its webpage on the AIFMD to clarify how AIFMs can comply in a proportionate way with the AIFMD’s Article 15(1).
How to avoid the bonus cap — FCA update for investment firms that may qualify to remain under BIRPU rules from 1 January 2014 download
The FCA has published a webpage for investment firms that may qualify to remain under BIRPU rules from 1 January 2014.
A recent case has underlined the importance of a regular review of founding documents to ensure that those documents continue to meet your not-for-profit organisation’s objectives.
Clive Adamson, FCA director of supervision, has delivered a speech on what conduct regulation means for authorised foreign banks (AFBs).
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on advertising.
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on current accounts.
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on consumer credit.
This is an important interlocutory decision in what some commentators have dubbed the litigation of the decade.
The FCA has published a Consultation Paper (CP13/17) on the use of dealing commission rules for investment managers.
The FCA has published a report summarising its thematic work on outsourcing in the asset management industry.
Sylvia Kierszenbaum and Willem Van de Wiele have authored an article in The International Capital Markets Review.
The FCA’s chief executive recently gave a speech that focused on conduct and ethics within firms.
InVest — November 2013: banking download
Addleshaw Goddard has released its InVest publication for November 2013. This section focuses on banking. InVest is a monthly round-up of developments affecting investment banks, wealth and asset managers, brokers and funds. This section focuses on banking…
InCredit — November 2013: mortgages download
Addleshaw Goddard has released the November 2013 edition of InCredit. This section focuses on mortgages.
This briefing includes a capsule review of the relevant provisions of the Dodd-Frank Act that were crafted to enhance corporate responsibility.
The court determined a number of issues about the nature and effect of a policy of professional liability insurance.
Shoosmiths’ Recoveries Services Group (RSG) has won Mortgage Finance Gazette’s Customer Service/Treating Customers Fairly award for the second year running.
Conyers Dill & Pearman has advised Barclays Capital, Citigroup Global Markets and Wells Fargo Securities on a $400m offering by Energy XXI (Bermuda).
The Cayman Islands and the US have signed the long-anticipated FATCA Model 1 inter-governmental agreement.
The China, Southeast Asia and South Asia Finance and Capital Market Legal Practice Forum and the 2013 annual meeting of Dacheng’s investment and M&A department recently took place.
Binder Grösswang has appointed Maurizia Anderle-Hauke as an attorney at law. She specialises in the fields of banking and capital markets law.
Kierszenbaum and Van de Wiele of Allen & Overy have contributed an article on developments in capital markets in Belgium to the International Capital Markets Review.
DLA Piper’s Global Financial Markets Insight guides users of finance through the vast array of financial products and financing techniques that are now available.
Governance News — 26 November 2013 download
Governance News from Minter Ellison summarises the top headlines in corporate governance this week.
DLA Piper has represented US Bank and Goldman Sachs in connection with a private bank financing for the construction of the new Minnesota Vikings stadium.
Partner Jeffrey Greenbaum says the PRIPs hearings have been a step forward in creating a more level playing field among investment products.
The Dodd-Frank Act amended section 4a of the CEA to require the Commodity Futures Trading Commission (CFTC) to establish position limits on an aggregate basis.
Sixteen years after the Wallis Inquiry, Australia is again embarking on a new Financial System Inquiry (FSI).
AIFMD’s plans for alternative investment funds could create an unfair advantage in the market
The federal government has released the draft terms of reference for the Financial System Inquiry, to be led by the former CEO of the Commonwealth Bank of Australia.
The Great Hural, Mongolia’s Parliament, has ratified a new investment law, already in effect since 1 November, that dramatically alters the investment landscape in Mongolia.
This update is targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
DLA Piper has released the latest version (Volume 2, No. 21) of The Financial Report.
Glen Meyer, partner at Arendt & Medernach, identifies three strategic trends that will characterise part of the financial services industry next year.
Appleby acted as Cayman counsel for JC Group Holdings in relation to its listing on the Growth Enterprise Market of the Hong Kong Stock Exchange on 21 November 2013.
Appleby acted as Cayman counsel for China Success Finance Group Holdings in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 13 November 2013.
The FCA has published a consultation paper on its regulatory approach to crowdfunding. This briefing sets out how the CP will affect firms that operate crowdfunding platforms.
KPMG has welcomed the International Accounting Standards Board’s new general hedge accounting standard — IFRS 9 Financial Instruments (2013).
