News & Analysis as of

Special Purpose Vehicles

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

Bidding Guidelines Published for Mexico's Second Long-Term Power Auction

by Holland & Knight LLP on

Mexico's National Center for Energy Control (CENACE) on May 13, 2016, published the Bidding Guidelines for the second long-term power auction (SLP) in Mexico, seeking to award power purchase agreements (PPA) to clean energy...more

FRB Requests Comments on Proposed Single-Counterparty Credit Limits

The Board of Governors of the Federal Reserve System ("FRB") has requested comments on reissued proposed rules that would establish a single-counterparty credit limits ("SCCL") for domestic and foreign bank holding companies...more

Direct lending of securitisation SPVs - New supervisory instructions from Bank of Italy Debt Capital Markets Italy – Newsflash no....

by DLA Piper on

On 9 March 2016, Bank of Italy published new updates to its supervisory instructions for banks and financial intermediaries, related to the granting of loans by securitization vehicles....more

Middle East and Africa PPP Guide: The emergence of Public-Private Partnerships (PPPs) in the Middle East and Africa

by Dentons on

The purpose of this article is to analyse and summarise the emergence of the public-private partnership (PPP) model in the Middle East context (with a focus on the Gulf Cooperation Council (consisting of Bahrain, Kuwait,...more

Court of Appeal overturns decision in Titan 2006-3 v Colliers in finding that valuer in CMBS structure was not negligent - Court...

by DLA Piper on

In the last edition of Banking Disputes Quarterly, we reported that the Court of Appeal was due to consider the Commercial Court's ruling in Titan Europe 2006-3 plc v Colliers International UK plc [2015] EWCA Civ 1083. The...more

Global Private Equity Newsletter - Winter 2016 Edition: Hong Kong Profits Tax Exemption for Private Equity Funds

by Dechert LLP on

The Inland Revenue (Amendment) (No.2) Ordinance 2015 (the “Amendment Ordinance”) came into effect on July 17, 2015, extending Hong Kong profits tax exemption to offshore private equity (“PE”) funds....more

Securitisation – reformed and good for banks

by Dentons on

Nobody would have said so in 2008 or 2009. Many are still sceptical now. However, the European Commission's action plan for a "Capital Markets Union" has made the revival of securitisation a key objective. Why? In the...more

BEPS and real estate investment funds: What are sponsors to do?

by DLA Piper on

The final reports on the G20/OECD Base Erosion and Profit Shifting (BEPS) project were issued on 5 October (the "Reports") after a two-year consultation period during which 62 countries and many other stakeholders (such as...more

The Cape Town Convention in the UK: Effective 1 November 2015

Following accession to the Cape Town Convention1 by the UK on 27 July 2015, the International Interests in Aircraft Equipment (Cape Town Convention) Regulations 2015 (the “Regulations”) will enter into force on 1 November...more

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