In Practice
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Intermediated 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 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 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 2025Wirral v Indivior: a setback for securities law class actions
The rise of group securities litigation, often backed by third-party funders, has been a dominant theme of recent years. But just because more claims are being issued does not mean they are being won. The Court of Appeal’s recent judgment in Wirral v Indivior and Reckitt Benckiser [2025] EWCA Civ 40 illustrates the particular issues in bringing mass claims under the statutory regime for misleading market statements.
07 April 2025Court of Appeal decision on Motor Finance: lenders’ secondary liabilities
There has been significany commentary following the Court of Appeal's decision in Johnson v FirstRand Bank LTD [2024] EWCV Civ 1282 regarding liability for undisclosed motor finance commissions. This is not surprising given the unexpected nature of the decision, its impact on the motor finance industry, and potential to impact other industries which use intermediaries remunerated by commissions from product providers. The decision will be reviewed by the Supreme Court in April.
This In Practice article examines the Court of Appeal’s approach to the lenders’ secondary liability for a credit broker’s breach of fiduciary duty, which we consider is ripe for criticism by the Supreme Court.
Agency and AI: types of agents and what they do
AI agents are becoming common in technology firms and will soon be widely used in all firms. They are not necessarily agents in the sense that lawyers think of them.
02 March 2025Prudential assessment of acquisitions and increases in control: new-old guidance, particularly relevant for fund managers
The Financial Conduct Authority and the Prudential Regulation Authority have respectively published finalised guidance and a supervisory statement on prudential assessment of acquisitions and increases in control (the Guidance).1 The Guidance took effect on publication on 1 November 2024 and replaces the EU's Joint Committee Guidelines on Acquisitions and Increases of Qualifying Holdings in the financial sector that came into force on 1 October 2007.
This In Practice article summarises the Guidance and highlights areas relevant to fund managers.
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