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Sanctions on the rise: the 6th Anti-Money Laundering Directive and the post-Brexit landscape
The 6AMLD has been introduced and implemented to provide stricter measures in the fight against money laundering. In particular, criminal sanctions both by way of imprisonment and fine are increased. Further, 6AMLD broadens the scope of financial crimes being dealt with. However, whilst 5AMLD has been incorporated into the UK’s domestic legislation, 6AMLD will not be implemented. This is because the UK has its own strict measures in place for AML offences.
13 June 2024Secured transactions law reform: lessons from Asia
This article discusses findings from a new book which examines secured transactions law in thirteen Asian countries. Special focus is given to the drivers, substance and process of law reform, and lessons are drawn from the Asian experience that could aid a broader understanding of the principles and policies shaping legal development in this area.
13 June 2024International aspects of capacity and authority: a need for reappraisal of Haugesund v Depfa?
The effect upon private law contractual rights of public law illegality has long been a source of confusion and controversy, particularly in the context of disputes between banks and public bodies over complex derivatives. The issue divided the Court of Appeal in Credit Suisse v Allerdale [1997] QB 306 and although the view of Hobhouse LJ in that case has been endorsed in Charles Terence Estates Ltd v Cornwall Council [2012] EWCA Civ 1439, this was only obiter. Foxton J in School Facility Management Ltd v Governors of Body of Christ the King [2020] EWHC 1118 (Comm) has now decided how far public law illegality can provide a defence of incapacity but his logic when applied to a foreign entity is more consistent with Etherton LJ’s dissent in Haugesund v Depfa [2010] EWCA Civ 579 than with the majority decision.
13 June 2024How easy is it to enforce English judgments in the EU post-Brexit? A look at the procedures in Italy, Germany and Spain
This article examines the rules that now apply in relation to the enforcement of English court judgments in the EU and goes on to consider, by reference to Italy, Germany and Spain, what this means for enforcement of judgments in practice. We highlight that these are the rules that apply as at the date of this article but are potentially subject to change (for example if the UK joins the Lugano Convention 2007 (Lugano Convention), as discussed further below).
13 June 2024Dana Gas PJSC v Dana Gas Sukuk: how should Islamic financial law apply in multi-jurisdictional litigious disputes?
Holders of Islamic financial instruments (often creditors) carry well-justified expectations that offerors and issuers (often borrowers) will observe the highest levels of integrity, transparency and proper (non-prevaricatory) conduct. The discussion surrounding the legal ramifications and impact on the Islamic financial services industry of Dana Gas PJSC v Dana Gas Sukuk Ltd and others [2017] EWHC 2928 (Comm) (17 November 2017) (Dana Gas PJSC) is therefore still incomplete. The High Court’s decision to rule the Purchase Undertaking valid and enforceable, regardless of whether the Mudarabah Agreement governing the Sukuk had been Shariah complaint or not, barely scratched the surface. Indeed, if anything, what has come out of the High court in Dana Gas PJSC is that not much has been said in a manner which would have addressed fundamental questions pertaining to Sukuk in a norm-setting way.
13 June 2024LIBOR transition: ISDA Protocol first mover disadvantage and other international perspectives
In this article, the authors consider some of the key international developments in Q4 2020 relating to LIBOR transition. They conclude that parties should exercise significant caution before signing up to the ISDA 2020 IBOR Fallbacks Protocol.
13 June 2024How to get recognised: cross-border recognition of insolvency and restructuring proceedings post-Brexit
This article summarises the post-Brexit position regarding inbound and outbound recognition of insolvency and restructuring proceedings between the UK and the EU.
13 June 2024Lenders’ duties in the “twilight zone”, after default but before appointment or enforcement
In this article we consider what duties are owed by a lender in the period after default by the borrower, but before any appointment or other enforcement steps are taken. We do so in the context of the question of what duties are owed in relation to restructuring services or actions of the lender having regard, in particular to the recent decision and observations of the Court of Appeal in Morley Estates v Royal Bank of Scotland [2021] EWCA Civ 338. We start by considering the question of why there is a need for protection and then seek to identify the case in favour of lenders’ duties being owed in the context of the decision made in Morley Estates v RBS at first instance and in the Court of Appeal.
13 June 2024Liquidity mismatch in UCITS schemes after Woodford
This article examines the problem of “liquidity mismatch” within certain categories of retail funds and assesses whether recent new rules and proposals from UK regulators adequately address that issue.
13 June 2024Showing no recourse: in defence of supply chain finance post-Greensill
This article emerged in response to the onslaught of publicity generated by the insolvency of Greensill. For many this has been their first true introduction to supply chain finance and the coverage has not been very positive. Every few years the collapse of an industry stalwart or promising up-and-comer is held up as a cautionary tale, emblematic of underlying weaknesses or failings of its sector. However, it would be unfortunate to let Greensill’s legacy be the tarring of supply chain finance in general when it plays such an important role in facilitating global trade.
13 June 2024
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