Cross-border: Finance

This Note discusses the history of US foreign sovereign immunity law, the US Foreign Sovereign Immunities Act and state immunity approaches in other jurisdictions and multilateral treaties.

This note identifies factors that parties should consider when drafting an arbitration agreement calling for arbitration in the US.

Some arbitration agreements require arbitrators to be chosen and appointed by the parties. But how do you actually go about appointing them? This practice note provides practical guidance on the steps that must be taken when appointing an arbitrator, including the first approach to a potential arbitrator and confirmation of appointment.

A discussion of the key issues lenders should consider when extending loans to non-US companies.  This Note also discusses representations and warranties, covenants, events of default and other provisions that are typically included in loan agreements with foreign and sovereign borrowers. Some of the provisions discussed include waivers of sovereign immunity, choice of law and choice of forum, foreign exchange controls and judgment currency.

This Note provides an introduction to political risk insurance (PRI), the risks it insures (including, expropriation, currency inconvertibility, non-honoring of sovereign obligations and denial of justice) and its benefits and limitations. This Note also discusses alternatives to PRI such as bilateral investment treaties, stabilization clauses and extensive local conditions due diligence. 

This Note focuses on the US tax issues that arise when a corporate borrower grants security to a lender in a secured financing transaction.

This Note provides an overview of the structure of the law applicable to international arbitration in the US. Unless expressly indicated, it does not address the differences in law applicable to domestic arbitrations between two US companies (where different rules apply).

A discussion of the Foreign Account Tax Compliance Act (FATCA), its impact on loan agreements and links to recent large corporate and middle market deals summarized in What's Market with FATCA specific provisions from 2011, 2012 and 2013. This Note will be updated quarterly.

A Q&A guide to tax on finance transactions in Hong Kong. This Q&A provides a high level overview of finance tax in Hong Kong and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. For a full list of recommended tax law firms and lawyers in Hong Kong, please visit PLC Which lawyer? This Q&A is part of the PLC multi-jurisdictional guide to tax. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

Standard Clauses to be included in loan agreements with sovereign or non-US borrowers, including a waiver of sovereign immunity, choice of law and forum, judgment currency and exchange control provisions. These Standard Clauses have integrated notes with important explanations and drafting and negotiating tips.

A resource providing the text of and drafting notes for the standard recommended arbitration clauses of the American Arbitration Association (AAA), International Centre for Dispute Resolution (ICDR), International Chamber of Commerce (ICC) and the United Nations Commission on International Trade Law (UNCITRAL).

This Chart provides a summary of the jurisdictions that have initialed or signed a model intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA)

A Checklist of issues for a company to consider when seeking to comply with the Foreign Corrupt Practices Act (FCPA).

This tool enables subscribers to search the Country Q&A in the PLC Finance multi-jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button. Please note that the law stated dates for each jurisdiction covered may not be the same. To check the law stated dates for each jurisdiction, please visit the individual article.

A Q&A guide to finance in Finland. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in the United States. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Bermuda. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Nigeria. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Vietnam. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in the Russian Federation. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to restructuring and insolvency law in the UK (England and Wales). The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This table summarises the common forms of security and required formalities for security granted over real estate. This table is part of the PLC multi-jurisdictional guide to finance law. For a full list of jurisdictional Q&As visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Austria. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Guernsey. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Jersey. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to tax on finance transactions in Spain. This Q&A provides a high level overview of finance tax in Spain and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to structured finance and securitisation law in South Korea. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to finance in Spain. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to structured finance and securitisation law in South Africa. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to tax on finance transactions in China. This Q&A provides a high level overview of finance tax in China and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to tax on finance transactions in South Africa. This Q&A provides a high level overview of finance tax in South Africa and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to Finance in India. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to structured finance and securitisation law in Argentina. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured Finance and Securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

This Article provides an overview of the Foreign Account Tax Compliance Act's (FATCA's) impact on foreign funds and other foreign investment entities, in light of proposed regulations released in February 2012 by the IRS and Treasury Department.

This article provides general information regarding bankruptcy and restructuring proceedings under Czech law (focusing on corporate debtors and entrepreneurs only), including the description of the roles, rights and duties of particular stakeholders participating in both proceedings. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

Company directors are given a high level of responsibility for the consequences of a company's trading should it become insolvent whilst they are in office as directors. Failure to discharge this duty can lift the corporate veil and impose personal liability on the director. This article examines the: General duties of directors when solvent and approaching insolvency. Directors' duty to prevent insolvent trading. Basis for establishing a breach of duty to prevent insolvent trading, penalties for doing so and any available defences.

