Financing the next industrial revolution. Dan Marjanovic
|
|
- Dustin Wade
- 5 years ago
- Views:
Transcription
1 Financing the next industrial revolution Dan Marjanovic 30 November 2017
2 The Next Industrial Revolution We stand on the brink of a technological revolution that will fundamentally alter the way we live, work and relate to one another. In its scale, scope and complexity, the transformation will be unlike anything humankind has experienced before. Klaus Schwab, Founder & Executive Chairman, World Economic Forum (Jan 2016) 1
3 Technology as the enabler technology is... the means by which revolution takes place. The whole point about an industrial revolution is that it transforms the way the economy works, and in doing so changes society, uproots infrastructure, and alters how people live. Paul Donovan, Global Chief Economist, UBS Wealth Management 2
4 Impact of technological disruption 3
5 New Opportunities 4
6 Impact on Commodities Efficiency & Connectivity Transparency Derisk Fraud Derisk Sanctions AML/KYC De-risking 5
7 But.. remember.. Trade is an exercise in Documents and Physical Commodities 6
8 Tomorrow is NOW but. 7
9 An Update on Structured Letters of Credit Issues to watch out for Matthew Cox
10 CONVENTIONAL SUPPLY CHAIN CARGO CARGO SUPPLIER TRADER BUYER LC LC BANK BANK 9
11 STRUCTURED TRADE LC OFFSHORE BANK DISCOUNT LC CARGO CARGO CARGO SUPPLIER TRADER SPV BUYER LC (1) Application Application + Cash Collateral LC (2) Application BANK 360 DAY LC (3) BANK OFFSHORE ONSHORE BANK (1) & (2) True Trade LCs Method to effect Payment (3) Synthetic Trade LC Financing Emerging Market 10
12 WHY DO IT? Trader: Charge Fees - No interruption of physical trade flows Onshore Bank: Cash collateral now pay LC in 360 days = FUNDING Offshore Bank: Normal trade finance business 11
13 NEW YORK CASE: Fortis Bank (Nederland) N.V. v Abu Dhabi Islamic Bank (2010) 360 Day USD 40 million LC BAHRAIN Bank ISSUING BANK ADIB CONFIRMING BANK Trader BENEFICIARY FORTIS NEGOTIATING BANK Judgment: Upheld principle of independence of LC from underlying transaction Being novel and usual is not same as being fraudulent All parties understood nature of transaction JUDGE: NO FRAUD, CONFIRMING BANK MUST PAY LC 12
14 DEFAULT CASE STUDY: KAZAKHSTAN 2008 Kazakh Banks borrowed USD 45 Billion foreign debt Global financial crisis erupted Systemically important banks Government enacted new legislation: Limited creditors ability to litigate Limited creditors ability to block restructuring ²/ 3 rd of creditors threshold Imposed haircuts Debt for equity swaps Trade Finance Debt strict criteria for Trade Finance to be unimpaired in restructuring 13
15 DEFAULT CASE STUDY: KAZAKHSTAN 2008 SUPPLIER GOODS BUYER International Bank International Bank True Trade LC SUPPLIER GOODS Structured LC OFFSHORE KAZAKHSTAN Alliance Bank IMPORTER Alliance Bank Result: Structured LCs lumped in with True Trade LCs 14
16 STRUCTURED TRADE LETTER OF CREDIT Very useful & quick funding for Issuing Bank Why would Issuing Bank challenge it? Is it trade debt? Is it true trade debt? Is it working capital and does it matter? An LC is an LC is an LC You and your counterparties need to understand nature of transaction 15
17 Contact Details Dan Marjanovic Partner Simmons & Simmons JWS Pte Ltd T: M: E: Matthew Cox Partner Simmons & Simmons JWS Pte Ltd T: M: E:
18 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address.
