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PDF Financial Regulatory Update—December 2011
December 2011
Stuart Willey, Carmen Reynolds

The last few years have seen a very significant number of proposals for global financial regulatory reform. Our Summer newsletter (please click here) gave an update of where the main reform proposals stood. As we head towards 2012, this newsletter looks at more recent developments and highlights those areas where we expect to see further movement in the coming year.
PDF Panel Approach on Flex Disclosure
December 2011
R. Jake Mincemoyer, Philip Broke, Gavin Weir, Gareth Eagles

Of all of the provisions in syndicated lending commitment documents, the right of the arrangers to "flex" the terms of a committed financing in order to meet their minimum hold – by, for instance, increasing its pricing – is one of the most important. It is also one of the most sensitive. Publicly-disclosed flex arrangements would distort the primary trading market in favour of debt purchasers. Consequently, flex provisions are not disclosed to potential syndicate members. In the context of UK public takeovers, however, that approach is no longer possible.
PDF Update on the Qualified Investor Investment Management Business Registration
December 2011
Koichiro Ohashi

This Client Alert provides supplemental information regarding the new exception for the investment management business registration (the "Qualified Investor Investment Management Business") for investment managers who limit their clients to "qualified investors" (tekikaku toushika, "Qualified Investors") as set forth in the amendments (the "Amendments") to relevant Cabinet Order and Cabinet Office Ordinance of the Financial Instruments and Exchange Law of Japan (the "FIEL") issued by the Financial Services Agency of Japan (the "Japan FSA") on November 4, 2011. This Client Alert provides further details of the Qualified Investor Investment Management Business registration as described in the amendments to the Supervisory Guidelines on Financial Instruments Dealers promulgated on November 22, 2011 (the "Guidelines") and to become effective April 1, 2012.
PDF Update on the Article 63 Exemption
November 24, 2011
Koichiro Ohashi

This Client Alert is an update on the proposed amendments to the exemption for Special Business Activities for Qualified Institutional Investors (the "Article 63 Exemption") set forth under Article 63 of the Financial Instruments and Exchange Law of Japan (the "FIEL").
White & Case China Newsletter
November 2011, China Newsletter
Christopher F. Corr, Patrick W. Ma, John Shum, Xiaoming Li, Baldwin Cheng

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Regulation of Business, Trade and Competition in China 
  • Finance
PDF China Finance Bulletin
November 2011, China Newsletter
John Shum, Xiaoming Li, Baldwin Cheng

This month's China Finance Bulletin offers updates on the following developments:
  • China Further Expands the Use of RMB through Cross-border Foreign Direct Investment
  • White & Case Advises on the Financing of a Third Chinese Company Take-Private This Year
PDF The Review of the Markets in Financial Instruments Directive: the European Commission publishes legislative proposals
November 2011
Stuart Willey, Carmen Reynolds

The Markets in Financial Instruments Directive (2004/39/EC) ("MiFID") and implementing legislation, in force since November 2007, sets out a framework for regulating investment services in financial instruments provided by investment firms and credit institutions. MiFID also provides a framework for the regulation of trading venues together with a pre- and post trade price transparency regime for equities. Its aim was to promote the integration, efficiency and competitiveness of EU financial markets while ensuring adequate protection for investors in financial instruments.
PDF The European Commission Publishes Legislative Proposals for a New Criminal and Civil Market Abuse Regime
October 2011
Stuart Willey, Carmen Reynolds

Adopted in January 2003, the Market Abuse Directive (MAD) 2003/6/EC, together with other implementing legislation, established an EU-wide framework for preventing and tackling market abuse. The European Commission embarked on a review of MAD in 2010, culminating in the publication of legislative proposals on 20 October 2011. These consist of a draft Regulation (the "Regulation"), which sets out a revised and harmonised civil market abuse regime and ancillary requirements, and a draft Directive ("MAD 2"), which contains a new criminal market abuse regime. The existing directive, MAD, will be repealed in its entirety.
PDF European Commission Publishes Legislative Proposal for a Financial Transaction Tax
October 2011
Carmen Reynolds, Stuart Willey

