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EU prudential supervision: classifying institutions as significant or less significant following Wirecard’s collapse
The ongoing transformation from traditional banking to highly digitalized operations using automation and alternative intelligence has failed to reduce financial and non-financial risks. Banks operating in the financial technology or neo-bank (fintech) space are creating similar risks such as excessive debt, inadequate governance or financial crime. This article analyses the division of supervisory powers in the European Union (EU)’s Single Supervisory Mechanism (SSM) between the European Central Bank (ECB) and National Competent Authorities (NCAs) in light of the accounting scandal at German fintech Wirecard. It revisits the SSM’s classification test as well as take-over option and proposes a flexible, risk-based approach.
19 March 2024Where does Barton v Morris leave the law of unjust enrichment in relation to payment for services provided under a contract?
A majority decision of the UK Supreme Court, Barton v Morris [2023] UKSC 3, handed down in January this year confirmed the existence of the subsisting contract rule, the effect of which is that where services are provided under a valid contract no claim to payment will generally lie in unjust enrichment, the parties’ rights and obligations being limited to those provided for by the contract.
19 March 2024Are leveraged LDI strategies lawful? How the courts would construe reg 5 of the OPSRs
This article builds on the recent articles by, first, Richard Salter KC and, second, Professor Iain Clacher and Dr Con Keating in which the question whether repos constitute borrowing within reg 5 of the Occupational Pension Schemes (Investment) Regulations 2005 is examined. It offers some reflections on points which might arise if the issue came to be litigated from the perspective of practitioners in the pensions field.
19 March 2024Crypto headwinds: an overview of regulations in Singapore, the EU, UK and US
This article provides an overview of the recent developments in the regulation of cryptoassets across several jurisdictions, with a focus on consumer protection and stablecoin regulation. The importance of regulating cryptoassets has been underscored by their growing market capitalisation. Discussions for bespoke stablecoin regulations are also underway, as regulators become increasingly cognisant of the potential for stablecoins to be incorporated into mainstream financial systems. This article examines the cryptoassets regulatory proposals which have been made across various jurisdictions, and highlights opportunities for harmonisation of such regulations on an international front.
19 March 2024Documenting SLLs: a comparison of the LMA/LSTA approach to sustainability provisions
In this article the authors consider the more interesting provisions in the standard sustainability-linked loan riders recently published by the Loan Market Association (LMA) and the US’ Loan Syndications and Trading Association (LSTA) and compare and contrast the approach they have taken.
19 March 2024Central Bank Digital Currencies and competition laws: recognising the importance of competition laws in the CBDC ecosystem
When designing and issuing Central Bank Digital Currencies (CBDCs), central banks will need to assess whether they are subject to and compliant with competition laws. This will be most relevant to the extent that they are competing with other payment systems and if they appear to be acting beyond what is necessary to achieve their duties. Even where they are not subject to or infringing competition law, they will need to consider the impact of CBDCs on competition, whether as part of a statutory competition objective or to achieve other statutory objectives. If legislation were introduced to facilitate the creation of CBDCs, this could set out the applicability of competition law and a general competition objective in relation to the activities of the central bank.
19 March 2024What really happened in legal history
Why is it that the three major Western European legal philosophies, which inspired over 85% of the world’s jurisdictions, are so different in their outcome in business law?
19 March 2024The Great Game: UK financial services and the Edinburgh Reforms programme
In this article the author considers the proposed extensive programme of legislative reform and whether the UK government have taken the right approach.
19 March 2024ESG integration in private debt
In this article, the authors consider specific issues pertinent to ESG integration in private debt funds, including the size of the private debt borrowers and the need to respond both at fund level and in the form of the loan products.
19 March 2024Understanding export controls in UK sanctions legislation relating to Russia: issues for lenders
As exports from the UK to, or for use in, Russia since Spring 2022, have been the subject of rapidly changing restrictions, it has been tricky to keep track of how to navigate and interpret the legislation. In this article Jacqueline Cook, Of Counsel and Senior Knowledge Development Lawyer at Sullivan & Worcester UK LLP, looks at where the UK rules relating to Russia sit and explores how the legislation borrows concepts from commercial law to identify the assets.
19 March 2024
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