Publications for Capital Markets Forum

The Indian green bond market: a step towards ‘green financing’ in a growing taxonomy

Over the last few years, the Indian government has taken measures towards environmental sustainability along with economic growth. The Finance Minister, while tabling the Union Budget 2023–24, specified green growth as one of the seven priorities of the Indian government and in doing so, the aim of achieving net-zero carbon emission by 2070 was highlighted.

Released on Mar 15, 2023

Turkish crowdfunding

On 27 October 2021, the Crowdfunding Communiqué No. III – 35/A.2 (the ‘Communiqué’) was published in Turkey’s Official Gazette and the existing Communiqué on Equity-Based Crowdfunding dated 3 October 2019 was abolished. Through the new Communiqué, a ‘debt-based’ crowdfunding mechanism was introduced and the main principles for ‘equity-based’ and ‘debt-based’ fundings are regulated in detail.

Released on Jul 13, 2022

Hot topics in governance of executive remuneration during the 2022 AGM season

Public scrutiny has increased in the arena of executive remuneration generally but in the wake of annual general meeting (AGM) season, the world has been watching. Director's remuneration can often be an area of contention with shareholders and AGM season particularly casts a light on the challenges faced by boards as shareholders have their say on pay. 2022 has been no different. This article sets out some of the issues that remuneration committees have had to face during the 2022 AGM season.

Released on Jul 6, 2022

Sustainable securitisations: tapping into the ‘old’ to catch the wave of new opportunities

Financing that takes into account ESG factors has gained prominence over several years and ESG products such as bonds, loans and securitisations have attracted the attention of the market. Yet, the sustainable securitisation market is facing challenges and concerns. Building upon the recent European Banking Authority report, the article offers insight into how to get the most out of the available or upcoming tools as an intermediate step to allow the sustainable securitisation market to develop to its full potential. It also glances through relevant Italian legislation and how it can be positively influenced by recent developments at the EU level.

Released on Jul 4, 2022

Sustainability linked derivatives as the next stage of green finance: Will India lead the world?

In India, ESG-led investing grew year-on-year at a staggering rate of 184 per cent in 2021. This has not gone unnoticed by the regulatory bodies, as they have signalled not only their seriousness regarding the goal of sustainability but also their commitment towards crafting the critical enabling policy infrastructure focused on this goal.

Released on May 31, 2022

EU anti-abuse rules and beneficial ownership (IBA Finance and Capital Markets Tax Conference, 2021)

A session focused on the concept of beneficial ownership. Significant concern has been raised about the application of the concept of beneficial ownership in the EU Parent/Subsidiary Directive to dividends, because of the sentences handed down by the Court of Justice of the European Union (CJEU) in the so-called 'Danish cases'; the impact of these cases was explored during this panel session.