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Referring to legislation in finance documents: more than you bargained for?
This article explores the risks associated with the common practice in finance documents of including references to legislation.
19 March 2024Collateralised Fund Obligations (CFOs): the technicolor dreamcoat of fund finance from a US and UK/EU perspective
In this article the authors examine the mechanics of Collateralised Fund Obligations (CFOs) including GP-side and LP-side considerations, disclosure vs confidentiality, rating agency considerations and risk retention analysis.
19 March 2024Re Duomatic: plugging holes and fixing oversights but not all of the time
In this article Matthew Weaver KC considers when a lender or borrower company can rely on the Duomatic principle and the limits to its application.
19 March 2024Banks’ climate liability: what to learn from states and oil majors
Banks are no real-economy actors, but they do face a very real risk of climate liability: indirectly, because of the litigation impending on clients with greenhouse gas-intensive activities and products; directly, because banks may fail their own legal duty to actively reduce their (financed) emissions. This latter risk is particularly relevant to many banks considering their mostly inadequate transition plans. Pim Heemskerk and Roger Cox analyse how the concept of climate liability may apply to banks. Their firm Paulussen Advocaten NV acts for Friends of the Earth Netherlands et al. in the landmark case against Shell plc and has acted in similar landmark climate cases against states.
19 March 2024Using guarantees for capital relief: legal characterisation matters
Financial institutions use a range of credit protection arrangements to mitigate minimum capital requirements under Basel III. The eligibility requirements for credit protection require consideration of the terms of the instrument in the context of the applicable legal framework. Credit insurance policies are subject to additional principles of English insurance law that can affect whether a policy is an eligible credit protection arrangement. Risk participation agreements share characteristics with credit insurance, but would not typically be considered to be insurance. This article gives an overview of the key eligibility requirements applicable to different types of guarantees, and considers the factors relevant to determining whether a risk participation should be treated as a contract of insurance.
19 March 2024Spacecraft financing: an international secured transactions regime for space assets
This article examines the present state of play in spacecraft financing, paying particular attention to the prospect of asset-based financing in the space sector. The article focuses on the Space Protocol of the Cape Town Convention, which is an international secured transactions law framework specifically for the space sector and examines how this can benefit the industry.
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 2024Warranties in corporate transactions involving tokens or blockchains: a proposal for a foundational approach
This article outlines a proposed approach to the risks and the protections that are specific to corporate transactions involving tokens or blockchains and proposes warranties designed to protect buyers.
19 March 2024Contributory negligence defences to claims against financial institutions
Statute law, common law and equity provide a variety of protections and remedies to customers of financial institutions. This article, though, examines the not uncommon situation where there is a legitimate sense that the customer may to some extent have been the author of his or her own misfortunes.
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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