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The new German Capital Investment Act (Kapitalanlagegesetzbuch, KAGB) provides for the implementation of the Alternative Investment Fund Managers Directive (AIFM-Directive) and a number of modifications to the regime of marketing and distribution of units in...

There had been much disquiet over the impact on managed CLOs of the "skin in the game" requirements. However, as arbitrage economics and investor sentiment become more favourable for European CLO issuance, structures were coming to market which sought...

This newsletter deals with the main regulatory and case law issues that are of interest over the relevant period. Les actualités M&A - Droit Boursier couvrent les développements en matière de droit des sociétés et droit...

Emisja euroobligacji na rynkach międzynarodowych jest coraz częściej rozważana przez polskie podmioty jako alternatywne dla kredytów bankowych źródło finansowania. Dotyczy to w szczególności kapitału od inwestorów, którzy nie...

The long-awaited decree was issued on 21 May 2013 (the "Decree"). The Decree enables the implementation of the Transparency Law.   A circular which will provide complete terms and conditions of application of the Decree should also be published...

The Court of Appeal has unanimously decided that it may appoint English administrators to a Jersey company, upon the request of the Jersey Court.  This overturns a controversial decision from just last month, where a formal request from the Jersey Court...

Recent years have seen a significant increase in the use of economic and financial sanctions as a tool of foreign policy, with tightening restrictions, companies under heightened scrutiny and enforcements becoming increasingly frequent and expensive. Against...

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...

The U.S. Securities and Exchange Commission ("SEC") has published for public comment proposed rules regarding the application of U.S. laws and regulations to cross-border securities-based swaps.  The proposal includes a substituted compliance framework...

Following a review of the Equator Principles (EPs), the Equator Principles Association has published the revised EPs, known as EPIII, which will take effect from 4 June 2013. The revised EPs will apply to a broader range of financial products (beyond project...