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Regulation of small banks in the UK: lessons learned from SVB UK
This article focusses on the regulatory capital and resolution regime for non-systemic deposit-takers in the UK (for ease, small banks) and potential changes after the resolution of Silicon Valley Bank UK Limited (SVB UK).1 The failure of SVB UK came at an interesting time for prudential regulation of smaller banks as the PRA has been considering the creation of a tailored and proportionate regime. This article considers whether the failure of SVB UK might prompt changes to the PRA’s thinking including making liquidity and concentration risk rules more stringent for banks of all sizes.
19 March 2024Law Commission Report on Digital Assets
In this article the authors discuss two key conclusions and recommendations from the Law Commission’s final Report on Digital Assets.
19 March 2024Sequana in the Supreme Court: cautious confirmation of the creditor-extension to the director’s duty of loyalty
In this article, Professor Peter Watts KC analyses and critiques the decision of the UK Supreme Court in BTI 2014 LLC v Sequana SA [2022] UKSC 25 (Sequana). This decision confirmed that the directors’ duty to promote the success of their company extends to requiring some consideration of the interests of the general body of the company’s creditors after, but not before, the company becomes insolvent or imminently insolvent. Once a company’s insolvent liquidation or administration becomes inevitable, the interests of creditors become the exclusive focus of the duty of loyalty.
19 March 2024Credit Suisse, AT1 bonds and taking the BIT between the teeth
Given the huge losses suffered by Additional Tier 1 bondholders, it is unsurprising that lawyers are exploring various potential avenues for investors to obtain redress. This article focuses on investment treaty claims. In the authors’ view, such claims provide a potentially attractive route for investors to recover losses.
19 March 2024Commercial choices: are Braganza duties a path to payment under commission agreements?
This article explores whether those engaged to raise finance can use Braganza duties to obtain remuneration, even where finance raising transactions do not occur. In light of the decision in Horlick v Cavaco [2022] EWHC 2935 (KB), there are significant obstacles to such claims.
19 March 2024What is an insolvency proceeding?
To the question in the title, one may be forgiven the innocent response “Who cares?”. In fact, the question matters for all the reasons that legal categorisation matters, and it matters particularly clearly in the context of insolvency. In this article I explain the importance of the question. (This article is adapted from a longer piece which draws on functional, historical, comparative and doctrinal analyses.1)
19 March 2024COMIng apart? Centre of Main Interests under Chapter 15 and the EUIR
In this article the authors consider two recent decisions that illustrate how a US bankruptcy court and the English Court of Appeal (applying the EUIR to a pre-Brexit case) can analyse COMI in different ways. The decisions have implications for groups that need to restructure cross-border financing arrangements – particularly where financing has been raised by a “letterbox” company (SPV). Such companies may face greater challenges establishing that their COMI is in their jurisdiction of incorporation before a US bankruptcy court than they would in Europe.
19 March 2024Remedies for victims of crypto fraud
In this article, Gretel Scott discusses the possible remedies and methods of enforcement for victims of crypto fraud.
19 March 2024Appropriation of financial collateral under English law security financial collateral arrangements
For nearly 20 years English law has permitted mortgagees and chargees of financial collateral to exercise a self-help remedy of appropriating charged collateral as a means of enforcing their security. The requirements include agreeing on the valuation of the collateral and conducting the valuation in a commercially reasonable manner. Since the implementing legislation is far wider than required by European law, the effectiveness of the remedy can be undermined by disputes as to what is commercially reasonable in particular factual contexts.
19 March 2024TARGET 2 – TARGET 2 Securities Consolidation: major change to payment standards
Readers may have seen reference in the media to the European Central Bank (ECB’s) T2-T2S Consolidation project from which it may have appeared to be simply a merging of two existing systems on the same technical platform currently being used by TARGET 2 Securities (T2S). However, it is far more wide-ranging and complex than may first appear and this article aims to put it in context of other developments both within and outside the euro area. This article is based on the latest information available at the time of writing but some of the content may be slightly out of date by the time it is published. However, after completion of drafting a senior ECB official stated that the possibility of a further delay beyond 20 March is considered to be extremely low.
19 March 2024
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