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Change is the only constant: how to avoid static regulation in the age of AI and other emerging technologies
In this article Wojtek Buczynski considers different approaches to the regulation of artificial intelligence (AI) to ensure it remains future-proof and relevant in the age of continuous technological change.
18 March 2024Don’t put all your debt in one basket: debt incurrence flexibility in leveraged finance transactions
The era of cheap debt is over (at least for now). However, debt of course remains a key financing strategy for European companies. Sophisticated sponsors and borrowers are focused on ensuring maximum flexibility for debt incurrence under the terms of their facilities agreement – both to protect against a downside scenario and to ensure sufficient capacity to meet the requirements of their business plans. This article outlines what those flexibilities currently look like in market documents and where they are heading, with a close focus on the institutional term loan market.
18 March 2024Avanti Communications and the use of textbook and articles when undertaking research
This article considers the recent case of Avanti Communications in which the judge disagreed with one part of the analysis of the fixed charge/floating charge characterisation issue in two practitioner textbooks and in one academic article.
18 March 2024Unlocking the predictive power of AI in the investment management industry
Artificial intelligence (AI) typically “learns” through data points that are fed into its system. Firms using AI-powered tools in the provision of financial services will need to navigate the risks of using such technology, including ensuring there is data integrity to mitigate against the risk of embedded biases within the system’s decision-making process. Transparency and explainability are key to ensuring the decision-making processes of the AI technology can be clearly articulated to clients and regulators. This article considers the regulatory implications of relying on AI in financial services by considering the example of investment advice or portfolio management.
18 March 2024The Bankruptcy Event of Default under ISDA: Part 2
In the second of this two-part article the author concludes the analysis of the Bankruptcy Event of Default definition under ISDA and real-life case studies as to when its interpretation has been problematic. This article is taken from the author’s forthcoming book Close-outs: The Law and Market Practice of OTC derivative terminations which is due to be published by LexisNexis in 2024. Part 1 was published in the February 2024 edition of JIBFL ((2024) 2 JIBFL 86).
18 March 2024In sync across borders: embracing parallel processes for successful restructurings
This article examines the legal and commercial rationale behind the adoption of parallel restructuring processes, focusing on recent precedents in England and Hong Kong. It then considers criticisms of parallel proceedings, and whether and when alternative mechanisms may achieve comparable results.
18 March 2024The risks of attempting to rectify mistakes in security documents, without seeking a court order
Where mistakes occur in security documents, practitioners usually have to assess whether they should be rectified by the court, or whether rectification by the parties alone is sufficient (eg in a Deed of Rectification (DoR)). This can create particular headaches if the mistake is spotted after registration; and the consequences may also depend on the nature of the mistake. For example, if the DoR arguably creates a new security (such as by correcting a mistake in the definition of the liabilities secured), this may cause problems where the simple correction of addresses or other typographical errors might not. This article considers the law relating to rectification of such documents, and some of the practical implications of dealing with rectification whether through the courts or simply between the parties to the security.
18 March 2024The Digital Securities Sandbox
The author considers the UK’s proposed sandbox for financial market infrastructures.
18 March 2024Regulating financial innovation: starting from scratch
In this article Julian Roberts considers the benefits of going back to basics when regulating and litigating financial innovation.
18 March 2024The Nine Cloud Dream: an introduction to the UK’s new oversight regime for critical third parties
In this article, the authors provide an overview of the new oversight regime for critical third parties and offer some reflections on the potential implications of this regime.
18 March 2024
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