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Cryptoasset regulation: a comparative analysis of UK and EU regimes
This article provides a comparative analysis of the regulatory approaches to cryptoassets in the UK and the EU, focusing on the UK’s recently proposed Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (UK Draft Order)1 and the EU’s Regulation 2023/1114 on Markets in Crypto-Assets (MiCAR). The article examines key differences in the approach, definition and categorisation of cryptoassets, scope of regulated activities, and the territorial application of each regime, concluding with a discussion of future outlook and regulatory ‘blind spots’ in each jurisdiction.
09 June 2025Climate risk in the commercial real estate market
In this article Matthew E Schernecke examines the effect of climate-related risk on the commercial real estate market, including the effect these risks will have on lenders’ and investors’ underwriting of loans and on the insurance coverage available in the market in respect of these risks, as well as possible implications on loan documentation.
09 June 2025Waving not drowning: Thames Water clarifies approach to out of the money creditors
In this article, the authors consider certain issues of principle decided or clarified by the Court of Appeal in the Thames Water restructuring plan: Kington S.À.R.L. & Ors v Thames Water Utilities Holdings Lt d [2025] EWCA Civ 475. Namely: the requirement to consider the treatment of “out of the money” creditors when assessing whether the allocation of benefits under a plan is fair, and the meaning of the expression “restructuring surplus” or “benefits preserved or generated by the restructuring”.
09 June 2025Political risk insurance: safeguarding global supply chains amidst geopolitical tensions?
In today’s interconnected global economy, a stable supply chain is crucial for international business. From our experience, companies are increasingly concerned about geopolitical risk as a key risk factor when managing their supply chains. This article explores whether political risk insurance can help to safeguard supply chains against geopolitical disruption.
06 May 2025Understanding debt finance in football: debt factoring and secured loans
In this article the authors examine the use of certain debt products, namely debt factoring of future revenue streams and secured loan facilities, in the football finance market.
06 May 2025Proposed UK corporate redomiciliation: issues for lenders
Corporate redomiciliation is the process by which a company changes the place where it is incorporated, so as to become subject to the company law of a new jurisdiction whilst retaining its legal personality. In October 2024, a UK independent expert panel issued a report to the UK government setting out a proposed regime for corporate redomiciliation to and from the UK. This followed a government consultation on the principles of a corporate redomiciliation regime in October 2021. The government intends to consult in due course on a proposed regime design.
Many jurisdictions, including Singapore, Jersey, Luxembourg, Australia, New Zealand, Canada and the State of Delaware, already have redomiciliation regimes and companies in the EU can move to another member state. Lenders may therefore have already considered the implications of a company redomiciling but each regime differs and it is therefore important to consider the UK proposals and their implications.
An overview of debt and royalty financing structures for life sciences businesses
As a supplement to equity capital and licensing and collaboration revenues, there is an increasingly broad array of evolving methods for life sciences companies to raise money to fund their drug development and commercialisation activities. These include venture lending, growth lending, synthetic royalties, drug development financings and royalty monetisations. Each of these are available to life sciences companies in different stages of development, have unique structures, involve varying degrees of contractual restrictions, and provide different risk/return profiles for investors. In this article the authors consider these key methods for raising non-dilutive financing.
06 May 2025“High Water” mark EBITDA provisions: should lenders fight fires with a pre-agreed “low water” mark EBITDA de minimis?
In this article Michelle Gilmore-Parry considers what “high water” mark EBITDA provisions are and discusses the key considerations lenders and practitioners should take into account when reviewing leveraged finance and private credit documentation.
06 May 2025Cross-border privilege
This article considers cross-border privilege issues that can arise in a number of different contexts.
06 May 2025The lucrative AI debt market – disrupting traditional debt lending: Part 2
In two parts, the first published in the March edition (2025) 3 JIBFL 183, we discuss how the unique nature of AI companies and AI-related assets could present distinct challenges to traditional lending frameworks if such frameworks are not properly considered in the context of such companies. Part 1 discussed how the unique nature of AI companies could present distinct challenges to financial covenants in traditional lending frameworks if not properly considered in the context of such companies.
This Part 2 discusses how the unique nature of AI-related assets could present similar challenges to the process of security enforcement in traditional lending frameworks if not properly considered in the context of such assets.
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