Recent developments of Asian REITs and lessons from Australia
This article focuses on recent developments in the Asian REIT market as the effects of global financial crisis set in and examines how regulatory reforms along the lines of the more mature Australian REIT market could help ease these effects.
Lehman Brothers’ priority provisions upheld - 5 August 2009
The High Court of England and Wales recently upheld the priority given to investors over the rights of Lehman Brothers as a swap counterparty in a credit-linked note structure. This means that, as a matter of English law, Lehman Brothers’ default under the swap will cause it to rank behind the investors on the application of the collateral which secures the amounts owed to the investors and Lehman Brothers.
Reforms to the offering and distribution of structured products in Hong Kong - 2 April 2009
On 25 March 2009, the Hong Kong Monetary Authority (HKMA) issued a circular setting out implementation measures and timeframes in relation to recommendations regarding the offering and distribution of structured products in Hong Kong (the HKMA Circular). The measures have important and immediate implications for distributors and manufacturers of structured products in Hong Kong and signal the start of a new wave of regulatory changes.
Updates on CBRC Notice 47 re wealth management products - 22 May 2008
QDII banks are required to take full responsibility to their customers for any offshore investment products sold through local wealth management accounts/QDII schemes. This alert clarifies the CBRC’s (China Banking Regulatory Commission) policy underlying its Notice on the Issues Relevant to Further Regulating Commercial Banks’ Wealth Management Business (YJBF [2008] 47) (Notice 47).
China opens RMB retail business to foreign banks from 11 December 2006 - 23 November 2006
China has issued new rules to govern foreign banks' activities in China from 11 December 2006. To participate in the potentially lucrative retail RMB (renminbi) business and bank card business foreign banks have to incorporate subsidiaries in China as wholly-owned banks or Sino-foreign joint venture banks. These conditions will require most international banks to radically restructure their operational structures in China.
Hong Kong prospectus regime - appeasing the market consensus - 12 October 2006
On 22 September 2006, the Hong Kong Securities and Futures Commission (SFC) published its conclusions on possible reform to the law relating to the public offering of shares and debentures. The conclusions follow a consultation process that began in August 2005. The SFCs response is clearly based on the majority response to its consultation paper. There will be important changes to some current market practices. Proposed legislative amendments will follow in due course.
Amendments to the Hong Kong Listing Rules - 28 February 2006
On 17 February 2006 the Hong Kong Stock Exchange introduced several changes to the Main Board and Growth Enterprise Market (GEM) Board Listing Rules. These amendments will take effect from 1 March 2006. While the amendments largely deal with minor and housekeeping matters, some amendments have clarified issues raised by listed companies and market practitioners since the last major amendments to the Main Board and GEM Listing Rules in March 2004.
“A major competitor for every firm in the market, Mallesons is consistently renowned for being a frontrunner in financial services, with an exceptionally strong banking client base…Mallesons has proved itself equally competent in the regulatory market..”
IFLR 1000 2008