In this section
There have, over the last year, been clear signs of a sustainable revival in the securitisation markets. Even though the Securitisation Regulation does not apply until next year, there has already been a notable increase in the use of securitisation techniques, both for more traditional public securitisations and for financing portfolio acquisitions and private transactions generally. This is partly to do with the improved political environment for securitisation, but also helped along by macroeconomic factors, such as improvements in global economic growth, rate rises in the United States and expected rate rises in Europe.
A snapshot of the forces and trends that will shape the M&A environment in 2018
This survey provides information about initial public offerings (IPOs) of equity securities in the United States which were registered during 2017 with the U.S. Securities and Exchange Commission (SEC) by companies in the health care sector and listed on a US exchange (such as Nasdaq).
This Guide provides an overview of takeovers of public companies in Germany, including the acquisition of a stake in a German public company and launching (or defending) a formal takeover offer.
Insights on key themes of 2017 and our expectations for the rest of the year.
This report, commissioned from The Boston Consulting Group (BCG) with support from Clifford Chance, examines the impact of Brexit on SMEs, large corporates and investors and in particular, their use of wholesale banking and capital markets services and is intended to provide feedback for policymakers during the forthcoming discussions on the future relationship between the European Union and the UK.
The use of technology to deliver, enhance or “disrupt” financial services is transforming the sector. Whether you are an established institution upgrading the existing financial services that you offer, a new entrant launching a groundbreaking product, or a regulator or an industry body considering whether the current regime is fit for purpose, this overview will help you navigate the complex regulatory framework for fintech products across Asia Pacific.
The securitisation markets are operating in a very different geopolitical and macroeconomic environment to the one that prevailed this time last year. Events have pushed markets in some unexpected – and not always welcome – directions. In this year's edition of our annual securitisation publication, we attempt to survey the scene, covering the major changes in regulation, while maintaining a definite market focus.
This anti-bribery and corruption review looks at recent developments in some of the jurisdictions around the world where we have offices, focusing particularly on changes to legislation, both recent and proposed, and on prosecutions and enforcement trends.
There has been a swathe of regulation targeting financial crime in recent years, in developed and developing markets across the globe, and as gatekeepers to the global financial system, banks are very much on the regulatory front-line. At the same time, civil and criminal enforcement action by regulators has become increasingly aggressive.
This edition of the guide covers renewable incentives in 22 major countries with the addition of three new leading jurisdictions: China, Russia and the USA. In the introduction we look at how energy storage fits into renewable energy-focused networks of the future and some of the remaining challenges of commercialising storage facilities.
Foreign investment continues to be the main driving force behind Vietnam’s advancing economy. Since the Government’s introduction of investment reforms, the Doi Moi policy, in 1986, Vietnam’s economy has continued its rising trend. The current investment regime in Vietnam came into effect on 1 July 2015 and is comprised of a Law on Enterprises (“LOE”) and a Law on Investment (“LOI”) which laws regulate both domestic and foreign investors, for the establishment and operation of corporations and investment in projects.
This publication provides information on the EU legislative process and how to track the progress of EU legislation.
This publication provides an overview of the reserved alternative investment fund, a new type of Luxembourg investment vehicle. Among other issues it considers investment policy and restrictions, structural features and legal aspects, the setting up procedure, transparency requirements, marketing and taxation.
Navigating the Tangled Forest - securitisation regulation in Europe and the United States (June 2016)
If we are to reach our goal of vibrant, well-functioning securitisation markets around the world we’ve little choice but to continue travelling through the tangled forest of regulation. Unfortunately the path is not clear and is often difficult to follow. We hope the reflections in this volume help provide you with a few signposts to guide you and show, at least, the direction of travel.
This guide presents an overview of approaches to mediation in 47 jurisdictions covering six continents, with input from across Clifford Chance’s global network as well as from respected local counsel in other jurisdictions.
