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Taking security over Central Bank Digital Currency
This article considers the taking of security over Central Bank Digital Currency (CBDC) in the UK and the US.
19 March 2024Warranties in corporate transactions involving tokens or blockchains: a proposal for a foundational approach
This article outlines a proposed approach to the risks and the protections that are specific to corporate transactions involving tokens or blockchains and proposes warranties designed to protect buyers.
19 March 2024The vexed and litigious question of “unallowable purpose”
In this article, David Milne KC considers the recent decisions in “unallowable purpose” cases, many of which have arisen in loan relationships, and explains why mere knowledge of the tax advantage by the directors of the taxpayer company should not of itself deny the tax relief.
19 March 2024The impact of rated note feeder funds on subscription-line facilities
In this article the authors consider how a rated note feeder interacts with subscription-line facilities, in terms of security, enforcement, insolvency and subordination of debt repayments.
19 March 2024Capacity: is the question of hedging or speculation mis-stated?
The question of legal capacity to act in purported hedging transactions inherently assumes that all transactions are binary: either hedges or speculations. In this article, Hanif Virji explains how the reality is more complex – going beyond even a one-dimensional spectrum to a multi-dimensional one.
19 March 2024Toto’s law: looking behind ESG rating agency curtains
In this article, Dan Harris tests the provisional regulatory response to the risks, particularly bias, presented by ESG ratings providers when they repackage information scraped off the internet and elevate its status into a “score”. He suggests an industry form of comfort letter for incorporation into contracts between ESG ratings providers and investment managers.
19 March 2024Cryptoassets as property under English law Pt II: ownership, situs and the circular question of jurisdiction
Judgment was recently handed down by the Court of Appeal in Tulip Trading Limited v Bitcoin Association For BSV & Ors [2023] EWCA Civ 83. This article focuses on two issues arising from the basis upon which Tulip Trading Limited’s case and the issue of jurisdiction proceeded in the Court of Appeal: (i) who is the “true owner” of the bitcoin; and (ii) the circular nature of founding jurisdiction.
19 March 2024Electronic deeds: signed, sealed … delivered?
Deeds are often used in commercial practice, particularly where a party wishes to enter into a unilateral commitment or parties wish to vary a contract. However, the requirement that a deed must be “delivered” is potentially confusing. It may cause particular difficulties in the context of deeds that are executed and evidenced electronically.
19 March 2024Sustainability-related disclosures:EU SFDR v UK SDR
The EU Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (SFDR) and the EU Taxonomy Regulation and the UK Sustainable Finance Disclosure Requirements (SDR) and labelling regime both aim to increase transparency, investor protection and disclosure around sustainable finance products and the climate impact of investments. Both the SFDR and SDR and emerging regimes in the US and internationally are designed to meet market concerns around the need for improved climate disclosure requirements. In this article, we seek to compare the key themes and features of the SFDR and SDR to determine possible areas of divergence and convergence particularly for those firms who need to consider the applicability of both the UK and EU requirements to their products and services. We set out below a recap of both regimes and significant areas of difference between the two UK and EU regimes in particular.
19 March 2024Deed polls: a difficult solution to a difficult problem
In recent years, a series of newly incorporated companies have proposed schemes of arrangement or restructuring plans pursuant to Pts 26 or 26A of the Companies Act 2006 (respectively) with the express purpose of compromising or amending debts which they are not contractually party to, and which they have no connection with. Their ability to do so relies on a unilateral instrument known as a “deed poll”. In this article, we examine the reasons why the deed poll structure may be used, and some of the issues that the courts have considered and addressed in recent cases.
19 March 2024
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