Results 1-10 of 28
Clifford Chance Comment: Regulatory capital raising – new rules for regulatory capital and liquidity
8 March 2010
The financial crisis is bringing about extensive changes to regulatory capital rules and capital raising instruments for financial institutions. Clifford Chance experts Chris Bates, Simon Gleeson and Stephen Roith expect wide-ranging effects – and some surprises...
25 May 2010
In October 2008, the European Central Bank announced a temporary expansion of its eligibility criteria for collateral, in response to the global financial crisis. This temporary period was subsequently extended to 31 December 2010. There had been speculation...
6 May 2010
The Alternative Investment Fund Managers (AIFM) Directive has consumed more oxygen than any other EU measure proposed in response to the financial crisis and has consumed the bulk of the energy of both the recent Swedish and current Spanish Presidencies. Most...
14 April 2010
In a policy statement dated March 2010 Moody's has further clarified its position on the circumstances in which it will provide a Rating Agency Confirmation (RAC). This statement addresses the provision of RACs for 'post-closing changes or amendments...
The evolution of ECB eligibility criteria for Asset Backed Securities continues – how many ratings are needed?
23 April 2010
In Guideline ECB/2010/1 of 4 March 2010 the ECB further clarifies the ratings requirements for Asset Backed Securities to be used as eligible collateral. The Guideline formally enacts the changes which were publicised by the ECB in a press release dated 20 November...
Long-term repo operations extended but no assistance offered for long-term refinancing of ABS in the SLS
3 May 2010
In a position paper of 23 March 2010 the Bank of England further clarifies the changes which will be made to the long-term repo framework. The paper follows up on the consultation document of October 2008 (The Development of the Bank of England’s Market...
15 March 2010
A recent judgment in the case of Hellas Telecommunications (Luxembourg) II SCA  EWHC 3199 (Ch), encapsulates the equally destructive and rejuvenating qualities of the wind expressed by Shelley in his 'Ode to the West Wind'. For those in the restructuring...
6 January 2010
Which entities are 'taxable companies' for the purposes of the Bank Payroll Tax? The main 'scope' question is whether a company is a 'taxable company'. If a company is a taxable company, the second test is whether a particular individual is a 'relevant banking...
27 January 2010
HM Treasury (the "Treasury") has laid before Parliament the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2010 (the "Order"), the purpose of which is broadly to ensure that alternative finance investment bonds...