On 28 September 2011, the European Commission published its legislative proposal for a Council Directive on a financial transaction tax in the EU. In his annual State of the Union Address in Strasbourg, José Manuel Barroso, the President of the European Commission, commented: "In the last three years, Member States – I should say taxpayers – have granted aid and provided guarantees of €4.6 trillion to the financial sector. It is time for the financial sector to make a contribution back to society. That is why I am very proud to say that today, the Commission adopted a proposal for the Financial Transaction Tax."
PDF China Finance Bulletin
September 2011, China Newsletter
John Shum, Xiaoming Li, Baldwin Cheng

This month's China Finance Bulletin offers updates on the following developments:
  • Circular on Ratifying Balance Quotas for Granting Security or Guarantee by Domestic Banks in Favour of Offshore Entities
  • SAFE Tightens Further the Conversion of Equity Capital in Foreign Exchange to Renminbi of Foreign-invested Enterprises
White & Case China Newsletter
September 2011, China Newsletter
Vivian Tsoi, John Shum, Xiaoming Li, Baldwin Cheng

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Corporate
  • Finance
PDF The Independent Commission on Banking Publishes Recommendations on UK Banking Reform
September 2011
Carmen Reynolds, Stuart Willey

On 12 September 2011, the Independent Commission on Banking issued its Final Report, setting out its recommendations to the UK government for reforms to the UK banking sector. Welcomed in principle by George Osborne, the Chancellor of the Exchequer, the government has committed to introduce legislation to implement the proposals and to do so within the life of the current UK Parliament, i.e. before June 2015.
Financial Reform in Japan Update #3: English Language Disclosures in Securities Registration Statements
August 2011
Koichiro Ohashi

This Client Alert is the third in a series of alerts concerning the amendments (the "Amendments") to the Financial Instruments and Exchange Law ("FIEL") of Japan promulgated on May 25, 2011.
PDF China Finance Bulletin
July 2010, China Newsletter
John Shum, Xiaoming Li, Baldwin Cheng

This month's China Finance Bulletin offers updates on the following developments:
  • Crucial New Regulation on Cross-Border RMB Settlement
  • Tightened Standards in Banks' Foreign Exchange Settlement and Sales
White & Case China Newsletter
July 2010, China Newsletter
Vivian Tsoi, Xiaoming Li, John Shum, Baldwin Cheng

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Corporate
  • Finance
Recent Guidance Delays Effective Date for FATCA Compliance
July 2011
John T. Lillis, Raymond Simon

On July 14, 2011, in Notice 2011-53 (the "Notice"), the US Department of the Treasury (the "Treasury") and the Internal Revenue Service (the "Service") issued guidance outlining phased implementation of the new US withholding regime and information reporting requirements for certain accounts maintained by foreign financial institutions ("FFIs") (commonly referred to as the Foreign Account Tax Compliance Act provisions, or the "FATCA provisions"). While the Notice provides that certain obligations of "participating FFIs" (as described below) will commence in 2013, withholding of certain US source payments will begin on January 1, 2014 and withholding on all "withholdable payments" pursuant to the FATCA provisions will begin on January 1, 2015.
PDF The New Anti-corruption Rules: What Do They Mean for Multinationals with Operations in Asia?
June 2011
Daniel Levin, Arthur Mitchell, Xiaoming Li

Managing liability risks under anti-corruption laws can be a daunting prospect for most corporations, but this task is particularly complicated for multinationals with operations in developing economies where history, culture and customs impact day-to-day business.
Financial Reform in Japan Update #2: Crackdown on Unlicensed Securities Distribution Activities and Additional Qualifications for Investment Advisory and Agency Business
June 2011
Koichiro Ohashi