Negotiating co-investment and side car arrangements
Negotiating co-investment and side car arrangements Dale Gabbert Matthew Pitman James Cofer (Seward & Kissel) David Mulle (Seward & Kissel) Introduction What is co-investment? Typical structure Commercial
More informationSession 7: Introduction to Supply Chain Finance and Receivables Purchasing
Session 7: Introduction to Supply Chain Finance and Receivables Purchasing Jolyon Ellwood-Russell Richard McKeown 30 October 2015 09:00 10:00 Agenda Overview of Receivables Risks and credit quality Specific
More informationEU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip
EU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip 20 September 2016 Adam Jacobs-Dean Global Head of Markets Regulation
More informationMiddle East Regulatory Update
Middle East Regulatory Update Muneer Khan Partner - Dubai Ahmed Butt Partner - Riyadh Ali Hassan Senior Representative Europe & North America DIFC Authority 7 & 8 October 2015 Agenda Introduction Saudi
More informationMiFID2. Commodities. Jonathan Melrose Rosali Pretorius. October 2017
MiFID2 Commodities Jonathan Melrose Rosali Pretorius October 2017 Introduction Overview of change in commodities rules Rules that apply across the board Market infrastructure and reporting Investor protection
More informationNavigating Trade Compliance. Jolyon Ellwood-Russell
Navigating Trade Compliance Jolyon Ellwood-Russell 26 April 2017 Agenda Xx x 1 / L_LIVE_APAC1:5642312v1 Supply Chain International Trade A Origin Custom Procedures Destination B Transport Chain Decomposition
More informationDispute Avoidance: Navigating Complex Infrastructure Projects
Dispute Avoidance: Navigating Complex Infrastructure Projects with a specific focus on airport developments Andrew Mackenzie 18 February 2016 Simmons & Simmons LLP 2013. Simmons & Simmons is an international
More informationHot topics in international employment law - Belgium
Hot topics in international employment law - Belgium Wage moderation - Indexation Marie-Hélène Jacquemin 01 October 2015 Background Wage moderation Maximum margin for 2015-2016 Obligations Sanctions Future
More informationCompliance in Germany - Tax Compliance
Compliance in Germany - Tax Compliance Sascha Kuhn Bernulph von Crailsheim April 21, 2015 Overview I. Why Compliance should care about taxes II. Organisational aspects III. Tax law bear traps IV. Tax correction./.
More informationBrexit related reorganisations and transitions
Brexit related reorganisations and transitions Isabella Roberts David Parkes Khasruz Zaman FI & AMIF Autumn Legal Update 2017 Introduction As a result of Brexit: EU banks/other regulated entities passporting
More informationDerivatives Markets not Leaving the Regulatory Spotlight yet
Derivatives Markets not Leaving the Regulatory Spotlight yet Financial Markets Legal Update 18 May 2017 Rezah Stegeman Programme EMIR for a minute Trading obligation (MiFID2) Post-trade transparency for
More informationAIFMD vs UCITS vs MiFID2
AIFMD vs UCITS vs MiFID2 Nick Colston Darren Fox FI & AMIF Autumn Legal Update 2017 Overview: what we ll cover today When regulation makes headline news.. Part 1: overview of three regulatory regimes Part
More informationOut of the Shadows Limits on Exposures to Shadow Banking Entities
Out of the Shadows Limits on Exposures to Shadow Banking Entities Jochen Kindermann Pascal di Prima London, 22 June 2016 Agenda Introduction Background Definition range Exemptions Consequences 1 / L_LIVE_EMEA2:13469741v1
More informationThe Consumer Rights Act 2015: getting your business ready. Mark Dewar Robert Allen
The Consumer Rights Act 2015: getting your business ready Mark Dewar Robert Allen 14 May 2015 The Consumer Rights Act 2015 What New rules - new challenges New risks - new threats When 01 October 2015 1
More informationMiFID2: Documentation Updates
MiFID2: Documentation Updates Nick Colston Louise Tudor-Edwards FI & AMIF Autumn Legal Update 2017 Introduction what we ll cover today MiFID2 s impact on documentation Legal agreements Internal policies
More informationAutumn Legal Update: Duties and Trade Errors
Autumn Legal Update: Duties and Trade Errors Robert Turner, Paul Baker, Gerard Heyes, Adam Blair and Mark Uttley 11 & 12 October 2017 Introduction Duties Considerations Fiduciary Definition, Policies and
More informationThe ECB single supervisory mechanism and judicial review in the EU courts
The ECB single supervisory mechanism and judicial review in the EU courts Enrico Leone Koen Platteau Wednesday 05 & Thursday 06 October 2016 Introduction Introduction Functioning and decisions of the SSM
More informationConstruction Webinar: BIM
Construction Webinar: BIM Rob Horne rob.horne@simmons-simmons.com 28 April 2016 Section 1 BIM What is it? BIM The Basics What is Business Information Modelling (BIM)? A digital representation of physical
More informationThe next generation of market abuse
The next generation of market abuse Alix Boberg Richard Sims Emma Sutcliffe Jochen Kindermann Wednesday 05 & Thursday 06 October 2016 Market abuse: an outline UK criminal and civil enforcement Perspectives
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 21 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 21 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationProduct Governance and Funds. What is changing on the way to MiFID2. Mahrie Webb, Partner. Romeo Battigaglia, Partner. Caroline Hunter-Yeats, Partner
Product Governance and Funds What is changing on the way to MiFID2 Mahrie Webb, Partner Romeo Battigaglia, Partner Caroline Hunter-Yeats, Partner October 2015 Agenda Summary of the key Product Governance
More informationWhat is happening to ISDA documentation?
