Part 1 of this note focuses on the debate about non-bank Lenders, and the techniques available to Borrowers wishing to control and manage their syndicate membership.
Part 2 focuses on the influence of credit derivatives on syndicated loans.
CESR published on 17 April 2007 a consultation paper entitled: “CESR’s advice on a mechanism for determining the equivalence of the generally accepted accounting principles of third countries” (Ref. CESR/07-212).
The Market Participants Group was established in October 2006 to provide advice to the Financial Reporting Council on possible actions that market participants could take to mitigate the risks arising from the characteristics of the market for audit services to public interest entities* in the United Kingdom. The Group is comprised of individuals from companies, investors and audit firms.
Part of a draft EU Regulation called Rome I stipulates that whatever a contract says about the law governing it, the law to be applied to business to business contracts can be that “most closely connected with” the contract if any party is in an EU Member State. And whatever the choice of Courts set out in the contract, any EU Court can assume jurisdiction at is discretion. The provision would be retrospective.
This would have the result of introducing an unacceptable level of legal uncertainty into b to b international contracts if any party is in a Member State.
Geared for action Private equity appears to have become an unstoppable force driving all before it with a business alchemy that few understand and even fewer can resist.
The Final Report was published on 4 June 2007, providing a thorough analysis and clear explanation of the Review's recommendations to the Government. The Review makes the case for exercising the powers conferred by the new section 90B of FMSA 2000 to:
extend the statutory liability regime to cover ad hoc as well as periodic disclosures;
extend the statutory liability regime to apply to disclosures by issuers with securities traded on exchange-regulated markets, including AIM and Plus Markets;
Treasury Committee announces terms of reference for its inquiry into Private Equity
The Treasury Committee has decided to undertake work under the theme of ‘Transparency in Financial Markets and the Structure of UK Plc’. As part of its work under this theme, the Committee has decided to undertake an inquiry into private equity funds. The Committee invited written evidence on this inquiry by 9 May 2007.
Since its creation in 1983, IOSCO has rapidly developed into the most important standard setter in the field of securities regulations. In order to continue to be able to publish timely and clear guidelines, recommendations and standards for the regulatory community and the securities industry, the Technical Committee of IOSCO is requesting comments on its work program (http://www.iosco.org/library/pubdocs/pdf/IOSCOPD239.pdf) for the immediate years.
Taking the long view Most of us are so caught up in the moment of the day that it is hard for us to lift our eyes from our PC or Blackberry to try to glimpse the horizon in an effort to put profess
