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Contractual continuity for “tough legacy” contracts
With time ticking until the end of 2021 when at least certain settings of LIBOR will cease, the UK authorities are finalising their plans for “tough” legacy through the means of legislation and powers granted to the FCA. In this article, we examine such legislation and powers with a comparative eye to alternative solutions in the US and the EU.
18 April 2024Bridging the gap: high yield bridge loans in leveraged buyouts
In this article the authors examine the key features of high yield bridge loan documentation and latest trends in the leveraged buyout market.
18 April 2024The approaches of different jurisdictions to the legal recognition and enforceability of electronic signatures
In this article, Annabel Akintomide considers the approaches of different jurisdictions to the legal recognition and enforceability of electronic signatures and the key themes that emerge.
18 April 2024The role of the sustainability co-ordinator in sustainability linked loans
In this article the authors consider how the increasing prominence of sustainability linked loans has afforded new opportunities for banks to take on the role of sustainability co-ordinator and take a closer look at what this role entails.
18 April 2024Unravelling the Travel Rule: AML requirements for cryptoasset businesses
The Financial Action Task Force (FATF) recently updated its guidance for Virtual Assets and Virtual Asset Service Providers (VASPs) in October 2021 including on its Recommendation 16 that certain transfers of cryptoassets must be accompanied with identifiable originator and beneficiary information. The application of Recommendation 16 to VASPs has caused controversy, as it is regarded as being very difficult to comply with by the industry. This article explores whether the proposed implementation of the Travel Rule in the UK addresses any of the commonly cited practical difficulties with compliance (which are particularly pronounced for unregulated firms or start-ups that may be unaccustomed to being scrutinised in this way) in light of the most recent guidance.
18 April 2024Implementation of the remaining Basel III standards in the UK
The aim of this article is to provide an overview of the Prudential Regulation Authority’s rules (PRA Rules) implementing the remaining Basel III standards in the UK, to highlight any key deviations from the underlying Basel III standards and the equivalent EU CRR2 regime, and to discuss potential challenges that these deviations might create for banking groups. In addition, this article includes responses to frequently asked questions in relation to the above.
18 April 2024Preserving guarantor liability: an update
In this article, Richard Salter QC provides an update to his 2017 article on the “purview doctrine”, which offered practical pointers to those called upon to document variations in syndicated lending transactions secured by a guarantee.
18 April 2024Segregation of financial instruments in the Netherlands: why the Dutch do not need the trust
This article concerns the protection of investors’ ownership rights in financial instruments held by an intermediary under Dutch law, especially in the event of such intermediary’s insolvency.
18 April 2024Virtual property as trust assets and investments
Following a number of recent decisions, it now seems reasonably settled that digital assets such as cryptocurrencies will as a matter of law be regarded as “property”. One consequence is that cryptocurrencies can be the subject of a trust and may be held as investments. However, the unique features of digital assets give rise to a number of problems on which there is little authoritative guidance. The impact of s 53(1)(c) of the Law of Property Act 1925 (LPA), in particular, appears to have been overlooked in cases where cryptocurrencies have been found to be held on express trust for multiple co-owners.
18 April 2024Commercial litigation funding: a more secure approach
A series of recent decisions have focussed on the practice of commercial litigation funding. The High Court and Court of Appeal have made clear that commercial funders will be expected to show that they can satisfy adverse costs orders that may be made during the litigation, failing which they are likely to be required to provide security for costs.
18 April 2024
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