This Practice Note compares the regime in the United States (the Dodd-Frank Act) and the EU (EMIR) relating to regulatory reforms aimed at improving the stability and transparency of the over-the-counter derivatives market
This Practice Note has been archived and is not maintained. It provides a legislative history of the Basel Accord (or Basel I), which was succeeded by the Basel II and, subsequently, Basel III reforms.
This Practice Note has been archived and is not maintained. It provides a legislative history of the Basel II framework, which has subsequently been succeeded by the Basel III reforms.
This Practice Note provides a summary of the internationally recognised requirement for financial institutions, in particular banks and investment firms, to maintain a minimum level of regulatory capital. It considers what regulatory capital is, its purpose and the quality and quantity required by current regulation. The current international standard stems from the Basel III regime as published by the Basel Committee on Banking Supervision. This regulatory regime is changing substantially as G20 countries implement the Basel III recommendations into their national laws. In the EU the CRD IV package (consisting of the Capital Requirements Regulation and the Capital Requirements Directive) implements Basel III together with other non-Basel III capital reforms.
In this News Analysis, Jeremy C. Jennings-Mares, partner at Morrison & Foerster LLP, explores the regulatory developments in the US and Europe that have addressed concerns with the loss absorption of hybrid securities and increasing regulatory capital levels and the quality of such regulatory capital for financial institutions.
This Practice Note explains second lien debt financing and looks at certain of its key features. It also considers second lien debt in the context of a debt restructuring.
This Practice Note explains what bridge to bond facilities are and how a bridging loan can be used as an interim facility in an acquisition finance transaction until high yield bonds are issued as more permanent financing. It explains the mechanics of these facilities, their key documents and terms and typical deal structures. It also provides practical guidance for negotiating these facilities and looks at the differences between US and European practice.
This Practice Note considers the regulatory obligations that are in the process of being put in place to require a substantial part of the derivatives market to move to a centrally cleared model including the process for central clearing of transactions and the role of clearing houses.
This Practice Note sets out what an English law legal opinion may cover when issued in relation to a debt capital markets medium term note (MTN) programme. It sets out the typical structure of an opinion, when opinions are given and discusses why opinions are important. It also sets out what matters are typically opined on, common assumptions and reservations included in the legal opinion as well as when a legal opinion needs to be updated.
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