FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:

Government bonds were long considered a safe investment that offered the potential for high returns. However, after Argentina announced in 2002 that it would no longer service its bond debt and after Greece restructured its sovereign debt in March and December 2012, the question arises as to what investors can do to avoid the significant losses of capital (up to 70% in case of Argentina and over 80% in case of Greece) which almost always accompany sovereign debt restructurings.

Yesterday the Joint Forum, a group established in 1996 by the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) to deal with issues common to the banking, securities, and insurance sectors, released “Review of the Differentiated Nature and Scope of Financial Regulation – Key Issues and Recommendations”, which addresses key issues and recommendations on the differenti

The Committee on Payment and Settlement Systems within Basel has published a report looking at how clearing and settlement arrangements for repos work and have worked during the economic crisis. It looks at issues that may affect resilience of repo markets and suggests ideas for strengthening them.

ICELAND INTRODUCES A PLAN TO LIFT CAPITAL CONTROLS

In a move that creditors have been waiting patiently forsince 2008, the Icelandic government has finally taken a step towards the lifting of capital controls which were imposed in Iceland after the financial crisis that will impact the main three failed banks;Kaupthing, Landsbanki and Glitnir.

As we mentioned before, the Greek debt crisis has reached the Federal Supreme Court (Bundesgerichtshof).

Extrajudicial Debt Settlement Procedure and Officers’ Liability in Debt Restructuring June 21, 2017 The long anticipated extrajudicial debt settlement procedure (the “EDS Procedure” or “EDS”) was introduced by Law 4469/2017 to provide an additional option for the rescue of indebted businesses at an early insolvency stage. The current pre-insolvency regime includes the rehabilitation procedure of Law 3588/2007 (the “Greek Bankruptcy Code” or the “GBC”), most recently revised at the end of 2016, and the special administration procedure of Law 4307/2014.

Greece is proceeding with the largest sovereign debt restructuring in history after its bondholders accepted a significant debt reduction in the face of mounting evidence that a Greek default was inevitable without such relief. In a related market development garnering only slightly less attention than the debt restructuring itself, the International Swaps and Derivatives Association, Inc.

Introduction

COVID-19 is likely to materially impact the financial position of many companies. It is therefore important for directors to consider whether there are any additional statutory or common law duties that they need to consider in the context of their companies facing financial difficulty.

En octubre de 2015 los activos extranjeros de Banco Continental fueron congelados, con lo cual el índice de adecuación de capital de dicha entidad bancaria pasó del 11.6% a 5.2%, calificando como causal de liquidación forzosa. Asimismo fueron cancelados los medios de pago electrónico, entre otros.