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SEC Proposes U.S. Regulatory Regime for Cross-Border Securities-Based Swap Activities
16 May 2013
Publication
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...
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The rise of portability in European high yield bonds: Have bond, will travel
15 May 2013
Publication
High yield bonds have become increasingly attractive to sponsors in financings and, most importantly, refinancings. Sustained liquidity and growing investor demand, coupled with the reduced availability of new M&A credits, has driven the inclusion of flexible...
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Pulibcation of the first Final US Export Control Reform Rules: Don't be surprised, be prepared
3 May 2013
Publication
The first set of final Export Control Reform rules should have caught no one by surprise given the steady drumbeat since 2009 announcing the US government's intent to rethink its entire approach to protecting sensitive US technology. These new rules, published...
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Emily DiStefano joins Clifford Chance as Asset Finance partner
1 May 2013
News
NEW YORK (May 1, 2013) — Leading international law firm Clifford Chance today announced that Emily DiStefano has joined the firm as an Asset Finance partner in New York, further bolstering one of the world's leading aviation finance practices.
DiStefano is highly...
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Recent Fifth Circuit Decision Highlights Importance of Clarity and Specificity When Discussing Terms of Loan Trade
30 April 2013
Publication
A recent Fifth Circuit decision serves as a reminder to loan market participants that they should choose their words very carefully when discussing terms of a trade over the telephone. The Fifth Circuit Court of Appeals recently ruled that a bank loan purchaser...
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CFTC Eases Compliance Burdens for Certain Inter-Affiliate Swaps
29 April 2013
Publication
Counterparties to inter-affiliate swaps may now qualify for recently issued regulatory relief from mandatory clearing or reporting requirements. On April 1, 2013, the US Commodity Futures Trading Commission ("CFTC") approved Regulation 50.52, which...
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Clifford Chance advises European Aeronautic Defence and Space Company EADS N.V. and its subsidiary EADS Finance B.V. on its debut US bond issue
19 April 2013
News
Clifford Chance advised European Aeronautic Defence and Space Company EADS N.V. and its subsidiary EADS Finance B.V. on its debut US bond issue with an issue volume of USD 1 billion. The bonds were issued by EADS Finance B.V. primarily to US institutional...
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Simplified Merger Control On The Horizon: Convergence Across Jurisdictions
12 April 2013
Publication
Recently, the European Commission and the Ministry of Commerce ("MOFCOM") issued proposals aimed at simplifying their respective merger control notification procedures. The United States merger control notification procedures, known for being...
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Circular Lien Priorities: Trackling Three-Party Subordination
4 April 2013
Publication
Lien subordination agreements are common in commercial transactions. Section 9-339 of the Uniform Commercial Code (UCC) generally permits a secured creditor with a prior security interest to subordinate such priority by agreement.
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A Failure to Monitor: Delaware Court Refuses to Dismiss Loyalty Claims Against Outside Directors of Foreign Based Company
2 April 2013
Publication
On February 6 in In re Puda Coal, Inc. Stockholders Litig., Chancellor Leo E. Strine, Jr. of the Delaware Court of Chancery, in a bench ruling, declined to dismiss breach of loyalty claims brought by stockholders against the independent directors of a Delaware...
