Spotlight
59
Go to page
of
6
Frozen Russian funds: can the courts let it go?
Following the Russian invasion of Ukraine, billions in assets frozen pursuant to sanctions represent a potentially available source of funds to satisfy the obligations of defaulting Russian debtors. In practice, however, unlocking sanctioned funds is not straightforward. In this Spotlight article, Richard Blakeley considers the extent to which EU member state and UK courts can permit the use of frozen funds to satisfy claims against defaulting Russian debtors following the judgment of the CJEU in Case C‑340/20 Bank Sepah v Overseas Financial Limited and Oaktree Finance Limited.
20 March 2024I would if I could, but I can’t: the impact of sanctions on finance party interactions in typical debt-financing transactions
Recent events have thrown the spotlight on sanctions. Sanctions provisions in facilities agreements are frequently keenly negotiated, and most lenders have minimum requirements. We typically see lenders focus more on the activities of the obligor group and its business than on the other lenders and finance parties to the transaction. Accordingly, we anticipate many of our clients revisiting their sanctions policies and giving greater weight to mitigating risks associated with any party to a transaction becoming the subject of sanctions, not just members of the obligor group.
20 March 2024Governance to keep net zero transitions on track
This Spotlight article sets out a governance framework – comprising robust board oversight, strong alignment mechanisms, and regular external validation – that companies can deploy to ensure that their net zero pledges stay on course. In addition, it illustrates how firms in different sectors are applying the governance measures discussed herein.
19 March 2024Sustainable finance: perspectives on some of the difficult questions
This article explores some of the current thinking behind “sustainable finance”. After briefly describing what is involved and offering up some perspectives, it raises questions and sets out modest proposals in reply. Several different questions are raised but the common theme explored is – whether or not sustainable finance as currently envisaged risks making the situation any worse than it already is.
19 March 2024Are leveraged LDI strategies lawful?
In this Spotlight article, Richard Salter KC discusses the legality of the use by defined benefit pension schemes of repos to achieve leverage as part of their liability driven investment (LDI) schemes.
19 March 2024Flight of the deposits
As illustrated by the recent failure of Silicon Valley Bank, N.A. (SVB) and the stabilisation of its UK subsidiary Silicon Valley Bank UK Limited (SVBUK), this Spotlight article examines how the flight of uninsured deposits from banks in financial difficulty can be a decisive factor that tips them towards a resolution process or even insolvency.
19 March 2024A wolf in sheep’s clothing: are transfers of economic interests undermining privity of contract in the medium-term loan market?
In this Spotlight article Graham Penn considers how recent changes to the form and legal substance of sub-participation agreements (and other more conventional credit derivatives) are undermining privity of contract between the borrower and its lenders and creating a form of privity with the sub-participant.
19 March 2024Financial Services and Markets Bill: from retained EU law, to revocation and restatement
The Financial Services and Markets Bill 2022-23 (FSM Bill) makes way for potentially sweeping reforms to the UK’s post-Brexit financial services regulatory framework.
19 March 2024The urgent need for better law and rule making: challenges and solutions
This article, the second of two (see ‘Risk elimination by legislating: the limits of the law and challenges of reality’ (2023) 5 JIBFL 287) looking at significant policy making challenges, argues that too much recent legislation and regulation is of poor quality, often developed with good intentions but in silos, without effective consultation, proportionality or consistent principle. Too much is created so policy makers can be seen to have “done something” when it will not address the real goals. The article proposes possible solutions, including changing policy maker incentives and the creation of a new Parliamentary Select Committee to introduce accountability for legislative and regulatory outcomes, comparable to spending accountability.
19 March 2024Are the times ripe for “super senior” capital structures that include term loan debt?
In this Spotlight article Francesco Lione considers the pros and cons for rolling out “super senior” capital structures that include term loan debt, in addition to or as an alternative to secured bonds.
19 March 2024
Go to page
of
6