What is happening to ISDA documentation? Aron Berket Dirk-Jan Gerrits Rezah Stegeman FMLUS - 17 May 2018 Programme 1. Recent developments 1. Benchmarks 2. Settled-to-market 3. MiFID2 4. VM Requirements
More informationRegulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution
Regulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution Diana Paredes Murat Abur Pascal di Prima 17.11.2015, London Agenda Introduction Current
More informationSM&CR Roundtable Questions
SM&CR Roundtable Questions Pollyanna Deane Felix Zimmermann Richard Sims Andrea Finn Laura Allen 27 September 2017 SMCR for insurers and insurance distributors 1. Different approaches SMCR for insurers
More informationDistribution update the competition law perspective. Peter Meyer Koen Platteau Genevieve Borremans Claudia Mercer Filippo Fioretti
Distribution update the competition law perspective Peter Meyer Koen Platteau Genevieve Borremans Claudia Mercer Filippo Fioretti 3 June 2015 Overview EU legal framework National reports from France UK
More informationPaul Browne, Partner, London Yongmei Cai, Partner, Beijing Jay Lee, Partner, Hong Kong
One Belt One Road and RMB internationalisation: a look at how recent PRC regulatory developments provide significant opportunities for market participants in the Financial Markets in the UK and Europe
More informationEquity Capital Markets Update
Equity Capital Markets Update Colin Bole Chris Horton Simon Ovenden Chris Walton Alex Ainley FI & AMIF Autumn Legal Update 2017 Overview FCA consultations: - IPOs and unconnected research - review of UK
More informationFinancial Markets Legal Update Seminar
Financial Markets Legal Update Seminar Programme 18 May 2017 Stream 1 Capital Markets Stream 2 Banking / Restructuring & Insolvency Stream 3 Financial Services / Tax 12:30-13:00 Registration and sandwiches
More informationGDPR: The future of marketing and commercialisation of data. Alexander Brown & Matt Dyer, Simmons & Simmons
GDPR: The future of marketing and commercialisation of data Alexander Brown & Matt Dyer, Simmons & Simmons 18 May 2017 Fair and lawful processing Consents and notices Fair and lawful processing Personal
More informationPublic consultation on EU merger control
Public consultation on EU merger control Tony Woodgate Koen Platteau Martin Gramsch Geneviève Borremans 07 December 2016 Background Ongoing evaluation of the functioning of procedural and jurisdictional
More informationEmployment law in Germany Works Council
Employment law in Germany Works Council Steffen Nguyen-Quang, EMBA 9 June 2016 Agenda Employee representative bodies Establishment of a works council General functions and competencies of the works council
More informationSession 9: Hot Button Items in Hong Kong Equity Capital Markets: Pre-IPO Investments and Weighted Voting Rights
Session 9: Hot Button Items in Hong Kong Equity Capital Markets: Pre-IPO Investments and Weighted Voting Rights David Neuville Joseph Lee 30 October 2015 11:30 12:30 Pre-IPO Investments Extremely common
More informationThe NEC3. The Unknowns
The NEC3 The Unknowns The Gaps Between the Express Terms; Is Clause 10.1 the Answer? First, a few unknowns in the NEC 1. What happens when the Accepted Programme is not accepted? 2. What happens when a
More informationRestrictive Covenants: A PRC and Hong Kong Perspective
Restrictive Covenants: A PRC and Hong Kong Perspective K. Lesli Ligorner, Partner, Shanghai Fiona Loughrey, Partner, Hong Kong China Employment Group Simmons & Simmons 10 February 2015 Simmons & Simmons
More informationIndividual Accountability: Extending the Senior Managers and Certification Regime to insurers
Individual Accountability: Extending the Senior Managers and Certification Regime to insurers 4 August 2017 Pollyanna Deane Felix Zimmermann Emma Sutcliffe Peter Lockwood Just before the new accountability
More informationAnti-trust Law with an IP Protection Interface in China
Anti-trust Law with an IP Protection Interface in China An emerging legal area affecting your business Xun Yang 20 September 2016 1 /APAC 5320363 Content Legal Framework of Anti-trust Laws with IP Interface
More informationEmployment law in Germany avoiding the common pitfalls? Verena Braeckeler-Kogel
