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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...

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...

 We launched Russia Update last year to provide clients with a single guide to major legal and market developments in Russia. In this periodical publication, we will alert you to key legal changes as well as news highlights from the business sectors which...

This paper considers the techniques which are – or should be – available for the resolution of banks which are primarily funded through retail deposits. Some (often the majority) of these deposits will be protected through a Deposit Guarantee Scheme...

On 15 March 2013 several key technical standards came into force, setting in motion the implementation timetable for the derivatives reforms under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). As a result some of...

The German Federal Ministry of Finance (Bundesfinanzministerium) has released a first draft Act on Ring-Fencing and on Recovery and Resolution Planning for Credit Institutions (Entwurf eines Gesetzes zur Abschirmung von Risiken und zur Planung und Sanierung und...

Since 2006, the policy of the Indonesian government has been to make the Indonesian banking system more competitive by reducing the large number of Indonesian banks through a process of consolidation. This was achieved through the introduction of a Single Presence...

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International regulators have now published a ‘near-final’ policy framework setting minimum standards for margin requirements for uncleared derivatives. “Margin requirements for non-centrally cleared derivatives - Second consultative document”...

On March 4, 2013, the Office of Compliance Inspections and Examinations ("OCIE") of the Securities and Exchange Commission (the "SEC") issued a Risk Alert identifying "significant deficiencies" in compliance with Rule 206(4)-2 (the...