In Practice
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Implementing the UK Wholesale Markets Review
This snapshot indicates how reforms proposed under the UK Wholesale Markets Review (WMR) will be implemented and also compares proposals with EU measures.
19 March 2024The initial margin “big bang”: the aftermath
In this article the authors consider the key issues and challenges which remain for buy-side entities following the final phase-in of initial margin requirements under EMIR and UK EMIR.
19 March 2024UK Islamic mortgages and Shariah-compliance: the imperative of eschewing legal wizardry
In this In Practice article, leading UK and international legal authority on Islamic financial law, Professor Lu’ayy Al-Rimawi explains why Islamic banks in the UK need to eschew legal wizardry and do considerably more to ensure their mortgages are cost-effective.
19 March 2024What can a borrower do when a lender fails to fund?
This In Practice article examines market standard provisions designed to mitigate the risk posed by so called “Defaulting Lenders” and explores the options for a Borrower faced with a Lender that is unable to honour its lending commitments. Capitalised terms reflect the corresponding Loan Market Association (LMA) definitions.
19 March 2024Soaring inflation and the case for index-linked baskets
In this In Practice article, Latifah Mohamed discusses the impact of current rates of inflation on baskets and other monetary limits in loan agreements, and considers the case for, and practical implications of, indexing such baskets and limits in response.
19 March 2024UK government consults on new insolvency model laws
The UK government has consulted on legislating to allow British courts to recognise foreign insolvency-related judgments under its enactment of the “original” UNCITRAL Model Law on cross-border insolvency (the Model Law), the Cross Border Insolvency Regulations 2006 (CBIR). The government is also considering incorporating the UNCITRAL Model Law on Enterprise Group Insolvencies (the Group Model Law) to promote closer co-operation on cross-border restructurings.
19 March 2024Practical implications of USD LIBOR panel cessation for “tough legacy” contracts: a brief refresher
LIBOR cessation and contract continuity may seem like “old news”. After all, most LIBOR rates ceased almost 18 months ago – and the last of the “synthetic” rates created for certain Sterling and Japanese Yen tenors will shortly expire. Nonetheless, the impending cessation of the final USD LIBOR panel rates on 30 June 2023 means that questions on legal implications are once again coming to the fore – especially given the FCA’s announced intention to create a time-limited synthetic USD LIBOR rate. This piece provides a brief Q&A refresher.
19 March 2024Capital requirements for banks holding cryptoassets: rushing towards the same direction
Existing UK and EU capital requirements on cryptoasset exposures will soon be updated to reflect the new international standard published by the Basel Committee on Banking Supervision (BCBS).
19 March 2024Embedded finance: revenue-based financing and responsible lending
The unique selling point of embedded finance is customer convenience; described by consultancy firm 11:FS as financial products offered to customers “at the point of customer need”. For small and medium-sized enterprises (SMEs), embedded lending such as revenue-based financing (RBF) provides an alternative means for funding with many benefits, including, ease of application, greater speed to funding and automated credit decisions produced using data sources and analytics. However, against the current economic outlook there is a tension between speed and robust lending practices that protect vulnerable customers, including those in financial difficulty. With the spotlight on business to consumer buy-now-pay-later (B2C BNPL) in terms of UK regulatory oversight, what steps do RBF providers need to take to deliver a responsible lending solution?
19 March 2024BTI v Sequana: practical implications for directors trading in the zone of insolvency
In this article, the authors reflect on the recent Supreme Court judgment in BTI 2014 LLC v Sequana SA [2022] UKSC 112 and its practical implications for directors trading in the zone of insolvency.
19 March 2024
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