Employment law in Germany avoiding the common pitfalls? Verena Braeckeler-Kogel London, 03 April 2014 Recruitment Advertising job vacancies We are looking for a committed, fully qualified lawyer (0-2 years
More informationThe gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons
The gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons 18 May 2017 Overview The gig economy Employment status The gig economy under attack Conclusion 1 / B_LIVE_EMEA1:4375456v1
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 13 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 13 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationEmployment law in Germany Employee claims. Verena Braeckeler-Kogel
Employment law in Germany Employee claims Verena Braeckeler-Kogel 01 December 2016 Agenda Rules of legal procedure Labour courts Course of the proceedings Evidence Common claims and employer pitfalls Dismissal
More informationRationalising legal entities and moving operations
Rationalising legal entities and moving operations Isabella Roberts Ania Rontaler Hatice Ismail 25 January 2017 Introduction Rationalising legal entities Moving operations From a corporate and tax perspective
More informationRecent developments in Structured Finance
Recent developments in Structured Finance Financial Markets Legal Update 18 May 2017 Jeroen Bos Marieke Driessen Introduction The Dutch Landscape Securitisation Covered Bonds Other structured finance issues
More informationMiFID2 for asset managers headlines and roadmaps
MiFID2 for asset managers headlines and roadmaps Nick Colston Darren Fox Wednesday 05 & Thursday 06 October 2016 Introduction what we ll cover today 1. Re-cap and recent developments 2. L2 Directive: finalised
More informationUK Takeover Code: Panel consultation on profit forecasts and other amendments
UK Takeover Code: Panel consultation on profit forecasts and other amendments simmons-simmons.com elexica.com UK Takeover Code: Panel consultation on profit forecasts, quantified financial benefits statements,
More informationPeter Wright. Renewable Energy Projects in Africa Comparing Procurement Models for Renewable Generation Capacity. Simmons & Simmons March 2015
Renewable Energy Projects in Africa Comparing Procurement Models for Renewable Generation Capacity Peter Wright Simmons & Simmons March 2015 Meeting the cost of Green Energy When renewables first emerged
More informationBaFin s sanctioning practice. Jochen Kindermann Lennart Dahmen
BaFin s sanctioning practice Jochen Kindermann Lennart Dahmen European landscape Harmonization and bigger fines After the financial crisis of 2007, report by De Larosiere (2009) Competent authorities in
More informationVAT, Asset Management & Pensions
VAT, Asset Management & Pensions Nick Skerrett Heather Rowlands Crystal Randles-Mills FI & AMIF Autumn Legal Update 2017 Introduction Update on the case law concerning the VAT liability of investment management
More informationSingapore. Core Strengths. Financial Markets. Major Projects. Information, Communications & Technology. Corporate and Commercial
Singapore Sep 2016 Singapore Investment Funds Law Firm of the Year and Employment Law Firm of the Year Asian Legal Business Law Awards 2014 Our Singapore office provides a hub to support clients throughout
More informationBEPS: What does it mean for funds and asset managers?
BEPS: What does it mean for funds and asset managers? Client Seminar Martin Shah René van Eldonk Malcolm Richardson, M&G 10 March 2015 Overview Background to and progress to date of BEPS Action Plan More
More informationBreakfast Briefing: German regulatory law - loan funds and distribution matters
Breakfast Briefing: German regulatory law - loan funds and distribution matters Dr Harald Glander Oliver Kittner Norman Mayr 28 April 2016 Agenda UCITS V and loan funds German Master-KVG structure Solvency
More informationThe German Netting Decision
The German Netting Decision The Enforceability of Contractual Netting in light of the Decision of the German Federal Supreme Court (BGH) dated 9 June 2016 Pascal di Prima Partner, Frankfurt Regina Rath
More informationThis article considers the changes that the new Regulation will make to the current prospectus regime for equity issuers.
