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James Chesterman, Sam Hamilton and Jane Summers of Latham & Watkins look at the sponsor-friendly terms and structuring issues emerging as US style covenant-lite takes hold in the European leveraged finance market

Unitranche facilities have changed the dynamics between first and second lien lenders. Their relationship is set out in a separate agreement, usually not involving the borrower

The UK’s regulators have published two sets of consultations on ringfencing transfer schemes, but opposition to the very principles of the changes remains

The Bundestag has adopted a version of the SRM law that no longer classifies senior unsecured debt as subordinated instruments

A centralised, global KYC registry run by SWIFT is on its way to gaining critical mass with more than 1,250 banks spanning 152 countries having signed-up in its first nine months

Afme has published a new model clause to help banks to comply with BRRD bail-in rules in non-EU jurisdictions, but concerns remain

As regulatory capital requirements take their toll, fewer banks are interested in transactions with low participation rates

The practice of junior syndicate banks signing away power of attorney privileges on Hong Kong IPOs is causing increased concern among counsel in the city

The recently-passed French legislation permits non-bank lending within established commercial arrangements. Stephenson Harwood's Alain Gautron and Michel Bauer analyse its further exceptions

Securities need a more standardised labelling procedure Securities research firm Morningstar has proposed that all managed products sold to investors should have increased and equivalent disclosure standards. The push comes as the Securities and Exchange Commission (SEC) attempts to introduce increased disclosure for mutual funds. In a comment letter sent to the regulator, Morningstar expressed its support for adding transparency and comparability to the mutual fund market by changing the ways securities are labelled, and creating standard metrics for calculating common investor considerations like duration.