With the introduction of new regulations in the German Insolvency Code by the Act for the Facilitation of the Reorganisation of Companies (Gesetz zur Erleichterung der Sanierung von Unternehmen (ESUG)) on 1 March 2012 a new chapter has opened in the German insolvency regime, aimed at providing more attractive and effective means to reorganise and rescue insolvent, or nearly insolvent, companies. The improvement of the creditors' influence on the proceedings, together with the extension of the rights and measures that can be taken in the proceedings and by the debtor, has substantially changed the focus of the insolvency regime. German insolvency proceedings can now be seen as a serious competitor in the international restructuring arena.

This article examines the principles that the Canadian courts will apply to determine the centre of main interest (COMI) for a debtor with operations in more than one jurisdiction. The determination is an important one, since it will effectively decide whether the relief of a stay of proceedings granted under section 48 of the Companies' Creditors Arrangement Act is automatically available, or only given at the court's discretion. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Germany. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Hong Kong. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Italy. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and Insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Luxembourg. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Norway. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Russia. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in South Korea. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Sweden. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in the United States. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This article provides general information regarding bankruptcy and restructuring proceedings under Slovak law, including the description of the roles, rights and duties of particular stakeholders participating in both proceedings. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

In this article, based on a client briefing, the Derivatives Group at Clifford Chance look at how market standard derivatives documentation may (or may not) deal with the possibility of a Eurozone member departing from the currency union.

Commercial letters of credit, the most frequent method of payment for goods in international trade transactions, have frequently been described as the lifeblood of international commerce. However, it can be argued that another, related method of payment is of equal importance, namely the independent or "on-demand" payment undertaking. This form of payment encompasses standby letters of credit, independent or on-demand bank guarantees and performance bonds. This chapter considers the basic features of letters of credit (also known as documentary credits), how commercial letters of credit work and how they are used in international trade, how standby letters of credit work and considers international standby practice, the basic principles of performance bonds and bank/on-demand guarantees, and outlines their use in international trade, their effectiveness and the establishment of uniform rules in this area. From an English law perspective, other negotiable instruments that are used in trade finance to effect payment, in particular, bills of exchange, promissory notes, forfaiting and advance payment bonds and guarantees. It also considers the use of these instruments in international trade. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Australia. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Canada. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Germany. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Italy. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to Finance in South Korea. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

An article about recent developments relating to the US Foreign Account Tax Compliance Act.

A Q&A guide to restructuring and insolvency law in Austria. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. For a full list of recommended restructuring and insolvency law firms and lawyers in Austria, please visit PLC Which lawyer? This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Ireland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. For a full list of recommended restructuring and insolvency law firms and lawyers in Ireland, please visit PLC Which lawyer? This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Romania. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to Finance in Ukraine. The Q&A gives a high level overview of the lending market, taking security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring of debt agreements; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. For a full list of recommended finance law firms and lawyers in Ukraine, please visit PLC Which lawyer? This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/financehandbook.

This chapter considers the UNCITRAL Legislative Guide on Secured Transactions, including the Guide's purpose, terminology, scope, key objectives and fundamental policies. For a full list of recommended finance lawyers and law firms, please visit PLC Which lawyer? This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

This article examines the investment environment across Latin America, according to some of the region's leading lawyers. In particular, the article considers recent developments in: Brazil; Mexico; Central America (particularly Costa Rica and Panama); Colombia, Peru and Uruguay; Venezuela; and Argentina.

This Note details trends and developments in the securitization market in the wake of the global financial crisis.

This Article discusses the Foreign Account Tax Compliance Act (FATCA) provisions included in the Hiring Incentives to Restore Employment (HIRE) Act to target offshore tax evasion.

Switzerland introduced a new special insolvency regime for banks and securities dealers. This article considers the rules concerning the insolvency of banks and other financial institutions in Switzerland, with particular focus on the: Legislative structure and key characteristics of the scheme. Overview of restructuring and liquidation proceedings for banks and securities dealers. Set-off and netting agreements in insolvency proceedings. System protection: finality of payment and settlement instructions. Co-ordination with foreign procedures. Recognition of foreign insolvency orders. This article is part of the PLC multi-jurisdictional guide to Restructuring and Insolvency. For a full list of contents visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Finland. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to tax on finance transactions in Norway. This Q&A is part of the PLC multi-jurisdictional guide to Tax on Transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactionshandbook.