The new Prospectus Regulation: Key features for equity issuers July 2017 simmon-simmons.com elexica.com Overview The long-awaited Prospectus Regulation (the Regulation), which repeals and replaces the
More informationCPD Day 2016 Shanghai Stock Connect Margin Financing
CPD Day 2016 Shanghai Stock Connect Margin Financing Richard McKeown Joseph Lee 19 October 2016 Outline Taking security over listed shares Stock Connect - Shanghai (Nov 2014) / Shenzhen (Nov 2016) Common
More informationStructuring Investments into Africa: Tax and BITs Aspects
Structuring Investments into Africa: Tax and BITs Aspects February 2015 Structuring Investments into Africa Tax is, of course, only one of many elements to consider when planning cross-border investments.
More informationUCITS V: Who needs to do what by when?
UCITS V: Who needs to do what by when? Andrea Finn Viviane de Moreau Neil Simmonds Mahrie Webb 07 & 08 October Agenda Summary of changes being introduced under UCITS V Impact on remuneration structures
More informationThis Summer News Macron & Rebsamen Laws : All you need to know
This Summer News Macron & Rebsamen Laws : All you need to know Laurence Renard Partner Employment Department Paris Office 01 October 2015 THE REBSAMEN LAW INDEX Unique Delegation of Employee Representatives,
More informationThe Taxman Cometh. Jon Brose (Seward & Kissel) Martin Shah. Hatice Ismail. Zoë Arnautov. Wednesday 11 & Thursday 12 October 2017
The Taxman Cometh Jon Brose (Seward & Kissel) Martin Shah Hatice Ismail Zoë Arnautov Wednesday 11 & Thursday 12 October 2017 Session agenda A time of change in the tax environment What do asset managers
More informationContract Law: legal issues to bear in mind when negotiating contracts. Jayne Bentham Paolo Caldato
Contract Law: legal issues to bear in mind when negotiating contracts Jayne Bentham Paolo Caldato 14 May 2015 What will this session cover? Some drafting pitfalls Governing law and choice of forum clauses
More informationIntroduction to the Mechanics of Trade Finance
Introduction to the Mechanics of Trade Finance 15 October 2014 Jolyon Ellwood-Russell Partner, Hong Kong Introduction What is Trade Finance Documentary Credits Standby Letters of Credit Threats to Unconditional
More informationNew Terminology. References to. The main theme of NEC4 is that it represents an evolution rather than a revolution in thinking
New Terminology The main theme of NEC is that it represents an evolution rather than a revolution in thinking References to project participants as him and his actions are now stated in a neutral voice
More informationOur ref COMM LIT/OPEN/-1/TIHA OH ZO'I5 Your ref
Simmons &Simmons Simmons &Simmons LLP CityPoint One Ropemaker Street London EC2Y 9SS United Kingdom T +44 20 7628 2020 F +44 20 7628 2070 DX Box No 12 Our ref COMM LIT/OPEN/-1/TIHA OH OCtOb@f ZO'I5 Your
More informationOversight. Mutual Recognition of Funds between France and Hong Kong. Introduction. August 2017 simmons-simmons.com elexica.com
Oversight August 2017 simmons-simmons.com elexica.com Mutual Recognition of Funds between France and Hong Kong Introduction The Securities and Futures Commission of Hong Kong (SFC) and the Autorité des
More informationTelecoms Infrastructure Sharing: The Asset Purchase Agreement
Telecoms Infrastructure Sharing: The Asset Purchase Agreement This article follows on from Telecoms infrastructure sharing: structures and [Telecoms infrastructure sharing: The Tower Use Agreement], and
More informationCoffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2
Coffee, you and MiFID 2 Algorithmic and High-Frequency Trading under MiFID 2 Jochen Kindermann Partner Marc Burgheim Head of Trading - Foreign Exchange (BayernLB) 23 July 2015 The promises and pitfalls
More informationDebt layering and intercreditor issues
Debt layering and intercreditor issues Investment and financing structures set out in various Intercreditor Agreements of the LMA Financial Markets Legal Update -17 May 2018 - Jan-Joost van Rijsbergen
More informationThe NEC Definitely, Maybe?
