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The Pensions Regulator’s new teeth: how might they bite lending transactions?
This article outlines how risks relating to defined benefit pension scheme liabilities affect financing transactions, the relevant provisions of the new Pension Schemes Act 2021 and the extent to which these provisions might result in changes in practice.
13 June 2024Give us the money: how to bank Central Bank Digital Currencies and stablecoins
Banks and other payment service providers have a number of legal options in the way in which they structure the services which they provide to customers in respect of Central Bank Digital Currencies (CBDCs) and stablecoins. These do not differ between privately originated or central-bank originated coins. However, product providers are unlikely to wish to create apparently similar products with different fee structures. We therefore expect an industry consensus to develop fairly rapidly around a particular legal structure that applies to both stablecoins and CBDCs. It remains to be seen whether this will be a bailment-based (e-wallet) structure or a deposit-based (debtor-creditor) structure.
13 June 2024When is a duty to pay not a duty to pay?
Frauds may be unauthorised (credit card fraud, phishing, for example) or authorised. Authorised frauds may be “pull” frauds, where the fraudster is given the victim’s account details and authorised to pull the funds from their account, or “push” frauds (APP), where the victim instructs its bank to send money to the fraudster’s account. If society is serious about combatting fraud, the Quincecare duty should be recognised as incongruous. Where the threshold is crossed, transactions should be referred to the authorities, akin to a Suspicious Activity Report (SAR) notification. The decision whether to comply with the customer’s instructions should be that of those best placed to investigate.
13 June 2024The security token: will regulation allow it to take off?
In this article Ferdisha Snagg considers that for regulation to allow security tokens to take off, regulatory policy’s “technology-agnostic” approach may need to be revisited.
13 June 2024Brexit and securitisation: the rubber hits the road
The UK formally left the EU on 31 January 2020, but the Brexit implementation period delayed most of the practical effects of that until after 31 December 2020 (IP completion day). Three months into the new regime, we examine how securitisation markets are changing in response to this new reality, offer solutions to some of the issues that have come up and identify key areas where market practice has yet to settle.
13 June 2024Whitepaper: collaboration and standardisation opportunities in derivatives and SFT markets
The article will consider proposals for standardisation across product-specific master agreements set out in a Whitepaper issued by the International Swaps and Derivatives Association, Inc. (ISDA) in October 2020 entitled Collaboration and Standardization Opportunities in Derivatives and SFT Markets and will review some key arguments in the Whitepaper.
13 June 2024Structures, security and finance products: the increasingly sophisticated world of investment fund focused borrowing
In this article Kevin Lynch and Ian Dillon consider the most commonly utilised funds finance facilities, how the borrowing needs of various funds and available facilities may be different depending on the type of fund strategy, inflection points in its life cycle, lenders security requirements and some trends to watch.
13 June 2024Intercreditor agreements and the new Restructuring Plan
In this article the authors consider how the new Restructuring Plan under English law interacts with intercreditor agreements which have voting restrictions and other contractual prohibitions on creditor actions.
13 June 2024Syndicated loan market and LIBOR: pathway to the end of 2021
With just under a year until the demise of at least certain settings of LIBOR, 2021 will be the definitive year for progress and development of market practice. In the sterling syndicated loans market, although much progress has been made to date, both the target of the Working Group on Sterling Risk-Free Reference Rates (£RFRWG) that there should be no new issuance of sterling LIBOR based loans after the end of Q1 2021 and the stock of legacy LIBOR referencing loans mean there is still much work to do. In this article, we take stock of recent developments and examine the pathway to the end of 2021 for the syndicated loan market.
13 June 2024Big data, ethics and financial services: risks, controls and opportunities
With use of big data growing exponentially over the past ten years, how are legislators and regulators addressing big data and artificial intelligence, and what are the key considerations for financial services firms at this time? We explore these themes below.
13 June 2024
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