Results 1-10 of 165
4 August 2011
On Monday, August 1, 2011, the Commodity Futures Trading Commission ("CFTC") and the Securities Exchange Commission ("SEC", and together with the CFTC, the "Commissions") jointly held a public roundtable discussion on international...
Impact of the U.S. Sovereign Credit Rating Downgrade on ABS with U.S. Exposure and on Cross-Border ABS
11 August 2011
On 5 August 2011, Standard & Poor's ("S&P") lowered its long-term sovereign credit rating on the United States of America to "AA+" from "AAA" and affirmed its "A-1+" short-term rating. The outlook for the long-term...
6 October 2011
FATCA potentially imposes US withholding tax on, among other things, interest and principal paid by all US issuers and by non-US issuers that are "financial institutions". While the withholding is currently scheduled to be phased in over 2014 and 2015,...
10 October 2011
ESMA's technical advice to the European Commission dated 4 October 2011 on, among other things, final terms and summaries could lead to significant changes to capital markets documentation. If adopted by the Commission, proposals would include longer summaries...
14 October 2011
The Netherlands, Ireland and Luxembourg are very popular onshore jurisdictions for the establishment of SPVs (special purpose vehicles) for structured finance transactions. As the markets have become more innovative and efficient in recent years, each jurisdiction...
The Kaupthing Case – Playing by the Rules: A Supreme Court win for Bondholders in Icelandic Bank administrations
24 October 2011
On 19 October the Supreme Court handed down its judgment in the case of Re Kaupthing Singer and Friedlander Limited (in administration) UKSC 48. The appeal was concerned with a long standing principle of insolvency law known as the rule against double proof...
26 October 2011
As the high yield market stalls, a flexible and creative approach is increasingly important to access liquidity. Clifford Chance experts tell journalist Brian Thompson the challenges facing high yield and leveraged loan markets, and the key issues ahead.
27 July 2011
On 27 July, the Supreme Court handed down its long awaited judgment in the case Belmont Park Investments PTY Limited -v- BNY Corporate Trustee Services Limited and Lehman Brothers Special Financing Inc (LBSF). Although there were no surprises – the decision...
29 July 2011
EEA member states have until 1 July 2012 to implement Directive 2010/73/EU (the Directive amending the Prospectus and Transparency Directives), but some member states are choosing to implement certain provisions in advance of the deadline. Some of the changes take...
8 September 2011
New tax legislation should open up great opportunities for Italian issuers to tap into the short term capital markets by removing the withholding tax discrimination currently existing vis-à-vis long term bonds. One of the (possibly unintended) consequences...