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Everything settled? Risks for buyers trading on the secondary debt market
Trades on the secondary debt market typically go wrong because the lender is unable to settle the trade satisfactorily. In this article Matthew Watson considers the circumstances in which a selling lender may be unable to settle a trade and the position of the buyer in that event.
28 June 2024Amendments to the Payment Services Regulations to combat Authorised Push Payment Fraud
The Treasury has announced its intention to amend the Payment Services Regulations 2017 (PSR). As a means of combatting authorised push payment (APP) fraud, banks will be given the power to delay the transferring of funds where they have established that there are reasonable grounds to suspect that the payment order has been placed subsequent to fraud or dishonesty. When utilising this discretion, they must inform their customer, who can then decide whether to rescind their instruction. Although the new power may prevent many instances of fraud, it is not without its problems, and this article discusses six sets of issues.
28 June 2024Shortening the settlement cycle to T+1: not if but when
This article introduces the policy debate as regards a further reduction of the settlement cycle. The US has moved to T+1 in May 2024, with the UK and EU making plans to follow suit.
28 June 2024The United Nations Convention on the Assignment of Receivables in International Trade: failure or success?
Twenty years after its adoption in 2001 by the United Nations General Assembly, the United Nations Convention on the Assignment of Receivables in International Trade (Convention)1 has yet to enter into force.2 Despite this, however, the Convention has influenced the development of national assignment of receivables law, as well as uniform law, and our better understanding and knowledge of assignment of receivables law. And recent developments suggest that it may still turn out to be a success. This article discusses the reasons for the failure of the Convention and its impact so far and examines its future prospects.3
13 June 2024The impact of the Corporate Insolvency and Governance Act 2020 on drafting loan documentation and practice
This article takes stock of CIGA’s impact on the drafting of loan documentation and related practice points for finance lawyers.
13 June 2024Translations: creating legally effective smart derivatives contracts
Smart derivatives contracts have the potential to deliver significant efficiency benefits to derivatives market participants. However, automating legal documentation is a specialised task and lawyers have a crucial role to play in ensuring automation is legally and operationally effective. Developing smart derivatives contracts will require lawyers to enhance the levels of standardisation within industry standard contracts and contribute towards the development of legal agreement data models that will serve as the foundation for smart derivatives contracts.
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 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 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 2024
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