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Prospects for bankers’ liability for authorised push payment fraud
Authorised push payment fraud (APP fraud) is a form of fraud where the victim is induced to initiate a fraudulent transaction. Despite this type of fraud costing customers nearly £1/2bn a year, English law does not offer a clear and co-ordinated response. This article examines the implications of the recent cases including I.F.T S.A.L Offshore v Barclays Bank PLC, Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd and Philipp v Barclays Bank UK Plc, in order to identify the prospects for defrauded customers seeking to recover damages against the banks through whom their funds were paid away.
13 June 2024Sustainability reporting: navigating the alphabet soup of standards
In this article, we discuss that in relation to making sustainability disclosures, if companies are able to unpick and rationalise the alphabet soup of standards, requirements and frameworks, many will find a set that suits their particular business model or industry. However, as the number of different reporting frameworks increases this is fostering confusion, lack of comparability and reporting fatigue. Greater global convergence may help to alleviate these issues.
13 June 2024A pox on the Pax ESG?
In this article the author highlights cases where third-party activists seek to harness the securities markets through exploitation of investment manager ESG policies, to weaponise their own political agendas. In circumstances where the information they disseminate (before and after trades) is erroneous, biased, or demonstrably influenced by material interest, he argues the need for urgent regulatory focus to prevent market manipulation and protect market integrity.
13 June 2024Electronic trade documents: a way forward
In this article, the authors explain the Law Commission’s provisional proposals for legislative reform to provide that certain trade documents in electronic form have the same effect as paper trade documents.
13 June 2024Structuring loan buybacks
In this article the authors consider the structure of loan buybacks with a consideration of the documentary changes made by the Loan Market Association (LMA) as well as some of the approaches that have evolved in the market to address buybacks.
13 June 2024The issues with interest calculations in arbitration awards
There is often much angst about choosing the right method of calculating interest on an arbitral award and, indeed, which interest rate to use. There are no criteria that can be applied a priori to assist in the selection in a particular case. Rather, the key is to determine what monetary return the injured party might have earned had they had use of the arbitral award over the relevant period of time. This amount can then be readily translated into a method and interest rate to suit the arbitrator.
13 June 2024The expanding definition of contingent debts and its impact on winding-up petitions
Clive Wolman explains why there may no longer be a valid legal basis for a company to be able to restrain the presentation, advertisement or pursuit of a winding-up petition against it merely by showing that it is genuinely and substantially disputing the petition debt. Changes in UK insolvency and company legislation, reinforced by changes in accounting standards and by judicial rulings, have led to a broader definition of a “contingent” debt or liability. It now includes the contingency of a court finding that the disputed debt or liability does exist.
13 June 2024The 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 2024Out of scope: Scope Ratings’ appeal against ESMA fine fails
In a December 2020 decision published on 12 January 2021, the Joint Board of Appeal (BoA) of the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority (ESMA) (together the European Supervisory Authorities) dismissed an appeal1 brought by Scope Ratings GmbH (Scope) against ESMA’s May 2020 decision to impose a €640,000 fine.2 In this article the authors assess the implications of the decision.
13 June 2024The impact of Brexit on the UK and European legal professions
This article explores the implications of Brexit for the practising rights of UK barristers, solicitors and advocates in the EU and for European lawyers in the UK, with a focus on England and Wales. Although the UK’s withdrawal from the EU has resulted in some challenges for European lawyers, England and Wales remains an open legal market. For UK lawyers in Europe the situation varies considerably by member state and it is incumbent on lawyers to carefully research practising rights and immigration rules ahead of travel.
13 June 2024
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