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By Ian Cuillerier, Ernie Patrikis
Recent changes in Peruvian insolvency laws will now allow financial institutions and insurance company counterparties to close-out and net obligations under derivatives and repurchase agreements with Peruvian financial institutions or insurance companies which become subject to bankruptcy proceedings.
By Doug Peel
India is booming and that means business is booming for Indian lawyers involved in international transactions. The elite Indian law firms who can service such transactions to international standards are seriously overstretched.
By Stephen Phillips
This article addresses the prospects of recoveries for high yield bondholders in Europe, in the event that there is an adverse change in the credit climate.
By Christopher Utting
The recent announcement by Etihad Etisalat, the Saudi Arabian telecom operator, of its $2.875 billion Islamic financing was a first on a number of fronts.
On January 23, 2006, the Supreme Court issued a 5-4 ruling in Central Va. Community College v. Katz, 126 S.Ct. 990 (2006). The Court ruled that the power granted to Congress to establish "uniform Laws on the subject of Bankruptcies throughout the United States" included the power to determine that States should be subject to avoidance actions like any other creditors.
On January 30, 2006, the Securities and Exchange Commission (the "SEC") published proposed rules that will significantly change disclosure requirements for executive and director compensation in corporate proxy and registration statements. The proposed rules expand existing tabular disclosure and combine it with more detailed narrative disclosure.
In early March, Saudi Aramco and Sumitomo Chemicals wrapped up financing arrangements for a $9.9 billion petrochemical plant in the coastal city of Rabigh, marking the largest project financing to date in Saudi Arabia. Just as significantly, the funding package also included the largest-ever long-term Islamic finance tranche for any project financing in the Middle East.
By Claudette Robertson Druehl, Claudette Robertson Druehl
In 2005, the SEC adopted Rule 202(a)(11)-1 to provide an exception from the definition of "investment adviser" under the Investment Advisers Act of 1940 (Advisers Act) for certain broker-dealers that provide non-discretionary advice solely incidental to their brokerage activities.
The White & Case Broker-Dealer Update provides a brief overview of some of the latest legislative, regulatory and judicial actions, policy statements and decisions that affect broker-dealers.
By Lenore Horton
A recent change by the US Securities and Exchange Commission (SEC) is receiving praise for its thoughtful approach to imposing financial penalties upon corporations. On January 4, Chairman Christopher Cox announced that the SEC had revised the process for determining when to impose a fine on a corporation as a penalty for alleged securities violations.
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