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Credit defaults: practical tips when pressing the accelerator
We consider the practical steps and considerations for creditors when faced with a potential event of default (EOD) under their credit documentation. We also assess the consequences for a creditor in taking enforcement action in reliance on an EOD that has not actually occurred, cannot be relied on, or is disputed.
19 March 2024The “purview” principle in an era of rising interest rates
In this article, barrister Marcus Mander considers the application of the “purview” principle in an era of rising interest rates, highlighting a few potential complexities.
19 March 2024A roadmap for legal reform: the future UNCITRAL/UNIDROIT Model Law on Warehouse Receipts
An enabling legal framework is widely regarded as a prerequisite for a well-functioning warehouse receipt system that can facilitate transactions with goods, including access to finance. Over the past few years, several countries have initiated legal reform to modernise their legal frameworks governing warehouse receipts in general, or to accommodate the issuance and transfer of electronic warehouse receipts in particular. The future UNCITRAL/UNIDROIT Model Law on Warehouse Receipts will offer guidance to legislators in developing a legal framework that reflects best practices and embraces the most recent developments in business models and technology.
19 March 2024The future of FCA enforcement
2023 is a year of change for the Financial Conduct Authority (FCA)’s Enforcement and Markets Oversight division, with the arrival of two new Joint Executive Directors. At the same time, a series of legislative and policy developments are likely to have an impact on the enforcement landscape. In this article, David Pygott, a contentious regulatory specialist and partner in the Global Investigations team at Addleshaw Goddard LLP, considers what – beyond the FCA’s own messaging to date – the future might hold for its enforcement activity.
19 March 2024AIFMD2 proposals on loan origination
New draft rules in the EU amending the Alternative Investment Fund Managers Directive (AIFMD) propose a product regulation regime for loan origination funds, which may affect structuring of new and existing funds and impose additional requirements including on risk and liquidity management.
19 March 2024Digital securities: where are we now?
In this article Dorothy Livingston looks at the conclusions of the UK Jurisdiction Taskforce’s third statement on the English law relating to digital assets, notes its limitations and indicates the areas that require further development to place English law at the forefront of legal systems chosen for new digital systems using DLT/Blockchain.
19 March 2024Base metal traders betting on the courts to enforce their agreed trades in a disorderly market
While recognised investment exchanges sometimes halt trading or very occasionally cancel transactions, for example as a non-regulatory circuit breaker, or when trades, known as “fat finger” trades, are placed in error, it is very rare for them to suspend trading for days, or to cancel entire trading sessions. Yet, that is what happened earlier this year at the London Metal Exchange (LME). This article considers US activist hedge fund Elliott Management’s challenge of the LME’s decision to cancel trades.
19 March 2024Is it wise for UK CCPs to clear crypto derivatives?
While crypto derivatives are currently traded over the counter in the UK, Bitcoin futures have been sold in international derivatives markets. This article explores the economic incentives, legal grounds and systemic concerns over clearing crypto derivatives in the UK under the European Market Infrastructure Regulation (EMIR) as retained EU law. It concludes that clearing crypto derivatives is unwise, as systemic risk involved outweighs potential economic gains. Practitioners should experiment in de-centralised clearing to meet the market’s desire for reliable crypto derivatives products.
19 March 2024When is a third party on notice of an agent’s lack of ostensible authority?
In this article Lisa Lacob considers the test which applies to the question of when a third party is on notice of an agent’s lack of ostensible authority. This can easily arise in a financial services context where a financial intermediary or adviser has been authorised by a product provider to arrange a deal.
19 March 2024Taking 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 2024
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