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Mian Muhammad Nazir The Emirates Bankers Association has set up an Islamic Banking Committee (IBC) to review various shariah governance models at the regulator's level and to propose a suitable model for the Central Bank of UAE to implement. The IBC is assessing the merits and demerits of different models practised in other countries. The IBC is mandated to suggest a shariah governance structure at the Central Bank which will provide the regulatory support to Islamic financial institutions (including Islamic windows) through setting up an Islamic banking department at the Central Bank of UAE. Most likely the shariah governance structure at the Central Bank will essentially follow an improved form of any of the existing models. This involves, among other things, establishing a shariah supervisory board at the Central Bank to oversee the overall regulation of the Islamic financial institutions. In proposing a suitable governance structure, particularly recommending a shariah supervisory board at the Central Bank, the Emirates Bankers Association would certainly be endeavouring to reconcile the mandatory provisions of Federal Law No 6 of 1985 and the precedents of having a shariah supervisory board at the central banks.

Bankability issues could prove an important challenge to the Colombian government’s PPP push

Emmanuel Ringeval, Freshfields Bruckhaus Deringer Alban Caillemer du Ferrage, Jones Day Richard Hall, Cravath Swaine & Moore Mohammed Kamal, Berwin Leighton Paisner France produced Europe's biggest stories last month, with FRESHFIELDS BRUCKHAUS DERINGER adding significant clout to its Paris practice through the addition of Weil Gotshal & Manges finance head Emmanuel Ringeval. The new partner focuses on leveraged finance and counts CVC and PAI Partners among his clients. WEIL was not sluggish in responding though. Just a few weeks later it brought in a direct replacement in the form of leveraged finance partner Olivier Jauffret from Linklaters. Elsewhere in Paris, SIMMONS & SIMMONS expanded its projects team with the hire of Simon Ratledge from Linklaters, while JONES DAY took a structured products team from Gide Loyrette Nouel led by Alban Caillemer du Ferrage. Across the channel, CRAVATH SWAINE & MOORE expanded its London team with the relocation of global M&A head Richard Hall to the City. The US firm has a compact London team which deals with US law only. Another US firm, CADWALADER WICKERSHAM & TAFT, has undergone a series of changes in the last few years, though this month saw it take a significant step towards rebuilding its practice with the hire of restructuring and insolvency partner Yushan Ng from Linklaters. Having recently worked on the substantial SEAT Pagine restructuring, Ng will bring plenty of experience to the team along with strong links in the investment funds sector.

Regulatory changes that would permit research analysts at investment banks to attend pitch meetings with prospective IPO clients will do little to relieve the compliance burden hindering US IPOs

The US Securities and Exchange Commission is conducting further analysis of the costs and benefits of money market fund regulation, SEC chairman Mary Schaprio has said

Cornerstone investors have become fundamental to IPOs in Asia, with offerings such as those of Felda Global Ventures and Astro dependent on their support. But rules are vague and significantly differ throughout jurisdictions

The biggest shortfall of the Dodd-Frank Act is its inability to remove incentives that encourage banks to misuse savings under an understanding that they are too big to fail, Former Federal Reserve Chairman Alan Greenspan has claimed

The Commodities Futures Trading Commission will finalise guidance on the cross-border application of the Dodd-Frank Act by and phase-in compliance with swaps rules in 2013, the CFTC Chairman has announced

Softbank’s $20.1 billion investment in Sprint Nextel is the largest US inbound acquisition by a Japanese company. And it allowed the target to remain a public company

Indonesia’s renewables market expects more local bank involvement and more commercial bank led-deals that do not rely so heavily on ECAs political risk mitigation elements