White & Case
  Publications Search Results
Search Results For : Banking
View By Year: 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003
PDF New CBRC Guidelines Introduce M&A Lending by Commercial Banks in China
December 18, 2008

On December 6, 2008, the China Banking Regulatory Commission ("CBRC") lifted the long-standing ban on direct bank lending for merger and acquisition transactions by introducing the Commercial M&A Loans Risk Management Guidelines (商业银行并购风险管理指引) (the "M&A Financing Guidelines"). Under the M&A Financing Guidelines, qualified commercial banks can now provide loans to domestic companies in connection with their merger or acquisition transactions ("M&A Loans"). This Client Alert discusses the most notable aspects of the M&A Financing Guidelines, and includes a summary of the key provisions.
PDF State Council Announces Guiding Principles Aimed at Further Development of PRC Banking System
December 8, 2008

New Guidelines – Include Debt Financing of Acquisitions by Onshore Institutions

Following the RMB 4 trillion bailout package announced by the Chinese government in November 2008, the Chinese State Council issued a series of policy guidelines (the "Guidelines") on December 3, 2008 aimed at supporting China’s economic growth through increased bank lending, and improving control over banking assets and business risks.

Among the Guidelines, it is of significance that onshore financial institutions will now be permitted to provide financing in respect of mergers or equity acquisitions by domestic enterprises. It is expected that the China Banking Regulatory Commission ("CBRC") will issue the near-finalized Administration Measure Regarding Merger and Acquisition Loans by the end of the year. Reports have indicated that CBRC will cap the portion of the total merger or acquisition price that can be financed by debt to a range between 40% to 50%.

We have highlighted in this Alert more notable sections of the Guidelines.
White & Case China Newsletter
December 2008, China Newsletter
Guan Feng Chen, Christopher F. Corr, Steve Payne, Vivian Tsoi

Welcome to this month's issue of White & Case's China newsletter, which covers China regulatory updates in the areas of
PDF China Finance Bulletin
December 2008, China Newsletter
Guan Feng Chen, Steve Payne

This month's China Finance Bulletin offers updates on the following regulatory developments, and others:
  • New institutions to be set up in China to finance small enterprises
  • State Council releases new real estate stimulus package
  • SAFE regulates the conduct of foreign exchange business through foreign exchange accounts
  • SAFE requires the provision of taxation certificates for making certain offshore payments
White & Case China Newsletter
November 2008, China Newsletter
Christopher F. Corr, John Hartley, Vivian Tsoi

Welcome to this month's issue of White & Case's China newsletter, which covers China regulatory updates in the areas of
PDF China Finance Bulletin
November 2008, China Newsletter
John Hartley

This month's China Finance Bulletin offers updates on the following regulatory developments:
  • PBOC reduces deposit reserve ratio, benchmark deposit and lending rates again
  • CBRC releases the first new capital agreement monitoring guidelines
  • CIRC interprets definition of "affiliated transactions" by foreign insurance firms
PDF Material Adverse Change Clauses In the Current Credit Environment: What the Hexion Decision Means for Buyers and Lenders
October 29, 2008
Paul Carberry
PDF Market Disruption — Issues Arising Under Aplma/LMA and Us Law Credit Agreements — A Global Perspective
October 21, 2008
John Hartley

LMA/APLMA and US law-governed credit agreements vary in their approaches to market disruption issues that arise under them. Read here for a global perspective on the approaches used by these agreements in Asia, Europe and the US, as well as practical suggestions for amending these agreements in the future in light of the current situation in the global credit markets.
PDF China Finance Bulletin
October 2008, China Newsletter

Welcome to the fifth issue of the White & Case's China Finance Bulletin. The bulletin offers you regular updates of the PRC finance sector ensuring you stay up to date with the legal, regulatory and practice developments. Here are some of the highlights of this issue:
  • Measures for Registration of Pledges over Equity Interest promulgated
  • CBRC to clamp down on illegal misappropriation of loans
  • SAFE regulates issues regarding payment and conversion of foreign exchange capital in foreign-invested enterprises PBOC reduces loan interest rate and deposit reserve ratio
  • Issues regarding land use fees charged on foreign-invested enterprises interpreted
  • IPO lock-up periods shortened under revised listing rules
PDF How to Cut Risk of Dealing with a Defaulting Lender
October 7, 2008
Eric L. Berg

In the wake of recent bankruptcy filings by several prominent financial institutions, there's a growing interest in changing standard credit documentation to address the risks of defaulting lenders and non-performing administrative agents. Here are credit agreement provisions that financial institutions, acting as swingline lenders and letter of credit issuers, can require to protect themselves against the risk of a defaulting lender. Also covered are recommendations on dealing with the risk of an administrative agent becoming a defaulting lender or not complying with its credit agreement obligations.
PDF Understanding the New Covered Bond Market in the US
October 2008

