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ESG 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 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 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 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 2024US distressed debt techniques and minority protection in English law
The “drop-down” and “up-tier” restructuring techniques have become more frequently used by businesses with New York governed credit documentation facing financial difficulties. These techniques have been contentious; many transactions have resulted in litigation in US courts by the minority lenders. This article considers, if such techniques were used in relation to English governed credit structures, how English law principles of minority protection could come into play.
19 March 2024Hedging and lending: a practical guide
In this article the authors provide an overview of the relevant legal and documentation issues arising from the hedging and lending relationship in commercial lending.
19 March 2024The new FCA Consumer Duty: the interrelationship with the Senior Managers and Certification Regime
2023 sees the introduction of what the Financial Conduct Authority (FCA) hopes will be a significant increase in the standard of consumer customer care: the new Consumer Duty (the Duty) will apply to firms from 31 July 2023 in respect of new products and services and of existing products and services that remain on sale or open for renewal (it will be another year before the Duty will apply to closed products and services). This in turn brings changes to, and greater responsibilities under, the existing Senior Management and Certification Regime (SM&CR), which are considered in this article.
19 March 2024“Credit bidding” unsecured debt in an administration
In the recent case of Re Sova Capital Limited (in special administration) [2023] EWHC 452 (Ch), the English High Court approved a structure which was, in substance, a “credit bid” by an unsecured creditor. In this article, the authors explore the High Court’s reasoning and highlight key points to be considered by insolvency officeholders looking to replicate this structure as a means of asset realisation.
19 March 2024Client categorisation under the FCA’s Conduct of Business Rules: what are the possible consequences of getting it wrong?
In this article, Robert Purves considers the statutory rights of action available to a client where a firm incorrectly categorises it and how a breach of client categorisation requirements may be deployed to resist a claim.
19 March 2024
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