In Practice
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Overview of anticipated focus areas for BBLS litigation
The government’s Bounce Back Loan Scheme (BBLS) provided small businesses with quick access to funding during the coronavirus pandemic. However, significant claims volumes are now anticipated given the combination of large numbers of applicants, standardised terms and a unique (and homogenous) application process. As collection and recovery activities begin, we consider some possible areas of focus for claims against BBLS lenders.
25 March 2024The EU’s AML blacklist and SSPEs
Although still in the “scrutiny” period at the time of writing, EU legislation to add the Cayman Islands (and other jurisdictions) to its list of high risk third countries for anti-money laundering and counter terrorist financing is giving pause for thought and is likely to come into effect shortly after the time of publication. There are potential implications for financial transactions – especially securitisations using Cayman Island SPVs.
25 March 2024The ESG revolution in funds finance
There has been something of a revolution in ESG (Environmental, Social and Governance) in the funds finance industry over the past several years. For large private equity sponsors an ESG linked capital call or subscription line facility is now becoming more of the norm than the exception. Increased awareness of the importance of ESG and in Europe, the implementation of various regulations that promote measurement and adoption of ESG favourable practices, have been the greatest factors in this growth. Investors in funds now require disclosure by fund managers prior to closing a fund on what their ESG policy and strategy is when deploying capital.
25 March 2024Economic Crime (Transparency and Enforcement) Act 2022: sanctions update
There have long been calls for reform of the existing economic crime regime in the UK. Recent events in Ukraine have pushed this to the fore. As part of the UK government’s response, the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) was fast-tracked through Parliament and received Royal Assent on 15 March 2022. The Act has a number of significant implications in relation to the UK sanctions regime, which we outline below.
25 March 2024The UK’s second batch of Sukuk and the question of Shariah compliance: exclusion clauses v due diligence
In this In Practice article, UK and international legal authority on Islamic financial law, Dr Lu’ayy Minwer Al-Rimawi, questions the excessive use of exclusion clauses in the UK’s latest Sukuk issuance to exclude liability for Shariah compliance.
25 March 2024Don’t forget about the NSIA: potential implications for securitisations
In this In Practice article, the authors explore some practical steps to address NSIA compliance risks for securitisation transactions, including: the importance of due diligence and determining if a transaction falls within scope of the NSIA’s notification requirements; considering if a voluntary notification is necessary to mitigate call-in risk; structuring security provisions to avoid potential pitfalls; and building in contractual provisions to ensure compliance by transaction parties.
25 March 2024Financial covenants for fast-growth businesses: the new market norms
Financial covenants in investment grade and leveraged finance loan agreements are now well established. However, a different set of concerns are now covered by covenants being developed in relation to non-bank funding of fast-growth businesses. This In Practice article considers the terms of those fast-growth covenants.
25 March 2024The Bank of England’s first ever bail-in recognition
In this article, Carl Baker considers the Bank of England’s decision to recognise the bail-in of loans to PrivatBank, a Ukrainian bank resolved in accordance with Ukraine’s resolution regime.
25 March 2024Fund finance: the securitisation question
Does a transaction in the European fund finance market constitute a “securitisation” under EU and UK securitisation regulatory frameworks? The answer impacts the potential regulatory capital treatment and liquidity of the financing and, accordingly, the pricing that lenders may be able to provide. Funds need to be aware of this question and the regulatory implications across Europe.
25 March 2024Core-plus infrastructure and leveraged financing: the continued convergence of terms
In this In Practice article, the author sets out some of those terms more commonly being sought by infrastructure funds for the debt financing of their assets, which traditionally would have been more commonly seen in the PE/leveraged buyout debt market.
25 March 2024
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