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UK prospectus regime reform: potential impact on securities litigation
Following the recommendations of the Hill Review of the UK Listing Regime and certain consequential legislative changes, the FCA has now published its proposed new prospectus rules CP24/12, Appendix1 as part of the UK's new public offers and admissions to the trading regime – the biggest shake-up to the disclosure framework since 2005. While the driver of the rule changes is the desire to attract and retain more listed companies in London, they are likely to have an impact on securities litigation.
In this article, we consider the potential impact of the proposed new prospectus rules on claims brought by shareholders.
Loans involving companies limited by guarantee: key issues for consideration
This article summarises key issues relevant to lenders and borrowers in loan financings that involve companies limited by guarantee as a borrower, guarantor and/or security provider.
24 November 2024The asset sales covenant: sometimes when it’s there it’s barely there at all!
In this article Michelle Gilmore-Parry explains how the asset sales covenant in top-tier European leveraged financings has evolved and discusses the key considerations for lenders when reviewing the asset sales covenant and related definitions in leveraged finance documentation.
24 November 2024Crypto exchanges: an update on D’Aloia
In this article Nik Yeo discusses how the recent detailed judgment in D’Aloia v Persons Unknown & Bitkup clarifies and extends some previously established contractual and proprietary principles in relation to liability of crypto exchanges to victims of crypto fraud.
24 November 2024The Financial Conduct Authority, the court and the Financial Ombudsman Service: who is in charge?
There has never been a more uncertain time for consumer and motor finance firms. There are more and more challenges to the ways in which this multi-billion-pound market operates. These come from consumers, the Financial Conduct Authority, the court and the Financial Ombudsman Service. Firms could be forgiven for feeling they are in a never-ending game of Russian roulette with each actor taking their respective spin of the revolver. So, it begs the question, who is going to come out on top and, ultimately, who is in charge?
24 November 2024Forewarned is forearmed: thoughts on the impact of an IT systems outage on security registrations at Companies House
The registration of charges granted by UK Companies and LLPs at Companies House is a crucial step in securing their validity and the priority of security interests over the assets of a chargor. However, the strict 21-day filing deadline under the Companies Act 2006 leaves little room for error or delay, including in the event of an IT systems outage affecting the electronic filing services provided by Companies House of third-party portals.
In this article, the authors examine some of the recent incidents that have highlighted the potential vulnerabilities of electronic filing and offer some practical tips and considerations for parties with an interest in a charge in the event there is an IT outage during the period allowed for the registration of a charge.
Secured claims in French restructurings: lessons from the 2021 reforms and recent large case precedents
In this article, Jean-François Adelle considers the treatment of secured creditors in in-court restructurings following the 2021 reforms.
27 October 2024Security 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.
27 October 2024Blended finance: funding sustainable development with public and private funding
The concept of blended finance is not new. But it is being applied beyond its traditional development and impact finance roots as a way to mobilise scaled private capital flows for the purposes of achieving sustainable development goals. In this article, we look at the different definitions of “blended finance” and how blended finance can be used to combine public and private capital for climate, nature and broad sustainable development purposes.
27 October 2024Alternate realities: transactional and economic reality in APP fraud and unjust enrichment
Two recent conflicting judgments have considered whether, for the purposes of a claim in unjust enrichment against a receiving bank, a transfer of funds following an authorised push payment fraud is made “at the expense of the claimant”. In this article we consider the application of the concepts of “transactional reality” and “economic reality” in this inquiry.
27 October 2024
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