Feature

Availability of costs for individuals who successfully challenge an FCA decision against them

The UK Upper Tribunal recently ordered the Financial Conduct Authority (FCA) to pay some of the costs of two individuals who successfully challenged FCA decisions made against them, partly due to its unreasonable conduct. Such orders are rare. This article considers the circumstances in which individuals who have successfully overturned FCA decisions against them might be able to recover some of the costs they have incurred in defending the regulatory action taken against them.

Covid, aircraft financing and the duty to mitigate

Covid placed severe stress on the aviation industry causing many lessees to default. This article considers whether security trustees acting on behalf of aircraft financing creditors need to enforce security in order to mitigate the creditors’ losses and maximise their claims.

Moveable Transactions Reform in Scotland: acquiescence and the perils of over-pledging

This article identifies certain practical challenges in respect of taking Scottish statutory pledges (SSPs) under the recently passed and not-yet-in-force Moveable Transactions (Scotland) Act 2023. It identifies that SSPs will be released if lenders informally acquiesce in the transfer of part of the pledged property, and argues that pledging too many assets, especially current assets, is an avoidable danger to an SSP.

Limited Liability Partnerships and enforcing security over a member’s interest

In this article, Emma Bullen looks at the uncertainties and challenges relating to enforcing security over a member’s interest in a limited liability partnership.

Gatekeeper liability in Spain after Gowex

This article analyses the implications of the Spanish Supreme Court’s judgment of 19 April 2023 in the Gowex case for the liability of gatekeepers operating in Spain. It examines and offers new insights on the circumstances under which gatekeepers may have a duty to protect investors from damage owing to the existence of a special relationship with them. The Supreme Court’s judgment, and the findings of this article, embrace an expansive view of gatekeepers’ liability towards investors and, therefore, are of major relevance for gatekeepers operating or aiming to operate in Spain.

Retained EU Law: a tale of two statutes

The Retained EU Law (Revocation and Reform) Act 2023 (REULA) and the Financial Services and Markets Act 2023 received royal assent on the same day. One is generally applicable; the other is specifically related to financial services and markets regulation. Both allow for the revocation, restatement and modification of retained EU law, though their approaches differ. This article will compare the mechanisms in each to argue that a single regime, based on the approach in REULA, would have been preferable.

From PSG’s strip to the Gaza Strip: critical issues for those managing Qatar’s money after 7 October

In this article, the author outlines the issues that directors of offshore alternative investment funds and their investment managers need to consider when managing Qatari sovereign wealth.

A review of private credit in the immediate wake of COVID-19

In the aftermath of the global financial crisis, private credit institutions emerged as being able to offer flexible financing solutions on short timeframes when compared to more heavily regulated banks. Traditional bank lending inevitably had slower processes and more limited scope to support nuanced credits. The strengths of the private credit model may well permit those institutions to advance their position further in the post-pandemic landscape. Whilst all private credits funds have as their objective a strong economic return, the context of each investment will determine the optimal approach each institution will employ to achieve that result.

The Lehman litigation: the waterfall keeps falling

In Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings Plc (In Administration) [2021] EWCA Civ 1523, the Court of Appeal determined the priority of competing subordinated claims over the £800m to £1bn available in the distributing administration of LB Holdings Intermediate 2 Ltd and considered the common law position regarding part payment of a debt by a surety, as well as the rule against double proof.

Hedging risk-free rates