New book published: Bank Resolution and Crisis Management, Law and Practice by Simon Gleeson and Randall Guynn
In this publication, Clifford Chance international arbitration practitioners from across our global network – in the UK, Europe, Middle East, Asia Pacific and the Americas – reflect on recent trends and developments in international arbitration. We expect these to shape international arbitration through 2016 and 2017.
Since the financial crisis, there has been a seemingly never-ending evolution of the insolvency regimes across the key European Member States. In this playbook, Adrian Cohen, Co-ordinating Partner of our European Restructuring and Insolvency Practice, talks to some of our colleagues from around the network about the new pre-insolvency procedures that have been introduced and the impact which those procedures are having in practice
This jargon buster is designed to provide an overview of key legal terms used when doing business in the United Arab Emirates (UAE) and in its various free zones. It has been limited to general definitions that are of most interest.
This guide is designed to provide an overview of key considerations for doing business in the United Arab Emirates (UAE) outside of the various free zones. It has been limited to a general description of areas that are of most interest.
This document seeks to examine some of the regulatory considerations arising from the Rupee Bond Guidelines that need to be taken into account in the structuring of a Masala bond offering, as well as certain issues that may arise in bringing a Masala bond to the international debt capital markets successfully.
Export Credit Agency ("ECA") supported financing has enabled shipbuilders in developed countries to offer more competitive terms and an alternative source of finance to purchasers for many years by helping them to access attractive financing terms that would otherwise be unavailable to them
The purpose of this guide is to provide an up-to-date overview of the anti-corruption regimes in Asia Pacific. Each section features a summary of the key pieces of local legislation and provides guidance on how businesses operating in each of the featured countries should best deal with anti-corruption compliance.
In this guide we look at some of the legal and regulatory regimes which have been adopted in some countries to help banks and corporates with large pools of financial assets to access funding backed by their financial assets in the capital markets. Amongst a range of topics we touch on new products in Australia, regulation in China, covered bonds in Singapore and considerations for Asia-Pacific banks and corporates who wish to issue in the U.S.
This publication outlines the critical derivative rules for corporates in the US, the EU and various other jurisdictions. It outlines the requirements that apply to a transaction between a corporate and a derivatives dealer and to certain inter-affiliate transactions, and then sets out in more detail the rules in each of the covered jurisdictions.
This Clifford Chance Guide to anti-corruption legislation examines the approach to bribery and corruption in a number of jurisdictions. For ease of reference we follow a specific format for each country, focusing on key aspects of anti-corruption law and conclude with a summary of penalties in the region.
This guide (available in English and in Chinese) describes the main techniques which issuers in Asia Pacific, who are considering liability management either in the context of an active debt capital restructuring or financial distress situation, might employ. It also highlights some of the legal issues that they and their financial advisors will need to take into account.
This Guide is designed to provide you with an overview of the relevant law in the diverse legal systems that operate across Europe. Its purpose is to provide you with a resource which is designed to assist in ensuring that transactions (whether being originated or restructured or enforced) are structured in a way that maximises returns whilst minimising risks and exposures
This review, published by Global Arbitration Review in conjunction with Clifford Chance, looks at Hong Kong's involvement in the international arbitration arena and the pro-arbitration stance of the Hong Kong judiciary.
A year ago, things were looking very uncertain and concerning for securitisation and structured debt. In both America and the EU, new regulations were being introduced that threatened to make securitisation a less attractive product for originators and investors.
This May 2015 Article looks at PEPP market initiatives and outlines some of the key terms of the LMA PEPP documents.
This survey of corporate criminal liability seeks, on a jurisdiction-by-jurisdiction basis, to answer some common questions on a subject which features with increasing regularity on boardroom and prosecutors’ agendas.
