In Practice
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NAV facilities in 2026: structuring, governance and market practice considerations for sponsors
In this In Practice article the authors examine how English law-governed Net asset value (NAV) facilities are structured and negotiated in 2026. The article focuses on practical drafting themes relevant to sponsors, including structural separation, borrowing base and loan-to-value (LTV) mechanics, recourse-light structures, automatic NAV adjustment provisions and valuation governance. The aim is to identify the key areas where structuring decisions and negotiation strategy can materially affect flexibility, liquidity and risk allocation.
12 April 2026Stablecoins: what could hinder their rise?
Stablecoins are growing exponentially within financial markets. They are a type of cryptoasset whose value is pegged to fiat currency and is intended to remain stable allowing for usage as a payment instrument. The stability of their value is guaranteed through their reserve assets which must be invested in safe, non-volatile, liquid instruments. As a result, stablecoin holders are assured of the issuer’s ability to meet their at-par redemption requests. Under the current EU and US regulatory framework, stablecoin issuers are not allowed to grant interest to holders such that holders receive no return. This may become problematic, when compared with commercial bank deposits and money market funds.
12 April 2026Market trends in mitigating conduct risk in private asset backed structured finance transactions
In this In Practice article, the authors survey market responses to conduct risks in private asset-backed structured finance transactions. They assess operational impacts, cost allocation, and how tools such as enhanced due diligence and increased delivery of audit reports reduce information asymmetry and surface areas of concern earlier.
27 February 2026The FCA’s new framework for targeted support in pensions and retail investments
In this In Practice article Joseph Paddon considers the Financial Conduct Authority’s proposal for a regulatory framework for “targeted support” to empower consumers to make better-informed decisions regarding their pensions and retail investments.
27 February 2026Security Action for Europe: legal architecture, implementation and private capital’s opening
Jason Blick considers the implications of the SAFE regulation for investors and creditors including “third country” entities.
27 February 2026The shifting focus of regulatory intervention: from enforcement to assertive supervision
We examine the Financial Conduct Authority’s evolving approach, with an apparent shift from the widespread use of enforcement investigations to the increasingly interventionist use of various supervisory tools.
08 February 2026Acquisition documents: overview of lender considerations
In acquisition financings, it is established practice for lenders to carry out a detailed review of the acquisition documents, which are most often a condition precedent to funding. The review forms part of a lender’s due diligence process on the acquisition structure and the target being acquired. This article examines the key issues a lender should consider when reviewing acquisition documents in connection with financing the purchase of shares in an English private company.
08 February 2026Is “name and shame” here to stay? Court dismisses challenge to FCA’s decision to publicly name
In this In Practice article the authors consider R (CIT (an anonymised company)) v Financial Conduct Authority (No.1) [2025] EWHC 2614 (Admin), and R (on the application of Claims Protection Agency Ltd) v Financial Conduct Authority (No. 2) [2025] EWHC 2615 (Admin) in which the High Court upheld the Financial Conduct Authority’s decision to name a regulated firm as the subject of an investigation.
08 February 2026A step-up in regulatory support for UK fund tokenisation
The UK Financial Conduct Authority’s (FCA’s) October 2025 consultation (CP25/28), Progressing Fund Tokenisation , forms part of a broader push to harness digital innovation in financial services, in line with the UK government’s Wholesale Financial Markets Digital Strategy (July 2025) and post-Brexit regulatory reforms. In this In Practice article we unpick some of the benefits and challenges of the FCA’s latest pro-innovation proposals.
11 January 2026Strong and simple: a new capital regime for small UK banks and building societies
The UK has almost finalised its new so-called “strong and simple” capital regime for small UK banks and building societies (small domestic deposit takers (SDDTs)). The premise is to provide a regime that is more proportionate for their size and scale of operations, whilst maintaining resilience. In this In Practice article the author sets out the core elements of the near-final SDDT capital regime.
11 January 2026
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