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Sustainability/ESG ratings: does the market measure up?
In this article, we examine concerns related to the burgeoning sustainability/ESG ratings market identified in policymaker, academic and practitioner research and consider potential regulator interventions that could be on the horizon.
25 March 2024Prudential consolidation under the IFPR: making sense of the ancillary services undertakings concept
In this article, Andrew Henderson considers the concept of “ancillary services undertakings” under the new UK Investment Firms Prudential Regime (IFPR) and the UKCRR for banks. He argues that draft European Banking Authority Guidance is useful in delineating the limits of the concept and highlighting the reason for including or excluding entities within a consolidation group.
25 March 2024Protection from creditors: the law’s continuing development for corporates in Ireland
In this article William Johnston considers the new administrative rescue process available to distressed small and micro companies in Ireland. He examines the reform against the backdrop of the existing examinership process available for larger companies.
25 March 2024Knowing receipt and the proprietary base: Part II
In Byers v Samba Financial Group [2021] EWHC 230 (Ch), Fancourt J held that a knowing claim could not be maintained against a knowing recipient where the claimant’s proprietary interest had been extinguished by or before receipt. The Court of Appeal has now affirmed that decision: [2022] 4 WLR 22. The court’s reasoning helpfully elucidates the theoretical basis of knowing receipt-based liability (appearing to espouse a property-based theory), but risks significantly curtailing the remedies available to beneficiaries in cases involving trust assets located abroad.
25 March 2024Foreign financial crises and the consumer
This article considers two recent cases involving claims against Lebanese banks by claimants wanting to withdraw foreign currency and seeking to invoke the special regimes for consumers that apply in relation to: (i) jurisdiction; and (ii) applicable law. In the first case, Bitar v Banque Libano-Française SAL [2021] EWHC 2787 (QB)(Bitar), the court considered the question of jurisdiction. In the second case, Khalifeh v Blom Bank SAL [2021] EWHC 3399 (QB) (Khalifeh), the court considered the question of applicable law.
25 March 2024Direct Lending in a distressed world
In this article the authors consider what makes funds behave differently to banks in a distressed scenario and some specific issues faced by funds.
25 March 2024Secondary obligations and disguised penalties: where does the law stand following Makdessi?
In the joined appeals of Cavendish Square Holding BV v Talal El Makdessi, ParkingEye Limited v Beavis [2015] UKSC 67; [2016] AC 1172 (Makdessi), the Supreme Court reformed the modern penalty clause doctrine, including by emphasising that it is available only in relation to secondary obligations, which must be classified as a matter of substance not form. This article considers this threshold test and the issue of so-called “disguised penalties” in English law following that decision.
25 March 2024Stablecoins as security? Never say tether
This article considers whether stablecoins such as USD Tether (USDT) which do not present the same volatility risks as Bitcoin might be a satisfactory alternative to either payment into court or a guarantee from a first-class London bank.
25 March 2024Moveable Transactions (Scotland) Bill: some funding opportunities
The Moveable Transactions (Scotland) Bill was recently introduced to the Scottish Parliament. The reforms were proposed by the Scottish Law Commission in December 2017 and the author and Dr Andrew Steven, the Scottish Law Commissioner responsible for the Commission’s report, outlined the proposed new regime in the February 2018 edition of this journal (2018) 2 JIBFL 71. It is not proposed to repeat that analysis, but instead to discuss in a little more detail some of the opportunities which arise from the Bill.
25 March 2024Reform of the law on deeds: options for the Law Commission
This article deals with the proposals of the City of London Law Society (CLLS) Financial Law Committee to the Law Commission in connection with their review of the law on deeds, likely to be one of the projects in their 14th Programme of Law Reform. Proposals focus on resolving a number of issues related to the execution of deeds, including in the form of electronic documents, as well as resolution of some conflict of laws issues, clarification of when a deed is required and of the status of a “failed” deed.
25 March 2024
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