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UK 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 2024Climate derivative actions: over before they began?
Earlier this year, environmental law charity ClientEarth announced the first UK climate-based shareholder derivative action, seeking to hold a board of directors accountable for alleged deficiencies in their emissions reduction strategy. The claim fell at the first hurdle, the High Court refusing it permission to proceed on the papers – albeit ClientEarth will now have a second bite at the cherry in an oral hearing. This In Practice article considers the lessons learnt for future climate-related claims and the potential impact for the financial services sector.
19 March 2024Sustainability-linked loans: what more do you need to know?
Sustainability-linked loans continue to be a hot topic in the banking and finance industry, having significantly gained in popularity over recent years. This popularity is partly driven by the increasing social and environmental commitments and sustainability-related disclosure obligations on banks and financial institutions. This In Practice article covers some of the key principles and new elements to be aware of in this form of financing, including the LMA guidance on the external review process.
19 March 2024UK equity capital markets: reforming the listing regime
In this In Practice article the authors summarise the key features of the proposed changes to the UK listing regime.
19 March 2024Embedded finance: market challenges and market changes
In September ((2022) 8 JIBFL 560) we outlined that embedded finance is the availability of financial products, integrated into a company’s infrastructure, provided by non-financial institutions (platform lenders) and capitalised by “traditional” financial institutions. One of the benefits of embedded finance is an enhanced customer experience. This customer-led approach will become more important in the current and forecast economic environment. COVID-19 drove a change in consumer habits and demands and saw record valuations for fintechs. However, as the world economy faces an increasingly challenging outlook, there has been a so-called “rebalancing” of these high valuations. In July 2022 credit card transactions by UK cardholders were up by nearly 10% on last year (UK Finance) and global e-commerce revenues are forecast to shrink for 2022. Does this signal trouble ahead for embedded finance?
19 March 2024Safe harbours in lending transactions: exclusions from the requirement to register express trusts
This In Practice article considers some of the exclusions from the Trust Registration Service requirements that may be applicable to express trusts found in lending transactions.
19 March 2024Pillar Two: the global minimum tax and its implications for financing transactions
The last few years have seen discussions at an inter-governmental level, led by the OECD, on how to amend the international tax system to deal with the changing business practices created by the digital economy. This includes an agreement to implement a global minimum corporate tax rate of 15% for large multi-national entities (MNEs). These discussions have now progressed to the stage where individual jurisdictions (including the UK) are beginning to introduce domestic legislation to implement the principles of the minimum tax, such that the theory is becoming reality. These rules will have implications for the assumptions being made by lenders as to the way borrowers under certain types of financing will be taxed. This article looks at some of these implications at the borrower level.
19 March 2024Buy-Now Pay-Later Regulation: what’s next for third-party lenders?
HM Treasury’s (HMT) latest consultation on the UK regulation of Buy-Now Pay-Later lending (BNPL) includes welcome clarification regarding the scope of regulation and the application of exemptions, plus proposed draft amendments to the existing legislation. We examine the ambit of future regulation, where further clarification is required and the likely impact on consumer experience.
19 March 2024Corporate climate-related disclosures: what’s next?
The authors look at the progress made to date by the UK government in implementing climate-related disclosure rules and consider the preparatory steps that organisations should take ahead of the inevitable introduction of additional disclosure requirements.
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 2024
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