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The continuing inviolability of standby letters of credit
In this article the authors consider whether the English courts’ recent prioritisation of the inviolability of standby letters of credit has led to outcomes that can be perceived to be unduly kind to beneficiaries.
01 July 2025Atishoo, atishoo: we all fall down? Implications of business disposals upon cessation of business clauses
In this article Charlotte Eborall examines how a company considering a change in the entity’s structure or business by divestment of part or all of its business can avoid potential issues relating to the triggering of a “cessation of business” event of default clause. It also considers how the courts might approach the question of interpretation of such clauses should one proceed to trial.
01 July 2025A guide to virtual IBANs and their regulation
Virtual IBANs have become increasingly popular in the payments industry, but are not always well understood, and the application of regulation (and payment system rules) to vIBANs is not always straight forward. This article explains vIBANs and how they are used, and comments on some related regulatory considerations.
01 July 2025Can a watchdog retreat revitalise the London market?
This article examines the decline of London’s financial markets and explores whether a regulatory retreat can revitalise the market. Factors such as Brexit and stringent regulations have decreased initial public offering activity, prompting the UK government to relax rules. However, this raises concerns about weakened corporate governance and investor protection. The challenge is balancing market growth with strong regulatory safeguards.
01 July 2025Revitalising European securitisation: a French perspective
Europe’s securitisation market is poised for a comeback, but only if it can break free from outdated constraints and embrace bold reform. This article dives into the regulatory crossroads facing the sector, compares the EU’s cautious approach with the dynamism of the US and UK, and spotlights France’s policy initiatives. With trillions needed for green and digital transitions, the piece argues that a revitalised securitisation market could be Europe’s secret weapon for economic growth and financial sovereignty, if policymakers are willing to seize the moment.
01 July 2025Cryptoasset regulation: a comparative analysis of UK and EU regimes
This article provides a comparative analysis of the regulatory approaches to cryptoassets in the UK and the EU, focusing on the UK’s recently proposed Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 (UK Draft Order)1 and the EU’s Regulation 2023/1114 on Markets in Crypto-Assets (MiCAR). The article examines key differences in the approach, definition and categorisation of cryptoassets, scope of regulated activities, and the territorial application of each regime, concluding with a discussion of future outlook and regulatory ‘blind spots’ in each jurisdiction.
09 June 2025Waving not drowning: Thames Water clarifies approach to out of the money creditors
In this article, the authors consider certain issues of principle decided or clarified by the Court of Appeal in the Thames Water restructuring plan: Kington S.À.R.L. & Ors v Thames Water Utilities Holdings Lt d [2025] EWCA Civ 475. Namely: the requirement to consider the treatment of “out of the money” creditors when assessing whether the allocation of benefits under a plan is fair, and the meaning of the expression “restructuring surplus” or “benefits preserved or generated by the restructuring”.
09 June 2025Climate risk in the commercial real estate market
In this article Matthew E Schernecke examines the effect of climate-related risk on the commercial real estate market, including the effect these risks will have on lenders’ and investors’ underwriting of loans and on the insurance coverage available in the market in respect of these risks, as well as possible implications on loan documentation.
09 June 2025The LMA insolvency events of default clause: potential pitfalls and how to avoid them
This article considers the potential pitfalls in the LMA standard-form insolvency events of default clause and how the parties might seek to avoid them through targeted amendment and addition.
09 June 2025No guarantees: UK corporation and withholding tax complexities of guarantees
The UK corporation and withholding tax treatment of guarantee arrangements and related payments is complex. Once the legal nature of the various guarantee relationships is understood, the UK tax analysis can be applied. However, even then difficulties can emerge in determining the UK tax corporation and withholding effect of guarantee arrangements given the lack of case law, guidance and legislative provisions specific to guarantees.
09 June 2025
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