This third edition of The Lending and Secured Finance Review comes at a particularly uncertain time for the financial markets. Although the debt markets have been relatively resilient in the face of a series of shocks, the economic outlook remains uncertain: concerns about Brexit, the slow pace of growth in the eurozone, exchange rate movements and the competitive threat posed by deregulation in the US to the UK and European financial markets are among multiple geopolitical risk factors on the horizon.
Despite the level of global uncertainty in 2016, market participants were active across various jurisdictions, which led to a very strong year for M&A activity. Many markets and sectors recorded peak dealmaking as investors sought out new opportunities, even if the year did not quite replicate 2015’s year of mega-deals’. A mixture of currency fluctuations and access to cheap debt meant that companies looked to acquire their desired targets.
Cartels are a surprisingly persistent feature of economic life. The temptation to rig the game in one’s favour is constant, particularly when demand conditions are weak and the product in question is an undifferentiated commodity.
The Dispute Resolution Review provides an indispensable overview of the civil court systems of 37 jurisdictions. It offers a guide to those who are faced with disputes that frequently cross international boundaries. As is often the way in law, difficult and complex problems can be solved in a number of ways, and this edition demonstrates that there are many different ways to organise and operate a legal system successfully.
Pre-merger competition review has advanced significantly since its creation in 1976 in the United States. As this book evidences, today almost all competition authorities have a notification process in place – with most requiring pre-merger notification for transactions that meet certain prescribed minimum thresholds.
In this eighth edition, we can see that corporate governance is becoming a more vital and all-encompassing topic with each year that passes. We all realise that the modern corporation is one of the most ingenious concepts ever devised. Our lives are dominated by corporations. We eat and breathe through them, we travel with them, we are entertained by them, most of us work for them.
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.