In Practice
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Financing real estate-backed operating businesses: documentary pitfalls
In this In Practice article the authors examine the potential issues that can arise when using the LMA Facility Agreement for Real Estate Finance Investment Transactions (LMA REF Facility Agreement) as the basis for documenting credit facilities made available to real estate-backed operating businesses.
13 June 2024Comparing sustainable debt products and standards
Whilst standards like the Equator Principles and the Responsible Ship Recycling Standards have been applied to specific sectors or asset classes for some time, standards with wider application to the bond and loan markets are now gaining traction. These often have different purposes and consequences for non-compliance. With regulatory frameworks and market practice still developing, further innovation in sustainable debt standards and the refinement of existing standards is expected.
13 June 2024The UK’s National Security and Investment Bill: implications for loan financings and related collateral
The UK’s new National Security and Investment Bill will create a new, standalone screening regime allowing the government to review acquisitions of “control” of legal entities and assets and to prohibit such acquisitions or impose remedies on them, if it identifies national security concerns. The new regime is expected to enter force in Summer/Autumn 2021. The government’s draft Statement of Policy Intent accompanying the Bill confirms that, “although loans are not exempt from scrutiny, the overwhelming majority of these are expected to pose no national security concerns, including within the core areas. In the rare circumstances where they do pose concerns, the Secretary of State generally only expects to intervene when an actual acquisition of control will take place (e.g. a lender seizing collateral)”. This In Practice article provides a broad summary of the main features of the new national security screening regime and highlights how loans and related security can be impacted.
13 June 2024Impact of the Corporate Governance and Insolvency Act 2020 on securitisation transactions
In this In Practice article, the author discusses the key implications of the Corporate Governance and Insolvency Act 2020 (CIGA) for securitisation transactions.
13 June 2024A SIPP from the devil’s cup: Adams v Options UK Personal Pensions appeal
In this In Practice article, the authors consider the Court of Appeal decision in Adams v Options UK Personal Pensions1 in which a regulated firm was found liable because its unregulated introducer “encouraged” clients to enter investments.
13 June 2024At home and away: UK insolvency jurisdiction
In this In Practice article the authors focus on the practical considerations when commencing insolvency proceedings in the UK and the new complexities both at home and away, applicable from the start of 2021.
13 June 2024Okpabi v Royal Dutch Shell: will Brexit mean more jurisdiction skirmishes?
In Okpabi & others v Royal Dutch Shell plc & another [2021] UKSC 3, the Supreme Court held that the claimants had an arguable case that Royal Dutch Shell, the UK-incorporated holding company in the Shell group, owed a duty of care to people affected by the operations of a Nigerian subsidiary. The claims will now return to the High Court, which will decide whether in fact such a duty was owed and, if so, whether it was breached and caused the loss claimed. Some commentators have seen the decision as heralding a new wave of international tort claims in the English courts. However, changes brought about by Brexit, as well as the court’s earlier judgment in Lungowe v Vedanta, may complicate this analysis.
13 June 2024What are “skilled person reviews” and why are they relevant?
This In Practice article sets out what a skilled person report is, what a skilled person report can be commissioned for, what the consequences are for an entity in practice and considers how often skilled person reports are commissioned by the regulators.
13 June 2024Brexit update: implications for securitisations
The uncertainties of Brexit persist despite the UK’s formal withdrawal from the EU in January 2020. Market participants need to continue with their preparations and their engagement with regulators. Regulators and politicians will ultimately determine how the creation of a dual regulatory regime across the EU and the UK will impact the securitisation markets beyond 2020.
13 June 2024Operative and material? Ten years later: setting aside a judgment for fraud
In Balber Kaur Takhar v Gracefield Developments,1 Steven Gasztowicz QC, sitting in the High Court as a deputy High Court judge, set aside a judgment issued ten years earlier on the basis it had been procured by fraud. The court considered the correct test to apply when setting aside a judgment for fraud – which ultimately turns on whether the fraud is operative and material.
13 June 2024
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