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Wall Street-led secondary trading of private credit loans: considerations for stakeholders
In this article, the authors explore the new trend of Wall Street bank-led secondary trading in private credit and certain considerations for market participants involved.
18 March 2024Quincecare, agency and conflict of laws: what law do we look to?
Much ink has been spilled on the Quincecare duty, considering the circumstances in which it may be engaged in the banker-customer relationship. However, that is only one part of a broader picture of inter-related agency relationships, all of which can be in play in cases where a company is being defrauded by someone who might usually be trusted to act in the company’s interests. This article sets out to identify, by means of a case study, what sort of issues might arise. It then seeks to explain what English conflict of laws rules would find to be the governing law of the various claims.
18 March 2024Offer and acceptance … and sailing into the terms of decentralised networks
In this article, Akber Datoo explains how English contract law can provide useful, flexible tools to simplify and clarify the fundamental legal relationships between participants in decentralised networks.
18 March 2024Central Bank Digital Currencies, anonymity and privacy: squaring the circle
Concerns around user anonymity and privacy have morphed into key public demands on central banks as the latter reflect on, and explore, the eventual issuance of retail central bank digital currencies (CBDCs). Some of the relevant debate is presented in terms of the need for central banks to balance their data protection duties, as CBDC issuers, against the need to uphold the payment system’s integrity from the dual risks of money laundering and the financing of terrorism. For the reasons explained in this article, the apparent tension between privacy protection and AML/CFT regulatory compliance – portrayed, by some, as the basis for painful but necessary compromises at the expense of privacy – may be somewhat exaggerated. As explained, below, retail CBDCs are not inherently worse-off, on the privacy front, compared to established electronic means of payment. By way of introduction, we briefly introduce the related (but distinct) concepts of anonymity and privacy, which are crucial for an understanding of the topic addressed in this article.
18 March 2024Excess Cash Flow: time to sweep it under the carpet?
In this article the authors consider why and how Excess Cash Flow mechanics have become more diluted in recent years.
18 March 2024English law-governed Keepwell Deeds enforced by Hong Kong courts against PRC insolvent companies
In this article Thomas Wong considers two recent judgments of the Hong Kong Court of First Instance on the enforcement of Keepwell Deeds.
18 March 2024Carillion: a director’s strict duty to know the company’s true financial position?
The Secretary of State recently argued in high profile disqualification proceedings that directors owe a freestanding, strict legal duty to know a company’s true financial position at all times while holding the office of director. This article argues that this position is clearly wrong as a matter of law, would be inconsistent with the directors’ duties in the Companies Act 2006, and would be fundamentally impractical and impossible to comply with.
18 March 2024Assignment (or novation) of indemnity policies?
In this article Dr Chee Ho Tham suggests that terminological confusion has arisen over the use of the phrase “assignment” in connection with policies of non-marine indemnity insurance, where the “assignment” is made before the occurrence of the insured event which causes loss or damage to the subject-matter of the policy. An “assignment” of the contract of insurance entails a novation and should be referred to as such.
18 March 2024The new UK public offers and admission to trading regime: impact on debt capital markets
This article considers key concepts in the Public Offers and Admissions to Trading Regulations 2024 (UK SI) – notably, the new public offer prohibition and extension of scope to non-transferable securities. It also flags prospectus disclosure considerations, either in the UK SI itself or due to be covered in the forthcoming FCA consultation.
18 March 2024Banking regulation in the aftermath of SVB: lessons for regulators and supervisors
The collapse of Silicon Valley Bank (SVB) is not evidence of the failure of Basel III since certain capital and liquidity requirements were disapplied in respect of SVB under US law. Regulators should reconsider which banks are “non-systemic” and which deposits are “stable” in the age of social media and mobile banking and supervisory practices should be scrutinised. In the UK, the SVB collapse comes at a time at which the UK Prudential Regulation Authority (PRA) is looking at the reform of certain prudential requirements for small banks under its proposals for a “strong and simple framework”. The lessons from SVB may lead to a change in the PRA’s approach. This article focusses on UK banking regulation and supervision and considers potential capital and liquidity reforms in the aftermath of the failure of SVB and its UK arm, SVB UK Limited (SVB UK).
18 March 2024
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