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Ups and downs of the EU Benchmarks Regulation
Benchmarks play a crucial role in global financial and commodity markets. They measure different economic underlyings such as interest rates, currency exchange rates, baskets of shares and commodity prices, allowing market participants to transfer risk or gain exposure by referencing a commonly understood metric. This article traces how the EU Benchmarks Regulation was developed to safeguard the financial system, but introduced unintended risks, which are now being addressed. This article also considers the consequences of amendments to the EU Benchmarks Regulation, for regulated benchmark administrators and users.
09 June 2025Schrödinger’s Deed: can an instrument be two things at once?
Following the obiter comments of HHJ Pelling KC in Macdonald Hotels Limited & Anor v Bank of Scotland PLC [2025] EWHC 32 (Comm), there may be reasons for the financial sector to be concerned about a common approach to the execution of agreements in cases where the counterparties intend the instrument to be simultaneously both a deed (for one or more parties) and a simple contract (for the other party or parties). James Hall and William Golightly of Gatehouse Chambers consider the court’s treatment of the “intention requirement” for deeds in s 1(2) of the Law of Property (Miscellaneous Provisions) Act 1989.
09 June 2025Recognition and enforcement of Ukrainian judgments against the Russian Federation in the UK
This article examines the enforcement prospects of Ukrainian court judgments against the Russian Federation in the UK, following Ukraine’s 2022 Supreme Court ruling denying Russia immunity in tort claims related to its military aggression. It analyses key procedural obstacles under the Hague Convention 2019, the UK’s State Immunity Act 1978 and common law, including jurisdiction, service of process and public policy defences, highlighting the tension between sovereign immunity and international accountability.
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.
“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 2025An 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 2025So long, farewell: thoughts on transferring security
Transferring security is one of those topics which finance lawyers generally shy away from. We do it if we must but avoid it if we can.
06 May 2025Article 12 of the US UCC and the Draft English Property (Digital Assets etc) Bill 2024: potential impacts on fund finance transactions
In this article, the authors consider the impact of the changes introduced by Art 12 of the US Uniform Commercial Code and the draft English Property (Digital Assets etc) Bill 2024 on fund finance transactions, looking at the difference between collateral over subscription obligations (such as limited partner commitments) and net asset value collateral over portfolio equity interests, and the complexities of relating the technological attributes of tokenised structures to such legal principles (as where the company’s definitive share register is maintained on the blockchain).
06 May 2025ECCTA 2023 and corporate decision-making: considerations for corporate practitioners
In this article, Philip Morrison addresses the implications of the requirement to provide certain information and the automatic removal of disqualified directors provision in the Economic Crime and Corporate Transparency Act 2023 for corporate decision-making and makes practical suggestions for corporate due diligence exercises.
06 May 2025
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