Culture and Ethics in Financial Institutions: What are the expectations? (March 2015 - remains relevant)
In the wake of the financial crisis, culture and ethics have emerged as key themes for regulators, enforcement authorities and courts as they seek to promote systemic change. The Clifford Chance Global investigations team sees senior individuals being increasingly held to account and the calls for criminalisation of both institutions and individuals spreading around the globe. Here, Clifford Chance experts consider the current environment and how businesses and management should react.
The guide provides a country-by-country overview of litigation procedures and processes in Asia-Pacific, Continental Europe, the Middle East, United Kingdom and United States of America.
Spotlight on trustees: How have they adapted to recent "streamlined" documentation provisions? (November 2014 - remains relevant)
This article, written by members of our Trusts team, focuses on some of the prominent changes in approach and consequent effect for trustees in agreeing to amendments, waivers and consents and the changing landscape in which trustees operate in the capital markets.
This Guide has been produced and coordinated by Clifford Chance LLP. It is designed to provide an overview of key considerations for leveraged finance transactions in Bahrain, Egypt, Kuwait, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates.
This briefing unpacks the main implications of the proposed new regimes and looks at the steps banks, building societies, credit unions and PRA regulated investment firms can take at this stage to map out their response to the proposals and begin to adjust their governance arrangements.
The trading of loans can raise complex legal issues, particularly in relation to guarantees and security, withholding tax, confidentiality and regulation. On cross border transactions, the local laws of each relevant jurisdiction also need to be considered. In response to rising volumes of loan trading activity in the US and European secondary loan markets, Clifford Chance has prepared a guide which provides an overview of the principal local law issues to consider when trading loans in the secondary loan markets across 18 key jurisdictions.
The primary intention of this guide is to provide a valuable point of reference for the directors, executives and shareholders of a company seeking admission of its shares to the Official List and to trading on the London Stock Exchange's Main Market. The guide identifies legal and practical issues that commonly arise on IPOs, including where, as part of the offer, it is intended to access the US capital markets.
A number of European high yield transactions are now being analysed from a restructuring perspective, both by existing creditors looking to protect their positions and by new investors looking for opportunities. Our European restructuring team (including financing and US high yield specialists based in Europe), looks at how local law issues can be game changers.
New Challenges: The impact of recent regulation affecting international structured debt transactions (May 2014 - remains relevant)
The period since the financial crisis has seen a torrent of new regulation and legislation cascading through the financial markets. No corner of the industry remains entirely untouched and securitisation and structured debt is no exception – indeed it is among the most affected.
This Guide provides an overview of taking security in Vietnam, outlining the key issues in taking security, the enforcement process, issues relating to specific assets and financing structures and issues for international lenders and foreign entities
This guide is designed to provide an overview of key considerations for doing business in the Kingdom of Saudi Arabia (Saudi Arabia). It has been limited to a general description of areas that are of most interest.
Covering 13 different jurisdictions within the Asia Pacific region, the guide is intended to provide you with a resource to meet your needs whether at the start of a transaction to ensure it is structured in a way to maximise returns, or when looking to exit by minimising risks and exposures, wherever they arise.
This Guide to the capital markets in Vietnam describes the securities trading markets and outlines the rules relating to the offer of securities, public companies, foreign investment in the capital markets and bond issues
Clifford Chance, in conjunction with the Asia Securities Industry & Financial Markets Association (ASIFMA), has conducted a survey of eight key Asian jurisdictions to obtain an overview of the insolvency regimes and resolution powers available in relation to banks in each jurisdiction, as well as other key features including depositor preference and treatment of local branches of foreign banks.
New Landscapes: Practical evaluations of new regulations impacting structured debt transactions (June 2011 - remains relevant)
This publication in our series exploring the re-emerging securitisation market considers new regulations in Europe and the US that impact securitisation and issues that have emerged in the implementation of that regulation.
This publication is part of our series exploring the re-emerging securitisation market.
This publication in our series exploring the re-emerging securitisation market contains our collected views on how aspects of the post-credit crisis structured debt market should be reflected in legal documentation and market practice going forward.