This Client Alert is the second in a series of alerts concerning amendments (the "Amendments") to the Financial Instruments and Exchange Law ("FIEL") of Japan promulgated on May 25, 2011.
Financial Reform in Japan Update #1: Investment Management Business for Qualified Investors Only
June 2011
Koichiro Ohashi

This Client Alert is the first in a series of alerts concerning amendments (the "Amendments") to the Financial Instruments and Exchange Law ("FIEL") of Japan passed by the Japanese Diet on May 17, 2011 and promulgated on May 25, 2011. The amendments were adopted expressly for the purpose of expanding the Japanese financial market and making it more attractive to international and domestic financial firms, and to create new business opportunities in Japan's financial sector.
PDF A Higher Standard of Financial Prudence and Responsibility for Banks – Singapore Court of Appeal Dismisses Claims of Defrauded Banks
June 2011
Guan Feng Chen, David Barwise

The Court of Appeal of Singapore has dismissed the claims of two international banks for losses suffered under certain loan facilities as a result of the fraudulent acts committed by an employee of the borrower. The claims were based on several areas of the law including agency law, vicarious liability, negligence and restitution. The decision of the Court of Appeal serves as a timely reminder to local and foreign banks that there is no substitute for robust due diligence and internal risk assessment procedures. ...Click for more
PDF China Finance Bulletin
June 2011, China Newsletter
John Shum, Xiaoming Li, Baldwin Cheng

This month's China Finance Bulletin offers updates on the following developments:
  • The National Association of Financial Market Institutional Investors (NAFMII) Issued Rules for the Non-Public Directional Issuance of Debt Financing Instruments by Non-Financial Enterprises in the Inter-Bank Bond Market
  • The People's Bank of China Issued an Announcement Regulating Activities on the National Interbank Bond Market
White & Case China Newsletter
June 2011, China Newsletter
Christopher F. Corr, Patrick W. Ma, John Shum, Xiaoming Li, Baldwin Cheng

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Regulation of Business, Trade and Competition in China 
  • Finance
White & Case China Newsletter
April 2011, China Newsletter
Vivian Tsoi, John Shum, Xiaoming Li, Baldwin Cheng

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Corporate
  • Finance
PDF China Finance Bulletin
April 2011, China Newsletter
John Shum, Xiaoming Li, Baldwin Cheng

This month's China Finance Bulletin offers updates on the following developments:
  • "Journey Home" Programs: Investment with Offshore RMB in Mainland China and Domestic Borrowing of Offshore RMB
PDF Special Update on Clarifications of the Supreme Commercial Court on Pledges and Mortgages
March 2011
Igor Ostapets

This special update is a summary of long-awaited clarifications of the Supreme Commercial Court, mainly related to the levy of execution on secured property.
PDF Equity Cures: An Ideal Standard?
March 2011
R. Jake Mincemoyer, Jeremy Duffy, Gareth Eagles

Equity cure provisions, a common feature of leveraged facilities agreements, allow an injection of capital into the group to stave off or 'cure' a financial covenant default. When lenders agree to include such provisions they generally take comfort from the fact that, in exercising them, sponsors will inject further equity or subordinated debt into the group, providing both additional funds and a show of commitment.
PDF US v. European Loan Market: A Tale of Two Cities
March 2011
R. Jake Mincemoyer, Lee Cullinane, Ben Wilkinson, Rob Bennett

Although now showing signs of cooling off, the US syndicated loan market has experienced in the opening months of 2011 a boom not seen since the heady days of the pre-crisis market. The attached Client Insight examines the key factors behind the recent resurgence of the US market, explores the different factors at work in the European market and examines the likelihood of the forces driving the US boom reaching across to Europe.
PDF Special Update on Clearing and Netting in Russia
March 2011

This Special Update the recently enacted Clearing Law and amendments to certain Russian laws following its enactment. The Clearing Law establishes a unified legal framework for clearing activities in Russia, and the amendments introduce the possibility of close-out (liquidation) netting under derivative, repo and certain other transactions. These legislative developments are expected to contribute significantly to the development of the Russian financial market.
White & Case China Newsletter
March 2011, China Newsletter
Vivian Tsoi, Baldwin Cheng, Xiaoming Li, John Shum

