Feature

Data privacy in a retail CBDC system built on a public blockchain

This article examines the data protection and privacy concerns arising from the use of retail Central Bank Digital Currencies (CBDCs), specifically in the context of a system built on a public blockchain, such as Ethereum. It examines the extent to which the risks and concerns can be minimised by building in privacy-enhancing technologies in the governance framework of the retail CBDC as set out in documents and legislative provisions explaining the operation of the digital pound and the digital euro.

Anti-suit injunctions outside contract: a new beginning

The decisions in Broad Idea and Wolverhampton  provide a much-needed opportunity for the courts to re-shape the grounds on which they will restrain foreign proceedings outside those cases involving jurisdiction and arbitration clauses. The article offers an outline of a new account, which covers a large part of the field, founded on the applicant’s interest in the just and efficient resolution of their dispute and a principle of protecting the English natural forum from interference.

The key characteristics of data centres in the US and Europe: an overview for those involved in financings – Part 1

In this first article of two, we seek to provide some background for those involved or interested in the financing of data centres, we describe what a data centre is, who uses it and some of its typical key features and hot topics. In a second article, we will consider how data centres are financed, both in the US and Europe, with a particular focus on the securitisation market.

Security interests in digital assets under uniform law

This article discusses the treatment of security interests in digital assets under uniform law and highlights the lack of a harmonised international legal framework for their use as security for credit. Digital assets inherently transcend national borders, and the absence of a unified regime creates obstacles to their cross-border use, hindering international trade. While various uniform law texts address aspects of security interests in digital assets, they fail to provide comprehensive global unification due to differences in scope, terminology and operative rules. The UNCITRAL Model Law on Secured Transactions (STML) offers a general framework for security interests in movable assets, but it requires updates to address specific issues related to digital assets. The article emphasises the importance of updating the STML to remove barriers to the use of digital assets as security for credit and to facilitate international trade.

Reassessing the Quincecare duty: anti-money laundering obligations and the boundaries of authorised payments

The UK Supreme Court’s decision in Philipp v Barclays Bank UK plc  has clarified the nature and scope of the so-called Quincecare duty, but significant uncertainties remain. This article explores two aspects of the duty: first, how anti-money laundering obligations intersect with the Quincecare duty; and second, in what circumstances a payment should be treated as properly authorised.

The FCA’s safeguarding reforms for payments and e-money firms: an update

The Financial Conduct Authority (FCA) believes clients of payments and e-money firms are exposed to unacceptable risks due to poor safeguarding practices across the sector. The FCA has now published final rules and guidance to address these in PS25/12. The interim-state rules have been modified in several respects, including removing the need for reconciliations on non-working days and exempting firms who have not safeguarded relevant funds from the audit requirement. The implementation period for these changes has been extended from six to nine months. The end-state rules, which included a statutory trust and abolition of the so-called “D+1 rule”, have been paused due to stakeholder concerns.

Managing currency risk in emerging Asia investment: towards diversification

Nicola Yeomans undertakes a review of existing legal and financial mechanisms for managing currency risk in private capital investment into emerging Asia and assesses the 2024 ABAC recommendations for alternative mechanisms for managing the risk through a bond linked to a diversified basket of currencies.

The Moveable Transactions (Scotland) Act 2023: some points from practice six months on

In this article the authors review the Moveable Transactions (Scotland) Act 2023 (the Act), which came into force on 1 April 2025, and consider some of the common trends, issues and nuances arising in practice in the Act’s first six months in operation, in particular: 

• Perfection of assignations by registration and/or notice (or both). 
• The boundaries of what is assignable under the Act. 
• Invalidation of statutory pledges by disposals outside consent regime. 
• Enforcement and voting rights in relation to share security. 
• Information requests to lenders. 

How long can a senior lender withhold repayment confirmation to discharge security in an intercreditor agreement?

In this article the authors consider the question for how long a senior lender can refuse to give confirmation that the liabilities owed by the borrower to the senior lender have been irrevocably discharged in full.

Old debt, new terms or new debt, old terms: debt variation re-examined

This article examines the continuing importance of whether contractual amendments are variations of the original contract or result in a new contract altogether and the consequences for banking and finance transactions.