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From 1 April 2013, a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Bank of England is to have...

On 18 December 2012, the State Duma (the lower chamber of the Russian parliament) adopted in the final, third, reading the first set of amendments to the Civil Code of the Russian Federation. The adopted amendments represent only a small part of the amendments...

On 18 December 2012, the State Duma (the lower chamber of the Russian parliament) adopted in the final, third, reading the first set of amendments to the Civil Code of the Russian Federation. The adopted amendments represent only a small part of the amendments...

Holdout creditors who refused to take part in Argentina's two debt restructurings have won a major victory in the New York courts by relying on a pari passu clause, overturning the conventional wisdom as to the meaning of this clause. The courts decided that...

It is common practice to insert into contracts unilateral choice-of-court clauses, granting to one party only the option to refer the dispute to one of several jurisdictions. Until now, the validity of this type of clauses did not seem problematic. However,...

En pratique, il est assez courant d’insérer dans les contrats des clauses attributives de juridiction asymétriques, permettant à l’une des parties seulement de bénéficier d’une option entre plusieurs tribunaux....

The final report of the Wheatley Review on LIBOR has been published today (28 September 2012). The report concludes that LIBOR should be retained as a benchmark, but, as expected, recommends a comprehensive reform of LIBOR, which includes replacing the British...

On 12 September 2012, the German Federal Constitutional Court (Bundesverfassungsgericht) rejected temporary injunctions to prevent the ratification of the Treaty on the European Stability Mechanism ("ESM"), the Treaty on Stability, Coordination and...

Sovereign debt advisory and restructuring group Clifford Chance's sovereign debt advisory and restructuring group is internationally recognised as a leader in its field. Learn more about the group   Eurozone Crisis and the financial...