The United States update for November for the PLC Global Finance multi-jurisdictional monthly e-mail.

A Q&A guide to Finance in the United Arab Emirates. The Q&A gives a high level overview of the lending market, taking security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring of debt agreements; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. For a full list of recommended finance law firms and lawyers in the United Arab Emirates, please visit PLC Which lawyer? This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/financehandbook.

This article examines some of the key legal issues raised by the UBS tax evasion case in the US and the likely impact of the settlement announced in August 2009 on Swiss banking confidentiality.

The Germany update for August for the PLC Global Finance multi-jurisdictional monthly e-mail.

The United States update for June for the PLC Global Finance multi-jurisdictional monthly e-mail.

The vast majority of claims arising as a result of the credit crunch fall into two categories: failed (or failing) transactions; or investor claims. This article focuses on these two categories of claim and analyses the manner in which they have arisen in various European jurisdictions and the US.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in the Russian Federation.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in the United States.

The second part in a series on distressed debt considers and compares the insolvency proceedings and regimes in the UK and the US.

Cross-border insolvency proceedings involving affiliated debtors within a corporate group are becoming the norm. Against this background, this chapter focuses on key issues and trends relevant to cross-border restructurings between the US and Canada, including the effect of recent economic developments, Canadian insolvency reform, using jurisdiction to advantage through the example of the recent Chapter 15 case involving MuscleTech, meeting the requirements for recognition under Chapter 15, recognition of foreign non-main proceedings under existing law and pending insolvency reforms in Canada, the impact of new provisions for the recognition of foreign insolvency proceedings, and assets sales.

The current growth in the number of investment treaty disputes is unprecedented. This is a reflection of globalisation and increasing investment in emerging markets. Bilateral investment treaties can help to reduce the risks inherent in investing in developing economies.

The IRS and Treasury Department issued final Treasury regulations addressing withholding and information reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

The IRS released an announcement that delays certain deadlines under the Foreign Account Tax Compliance Act (FATCA) and provides additional guidance on grandfathered obligations.

The Treasury Department published a model intergovernmental agreement to implement FATCA in consultation with France, Germany, Italy, Spain and the UK.

The IRS issued proposed regulations addressing withholding and information reporting requirements under the Foreign Account Tax Compliance Act (FATCA).

An update on the IRS's issuance of guidance providing for the phased implementation of withholding and certain reporting provisions of the Foreign Account Tax Compliance Act (FATCA) enacted as part of the Hiring Incentives to Restore Employment Act of 2010.

An update on the controversy surrounding the timetable for Dodd-Frank implementation and the extension by federal regulators of the public comment period for proposed rules on securitization credit risk retention to August 1, 2011. This is the latest in a series of Dodd-Frank rulemaking delays that have come primarily in the area of OTC derivatives.

An update on the IRS's issuance of preliminary guidance on implementing the Foreign Account Tax Compliance Act (FATCA) withholding and reporting provisions enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act).

An update on the Foreign Account Tax Compliance Act (FATCA) provisions included in the Jobs Bill to combat offshore tax evasion.

An update on a report published by the Basel Committee's Cross-border Bank Resolution Group on ways to improve the resolution of failing financial institutions that have cross-border activities.

An update on the expansion of the Committee on Payment and Settlement to include the central banks of Australia, Brazil, China, India, Mexico, Russia, Saudi Arabia, South Africa and South Korea.

An update on the dispute between the US and Swiss governments and UBS over the efforts of US prosecutors investigating tax evasion to obtain the names of about 52,000 UBS clients.

An update on the increased tax information exchange provisions of the proposed protocol to the US-Switzerland income tax treaty.

An update on the response from the Law Society in the UK to a case challenging virtual signings in the UK.

Companies participating in TARP should take action to ensure that their compensation programmes exclude incentives for their senior executives to take risks that might threaten the company's value.

FSA fines Aon for inadequate systems and controls to prevent corruption connected with the promotion of its business in high risk jurisdictions.

Some practical solutions for companies that have granted share options to employees, the exercise cost of which now exceeds the price of the shares.

An update on a decision by the DC Court of Appeals regarding a claim for immunity by the International Finance Corporation under the International Organizations Immunities Act.

This legal update is about the expanding US tax investigation into foreign banks that sell offshore private banking services to US taxpayers.