News & Analysis as of

Special Purpose Vehicles

Securitisations: the Bank of Italy establishes new disclosure and statistical obligations for vehicle companies

On 30 June 2017, the Decision of the Bank of Italy of 7 June 2017, entitled “Provisionson disclosure and statistical obligations for vehicle companies involved in securitization transactions” (the “Decision”) was published in...more

Single Purpose Limited Liability Companies for Liability Protection: A Word of Caution

by Williams Mullen on

It has become a fairly common practice among commercial and investment real estate owners to hold title to their various parcels in single purpose entities (“SPE’s”), most commonly limited liability companies (“LLC’s”). Many...more

The Financial Report, Volume 6, Number 14

by DLA Piper on

Sometimes it’s easy to criticize the regulators we deal with - for example, when a particular rule or course of action makes things more difficult or complicated and the benefit is not necessarily apparent. It can cause us to...more

Public Healthcare in the Kingdom of Saudi Arabia: Plans for Private Sector Participation

by Shearman & Sterling LLP on

Saudi Vision 2030 and the National Transformation Program 2020 are built upon the encouragement of private sector investment in sectors that have been predominantly funded and serviced by the Government in the past. Reform of...more

Cartolarizzazione di crediti deteriorati e leasing le modifiche alla legge n. 130/1999

In data 23 giugno 2017, nella Gazzetta Ufficiale Serie Generale n. 144, Suppl. Ord. n. 31, è stata pubblicata la legge 21 giugno 2017 n. 96 di conversione del decreto legge n. 50 del 24 aprile 2017 (il "Decreto"), contenente...more

When Shareholders Seek the Reins:Bringing Offshore Derivative Claims

by Kobre & Kim on

The British Virgin Islands (BVI) holds a long-established dominant market position for the incorporation of holding companies and special-purpose vehicles often used to facilitate joint venture agreements. Similarly, the...more

Securitization in Italy: New Market-Friendly Rules Enacted

by Jones Day on

On June 15, 2017, the Italian Parliament approved the Conversion Law of Decree no. 50 of April 25, 2017 ("Conversion Law"). The Conversion Law includes a review of the legal framework applicable to Italian securitization...more

Special Purpose Vehicles’ Authority to File for Bankruptcy Revisited

by Dechert LLP on

In order to file for bankruptcy in the United States, a company needs to secure the appropriate corporate authorizations as required by its governing documents. What happens when a debtor does not obtain appropriate...more

Amendments to the Italian Securitizations Law

by DLA Piper on

On June 15, 2017, the Italian Parliament approved the Draft Bill No. 2853, converting the Decree Law No 50/2017 and amending, inter alia, the Law No 130 of the 1999 (the "Italian Securitisation Law")....more

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds

by Dechert LLP on

Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed...more

Members of the Shari'ah Board - religious scholars or lawyers?

by DLA Piper on

Golden Belt v BNP Paribas (Golden Belt) is perhaps the most high profile English case on Islamic Finance for more than a decade. In it the High Court will be asked to determine an issue which has potentially enormous...more

Global Loan Fund Survey Reveals No Regulatory Action Required at Present

by Shearman & Sterling LLP on

The International Organization of Securities Commissions published a report on the findings of the survey on loan funds that was carried out during 2016. The report covers loan funds in the area of investment funds and...more

South African Department of Energy issues LNG-to-Power Independent Power Producer Procurement Programme Information Memorandum –...

by White & Case LLP on

The South African Department of Energy has issued an Information Memorandum in connection with the previously announced LNG-to-Power Independent Power Producer Procurement Programme. On 4 October 2016, the South African...more

DIFC Intermediate SPV Regime: a Welcome Business-Friendly Evolution

by Dechert LLP on

The introduction of a new regime for the establishment of so called ‘intermediate special purpose vehicles’ (“Intermediate SPVs”) in the DIFC was approved by the Dubai International Financial Centre (“DIFC”) Authority on 19...more

A guide to the statistical treatment of PPPs

by DLA Piper on

On 29 September 2016, Eurostat and the European PPP Expertise Centre (EPEC) launched "A Guide to the Statistical Treatment of PPPs", the purpose of which is to deliver some much needed clarity around the application of...more

DIFC: Intermediate SPV Regime

by White & Case LLP on

On 19 September 2016, the DIFC Authority Board of Directors ("Board") approved, with immediate effect, a regime to allow for the establishment of intermediate special purpose vehicles in the DIFC ("Intermediate SPVs") for...more

The sukuk experience in Turkey

by White & Case LLP on

Turkey's government is determined to make Istanbul a financial hub for Islamic finance, regionally and globally. With a GDP of US$733.6 billion in 2015 according to the IMF, Turkey is the 18th largest economy in the world,...more

Rules of the (International) Road, Brexit, PPP as a New Tool for Argentina, and Keeping Non-U.S. Companies Safe from Suit (Expect...

by Carlton Fields on

- Post-Daimler: Are Non-U.S. Companies Safe from Suit in U.S. Courts? What if the Non-U.S. Parent Registers to Do Business in a State? - Rules of the (International) Road: Choosing and Appointing a Distributor ...more

The Public-Private Partnership as a New Tool for Infrastructure Development in Argentina

by Carlton Fields on

The Federal Executive Branch (known by the Spanish acronym, PEN) of the Argentine government recently submitted to the Argentine Congress a bill seeking approval of a new Public-Private Partnership (PPP) framework. This...more

Use of Shell Companies To Shield Identity Further Limited

by Sanford Millar on

On July 27, 2016 the Financial Crimes Enforcement Network, (FinCEN) of the Department of the Treasury issued expanded Geographic Targeting Orders (GTO) that will...more

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both...more

The Regulation on Key Investor Documents for Packaged Retail and Insurance-Based Investment Products – Key Points for EU and...

by Dechert LLP on

In addition to the challenges of MiFID II, asset managers must also prepare for a new key information document regime for retail products. The Regulation on key information documents for packaged retail and insurance-based...more

Global Private Equity Newsletter - Summer 2016 Edition: Recent Developments in Acquisition Finance

by Dechert LLP on

Private equity sponsors should be aware of two recent court decisions. One involves fiduciary duties under state law that may be owing to a limited liability company borrower by its managers, in the context of receivables...more

Revised Mining Charter published for comment

by Dentons on

On 15 April 2016, the Department of Mineral Resources published the Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals Industry, 2016 (Draft Mining Charter) for public comments....more

Oman heralds a new framework for Sukuk issuances and new listing categories

by Dentons on

The past few weeks have seen frenetic activity in key legislative developments being released in Oman. Hot on the heels of the publication of Oman's new Sukuk Regulations on 5 April 2016 came the introduction of new listing...more

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