In Practice
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Last but not least: consultation involvement key to avoiding regulatory divergence in public and private securitisations
In this In Practice article Kate Patane considers the growing divergence between EU and UK reporting obligations in public and private securitisations and how detailed feedback can drive internal “change management” processes and encourage the authorities to increase regulatory alignment.
08 April 2024Term SOFR: a non-US market perspective
In this In Practice article the authors consider the nature of Term SOFR and how the LMA Term SOFR Exposure Draft addresses certain key documentation issues.
26 March 2024UK Pension Schemes Act 2021: new criminal offence in force: lenders take note
This In Practice article considers the new criminal offence introduced by the Pension Schemes Act 2021 in relation to defined benefit (DB) pension schemes, which came into force on 1 October 2021, in terms of what it means for lenders and transactions, as well as how it fits into the wider DB pensions framework.
26 March 2024NPE servicers prepare to retain risk under EU Securitisation Regulation
In this In Practice article the authors suggest practical steps for servicers to consider before acting as retainer of risk in traditional securitisations of non-performing exposures (NPEs).
26 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 2024Overview 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 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 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 2024
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