The NEC Definitely, Maybe? Rob Horne - Simmons & Simmons David Thomas QC - Keating Chambers Keith Strutt - DriverTrett General Introduction 1 / B_LIVE_EMEA1:1842195v2 The NEC Why is it relevant The 2015
More informationLandfill Tax evasion by landfill operators and the new offences of facilitation 24 April 2017, 12:00 12:45
Landfill Tax evasion by landfill operators and the new offences of facilitation 24 April 2017, 12:00 12:45 Host Presenter Presenter Presenter Adam Read Resource Efficiency & Waste Management Practice Director
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationMiFID2 Extraterritorial Impact on FIs and AMIFs. Charlotte Stalin Jason Valoti
MiFID2 Extraterritorial Impact on FIs and AMIFs Charlotte Stalin Jason Valoti 15 March 2017 TIMING: EU LEGISLATIVE PROCESS LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 4 The European Parliament and European Council prepare
More informationTax round-up for banks
Tax round-up for banks Mark Sheiham René van Eldonk 07 & 08 October 2015 Topics to be covered July Budget changes to UK bank levy and bank surcharge The future of UK withholding taxes (WHT) General HMRC
More informationGrowing digital health innovations
Growing digital health innovations Organisers: Dr Adesina Iluyemi, Healthtronics Consulting Paolo Caldato, Simmons & Simmons LLP For further information: www.meetup.com/digihealthiest www.elexica.com @Digihealthiest
More informationPublication Date: March 03, The documentary credit; From zero to hero
Documentary Credits on the mend international letter of credit practice receives a welcome boost from English and US Court decisions. Article 16 rejection procedure and Documentary Credit Structures. Author:
More informationCorporate. Burges Salmon Guide to joint ventures
Corporate Burges Salmon Guide to joint ventures Introduction This Guide provides an overview of the most common legal structures used in joint venture arrangements in the UK. It assumes that the venture
More informationOversight. ESMA Guidelines on ETFs and Hong Kong. Introduction. Status and Compliance with the Guidelines. August 2012 simmons-simmons.com elexica.
Oversight August 2012 simmons-simmons.com elexica.com ESMA Guidelines on ETFs and Hong Kong Introduction On 25 July 2012 the European Securities and Markets Authority (ESMA), the European Union s securities
More informationBlueBay Asset Management LLP RTS 28 Top 5 Execution Venue Report: Securities Financing Transactions (SFTs) (year ending 31 st December 2017)
BlueBay Asset Management LLP RTS 28 Top 5 Execution Venue Report: Securities Financing Transactions (SFTs) (year ending 31 st December 2017) April 2018 Page 1 of 22 Equities - Shares & Depositary Receipts
More informationI attach the combined comments of the Law Society and the City of London Law Society Company Law Committees on the four draft guidance documents.
Page 1 of 2 From: Sent: 11 January 2016 21:01 To: Cc: Subject: RE: Government Response to the consultation on PSC regulations Attachments: CO-#25984096-v1-Doc_4 CLLS_and_Law_Soc_comments Nonstatutory_guidanc...docx;
More informationAutomatic Exchange of Information in Hong Kong
May 2017 simmons-simmons.com elexica.com Automatic Exchange of Information in Hong Kong Introduction In September 2014, Hong Kong indicated its support for implementing the international standard for automatic
More informationInternational Trade, Logistics & Transport
International Trade, Logistics & Transport "Very hard-working and thoughtful people who come up with solutions." Chambers Global, 2015 Overview of International Trade, Logistics & Transport Overview Charles
More informationEuropean Commission Green Paper on Shadow Banking
23 March 2012 European Commission Green Paper on Shadow Banking On 19 March 2012, the European Commission launched a consultation in the form of a Green Paper on regulation of the shadow banking sector.
