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Licence to aid: the legal and compliance challenges of UNSCR 2664 for UK-connected financial institutions
This article explores the legal and compliance challenges surrounding United Nations Security Council Resolution 2664 (2022). This resolution introduces a standing humanitarian exemption to asset freeze measures across all United Nations sanctions regimes marking a significant evolution in international sanctions law. This exemption is intended to safeguard the delivery of humanitarian assistance in sanctioned jurisdictions. This article argues that while United Nations Security Council Resolution 2664 (2022) is a positive development in facilitating humanitarian activities within sanctioned jurisdictions, its effectiveness is limited by its exclusion from the UK’s autonomous sanctions regime. In practice, this means that UK-connected financial institutions are unable to operationalise the humanitarian exemption to facilitate humanitarian activities undertaken by humanitarian actors.
23 May 2026Flipping out: changing the governing law of sovereign debt instruments
In this article the authors posit that the inclusion of a Flip Clause in emerging market sovereign bonds is a bad idea for at least three reasons.
23 May 2026Application of statutory limitation periods to consumer credit unfair relationship claims
Harry Hatwell analyses the recent UK Supreme Court judgment in Zedra v THG concerning the interpretation of the Limitation Act 1980. He addresses the decision from a consumer credit angle, looking at the court’s obiter comments seeking to apply their Lordships’ reasoning to the unfair relationship regime under the Consumer Credit Act 1974.
23 May 2026Stablecoins and the emerging financial crime toolkit
This article compares anti-money laundering and financial crime risk and regulation in traditional financial systems and emerging stablecoin ecosystems, examining the trade-offs policymakers face when designing financial crime frameworks for digital money.
22 May 2026Governance-by-design for private markets: from funds to platforms
In this article, the authors diagnose a governance paradox in private markets: as operating models shift from fund-by-fund deployment to platform-level management, decision-making authority is centralised while fiduciary obligations remain fragmented across legally separate vehicles. Governance frameworks designed for episodic, vehicle-level decisions are structurally exposed to ad hoc retrofits that may not reliably balance competing investor interests.
22 May 2026Preparing for a liberalised UK securitisation framework
In this article, the authors consider how buy- and sell-side parties to securitisation transactions can prepare for the next phase of UK reforms, as the Financial Conduct Authority and Prudential Regulation Authority consult on a more principles‑based, flexible regime intended to enhance UK market competitiveness.
22 May 2026Ralli Brothers: a defence in flux?
A recent case has held that the rule in Ralli Brothers does not apply to unlawfulness arising from court orders rather than legislation or to unlawfulness in places that are not contractually specified but are necessarily involved in contractual performance. These holdings are suggested to be wrong, but they will generate further argument. Another recent case has developed the law on the place of performance of demand instruments.
22 May 2026Navigating German equitable subordination: implications and structuring options post-ECJ judgment
The European Court of Justice has provided critical clarification on the application and interpretation of European insolvency regulation provisions regarding German equitable subordination and claw-back of shareholder loans in cross-border insolvency cases. This decision reinforces the protective nature of German insolvency law, preventing shareholders from circumventing these rules through the choice of foreign law.
22 May 2026Entire agreement clauses: entirely unco-operative to void co-ops? Part 1
Is the use of an entire agreement clause to void anti-cooperation obligations in respect of a liability management exercise (LME) effective as a matter of English law? Will the borrower get more or less than they bargained for if the LME is not yet in contemplation? This article answers these questions by positing three key arguments.
22 May 2026Increasing use of AI in financial services: managing the regulatory and litigation risks
The financial services sector is at the forefront of the AI revolution. In this article, we examine: (i) the approach to AI regulation in the sector; (ii) regulatory risks arising; (iii) possible litigation risks; and (iv) the practical steps that firms can take to mitigate such risks.
22 May 2026
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