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International Regulatory Update 02 – 06 March 2026

Tue, 10 Mar 2026 09:52:26 GMT

Clifford Chance's International Regulatory Update is a weekly digest of significant regulatory developments affecting banking and investment banking business, drawing on our daily content from our Alerter: Finance Industry service.

Clifford Chance advises on Türkiye Petrolleri’s US$4bn programme and debut US$1bn sukuk

Thu, 05 Mar 2026 08:45:17 GMT

The debut issuance marks only the second cross‑border sukuk issuance by a Turkish corporate and is the largest cross‑border Turkish corporate sukuk issuance to date. Clifford Chance also previously advised the joint lead managers on the first-ever cross‑border sukuk by a Turkish corporate, Türk Telekom’s US$600 million sukuk in 2025. The TPAO issuance further represents the first corporate sukuk from Türkiye to be issued by a state‑owned entity.

The transaction attracted exceptionally strong investor demand, generating a geographically diverse order book of US$5.5 billion from 165 accounts across Europe, Asia and the Middle East. The sukuk carries an annual profit rate of 6.3% and is listed on the International Securities Market of the London Stock Exchange.

Clifford Chance’s cross-border team advising the Joint Global Coordinators and Joint Lead Managers comprised lawyers from the firm’s Dubai and Istanbul offices and was led by partners Qudeer Latif and Sait Eryılmaz. They were supported by legal consultants Brian O’Leary and Shauaib Mirza, senior associates Ibrahim Hassan and Ali Can Altıparmak, alongside associates Büşra Altuntaş, Saby Mahmud and Alper Eski.

A separate Clifford Chance team in London represented BNY Mellon Corporate Trustee Services Limited and The Bank of New York Mellon, acting as Representative and in various agency capacities under the programme. The London team was led by partner Bruce Kahl with support from associate Robert Hartman and trainee Callum Florance.

Commenting on the transaction, Qudeer Latif said:

"This landmark debut sukuk issuance by TPAO represents a significant milestone for Türkiye’s corporate capital markets. We are delighted to have supported the Joint Global Coordinators and Joint Lead Managers on another market‑defining sukuk, reinforcing our long‑standing leadership in advising on complex, cross‑border Islamic finance transactions across emerging markets."

International Regulatory Update 23 – 27 February 2026

Tue, 03 Mar 2026 10:28:00 GMT

International Regulatory Update 16 – 20 February 2026

Tue, 24 Feb 2026 09:40:10 GMT

International Regulatory Update 09 – 13 February 2026

Tue, 17 Feb 2026 09:32:07 GMT

International Regulatory Update 02 – 06 February 2026

Tue, 10 Feb 2026 09:37:50 GMT

Workplace Investigations – Quarterly Review – Edition 5

Wed, 04 Feb 2026 18:30:00 GMT

This Quarterly Review highlights that legislative changes and case law lessons globally are impacting the way in which employers conduct investigations. In particular, legislation is broadening the circumstances where employers are required to conduct robust workplace investigations.

In the UK, the forthcoming requirement to take all reasonable steps to prevent sexual harassment, the re-introduction of liability for third party harassment and the removal of the unfair dismissal compensation cap following the implementation of the Employment Rights Act 2025, all increase the importance of thorough investigations into potential workplace misconduct. The increase in focus on whistleblowing and whistleblower rights (such as in Spain where whistleblower protection is being strengthened and the UK where new anti-corruption strategy signals greater emphasis on whistleblowing and where refreshed guidance from the Serious Fraud Office ("SFO") underlines the importance of having a robust whistleblowing programs) is likely to have the same effect.

Whilst employers are under increasing pressure to investigate and address workplace conduct globally, we are also seeing a renewed focus on dealing with allegations of workplace misconduct pragmatically and proportionately. This underscores the importance of a considered triage stage: assessing whether an investigation is required at all, defining its scope, and deciding whether it should be handled internally or externally.

This triaging and planning stage is also an opportunity for employers to roadmap the investigation to ensure compliance with the increase in regulation and case law dictating the steps in the investigation process. This is the case in France where proposed new legislation creates a clear statutory framework for internal investigations, in Australia where careful planning is necessary to help maintain privilege in external investigations and in Singapore where the Workplace Fairness Act ("WFA"), expected in 2027, requires employers to update internal investigation protocols.

In the latest developments in the US, while government scrutiny of workplace DE&I programs continues to intensify, we are seeing courts push back against investigative demands that are overly broad or improperly used.

