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Are leveraged LDI strategies lawful? A rejoinder and a request
Professor Iain Clacher, Dr Con Keating and Professor Philip Bennett welcome Richard Salter KC’s article:1 ‘Are Leveraged LDI Strategies Lawful?’ (2023) 2 JIBFL 71, and the invitation to respond. In this article they set out two distinct concerns with leveraged LDI strategies, namely the use of repo and derivatives – and would greatly appreciate the views of legal scholars on these issues.
19 March 2024The point of DAOs; and of crypto lawyers
In this article, Charles Kerrigan explains the underlying reasons why projects are established as DAOs and the unusual set of capabilities needed by crypto lawyers.
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 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“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 2024Dojima rice and digital assets: new tech, old problems? Market manipulation by cryptocurrency exchanges
This article looks at market manipulation by cryptocurrency exchanges. It explores the features of cryptocurrencies and whether or not existing legal frameworks are capable of accommodating a claim or criminal charge for market manipulation. In particular, the article explores the approach in the US where a claim has recently been brought by the US Department of Justice and the Securities Exchange Commission for market manipulation against a former employee of a cryptocurrency exchange.
19 March 2024Deed polls: a difficult solution to a difficult problem
In recent years, a series of newly incorporated companies have proposed schemes of arrangement or restructuring plans pursuant to Pts 26 or 26A of the Companies Act 2006 (respectively) with the express purpose of compromising or amending debts which they are not contractually party to, and which they have no connection with. Their ability to do so relies on a unilateral instrument known as a “deed poll”. In this article, we examine the reasons why the deed poll structure may be used, and some of the issues that the courts have considered and addressed in recent cases.
19 March 2024Failure to prevent fraud: making up for failure to prosecute?
The UK government has introduced a suite of amendments to the Economic Crime and Corporate Transparency Bill (ECCTB) which, if adopted, would add a new offence of “failure to prevent fraud” by large legal entities to the UK statute book. Corporate crime specialists Richard Lissack KC and Robin Lööf of Fountain Court Chambers analyse the proposed new offence, its background and context, main features and policy justification. Using the experience of over a decade of the existing failure to prevent bribery regime, they then consider the likely impact of the new failure to prevent fraud offence on business.
19 March 2024From Poland with no trust: protection of securities held by financial intermediaries
This article describes the general rules governing the protection of investors’ rights in Poland in the context of securities held by them with financial intermediaries such as brokerage houses. In particular, it discusses how the ownership of securities is treated and protected in Polish legal order.
19 March 2024In context: the FMLC and its paper on good faith
On 2 November 2022, the Financial Markets Law Committee (FMLC) published a paper titled Duties of Good Faith in Wholesale Financial Contracts. The Paper will be of keen interest both to transactional lawyers and to litigators.1 This article begins with a summary of the Paper’s findings, goes on to consider the unique composition and role of the FMLC, places the FMLC’s good faith discussion in the context of the private law underpinning the wholesale financial markets, and then considers the FMLC’s analysis of English contract law which includes a comparison with the approach of other countries, including the United States (New York) and jurisdictions in Europe and the Commonwealth.
19 March 2024
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