In Practice
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Economic 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 2024Cryptocurrency, proprietary injunctions, freezing orders, and trusts: the law is not cryptic
Despite the meteoric rise of cryptocurrency as an asset class, there has to date been little case law concerning it. This article looks at a recent cryptocurrency case which applies established principles relating to trusts, proprietary injunctions and worldwide freezing orders to this new asset class: Wang v Darby [2021] EWHC 3054 (Comm). This decision confirms that familiar legal principles apply equally to cryptocurrencies, although digital assets can shine a light on established areas of law. We discuss below the key issues arising from the application of established principles to novel circumstances and the way in which Wang v Darby represents a missed opportunity to address the more interesting points arising in existing case law concerning cryptocurrency.
25 March 2024Crypto yield
Bitcoin, the original cryptoasset, does not pay interest or otherwise generate cashflows under the smart contract of the protocol. That has not, however, stopped the crypto community from developing products and code that do exactly that both for bitcoin and for many other types of cryptoasset. Charles Kerrigan explores the new market for crypto products with cash flows.
25 March 2024The Bank of England’s loose understanding of Islamic financial law
In this In Practice article leading UK and international legal authority on Islamic financial law, Dr Lu’ayy Minwer Al-Rimawi, explains how the Bank of England’s webpages need to demonstrate a better understanding of Islamic finance law.
20 March 2024Recent trends in leveraged financing: the ever more borrower friendly market
In this article the authors examine recent trends in leveraged finance transactions, looking at “Most Favoured Nation” (MFN) protection, dividend to debt reallocation mechanics, ineffective IP transfer prohibitions and super grower baskets/contribution debt baskets.
20 March 2024The Draft RTS on ESG disclosures for STS securitisations: a hit or a miss?
Draft technical standards concerning sustainability disclosures aim to make STS securitisations more appealing from an ESG investment perspective. This In Practice article examines the proposed regime and identifies some practical shortcomings.
20 March 2024The “crypto crash”: a catalyst for further crypto litigation?
In recent years, the cryptoasset market has developed rapidly, with market capitalisation for cryptoassets estimated to have been around US$2.6-3trn in 2021.1 The market for decentralised finance (DeFi), although still relatively small, has also expanded quickly from less than US$10bn in 2020 to nearly US$100bn in 2021.2 However, over the last few months the cryptoasset market – specifically cryptocurrencies – has been seeing one of its worst selloffs since a market rally in 2020. This has sparked panic amongst investors, causing substantial financial losses. Inevitably, this has seen a flurry of litigation globally in recent months. This trend is likely to continue. We consider the causes of the crypto crash and the likely litigation risks for financial institutions and advisers.
20 March 2024Embedded finance: key considerations for funders of platform borrowers
Embedded finance is, broadly, the availability of financial products, integrated into a company’s infrastructure, provided by non-financial institutions and capitalised by “traditional” financial institutions. Companies are providing these products directly to their own customers, cutting out financial institutions as intermediaries. The benefits of these technology driven products for end-users are efficiency of transactions and bundling complementary services to enhance customer experience (eg point of sale buy-now-pay-later (BNPL) credit).
20 March 2024Recurring revenue-based deals
In this article the authors examine recurring revenue transactions in the UK and European markets – what are they, who are they for, how they work, what are the key features and market trends?
20 March 2024Generative AI, banking and financial markets
In this In Practice article the authors consider the steps for financial institutions to consider when developing a new AI strategy.
19 March 2024
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