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A MiCAR for the UK? Or something else altogether?
This article compares key aspects of the EU’s draft regulation on Markets in Cryptoassets (MiCAR) and the UK’s approach outlined in HM Treasury’s recent consultation, drawing out key similarities and differences and their implications.
19 March 2024Crypto exchanges: the basics
In this article Nik Yeo clarifies some basic contractual and proprietary principles in relation to the use of crypto exchanges.
19 March 2024A case for “debt-for-nature” and “debt-for-climate” swaps in emerging and developing economies
Emerging and developing economies are disproportionately and negatively impacted by climate, ecological and biodiversity degradation and debt issues. Several solutions have been posited to address these distinct yet related threats to countries’ growth and economic sustainability. This article focuses on one, the utilization of debt-for-nature and debt-for-climate swaps, as part of emerging market and developing countries’ overall strategy to address these challenges.
19 March 2024A path back to growth for community banks: credit risk transfer trades
Many community and regional banks in the US are under intense pressure from economic forces that are outside of their control. These locally oriented banks are increasingly turning to credit risk transfer (CRT) trades as a way to reopen the lending pipeline. CRTs keep existing loans on a bank’s balance sheet, while de-risking the portfolio and providing substantial capital relief to fund new lending. Further, by shifting risk to non-bank investors, CRTs provide a new channel for private equity and others to deploy the funds that they have accumulated over the last several years.
19 March 2024What’s at stake? The legal treatment of staking
Since 15 September 2022, the majority in number and value of blockchain systems are secured by proof-of-stake consensus mechanisms. Yet the legal treatment of staking has received little attention. Further confusion is caused by the fact that the use of the word “staking” has generally focussed on the existence of a return, rather than consideration of how that return is generated. For this reason, the term “staking” is now used to refer to a range of materially different activities, from staking for the purposes of validating a blockchain protocol (the primary focus of this article) to staking referring to DeFi lending and staking as used as a rewards system in NFT markets or online games. This article considers the features of different staking arrangements, describes some of the potential legal consequences of those arrangements and identifies issues that might arise as proof-of-stake consensus mechanisms evolve. The article suggests that validator staking within proof-of-stake systems is a very different type of arrangement, with a very different risk profile, to the provision of other staking models, even if colloquially or economically they are seen as “equivalent”, as both arrangements generate a return and involve locking up tokens.
19 March 2024Service, lies and NFTs: litigation and the blockchain
Since the advent of the blockchain, the courts have grappled with difficult concepts such as how to classify cryptocurrency or non-fungible tokens (NFTs) in claims involving fraud or the enforcement of property rights. In this article we will look at some of the recent developments in caselaw in England and Wales with a practical focus on the tools currently available to litigators when dealing with these concepts and in particular: (i) the use of the blockchain in serving proceedings; (ii) important considerations for instructing experts in claims involving cryptoassets; and (iii) the particular importance of Bankers Trust and Norwich Pharmacal orders.
19 March 2024Reforming the UK’s e-money and payment services safeguarded funds regimes: better safe than sorry
This article examines the safeguarding requirements for e-money institutions and payment services firms and their treatment under the UK’s depositor protection regime, which was recently updated to address the legal uncertainty resulting from the Court of Appeal’s decision in the Re Ipagoo case and highlights the likelihood of further regulatory reform in this area.
19 March 2024Time to hit the road: considerations when replacing trustees on secured debt transactions
This article explores common issues which may arise when the trustee on a secured financing is replaced, including the transfer of the trust property.
19 March 2024ESG investing: a growing gulf between the US and Europe?
In this article Camilla Macpherson provides an overview of the key initiatives and developments in Sustainable Finance Regulation in the EU, UK and US. She then highlights how ESG has become a political battleground in the US and considers the implications for firms, particularly those operating internationally.
19 March 2024Loan documentation and risk-free reference rates: current overview
In this article, we give a brief overview of RFR referencing loan documentation in the English law syndicated loan markets together with the current and future issues of use of a term SOFR on USD syndicated loan transactions and risk-free reference rates in the context of euro and EURIBOR.
19 March 2024
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