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Corporate
  • Finance
PDF China Finance Bulletin
March 2011, China Newsletter
Baldwin Cheng, Xiaoming Li, John Shum

This month's China Finance Bulletin offers updates on the following developments:
  • The State Council Issues Regulations on the Expropriation of Houses on State-owned Land
  • The People's Bank of China Issued Administrative Measures on RMB Settlement for Outbound Direct Investment
PDF Nuts and Bolts of Resolution Planning Under the Dodd-Frank Wall Street Reform and Consumer Protection Act
February 2011, Pratt's Journal of Bankruptcy Law
Duane D. Wall, Ernest (Ernie) T. Patrikis

The Dodd-Frank Act requires certain large nonbank financial companies and bank holding companies with assets of US$50 billion or more to regularly prepare and submit a "resolution plan" to the US Financial Stability Oversight Council, the Board of Governors of the US Federal Reserve System and the US Federal Deposit Insurance Corporation that outlines the company’s plan for rapid and orderly resolution in the event of material financial distress or failure. Read here for details on which companies are subject to the resolution plan requirement, what must be in a resolution plan and what happens if there are deficiencies in the plan, as well as first steps a company should consider in preparing a resolution plan.
PDF Del Monte: A Disclosure Case or More?
February 2011
Eric L. Berg, Glenn M. Kurtz, Gregory Pryor, John M. Reiss

In a decision that was replete with criticism of an M&A process that appears to have achieved superior results, Vice Chancellor Laster of the Delaware Chancery Court temporarily enjoined, for 20 days, the stockholder vote scheduled to approve the leveraged buyout of Del Monte Foods Company. He also enjoined during that period the enforcement of the merger agreement's "no shop" provisions, the buyers' right to match a superior bid and the payment of the break up fee in certain circumstances, so that such provisions would not deter the emergence of a competing bidder.
PDF ICBC's Agreement to Acquire a Controlling Stake in a US Bank Is a Major Development for the US and Chinese Banking Markets
February 2011
John M. Reiss, Ernest (Ernie) T. Patrikis, Francis Zou, Duane D. Wall, Glen R. Cuccinello

In a groundbreaking transaction, Industrial and Commercial Bank of China Limited, based in Beijing and the world's largest bank by market capitalization and profitability (ICBC), entered into an agreement with The Bank of East Asia, Limited, a major Hong Kong bank (BEA), to purchase an 80 percent common equity stake in BEA's subsidiary bank based in New York, The Bank of East Asia (U.S.A.) National Association (BEA-USA). The agreement positions ICBC to become the first mainland Chinese bank to acquire a controlling stake in a US bank.
PDF Basel III Rules Published
January 2011
Carmen Reynolds, Dennis Heuer, Jonathan Weinberg, Duane D. Wall, Ernest (Ernie) T. Patrikis

On 16 December 2010, the Basel Committee on Banking Supervision (Basel Committee) published many of the Basel III rules. These set out the details of the new global capital and liquidity standards for banks developed by the Basel Committee and endorsed in principle by the G20 Leaders at their November summit in Seoul. This note provides a high-level overview of the main Basel III capital and liquidity requirements and the timeline for implementation.
PDF China Finance Bulletin
January 2011, China Newsletter
Baldwin Cheng, Xiaoming Li, John Shum

This month's China Finance Bulletin offers updates on the following developments:
  • CBRC Further Limits Transfers of Loan Assets
  • MOFCOM Calls for Stricter Compliance with Procedural Requirements on Foreign Investments in Real Estate Industry
White & Case China Newsletter
January 2011, China Newsletter
Vivian Tsoi, Baldwin Cheng, Xiaoming Li, John Shum

Welcome to this month's issue of White & Case's China Newsletter, which covers China regulatory updates in the areas of:
  • Corporate
  • Finance
  • Tax