Conyers Dill & Pearman is co-sponsoring the American Bar Association Section of International Law’s upcoming seminar, The Pros and Cons of Offshore Centres.
Farhaz Khan has been identified by Legal Week as one of the 10 ‘most acclaimed young barristers making their mark’ at the commercial chancery bar.
This update is targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
A roadmap to cross-border finance download
The Bank of International Settlements recently reported that renminbi (RMB) had for the first time become one of the top 10 most-traded international currencies.
Nabarro has released the November issue of its financial sector update.
The core content of the innovation within the SHFTZ relates to reform in the financial area.
Appleby has reported stabilised offshore M&A activity and continued high levels of IPOs in Q3 2013, which the firm highlights in its latest Offshore-i Report.
This ANPR signals an effort on the part of the CFPB to expand dramatically the category of debt collectors subject to such federal regulation.
The Financial Conduct Authority (FCA) has published a further consultation paper containing updated proposals on changes to the UK Listing Rules.
KPMG Capital is an investment fund created to accelerate innovation in data and analytics that will help clients of member firms unlock tangible value of their big data.
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
Farhaz Khan and Simon Oakes of Outer Temple Chambers appeared for Graiseley in Barclays Bank plc v Graiseley Properties Ltd & Ors — the Libor ‘test case’.
The International Swaps and Derivatives Association (ISDA) has published model arbitration clauses for use in ISDA agreements.
Hogan Lovells’ guide to the eligibility requirements and continuing obligations of admitting securities to the premium, standard and high-growth segments of the main market and AIM.
Under the PDR, certain information that would otherwise need to be included in a prospectus may be omitted by certain issuers or in relation to certain offers.
Final CFTC rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy download
The CFTC has adopted the final rules on protection of collateral for uncleared swaps and treatment of portfolio margining account in bankruptcy.
Does ‘all monies’ mean all monies? download
There is a difference in how ‘all monies’ guarantees and guarantees in respect of a specific obligation are treated.
The Leeds office of law firm Addleshaw Goddard has advised John Laing on a deal that will see a major onshore wind farm delivered.
Eversheds’ Pamela Thompson has been named as one of the 100 most influential women by Financial News.
Taylor Wessing has announced that Habib Ullah has joined Taylor Wessing Middle East, the law firm’s Dubai office, as its head of banking.
The tribunal has produced a decision which, in the words of Paul George, the FRC’s executive director of conduct, ‘should be essential reading for all members of the profession’.
In The Financial Report — Volume 2, No. 20, DLA Piper focuses on discussion, analysis, news and developments in the financial services sector.
The Luxembourg Supervisory Authority for the Financial Sector has clarified its position in relation to the definition of ‘securitisation special-purpose entities’.
The 2014 edition of Chambers UK has recognised Pillsbury’s outsourcing and information technology practice and several partners.
Financial regulators issue proposed standards for assessing diversity policies and practices of regulated entities download
Last week, pursuant to a statutory mandate included in the Dodd-Frank Wall Street Reform and Consumer Protection Act (‘Dodd-Frank’), six federal financial regulatory agencies issued proposed standards for assessing the diversity policies and practices of regulated entities.
Patricia M Hynes, senior counsel at Allen & Overy, has received the New York Law Journal’s 2013 Impact Award.
SEC issues guidance on supervisory liability of broker-dealer compliance and legal personnel download
A difficult question continually faced by broker-dealer compliance and legal personnel is whether their roles and duties can lead to them being considered supervisors of business personnel.
On 21 October, the Southern District of New York weighed in on the scope and applicability of the anti-retaliation provision of the whistleblower protections of the Dodd-Frank Act.
The size of the Diebold financial resolution raises questions about future enforcement of the FCPA, as well as the incentives for companies to self-report.
The Competition Commission has been conducting a market investigation into statutory audit services and has been reviewing clauses in loan agreements relating to the appointment of auditors.
A KPMG survey of more than 440 chief financial officers has revealed that the majority are now poised to make the necessary investments and embrace intelligent finance models.
Following a long consultation and implementation process, the RDR came into force on New Year’s Eve 2012. This article looks at the emerging supervisory themes 10 months on.
The mantra we continue repeating is to never draft an agreement without taking into account the sector regulations. Today’s outsourcing tip carries on this refrain.
Christopher Butcher QC and Benjamin Parker were counsel for Equitas in Equitas Ltd v Walsham Brothers & Co Ltd  EWHC 3264 (Comm).
