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How loan-portfolio acquirers in Germany can avoid post-acquisition troubles

Asia needs a more joined-up approach to bank resolution Although bank resolution has remained a key topic in the aftermath of the global financial crisis, solutions in Asia seem to be focused on local rather than international concerns. Panellists at a recent Latham & Watkins restructuring seminar in Hong Kong agreed that although Asia was less impacted by the 2008 global financial crisis than other areas, the default of Lehman Brothers' structured notes affected retail investors in Hong Kong and Singapore.

Practical changes to update the Transfer of Undertakings (Protection of Employment) Regulations are likely to facilitate the acquisitions process

Anna Pinedo Basel implementation in the United States continues to progress, as shown by the recent release of a proposed rule on the application of the liquidity coverage ratio, or LCR. The proposed LCR is largely consistent with the Basel Committee on Banking Supervision's LCR standard, but tougher. The proposed rule would apply to internationally-active banking organisations with $250 billion or more in total consolidated assets, or $10 billion or more in on-balance sheet foreign exposure, as well as designated non-bank systemically important financial institutions that do not have substantial insurance operations. A less stringent version, termed LCR lite, would apply to smaller depository institutions. As under the Basel rule, covered companies would be required to hold high-quality liquid assets (HQLA) of at least 100% of the company's total net cash outflows over a prospective 30 calendar-day period. However, the types of assets that qualify as HQLA for US banks are more limited than those considered qualifying for European banks. Under the proposed rule, the measure of the rate of cash outflow is also more punitive, as it is based on the bank's largest net cumulative cash outflow day within a 30-day liquidity stress, as opposed to the more moderate Basel version of this calculation. US banks would have a shorter transition period than that contemplated by Basel. Covered US banks would be required to maintain an LCR of 80% as of January 1 2015, with step-ups until January 1 2017 when the LCR will be fully implemented.

Jaime de la Torre Viscasillas On May 7 2013, a new alternative fixed-income securities market (Mercado Alternativo de Renta Fija, the MARF) was created in Spain through a resolution passed by the Associate in Insurance Accounting and Finance (AIAF) management company's board of directors. The MARF is a way for companies (whose circumstances prevent them accessing official secondary markets) to obtain financing through the issue of fixed-income securities. Other European countries already have alternative markets listing fixed-income securities, such as Germany's Eurex Bonds GmbH, Luxembourg's EuroMTF, and Ireland's Global Exchange Market – GEM.

Navigating the similarities and differences between US and European intercreditors

Does the transatlantic OTC derivatives debate need a new direction?

In the absence of a unified legal framework, Uría Menéndez’s Juan Francisco Falcón and Catalina Chalbaud offer practical guidance on cross-border mergers under Spanish law

Gustavo Leon-Gomez In Honduras, during the past two decades, credit card legislation has been issued and amended on several occasions in an effort to regulate this important financial sector. These amendments have been mainly motivated by a substantial assymetry between a strong and aggressive financial sector and weak non-educated financial consumers. A fundamental principle of economic theory is that the market for goods and services is regulated by the forces of supply and demand. Theoretically at least, prices, quality, volume and the overall supply of goods and services determine the market's prevailing forces, therefore allowing consumers to make free and informed choices.

IFLR1000’s 2014 rankings identify the law firms shaping the most exciting M&A markets