Finance

Briefings in English - 2010

On 25 February 2010, the Paris Court of Appeal handed down two much-anticipated decisions confirming that creditors are able to challenge the opening of safeguard proceedings and clarifying the basis upon which safeguard proceedings can be opened by a debtor. (March 2010)

Investment firms have to ensure that their marketing communications are fair, clear and not misleading. On 11 February 2010 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) published a set of guidelines that will affect marketing by investment firms. (February 2010)

The US Bankruptcy Court has issued a declaratory judgment that the relevant clause flipping priority from the swap counterparty to the noteholders constituted an ipso facto provision and was therefore unenforceable – a judgment that produces a different result under US law to that established by the Court of Appeal in the Perpetual Trustee case from November 2009. The court also held that any attempt to enforce noteholder priority would constitute a violation of the automatic stay under the US Bankruptcy Code. (January 2010)

Since late 2008, the United States has taken the first step towards a national program for high-speed rail by adopting legislation that mandates and partially funds a national rail program. This briefing summarizes this legislation, its current implementation and likely next steps that will shape the growth of high-speed rail in the US over the next several years. (January 2010)

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