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Financial collateral and Brexit: a comparative perspective
The EU directive on financial collateral (EU Directive 2002/47/EC) (Directive), as implemented in the UK remains (with amendments) on the statute book and has not been directly impacted in any meaningful sense by Brexit. However, given the latitude inherent in the Directive, a marginally fractured legislative landscape has resulted across the member states.
13 June 2024Intermediated securities in a securities class action context
The majority of investors in the UK hold their interests through an intermediated chain of securities. The relationships between the investors in the chain are governed by the contracts they have entered into, and the system is largely operated on a “no look through” basis, meaning investors only have rights against their own counterparties. The Law Commission has considered whether to reform the law in this area, in order to give greater rights to ultimate investors. This article considers the impact of any such reform in a securities class action context.
13 June 2024LIBOR transition and managing competition law risk
In this article Professor Suzanne Rab responds to the Financial Market Law Commission’s clarion call to consider key competition issues arising from a move to Risk Free Rates (RFR) or similar. She identifies challenges for the competition law regulation of banking benchmarking practices that need to be addressed.
13 June 2024Quincecare and the question of government liability where there has been Bounce Back Loan fraud
Two recent circuit commercial court decisions have considered the scope of a Payment Service Provider’s duty of care to its customer when executing payment instructions (Quincecare duty) in the contexts of identity fraud: Hamblin v World First Limited [2020] EWHC 2383 (Comm) and authorised push payment fraud: Philipp v Barclays Bank UK Plc [2021] EWHC 10 (Comm). This article speculates in the light of these two decisions whether, where scheme funds lent under the Coronavirus Bounce Back Loan Scheme have been misapplied, the British Business Bank could escape liability under the Scheme guarantee on the grounds that the lender has breached its Quincecare duty.
13 June 2024Parent companies’ liability in tort for the acts of their subsidiaries
In this article the authors consider a parent bank’s liability for the torts of its subsidiary in light of the Supreme Court decision in Okpabi v Royal Dutch Shell [2021] UKSC 3.
13 June 2024Arc of the (financial) covenant: issues for project and real estate finance
Outside of the leveraged finance market however, financial covenants remain a key feature of a wide range of loan financings. This article discusses the financial covenant packages used on project financings, and on real estate and development financings, together with some of the common structuring and negotiation points that arise.
13 June 2024Issues between creditors and debtors when restructuring listed debt
In this article, the authors explore certain key issues creditors and debtors face when restructuring listed debt (referred herein as “bonds”). There are administrative problems that can arise when dealing with a large number of disparate bondholders and the complexities of dealing with material non-public information (MNPI) during restructuring negotiations. The authors consider the different parties involved in these restructurings and how advisors can assist these parties in navigating these hurdles.
13 June 2024Assigning receivables on either side of the Channel: a comparative note on French and English law
As between English law and French law, the key principles behind assigning receivables are similar. The 2016 reform of French contract law has undoubtedly brought the French regime applicable to assigning receivables closer to English law. However, practical differences between the two systems continue to exist. This is due to the inherently contrasting nature of civil and common law systems and the role, in particular, of equity in matters of assignment. This article presents the French regime on assigning receivables, contrasting it with English law on certain points.
03 June 2024The consolidated prudential supervision of investment firm groups in the EU: practical implications on group parent entities
This article aims to provide an overview of the current requirements of the consolidated prudential supervision of investment firms under Regulation (EU) 2019/2033 (Investment Firm Regulation (IFR)) and related legal acts. In particular, it considers the implications of the recently adopted Commission Delegated Regulation setting out regulatory technical standards with regard to the scope and methods for prudential consolidation of an investment firm group (RTS). Given the complexity of the topic, the introduction set out in this article does not touch on every aspect of consolidated prudential supervision in order to provide a concise overview.
03 June 2024Will private credit CLOs emerge as a new funding tool in Europe?
In this article, the author considers the potential for the CLO framework to be applied to private credit portfolios.
03 June 2024
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