The 22 October 2013 issue of Hogan Lovells’ Global Payments Newsletter includes sections on regulatory developments, payment market developments and reports and surveys.
Robert Rhodes QC has been appointed by the FRC to chair a tribunal that will decide on a complaint against accountancy firm Mazars and one of its partners.
DLA Piper has released the latest version (Volume 2, No. 19) of The Financial Report.
This update is intended as a general overview, targeted specifically at claims officers and underwriters of insurers of professionals required to comply with the FOFA reforms.
Governance news from Minter Ellison download
This briefing from Minter Ellison provides a synopsis of its weekly summary of corporate law and governance developments in Australia and overseas.
ESMA guidelines introduce new standards for alternative investment managers, some of whom are not currently subject to any remuneration requirements.
Mourant Ozannes focuses on the many legal and regulatory developments that lie ahead for financial institutions in Jersey, both during the coming quarter and beyond.
Hedge fund managers making significant investments to comply with global regulatory changes: industry survey download
A global survey of hedge fund managers reveals that they are making significant investments in their firms’ infrastructure to comply with new regulatory requirements.
Few areas of financial crime prevention in Bermuda are as complicated and misunderstood as ‘sanctions’, writes compliance manager Jarion Richardson.
This briefing considers the potential for increased use of arbitration in cross-border financial services disputes and the implications for key stakeholders within the financial-services sector.
The recent case of Torre Asset Funding v RBS reiterates that the contract is king, especially in the context of complex structured asset finance facilities.
In its 2013 budget, the government announced various financial support plans intended to invigorate the residential property market.
Shoosmiths’ head of recoveries services compliance has warned businesses to be aware of the impact of new regulatory developments that have recently come into force.
Shoosmiths has been shortlisted in two categories for the Credit Today Debt Collection Awards 2013.
Financial services and insurance industry group leader
Head of tax division
This update sets out the Future of Financial Advice’s best interests duty.
In July 2013, the first English swaps mis-selling case reached the Court of Appeal. The appellants had hoped to overturn an earlier High Court judgment.
DLA Piper has released the latest issue (Volume 2, No.18) of The Financial Report.
On 29 September 2013, China officially launched the pilot free trade zone in Shanghai.
Ogier has four people included in Citywealth’s Jersey Future Leaders list: three from Ogier Private Wealth and one from Ogier Legal.
The FCA has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships.
Mourant Ozannes has maintained its position with top-tier rankings in the latest IFLR1000 rankings.
The Takeovers Panel has had to consider the appropriateness of ‘lock-up’ devices put forward by a lender in a recapitalisation proposal for a financially distressed company.
Financial institutions e-briefing: professional negligence/title rectification/mortgage fraud download
This financial institutions e-briefing from Eversheds looks at the current overhaul going on in the professional indemnity insurance market.
PI services occur where a provider that is present as a payment option on a merchant’s platform, provides a medium between a customer and their online payment account.
The European Commission (EC) has issued a proposal to amend and restate the existing Payment Services Directive and so create a new directive (PSD2)
Following its May consultation on the AIFMD reporting guidelines on 1 October, ESMA published its final report on the same containing the procedure on reporting obligations.
In May 2013, the FCA consulted on guidance about dealing fairly with interest-only mortgage customers who risk being unable to repay their loan.
We have a substantial financial services practice with extensive experience of advising insurance companies, intermediaries, corporate finance firms, private banks and the Office of Fair Trading.
We have more than 200 lawyers worldwide who provide dispute management advice to domestic and international banks, fund managers, brokers and proprietary traders.
Our global fraud and international investigations group comprises specialists from Europe, Africa, Asia and the Middle East.
The international inquiries and investigations team is made up of more than 200 lawyers worldwide and is able to quickly mobilise dedicated resources.
Financial Conduct Authority consultation paper CP13/10: detailed proposals for FCA regime for consumer credit download
The Financial Conduct Authority’s (FCA’s) Consumer Credit sourcebook (CONC) will contain the majority of the FCA’s rules and guidance for the new regime.
Minter Ellison’s corporate team has extensive and market-leading experience in all aspects of corporate and securities laws.
We have a team of more than 60 dedicated lawyers, giving us a global perspective when dealing with the contractual, regulatory and financial issues that affect this sector.
We are able to carry out standard and complex recoveries involving international portfolios of assets in countries such as Spain, France, Romania and Ireland.
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.
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 ...