Covered bonds, long used in Europe, are now seen as a potential option to revitalize the US debt markets and increase mortgage lending. The US Department of the Treasury recently announced best practices for the development of a US covered bond market and the issuance of covered bonds by depository institutions.  These best practices rely upon a statement of the Federal Deposit Insurance Corporation addressing the treatment of covered bonds. This White & Case Alert provides our thoughts on covered bonds, how they are intended to restore investor confidence, and how White & Case's substantial experience with covered bonds in Europe enables us to guide you in this new US market.
PDF China Finance Bulletin
September 19, 2008

Welcome to the fourth issue of the White & Case's China Finance Bulletin. The bulletin offers you regular updates of the PRC finance sector ensuring you stay up to date with the legal, regulatory and practice developments. Here are some of the highlights of this issue:
  • SAFE promulgated the Assessment Measures on Banks' Enforcement Performance of Foreign Exchange Administration Regulations
  • Deed duty payable upon signing of agreements due to change in land use
  • NDRC completes drafting of anti-price monopoly provisions
  • Release of one supporting rule for the Anti-Monopoly Law
  • Foreign parties can recover their investments through profit distribution
PDF China Finance Bulletin
September 2008

Welcome to the third issue of the White & Case's China Finance Bulletin. The bulletin offers you regular updates of the PRC finance sector ensuring you stay up to date with the legal, regulatory and practice developments. Here are some of the highlights of this issue:
  • SAFE to Adopt Registration Management of Enterprise Foreign Debts under International Trade in Goods
  • Shanghai to Give Foreign Private Equity "Legal Status"
  • Judicial Interpretations Regarding Enterprise Bankruptcy Law in the Process of Investigation and Research
  • China Strengthens Management of Foreign Investment Projects
  • PRC and Hong Kong to Approve Mutual Civil and Commercial Judgments
PDF China Finance Bulletin
August 2008

Welcome to the second issue of the White & Case China Finance Bulletin. The bulletin offers you regular updates of the PRC finance sector ensuring you stay up to date with the latest legal, regulatory and practice developments. Here are some of the highlights of this issue:
  • CBRC Disapproves the Development of Foreign Exchange Margin Trading
  • Operational Rules for Renminbi Interest Rate Swap Transactions
  • CSRC Adjusts Standard for Calculating Net Capital
  • Shanghai Headquarters of PBoC Restricts Loans to Foreign-invested Real Estate Projects
  • Listed Firms which Fail to Complete Rectifications Are Not Allowed to Apply for Refinancing After 30 November 2008
PDF Impact of Possible Regulatory Changes to European Capital Requirements Directive (CRD) on Originate-to-Distribute Model
August 1, 2008, White & Case Structured Finance Bulletin
Dennis Heuer, Daniel Baierlein

The European Commission recently proposed changes to the Capital Requirements Directive that will affect both EU and non-EU financial institutions if implemented. The EC wants banks (investors) to ensure that they invest only in credit risk transfer products in which the originators, or alternatively, the distributors, explicitly commit themselves to retain 10% of the credit risks. This proposal raises many questions: How is this 10% floor-requirement calculated?  How will the proposals be implemented? And may European regulations be extended to non-EU banks and originators? Read here for details on the proposed changes and the impact they may have.
PDF China Finance Bulletin
July 15, 2008
John Hartley

Doing business in or with China? You won't want to miss the premiere issue of our China Finance Bulletin. It offers time-saving summaries of the latest legal, regulatory and practice developments in the PRC finance sector — as reported by White & Case lawyers and professionals. Here are some of the highlights of this issue.
  • PBOC Increases Deposit Reserve Ratio
  • Fund Management Firms Allowed to Establish Institutions in Hong Kong
  • MOFCOM Issues 2008 Foreign Investment Use Directives
  • State Council Issues New Regulations for Risk Management by Securities Firms
  • PBOC Regulates Issuance of Debt-Financing Instruments by Non-Financial Enterprises
  • Hong Kong Legislative Council Enacts the "Mainland Judgments (Reciprocal Enforcement) Ordinance"
  • Bar Set on Legalization of Illegal Land Through Registration
  • CSRC Regulates Major Asset Reorganizations in Listed Firms
  • SAT Clarifies Tax Year Calculation for Foreign Enterprises
PDF Directive 2005/60/EC and Its Application to French 'Avocats'
May 2008, Butterworths Journal of International Banking and Financial Law

The French government has decided to go ahead and implement into domestic law directive 2005/60/EC, dated 26 October 2005 (the 'Third EU Money Laundering Directive').
PDF Local Perfection Steps in Relation to Cross-Border Leveraged Deals
March 2008, Butterworths Journal of International Banking and Financial Law

This article provides best practices to perfect debt in cross-border European leveraged deals — increasing the likelihood that creditors will be able to recover debts in such deals.
PDF Will Distressed Debt Investments Boom?
February 13, 2008, Börsen-Zeitung
Dennis Heuer, Daniel Baierlein

Leveraged loans and some portfolios of structured securities could be particularly attractive to distressed debt investors, given the current volatility of the financial markets and the overall business climate. But commercial due diligence must be done and legal issues involving restructuring strategies must be reviewed before implementation in view of existing creditor rights against the assets. Here’s more information about distressed debt investment possibilities and the importance of obtaining legal advice upfront.