International Regulatory Update 26 – 30 January 2026

Tue, 03 Feb 2026 09:37:56 GMT

Global maritime and offshore update – January 2026

Wed, 28 Jan 2026 18:30:00 GMT

What's new in the maritime and offshore sectors?

Autonomous vessels – update to the international regulatory framework – MASS Code
Maritime decarbonisation – update
UNCLOS – Obligation to protect the world’s oceans from climate change
Amendments to Australian financial assurance model and to safety regulations in the offshore sector.

International Regulatory Update 19 – 23 January 2026

Tue, 27 Jan 2026 09:07:29 GMT

International Regulatory Update 12 – 16 January 2026

Thu, 12 Mar 2026 13:32:04 GMT

Clifford Chance has advised on the issuance of Emirates NBD's inaugural Digitally Native Notes denominated in AED and clearing through Euroclear D-FMI

Mon, 19 Jan 2026 09:13:00 GMT

The Digitally Native Notes were cleared and settled on Euroclear's D-FMI, the part of the Euroclear system by means of which the settlement of issuance, transfers and redemption of digitally native notes and related payments are recorded. The Digitally Native Notes have been rated A+ by Fitch and A1 by Moody's and shall be admitted to trading on Nasdaq Dubai with effect from on or around 16 January 2025. ENBD Capital, First Abu Dhabi Bank, Mashreqbank and Standard Chartered Bank acted as joint lead managers on the transaction.

The transaction, representing the third in the MENAT region, adds to Clifford Chance's growing roster of digital bond transactions – with the team having recently advised on the first ever digital gender bond by Akbank as well as the first issuance of digital notes with SOFR-based interest by Doha Bank.

The international Clifford Chance team advising on the transaction was led by Stuart Ure (Head of Middle East Capital Markets), Alexander Tollast (counsel), and Alekhya Prakash (counsel), with support from Veronica Valerio (associate), Alvin Boateng (trainee) and Lea Assaf (trainee).

Partner Stuart Ure said, "We are privileged to have been a part of this ground-breaking transaction which marks growing confidence in the region in digital bonds and, in particular, contributes to further deepening the domestic capital markets given the AED denomination and DFSA/Nasdaq Dubai listing and trading. We are also delighted to have supported Emirates NBD with their innovative funding platforms and strategies".

International Regulatory Update 5 – 9 January 2026

Tue, 13 Jan 2026 12:10:17 GMT

Cyber survival strategies for boards

Mon, 12 Jan 2026 18:30:00 GMT

Cyber-attacks on global businesses have caused severe business disruption, substantial financial losses and significant negative brand impact. Criticism is increasingly being directed at the board and other senior personnel, with growing numbers of regulatory bodies across the globe placing direct legal obligations on boards and senior management to ensure cyber resilience in conjunction with establishing personal liability risk in certain circumstances.

This briefing considers senior management accountability in the face of new regulations and geopolitical risk and looks at right-sizing strategies. We set out some suggested steps to immediately take in relation to incident response and litigation and well as helping you to benchmark your business’s preparedness and know what to do before, during and after an attack.

Watch our Perspectives webinar

International Regulatory Update 22 December 2025 – 2 January 2026

Tue, 06 Jan 2026 09:56:58 GMT

International Regulatory Update 15 – 19 December 2025

Tue, 23 Dec 2025 08:41:28 GMT

International Regulatory Update 8 – 12 December 2025

Tue, 16 Dec 2025 09:51:40 GMT

International Regulatory Update 1 – 5 December 2025

Tue, 09 Dec 2025 10:04:53 GMT

What happened at COP30?

Tue, 02 Dec 2025 10:24:00 GMT

While COP30 did not see any major breakthroughs in the official agreements reached, the Global Mutirão, which translates as "collective efforts", confirms key themes relevant to business, including the deployment of private capital in both mitigation and adaptation, and the importance of trade.

In this briefing we unpack the outcomes of COP30 in Belém, with a particular focus on what the negotiations mean for businesses, international climate financing and the voluntary carbon markets. As in previous COPs, at COP30 there was a focus on achieving a decision that all parties could agree to, a continuing challenge as that requires unanimity. The final text of the Decision, "Global Mutirão: Uniting humanity in a global mobilization against climate change," was agreed in the early hours of 22 November.

International Regulatory Update 24 – 28 November 2025

Tue, 02 Dec 2025 09:45:03 GMT