In Practice
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The 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 2024Conflicting signals? Potential impacts of the SEC’s proposed conflicts of interest rule on UK and EU CLO managers
On 25 January 2023, the US Securities and Exchange Commission (SEC) proposed a far-reaching rule (Rule 192)11 to prohibit securitisation transactions involving or resulting in a material conflict of interest between certain securitisation participants and investors. The rule is required by s 27B of the Securities Act,122 as inserted by s 621 of the Dodd-Frank Act.233 In this In Practice article the authors consider the impact of Rule 192 on UK and EU CLO managers. 3
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 2024Finding room for asset-backed financings alongside high yield and leveraged loan transactions
In the current environment of inflation and higher interest rates, securitisations may play an increasingly prominent role in offering access to cheaper and diversified funding. In this article, the authors explain why a corporate group may wish to consider exploring whether a securitisation would be available to it – and permitted under any existing high yield and/or leveraged loan documentation.
19 March 2024First Bankers Trust order against overseas cryptocurrency exchanges using new “gateway”
On 29 November 2022, Mr Justice Butcher handed down judgment in LMN v Bitflyer Holdings Inc. and others [2022] EWHC 2954 (Comm), which is the first successful Bankers Trust application against overseas cryptocurrency exchanges based on the new “disclosure gateway” for service out of the jurisdiction at CPR Practice Direction 6B §3.1(25).
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 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 2024
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