Mercados de capital de deuda

Artículos Recientes

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  19.01.2023

  Reino Unido

  ABT Au­to In­ve­s­t­me­n­ts Ltd v Aa­pi­co In­ve­s­t­me­nt Pte Ltd – im­po­r­ta­n­ce of ag­reei­ng co­m­me­r­cia­l­ly reaso­na­b­le va­lua­tion me­tho­ds

  In this Law-Now we discuss the recent case of ABT Auto Investments Ltd v Aapico Investment Pte Ltd [2022] EWHC 2839 (Comm) which involved the remedy of appropriation, an enforcement option available under the Financial Collateral Arrangements Regulations (“FCARs”). Appropriation may be used where security is created or arises under a security financial collateral arrangement and this is agreed between the parties. The FCARs were introduced in the UK to implement EU directives, the purpose of which was to simplify the process of taking security over financial collateral across the...

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  12.01.2023

  Alemania

  Ge­r­man Mi­ni­s­t­ry of Fi­na­n­ce is­sues dra­ft le­t­ter on the in­co­me tax trea­t­me­nt of pro­fit pa­r­ti­ci­pa­tion ri­gh­ts

  In November 2022, the German Ministry of Finance (BMF) issued a letter on the income tax treatment of profit participation rights and their classification as equity or debt, which is intended to provide clarity and investment security after previous uncertainties regarding the tax treatment of profit participation rights. Practical relevance The use of profit participation rights is becoming increasingly popular, especially among banks, for investments in renewable energy, and with a strong recent trend toward blockchain-based or tokenised investments. Depending on the structure of the profit participation...

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  28.11.2022

  Reino Unido

  Sy­n­the­tic LI­BOR up­da­te: 3 mo­n­th sy­n­the­tic ste­r­li­ng LI­BOR to cea­se end Ma­r­ch 2024 and FCA co­n­su­l­ta­tion on sy­n­the­tic US do­l­lar LI­BOR se­t­ti­n­gs

  On 23 November 2022 the Financial Conduct Authority (the “FCA”) announced that the 3 month synthetic sterling LIBOR setting will cease permanently at the end of March 2024. The FCA also launched a further consultation on proposals regarding synthetic US dollar LIBOR – proposing to publish 1 month, 3 month and 6 month settings until the end of September 2024 (the “Consultation”). In this Law-Now we outline the timeline for cessation of the existing synthetic settings and consider the FCA’s proposals regarding synthetic US dollar LIBOR. Our previous Law-Nows...

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  10.10.2022

  Reino Unido

  1 and 6 mo­n­th sy­n­the­tic ste­r­li­ng LI­BOR se­t­ti­n­gs to cea­se af­ter 31 Ma­r­ch 2023

  In our Law-Now at the end of July we discussed the market consultation of the Financial Conduct Authority (the “FCA”) on the cessation of synthetic sterling LIBOR settings and the potential publication of synthetic US Dollar settings (the “Consultation”). See - FCA consultation on synthetic LIBOR - cessation of sterling settings and potential publication of US dollar settings (cms-lawnow.com). The Consultation closed in August. In this Law-Now we discuss the FCA’s first announcement in response to the Consultation on 29th September 2022 which confirmed that publication...

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  17.08.2022

  Turquía

  Tu­r­key’s CMB pu­b­li­shes Gui­de on Green De­bt In­s­t­ru­me­n­ts/Lea­se Ce­r­ti­fi­ca­tes 

  After the 3 November 2021 publication of the Draft Guide on Green Bonds and Green Lease Certificates, the Capital Markets Board (CMB) introduced the Applicable Version of the Guide on 25 February 2022. Our comments on the Draft Guide are available here. Similar to the Draft Guide, the Applicable Guide can regulate projects that are financed with green/sustainable debt instruments, including the use and management of the funds obtained from the issuance, and public disclosure and obligations regarding reporting and provision of external appraisal services. Since this Guide has been introduced to...

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  22.04.2022

  China

  Do Chi­ne­se su­b­si­dia­ries of EU sha­reho­l­de­rs and EU na­tio­na­ls in Chi­na ha­ve to co­m­p­ly wi­th EU sa­nc­tio­ns on Ru­s­sia?

  Recently the EU imposed additional sanctions on Russia and Russian companies and individuals. For foreign invested enterprises with EU shareholders and EU nationals in China, the questions arises whether they must comply with these regulations when doing business with Russian business partners from China. According to the answers provided by the EU Commission in their FAQs, the following applies: In principle, EU sanctions do not apply extra-territorially. In accordance with Article 13 of COUNCIL REGULATION (EU) No 833/2014 (the "Regulation"), the Regulation applies: within the territory of the...

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