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Market abuse: the limits on civil recovery for investors in the US and UK
This article examines the civil remedies available under English law to investors who suffer loss when counterparties trade on inside information. Taking the Archegos collapse as its point of departure, it concludes that while regulatory and criminal sanctions exist, the obstacles to private recovery are formidable. Neither negligence, deceit, nor unlawful means conspiracy offers a viable route to compensation.
27 February 2026The IOSCO Final Report on pre-hedging: is this the final word?
In November 2025, the International Organization of Securities Commissions (IOSCO) published its Pre-Hedging Final Report (the Final Report), concluding a review that began with a November 2024 Consultation Report (the Consultation Report) and built on earlier regulatory and industry work.
27 February 2026FCA Consumer Duty: why challenger banks should integrate e-signatures into their mobile apps
In this article Richard Oliphant considers what the Consumer Understanding outcome means for challenger banks reliant on a click-to-accept mechanism for a speedy digital customer onboarding process.
27 February 2026Are we reaching any further clarity on Braganza in loan documentation?
It is becoming increasingly clear that the nature of the relationship and expectations between the contracting parties is a key factor in whether a Braganza term will be implied. This aligns with the usual case-by-case approach to the construction of contracts and the implication of terms.
27 February 2026Can we vibe code financial contracts?
Writing executable financial contracts remains a challenge due to the linguistic gap between legal prose and computer code. Logical English (LE) bridges this divide, offering a human-readable yet executable framework. This article examines the emergence of “vibe coding”–an iterative, agentic workflow using Generative AI – to automate contract development. By leveraging Large Language Models to translate legal intent into formal LE structures anchored in the Common Domain Model, the industry can move toward a “vibe-to-code” reality. This approach harmonises the probabilistic power of AI with the deterministic certainty required for banking law and complex derivative documentation.
27 February 2026To ban or not to ban; that is the (cryptoasset) question
This article provides an overview of the relevant regulatory systems and policy frameworks across key jurisdictions, illustrating the complexity of the choice faced by regulators between banning and regulating cryptoassets. It examines three dominant approaches.
27 February 2026Do divergent terms across European leveraged finance documentation really create misunderstanding, mischief and mayhem?
In this article the author considers the variations in the terms of key covenants within the same debtor groups, particularly in multi-tiered debt capital structures (involving Super Senior RCF, Senior Term Debt, Mezzanine and High Yield Bonds) in the European leveraged finance market, how this is playing out at different points of the credit cycle, and if there may be a way in which the market can more cohesively address/reconcile these differences.
08 February 2026The “digital” answer is always netting …
The co-architect of the design and drafting of the modern form of master trading agreements, such as the Global Master Securities Lending Agreement (GMSLA), Global Master Repurchase Agreement (GMRA) and ISDA Master Agreement, Jeffrey Golden KC (Hon), once stated that "the answer is always netting". The continuing force of the statement lies in netting's central role in both counterparty credit risk mitigation and financial stability. However, the effectiveness and enforceability of netting under these master trading agreements have come to depend on legal opinions intended to confirm enforceability.
Yet, 40 years after the capital markets industry started to utilise these legal opinions for this purpose, very little has changed in how they are produced or operationalised. Legal opinion practice in the financial markets has not kept pace with the complexity of modern trading relationships, evolving regulatory requirements, or the increasing role of technology and the digital agenda. Prudential regulators and supervisory bodies, including the Federal Reserve, the Prudential Regulation Authority, the European Central Bank and the Australian Prudential Regulation Authority, have responded with enforcement action where supervised firms have taken regulatory capital relief without adequate processes, systems and controls in place. The answer remains netting, but it starts with a more digital and data-driven approach to counterparty due diligence, anchored in the Legal Entity Identifier (LEI). This article explains why the LEI is essential to ensuring that netting remains the ultimate solution.
Guardrails on contractual discretions: navigating the content and consequences of the Braganza constraint
Contractual discretions and absolute rights are conventionally distinguished, with rationality constraints applying only to the former. The better analysis is that these concepts exist on a spectrum rather than as distinct categories. The trend in recent cases is increasingly in favour of implying rationality constraints but tailoring their scope depending on where the decision falls on this spectrum. The issue of relief remains underexamined in the case-law. It remains unclear which types of Braganza breaches result in nullity and what effect nullifying a decision produces. These issues will likely generate future disputes.
08 February 2026Unlocking the potential: why the EU needs a dedicated securitisation special purpose entity
This article proposes the creation of a single pan-EU legal framework for the establishment and operation of EUSSPEs to facilitate pan-EU securitisations, with EUSSPEs incorporated under EU law, pursuant to a supranational framework above the 27 member state legal systems.
08 February 2026
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