While there have been ups and downs, of course, for leveraged finance over the last 40 years (most notably during the financial crisis), leveraged finance used to support acquisitions has become a very big business and is almost certainly here to stay (and probably grow). This volume is intended to contribute to the knowledge base of lawyers who participate, or aspire to participate, in leveraged finance used for acquisitions. It will hopefully provide an overview and introduction for the novice and be a ready resource for an active practitioner who needs to know about relevant laws and practices in jurisdictions around the world.
The overriding theme of the last 12 months is that of continuing regulatory change in the private wealth arena. A sense of increasing pace and convergence in particular stand out in comparison with earlier years. The pace component is best seen in the introduction of new regimes or the updating of existing rules. The theme of convergence is based upon how centrally significant the concept of ‘beneficial ownership’ is becoming to many of the initiatives. A third strand is an increasing divergence between the European Union and the United States in this arena:
the European Union continues to force the pace on transparency, while the United States proceeds at a much more leisurely speed and gives greater weight to privacy concerns than its European neighbours.
This book serves two purposes, one obvious, but the other possibly less so. Quite obviously, and one reason for its continuing popularity, The International Capital Markets Review addresses the comparative law aspect of our readers’ international capital markets (ICM) workload and equips them with a comparative law reference source. Globalisation and technological change mean that the transactional practice of a capital markets lawyer, wherever based, no longer enjoys the luxury, if ever it did, of focusing solely at home within the confines of a single jurisdiction. Globalisation means that fewer and fewer opportunities or challenges are truly local, and technology more and more permits a practitioner to tackle international issues.
The Virtual Currency Regulation Review is intended to provide a practical, business-focused analysis of recent legal and regulatory changes and developments, and of their effects, and to look forward at expected trends in the area of virtual currencies on a country-by-country basis. We are still very much in the early days of the virtual currency revolution. No one can truthfully claim to know what the future holds for virtual currencies, but as it does not appear to be a passing fad, we have endeavoured to provide as much useful information as practicable concerning the regulation of virtual currency.
This volume offers an in-depth review of market conditions and insolvency case developments in key countries around the world. A debt of gratitude is owed to the outstanding professionals the world over who dedicated their time and talents to this book. This book is a significant undertaking because of the current coverage of developments we seek to provide. As always, the hope is that this year’s volume will help all of us, authors and readers alike, reflect on the larger picture, keeping our eye on likely, as well as necessary, developments, both on the near and distant horizons.
Islamic finance has grown rapidly during the past 20 years, in market participants, structuring expertise and transaction types. The chapters in this book illustrate the dynamic manner in which Islamic finance has adapted and continues to develop globally. Although each country will have variations, one of the most striking features of Islamic finance as a legal discipline is that it includes core concepts and structures that cross jurisdictional boundaries.
While the global financial crisis of 2007 and 2008 may feel like an increasingly distant memory, its effects continue to be felt across the whole of the financial world. Despite significant improvements in the global economic landscape in the intervening years, global growth has been hampered in recent years by various geopolitical factors, including political uncertainty resulting from the change in administration in the US in 2016 and the rise of populist movements in Europe. The world of asset management is increasingly complex, but it is hoped that this edition will be a useful and practical companion as we face the challenges and opportunities of the coming year.
Transfer pricing rules are, of course, a central plank in governments' fight against profit shifting, and the application and evolution of these rules will (rightly) continue to be high up the corporate tax agenda for many years to come.
The global economic upswing, which began in 2016, continues to strengthen with global GDP growth reaching 3.9 per cent in the second quarter of 2018 and expected to increase further in the second half of 2018. World trade growth accelerated by 4.7 per cent in 2017, following trade growth of only 1.8 per cent in 2016. This is largely driven by cyclical improvements and an increase in investment growth in developed economies.
As we noted in the Preface to last year’s edition of the Banking Litigation Law Review, banks will always be regular litigants – generally as defendants – and this year’s contribution of jurisdiction-specific chapters explains how and why.
This fourth edition of The Lending and Secured Finance Review contains contributions from leading practitioners in 25 different countries, and I would like to thank each of the contributors for taking the time to share their expertise on the developments in the corporate lending and secured finance markets in their respective jurisdictions and on the challenges and opportunities facing market participants.
This first edition of The Financial Technology Law Review is published at a time when most players in the finance sector are concerned about the new developments that information technology (IT), big data and artificial intelligence (AI). Hence, it is often forgotten that the use of IT in the finance sector is not new and that many applications that would come under fintech are already quite old, at least by today’s standards.
Banking regulation is a never-ending quest to balance the three major policy objectives of financial stability, consumer protection and the needs of developed economies for reliable services involving the provision and intermediation of finance. It is safe to say that the relative importance of these factors to policymakers will never be constant.
The Initial Public Offerings Law Review seeks to introduce the reader to the global IPO regulatory environment and main stock exchanges in 19 jurisdictions, providing an overview of the IPO process, regulatory and exchange requirements and key offering considerations when taking a company public in these jurisdictions.
Consumer choice for financial products and services is proliferating across global markets. The ability to reach consumers at any time on their mobile phones, tablets or other devices has helped attract substantial capital investment in consumer financial services.