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USD LIBOR succession legislation at home and abroad
In this article the authors review the current status of the various “legislative fixes” for dealing with agreements which refer to USD LIBOR but which cannot be actively amended to remove those references before the benchmark ceases to exist.
13 June 2024Moving towards digital capital markets: the EIB’s public blockchain bond
In April 2021, the European Investment Bank (EIB) issued its first ever notes in digital form on the Ethereum public blockchain. This was a milestone transaction in several respects: as a true financing using a blockchain register rather than a proof of concept; through the use of Central Bank Digital Currency at issue; and through the development of documentation to address the new technology. This article summarises the key features of the issuance and its relevance to future digital bond issuances.
13 June 2024An introduction to the Business Banking Resolution Service
This article will discuss the new service and its eligibility criteria, the formalities of bringing a complaint, and also how complaints will be determined. Comparisons will be drawn against the Financial Ombudsman Service as we touch upon the relationship between the two schemes. We will finally consider the appeals procedure and the potentially litigious issues that may arise after a final appeal.
13 June 2024The Eurosystem PISA oversight framework: a novel approach for the oversight of electronic payment instruments, schemes and arrangements
The European payments ecosystem is currently undergoing significant changes, due to the emergence of new technologies, new market participants as well as an evolving regulatory environment. To keep abreast with these changes and their potential implications and challenges whilst ensuring a continued smooth functioning of the payment system, the Eurosystem had launched until end December 2020 a public consultation1 on a new holistic and forward-looking harmonised oversight framework for electronic payment instruments, schemes and arrangements (PISA).
13 June 2024CNH v Cleveland: impact of Court of Appeals decision on out-of-court European high yield restructurings
In 2020, a US court determined that minority noteholders’ rights to receive principal and interest on their notes survived a “strict foreclosure” and cancellation of notes, undertaken by the indenture trustee at the direction of a majority of noteholders. In this article, we consider the potential effect of that decision on out-of-court, majority-led share pledge enforcements, which are a key debt-restructuring tool in the European market.
13 June 2024The business with human data: improving governance in the information age
If the sole purpose of everything is to be monetized and sold for profit, human data may be deemed the “new oil”. Yet, human data offers far greater opportunities and its reduction to a commodity creates substantial costs. The business with data has not created free markets, but conglomerates with excessive power. Data producers are denied a voice and the economic benefits to what they produce, and society is deprived of social welfare enhancing opportunities. Human data deserves a better governance structure that can be crafted from known organisational forms enhanced by modern technology.
13 June 2024LIBOR transition: managing customer relations
This article seeks to identify where friction points in borrower/lender relations may arise during the LIBOR transition process and how they may result in litigation. It then outlines some prudential measures banks should take to minimise the risk.
13 June 2024The proposal for a regulation on markets in crypto-assets: disjuncts between regulatory and private law
This article considers the EU Commission’s Proposal for a Regulation on Markets in Crypto-Assets. Premised on what is submitted to be a disjunct in the approaches taken to regulatory and private law rights and obligations, it considers the consequent private law issues arising in misrepresentation, negligence, proprietary interests, and private international law.
13 June 2024RFR Term Rates in a post-LIBOR landscape
The 5 March 2021 announcement by the Financial Conduct Authority (FCA) signalled the definitive end of LIBOR. With attention turning to the post-LIBOR landscape, we examine the key features of forward-looking rates derived from RFRs (RFR Term Rates) as an alternative to other rates derived from RFRs and the circumstances and considerations for their use.
13 June 2024Wither principle in English corporate restructuring law?
In the UK, multiple procedures to achieve a restructuring are available which can be used alone or in combination with each other. Although there is much to be said for this approach in terms of flexibility and adaptability, there is also a risk of creeping inconsistencies in the regime, as different results are arrived at in determining the same issue depending on which procedure is used. In this article, Sarah Paterson explores a few examples and suggests a growing need for it to be addressed by the courts where that is possible, and by the legislature where it is not.
13 June 2024
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