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The Digital Securities Sandbox
The author considers the UK’s proposed sandbox for financial market infrastructures.
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 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 rise of “hybrids” in the ever-converging PIK and Preferred Equity landscape
In this article the authors consider the key structural, economic and documentary differences between Holdco payment in kind and preferred equity shares and consider recent demand for new hybrid instruments.
18 March 2024The implications of the novel “Audit Duty” on professional service firms: Part 1: Rihan v Ernst & Young
In Part 1 of this two-part article, barrister and Chartered Banker Jacob J Meagher analyses the legal basis of the novel “Audit Duty” using Rihan v Ernst & Young [2020] EWHC 901 (QB) as a case study. In Part 2 he discusses the uncertainties related to the scope and application of the “Audit Duty”, in particular to professional service firms more widely.
18 March 2024What is in a name? The regulators seek to have the final word on the meaning of trading venue under MiFID
For the EU’s and UK’s securities and markets regulators nothing is in the name nor in the technology used when it comes to the need for a trading venue licence. Yet, noting some uncertainty around the application of key concepts to certain facilities, each regulator has sought to provide clarity for their respective markets via recently published guidance.
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 2024Can beneficial noteholders commence insolvency proceedings? Diverging views emerge across the offshore world
This article discusses the recent flurry of cases in the BVI, Hong Kong and the Cayman Islands determining the standing of individual bondholders to bring liquidation proceedings against issuers. It examines the reasons for the divergent outcomes of the cases, and the factors which may contribute to the success or failure of future actions.
18 March 2024Hybrid facilities: the promise, the reality and the hope
Have hybrid facilities evolved from a niche product into a full-fledged market? This article considers the features of subscription facilities, NAV facilities and hybrid facilities and explores why hybrid facilities have failed to flourish to date. It also considers how continuation funds can potentially rewrite this narrative.
18 March 2024
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