Feature

Segregation 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.

The 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.

Bridging 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.

The 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.

Wholesale Markets Review: an enhanced, tailor-made regime for UK markets

In this article, Elisabeth Øverland considers the principal proposals included in HM Treasury’s recent consultation on wholesale markets regulation – the Wholesale Markets Review.

The new NPL Directive: an uncertain path ahead

Almost four years ago – in March 2018 – the European Commission proposed a directive intended to promote the growth of the secondary market in non-performing loans (NPLs). This was part of a broader plan to help reduce the burden of NPLs on European bank balance sheets. After a long and winding legislative road, the European Parliament approved the final version of the Directive on 19 October 2021. The same text was approved by the Council on 9 November 2021 and is likely to be published in the Official Journal of the EU in the coming months. In this article we set out some of the features of the new Directive and areas of likely market concern (and especially for the securitisation market) arising out of it.

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.

Merricks v Mastercard: the litigation risks for the financial services sector

The recent decisions in the Merricks v Mastercard  litigation will most obviously have a significant impact on the competition class actions regime, but may also have repercussions for the wider litigation landscape, particularly in relation to mass consumer claims. In this article, we consider the potential litigation risks for the financial services sector.

ETFs: could crisis be looming?

Exchange traded funds, or ETFs, are one of the most successful financial innovations in the modern era; of similar vintage and, arguably, significance to mortgage-backed securities, but to date thankfully not (yet) as contorversial. 

This article looks at their key features, contextualises their inexorable rise by reference to some performance figures and, by reference to two examples of their higher risk synthetic variants, leveraged and inverse ETFs, highlights both the potential systemic risks they pose to the stability of global financial markets and regulators’ preparedness to address those risks.  

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.