In Practice
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Specialty finance to securitisation
In this In Practice article, the authors set out ten key points of difference between specialty finance and securitised warehouse structures.
01 July 2025Singapore’s equities market: a new dawn for capital raising and investing?
Singapore's economy has rebounded strongly from the pandemic, driven by robust domestic and external demand amid the global recovery. However, the city-state's equities market has lagged behind its global peers in terms of listings, liquidity, and investor interest.
To enhance the competitiveness of Singapore’s capital market, the Monetary Authority of Singapore (MAS) launched a comprehensive revitalisation plan in 2024, forming the Equities Market Review Group to strengthen the equities market. This strategy combines both demand-side and supply-side incentives and moves towards regulatory streamlining, thereby aiming to attract quality issuers and investors while improving capital-raising prospects for issuers and fund managers. This In Practice article considers the key initiatives.
E-money: operational solutions to blocked accounts in financing
As discussed at length in our article, ‘Security over e-money and deposits with deposit aggregators: a new approach is required’ (2022) 10 JIBFL 682, e-money accounts have different features to traditional bank accounts and cash at bank. As such, the approach to taking security over e-money accounts must be different. This article considers one key difference – it is not possible to block e-money accounts as: (i) Electronic Money Institutions are under a statutory obligation to allow their customers to redeem their e-money at any time (regs 39 and 40 of the Electronic Money Regulations 2011 (EMRs)); and (ii) the balance must be capable of being used for payment transactions (reg 2 EMRs).
09 June 2025EU proposed securitisation disclosure reforms: is the remedy worse than the affliction?
At first glance, proposed reforms to the EU’s securitisation reporting regime such as a new template for private securitisations seem to offer a welcome simplification. However, under closer scrutiny, recommendations by the European Supervisory Authorities and the Commission’s proposed changes are more likely to offer administrative headaches than benefits. In this In Practice article, the authors look at what sell-side entities would need to consider if the reforms were to go ahead as proposed.
09 June 2025Intermediated guarantees as unfunded credit protection
This In Practice article explores how and why banks may rely on guarantees granted to agents and other intermediaries for regulatory capital purposes, even though such arrangements might seem to be at odds with the direct protection requirement under the Capital Requirements Regulations.The article is loosely based on Chapter 8 of Credit Risk Mitigation and Synthetic Securitization: Law and Regulation , by Timothy Cleary and Charles H R Morris (Oxford, 2025).1
09 June 2025Beware minority shareholders: lending to the professional services sector
This In Practice article focuses on lender considerations when lending to a group with significant minority shareholdings, focusing on examples with borrowers in the professional services sector.
06 May 2025Merricks v Mastercard settlement: CAT clips litigation funders’ wings
In unwelcome news for litigation funders, the Competition Appeal Tribunal has ruled that a contested £200m settlement of an “opt-out” class action, once estimated to be worth £14bn, is just and reasonable.
06 May 2025Money laundering through the markets: enhancing financial crime systems and controls for wholesale firms and trading venues
In this In Practice article the authors consider the Financial Conduct Authority’s 2025 review of money laundering through the markets.
06 May 2025Business and human rights developments in the financial sector
Since the adoption of the UN Guiding Principles on Business and Human Rights (UNGPs) in 2011, significant discussions have ensued around the responsibility of financial institutions to respect human rights across different types of transaction and business relationships. Unique challenges for the sector arise from the diverse range of investment types and asset classes, and the limited leverage financial institutions may have in relation to the conduct of co-financiers, investees and borrowers, particularly in the context of minority investments and syndicated financings.
07 April 2025A defining moment for US digital asset policy
The recent Executive Order issued by President Trump on 23 January, titled ‘Strengthening American Leadership in Digital Financial Technology’ (the Order) represents a significant shift in US digital asset policy. With a clear emphasis on supporting the “responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy”, this Order outlines an ambitious regulatory framework, which we explore in this article.
07 April 2025
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