Finance

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Briefings in English - 2011

The new Law Decree No. 70 of 13 May 2011, published in the Official Gazette No. 110 dated 13 May 2011 and related to ‘First urgent measures on the economy’ (the Decreto Sviluppo), has amended the maximum cap for determining the ‘usury rate’ and the formula used to calculate the ‘usury rate’./Il nuovo decreto legge 13 maggio 2011 n. 70, pubblicato in Gazzetta Ufficiale n. 110 del 13 maggio 2011 e recante “Prime disposizioni urgenti per l’economia” (il c.d. Decreto Sviluppo), ha modificato il limite, oltre che le modalità di calcolo, del “tasso soglia” per la determinazione del c.d. “tasso usurario”. (July 2011)

A new set of rules on trading and custody of foreign securities and securities designated for qualified investors was recently adopted by the Russian securities market regulator, the Federal Service for Financial Markets (FSFM). On 5 April 2011, the FSFM issued Order No. 11-8/pz-n ‘On the Particularities of Trading and Recording Rights to Securities Designated for Qualified Investors and Foreign Securities’ (the Order), which entered into force on 19 June 2011. This briefing looks at the new rules and assesses their implications. (June 2011)

The Soil Contamination Countermeasures Law was amended last year. A recent government report has highlighted the considerable impact of the new amendments. This briefing summarises the key changes under the recent amendments that, among other things, expanded owners’ obligations to conduct contamination investigations and clarified remediation responsibilities. This briefing also assesses the impact of the amendments on real estate transactions, including due diligence. (June 2011)

In this client briefing we explain the law and process of appointment of Law of Property Act receivers. (June 2011)

This briefing looks at the options available to directors in the winding up of a solvent company. In particular, it reviews the prodcedure and the advantages and disadvantages of a members’ voluntary liquidation. (June 2011)

Financial collateral agreement: Legislative Decree No. 48 of 24 March 2011

Confidence seems to be returning to global private equity markets, with the number of leveraged buyouts (LBOs) increasing and a gradual improvement in credit conditions. But even if there is some cause for optimism, will the wall of refinancing present a stumbling block to this recovery? This report examines both regional and industry exposures to LBO maturities and the positive trends that we are now seeing towards current investment. (March 2011)

In BNY v Eurosail the Court of Appeal considered whether an issuer was balance sheet insolvent under section 123(2) of the Insolvency Act 1986 and, if so, whether a post-enforcement call option agreement changed the insolvency analysis. Its decision last week that the issuer was not balance sheet insolvent serves to raise the evidential bar for showing that a company is balance sheet insolvent. It is not enough to show that the value of the assets is less than the quantum of liabilities at a particular point in time; rather the company needs to have reached the point of no return because of an incurable deficiency in its assets. (March 2011)

The employment appeal tribunal has decided that TUPE will apply to all administration sales. This briefing explains the decision and its implications. (March 2011)

As a reaction to the liquidity crises of several German open-ended real estate funds, new rules are to be introduced by the Investor Protection and Functionality Improvement Act. The main changes affect redemption, liquidity management, the frequency of asset valuation and the permitted leverage of these funds. (February 2011)

Restructuring and insolvency 2011 addresses the most important issues that arise at the critical time when a corporation is forced to confront financial crisis. Please visit the website www.GettingtheDealThrough.com for a review and order form.

Briefings in German - 2011

Am 20. Oktober 2011 hat die Europäische Kommission im Zuge ihrer Maßnahmen zur Verbesserung der Solidität und Transparenz der Finanzmärkte offizielle Vorschläge für eine neue Richtlinie über strafrechtliche Sanktionen für Insidergeschäfte und Marktmanipulation (neue Marktmissbrauchs-RL) sowie für eine neue Verordnung über Insidergeschäfte und Marktmanipulation (neue Marktmissbrauchs-VO) vorgelegt, mit denen der durch die Marktmissbrauchsrichtlinie 2003/6/EG geschaffene Rahmen zur Gewährleistung der Marktintegrität und des Anlegeschutzes harmonisiert und gestärkt werden soll. (Oktober 2011)

Der Generalanwalt des EuGH hat am 14. Juli 2011 seine Schlussanträge im Verfahren (Rs. C-93/10) zur Umsatzbesteuerung des Erwerbs von Nonperforming Loans (NPLs) gestellt. Freshfields Bruckhaus Deringer vertritt die Klägerin in diesem Verfahren, in dem es darum geht, ob die Grundsätze der sogenannten MKG-Rechtsprechung (Umsatzsteuer beim Factoring), auch auf den Erwerb zahlungsgestörter Kreditforderungen (NLPs) übertragbar sind. Der Generalanwalt ist der Auffassung, dass die Leistung der Klägerin nicht umsatzsteuerbar ist, weil ihr keine unmittelbare Gegenleistung (Entgelt) gegenüberstehe.(Juli 2011)

Briefings in Italian - 2011

Consultazione sullo schema di regolamento del Ministero dell’Economia e delle Finanze adottato in esecuzione dell’art. 32 del Decreto Legge 78/10. (April 2011)

Briefings in Japanese - 2011

平成23年7月21日、最高裁判所は、建物の瑕疵を放置するといずれは居住者等の生命、身体又は財産に対する危険が現実化する場合には、建物所有者は、当該瑕疵があることを理由として、建物の建築に関与した設計者、施工者及び工事監理者に対して、不法行為に基づく修補費用相当額の損害賠償請求が可能である旨判示しました。本判決を契機に、瑕疵担保責任を追及し得る地位を承継していない建物所有者が、設計者、施工者及び工事監理者に不法行為を理由とした損害賠償を請求する機運が高まることが予想されます。(August 2011)

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