Articles by author
Digital assets as collateral in England and the US: priority and super-priority of security interests
"Tokenisation ... could streamline collateral mobility by enabling near-instant movement of assets across firms and jurisdictions."1The increased use of digital assets as collateral is recognised by financial market regulators, as well as by industry participants, as an opportunity to enhance efficiency and reduce the risks associated with cross-border collateral exchanges between financial firms and with end-users. The borderless nature of the markets and infrastructure which enables transactions in digital assets also complicates the assessment of legal risk. One critical issue is that of priority, meaning the ability for providers of debt finance to obtain a security interest over a digital asset which ranks ahead of other claimants. This article compares the position in England and Wales with the US under Art 12 of the Uniform Commercial Code.
4 MAY 2026Can an English limited partnership create a floating charge?
This article examines whether a floating charge can be granted over the assets of a limited partnership to secure borrowings.
12 APR 2026Digital assets and reform of the financial collateral regime
In this article, Jonathan Haines considers whether the requirements of the UK’s Financial Collateral Arrangements (No.2) Regulations 2003 are compatible with market practice for digital assets in light of proposed reforms, particularly in the context of mixed portfolios, looking at whether digital assets qualify as cash or financial instruments, the position where the digital asset is held through a custodian, and where the digital asset represents equitable interests under a trust.
6 MAY 2025Security financial collateral arrangements and the crystallisation of floating charges
In this article Jonathan Haines considers whether the crystallisation of a floating charge means that it can qualify retrospectively under the Financial Collateral Arrangements (No. 2) Regulations 2003 (2003/3226) and the impact of that on other creditors.
24 OCT 2024Sanctions test illegality clauses in financial contracts
The recent sanctions imposed in response to the war in Ukraine have meant that the consequences of illegality under financial transactions such as derivatives, repo and securities lending have again been in the spotlight for financial institutions and their clients. The legal position varies across different market standard agreements. This article considers the relevant provisions in the ISDA aster Agreement (2002 version) (ISDA Master Agreement), the Global Master Securities Lending Agreement (2010 version) (GMSLA) and the Global Master Repurchase Agreement (2011 version) (GMRA), in each case assuming that the governing law is English law.
1 MAY 2022Rethinking rights of use as an English law concept after Brexit
The enforceability of rights of use in English law was often doubted until legislation implemented the EU Financial Collateral Directive in 2003. Statutory safeguards are likely to be retained in a similar form post-Brexit but are not comprehensive nor free from uncertainties. This Spotlight article argues that it is time to rationalise rights of use as a valid concept under English common law.
1 FEB 2024
