Category

The impact of jet fuel volatility on aviation finance

In this article the authors consider the impact of jet fuel volatility (both price increases and supply shortages) on airline profitability and the consequent impact on aviation finance.

26 July 2026

The doctrine of clogs on the equity of redemption: the unruly dog unleashed

In S hukla v St James Bank and Trust Co Ltd [2026] EWHC 851 the equitable doctrine of clogs against the equity of redemption resulted in a complete rewriting of a bargain struck between sophisticated commercial parties. The case illustrates: (i) the difficulties in applying the doctrine to modern financing arrangements; and (ii) why sustained criticism of the doctrine is well-founded.

26 July 2026

Enforcement of security over digital assets: the importance of pre-emptive structural design

As digital assets become central collateral in international banking, traditional lex situs rules are increasingly inadequate for decentralised ledger systems. The absence of a fixed legal location creates significant jurisdictional uncertainty

in determining proprietary rights and enforcement.

This article examines the evolving legal framework for enforcing security over digital assets, shifting the focus from location-based analysis to a functional nexus grounded in technical and commercial realities. Drawing on English case law and the 2023 UNIDROIT Principles, it proposes a structured approach to cross-border enforcement risk.

It argues that effective enforcement depends not solely on legal doctrine but on aligning proprietary rights with mechanisms of technical control, including multi-signature custody structures. Only this integration allows legal remedies to translate into actual control over digital assets in a decentralised financial environment.

26 July 2026

Private credit funds and UK lending: mapping the regulatory perimeter

Private credit funds are now central to UK corporate finance, yet the regulatory perimeter does not map cleanly onto their activities. This article examines where regulated activity begins and ends when a private fund lends – covering Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, the financial promotion regime, fund manager authorisation under UK AIFMD, prudential regulation (Basel III.1 and Investment Firms Prudential Regime), Financial Conduct Authority conduct and consumer considerations for retail distribution, and structuring for cross-border lending, including how English law enhances lender protection in emerging markets.

26 July 2026

Third-party contractual rights in banking and finance: reconsidering the 1999 Act

Ian Wilson KC considers the significance of the Contracts (Rights of Third Parties) Act 1999 in the context of bank mandates, bond markets, and emerging tokenised securities structures.

26 July 2026

Lending to Italian obligors in cross-border finance transactions: main legal and tax considerations

In cross-border financing transactions Italian entities are frequently required to accede as guarantors or security providers. This article examines the principal legal and tax considerations for foreign lawyers to be aware of when structuring transactions involving Italian entities (eg financial assistance, corporate benefit, claw-back risks, notarisation activities and registration tax costs).

26 July 2026

The smarter regulatory framework: a model of things to come?

The Financial Services and Markets Act 2023 (FSMA 2023) has initiated the most significant restructuring of UK financial services regulation since the enactment of the Financial Services and Markets Act 2000 (FSMA). This article argues that the so-called Smarter Regulatory Framework (SRF) has done more than replace retained EU law: it has transformed the regulatory perimeter into a more flexible policy tool. Examining developments including the Designated Activities Regime (DAR), new regulated activities and evolving approaches to territorial scope, the article explores how Parliament and HM Treasury are reshaping the architecture of financial services regulation, whilst arguing that greater flexibility must continue to be underpinned by a coherent and predictable regulatory philosophy.

26 July 2026

Loan-linked hedging for the buy side – Part 1 (of 10): an introduction

Across ten articles, the focus is a topic notorious for its opacity: OTC derivatives, hedging floating benchmark risk for corporate borrowers. We cover significant ground, arming readers, step by step, with the knowledge to visualise best practice documentation between a hedging bank (HedgeBK) and hedging company (HedgeCO) and negotiate terms critical for safe, effective and resilient protection.

After starting with what can go wrong, key concepts are addressed: from macro issues (the starting position of standardised ISDA-based documentation; selection of an appropriate trading structure; and the need to understand - in detail - the hedged risk or "underlying"); to micro concerns (addressing what I call "Contractual Basis Risk"; considering the sometimes dangerously unfettered power of HedgeBK to take action; and questioning the involvement of HedgeCO's affiliates).

The series concludes by planning how to approach documentation for "the perfect hedge" and walks through important Schedule provisions. A list of defined terms and expressions for the series is included at the end of this introduction.

26 July 2026

The state of third-party litigation funding: what companies facing funded claims need to know – Part I: the UK and EU

Third-party litigation funding (TPLF) is increasingly commonplace in complex cases. Heavily funded cases expose businesses to heightened risk and more expansive, protracted litigation, all while stirring up myriad legal and ethical minefields. 2026 is a pivotal year for TPLF, with landmark legislative proposals, judicial decisions, and regulatory developments across the US, UK and EU. Companies are well advised to stay alert as its use (and the attendant risks) continue to evolve.This two-part series will summarise the current TPLF landscape in these three jurisdictions and highlight five notable developments in each. This article, Part I, will provide an overview of today’s funding model and a market snapshot, before focusing on the dynamics in the UK and the EU. Part II, to be published in the next edition of this journal, will cover the landscape in the US, as well as suggesting the key takeaways from Parts I and II taken together.

26 July 2026

German share pledges in insolvency: disposal authority, enforcement design and security agent risk

In cross-border financings involving German collateral, enforcement is often approached as a matter of contractual control under intercreditor arrangements and security agent instructions. In German insolvency scenarios involving pledged shares and other governance-sensitive rights, that approach may be incomplete. The prior legal question is whether disposal and enforcement authority rests with the insolvency estate or remains with the secured creditor.

This article examines the resulting execution risk, the limits of insolvency-led sales assumptions, and the consequences for lenders, security agents and restructuring advisers. It argues that, where disposals authority is uncertain, enforcement design must be aligned with the statutory mechanics of the collateral jurisdiction and that a public auction may, in some cases, provide a faster, more transparent and more legally defensible route to realisation.

26 July 2026

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