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The lighter side of the past month in financial law

A multilateral legal framework for restructuring sovereign debt has been put back on the table. Steven Schwarcz explains why, despite objections, it could be the best suggestion yet

Indian issuers are selling securities without consulting their lenders. Herbert Smith Freehills' Siddhartha Sivaramakrishnan and Gareth Deiner explain it may make underwriters liable for tort

Daniel Bader Ruth Bloch-Riemer In a popular referendum on November 30 2014, Swiss voters decided by a clear majority of 59.2% on the retention of the lump-sum taxation regime on a federal, cantonal and communal level. A separate vote in the Canton of Geneva had the same result on the cantonal level in Geneva: a majority of 68.7% of the Geneva voters decided on the retention of the lump-sum taxation regime on the Geneva cantonal level. Besides the retention of the lump-sum taxation regime, Swiss voters also clearly decided against the so-called Ecopop referendum, which would have foreseen restrictive requirements for immigration to Switzerland.

Discussion about how to tackle market structure and the opaque activities of dark pools has left one group feeling a little left out: the regulated.

On November 28, the European Banking Authority (EBA) released its consultation on the criteria for determining the minimum requirement for own funds and eligible liabilities for bail-in, the so-called MREL. Using MREL, European authorities will ensure that banks have enough liabilities to absorb losses in case of failure, forcing shareholders and creditors to shoulder much of the recapitalisation burden, instead of taxpayers.

Regulators must give up on turning back the clock The UK Prudential Regulation Authority's (PRA) proposals for the senior manager regime have drawn criticism from the City over the past month. According to the PRA, the proposals are intended to create a new framework to encourage individuals to take greater responsibility for their actions, and will make it easier for both firms and regulators to hold individuals to account.

Five months have passed since the Alternative Investment Fund Managers Directive (AIFMD) was implemented in Norway. Since July 1 2014, a relatively large number of applications have been filed with the Financial Supervisory Authority of Norway (FSAN), concerning both marketing in Norway of non-EEA alternative investment funds (AIFs) of EEA alternative investment fund managers (AIFMs) and AIFs of non-EEA AIFMs. The FSAN have slowly but steadily been working through the pile of applications and after a somewhat slow start in July and August, have now increased the pace. To date, approximately 30% of the filed applications have been handled. Of these, approximately 65% relate to non-EEA AIFs of non-EEA AIFMs and 35% relate to non-EEA AIFs of EEA AIFMs.

Oene Marseille Emir Nurmansyah Late in October of 2014 the Indonesia Stock Exchange (IDX) issued new listing rules applicable to certain mining companies. Under this rule, a mining company in possession of an Mining Business Licence – Production Operation (Izin Usaha Pertambangan Operasi Produksi) or Special Mining Business Licence – Production Operation (Izin Usaha Pertambangan Khusus Operasi Produksi) may apply for registration with the stock exchange. This includes companies that are yet to start a production activity. The pre-production company must have a 'proven' or 'probable' reserve as evidenced by a report from a competent party. Additionally, in obtaining approval for the listing, an independent valuation report is required. The report must state that the pre-production company will have obtained operational profit and net profit from its core business activities within four fiscal years of the listing date.

The Association's annual conference last month saw influential rulemakers clarify their positions on TLAC, cross-border cooperation and RMB internationalisation