More informationInsurance issues for commercial development
Insurance issues for commercial development Richard Dyton Partner, Projects (Simmons & Simmons) Iftikhar Ali Of Counsel, Litigation (Simmons & Simmons) 1 June 2017 What this talk will cover Key insurance
More informationVariation/initial margin and clearing
Variation/initial margin and clearing Lessons learned and looking ahead to the new derivatives market Jonathan Quie Jason Valoti Simon McKnight 15 March 2017 Variation/initial margin and clearing Considerations
More informationConsultation paper on the Securities and Futures (OTC Derivative Transactions Reporting and Record Keeping) Rules
31 July 2014 Consultation paper on the Securities and Futures (OTC Derivative Transactions Reporting and Record Keeping) Rules Contents On 18 July 2014, the Securities and Futures Commission ( SFC ) and
More informationReview of 2016 (to date) and upcoming developments
Review of 2016 (to date) and upcoming developments Anne Sammon & Ashley Wootton 7 December 2016 Simmons & Simmons LLP 2013. Simmons & Simmons is an international legal practice carried on by Simmons &
More informationOversight. Consultation Conclusions regarding the Hong Kong Position Limit Regime. April 2017 simmons-simmons.com elexica.com
Oversight April 2017 simmons-simmons.com elexica.com Consultation Conclusions regarding the Hong Kong Position Limit Regime On 21 March 2017, the Hong Kong Securities and Futures Commission (SFC) issued
More informationEU trade mark reforms: Practical implications What you need to know and do. Bex Heard Frédérique Potin Adrian Dykes
EU trade mark reforms: Practical implications What you need to know and do Bex Heard Frédérique Potin Adrian Dykes 26 May 2016 Directive 2015/2436 and Regulation 2015/2424 A new EU order for EUTMs and
More informationCommittee of European Securities Regulators consults on client classification under MiFID
July 2010 Stop Press Committee of European Securities Regulators consults on client classification under MiFID The Committee of European Securities Regulators ( CESR ) published on 12 July a consultation
More informationTel: Fax: Web: Address: 1 Ropemaker Street London EC2Y 9HT United Kingdom
NO DEPOSIT TRADING BONUS SCHEME - TERMS AND CONDITIONS A. Introduction 1. Trading Point of Financial Instruments UK Limited (the "Company", "we", "our", "us" or "XM"), operating under the trading name
More informationTHE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS
THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) A COMPLETE GUIDE TO WEALTH STRUCTURING OPTIONS Executive Summary The Dubai International Financial Centre (DIFC) has successfully positioned itself as a
More informationThe 2009 China Inter-bank Market Financial Derivative Transactions Master Agreement
Hot topic. March 2009 The 2009 China Inter-bank Market Financial Derivative Transactions Master Agreement 1. Background On 16 March 2009, the National Association of Financial Market Institutional Investors
More informationHong Kong regulators publish proposed rules for mandatory clearing and expanded mandatory reporting
October 2015 Hong Kong regulators publish proposed rules for mandatory clearing and expanded mandatory reporting On 30 September, the HKMA and SFC published their proposed next steps in the regulation
More informationCorporate & Commercial
Corporate & Commercial Middle East ''A completely stellar firm, with real strength & depth. All the people are great - all are absolutely razor sharp with knowledge of the law." Chambers UK, 2014 Introduction
More informationOverview of International Employment Law Issues (Shading highlights something significantly different from the UK position)
Documentation / Formalities Government registration / civil processing of employment documentation? Probationary periods allowed? Yes (up to six months). Do non-nationals require work / resident permit?
More informationThe Royal Bank of Scotland Group plc. The Royal Bank of Scotland plc. 50,000,000,000 Euro Medium Term Note Programme
SUPPLEMENTARY PROSPECTUS DATED 4th NOVEMBER 2008 The Royal Bank of Scotland Group plc (Incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980, registered number SC045551)
More informationFinancial Markets Disputes: recent top cases, trends and themes for the future
Financial Markets Disputes: recent top cases, trends and themes for the future Richard Bunce Robert Allen Chloe Culleton Ed Crosse FI & AMIF Autumn Legal Update 2017 In this headlines-only session Overview
More informationThe Charitable Incorporated Organisation
The Charitable Incorporated Organisation October 2012 1 The Charitable Incorporated Organisation Introduction Nick Hurd, Minister for Civil Society, made the following announcement on 30 October 2012 on
More informationReform proposed by PRC SAFE
March 2014 Reform proposed by PRC SAFE Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction SAFE is considering making sweeping changes to the regulatory regime
More informationMiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs. 25 October 2017
MiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs 25 October 2017 Contents Introduction 1 Commonly asked questions 7 Managed account documents 8 Key contacts
More informationMiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs. 18 September 2017
MiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs 18 September 2017 Contents Introduction 1 Commonly asked questions 7 Managed account documents 8 Key contacts
More informationAdjustment and claw back of bonuses: new rules since 1 January 2014
January 2014 Adjustment and claw back of bonuses: new rules since 1 January 2014 Introduction With immediate effect as from 1 January 2014, long-awaited legislation on the adjustment and claw back of bonuses
More informationReform of the Trustee Ordinance Consultation Conclusions.
November 2012 Reform of the Trustee Ordinance Consultation Conclusions. The Financial Services and the Treasury Bureau (the FSTB ) published the conclusions (the Conclusions ) to the Consultation on Detailed
More information