Herbert Smith Freehills
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Cryptocurrency, proprietary injunctions, freezing orders, and trusts: the law is not cryptic
Despite the meteoric rise of cryptocurrency as an asset class, there has to date been little case law concerning it. This article looks at a recent cryptocurrency case which applies established principles relating to trusts, proprietary injunctions and worldwide freezing orders to this new asset class: Wang v Darby [2021] EWHC 3054 (Comm). This decision confirms that familiar legal principles apply equally to cryptocurrencies, although digital assets can shine a light on established areas of law. We discuss below the key issues arising from the application of established principles to novel circumstances and the way in which Wang v Darby represents a missed opportunity to address the more interesting points arising in existing case law concerning cryptocurrency.
1 APR 2022Scope 1, 2 and 3 emissions as KPIs in sustainability-linked loans
This In Practice article explains the differences between Scope 1, 2 and 3 emissions as key performance indicators (KPIs) and sustainability performance targets (SPTs) in sustainability-linked loans and then explores factors to consider when adopting Scope 3 emissions.
1 FEB 2023Capital requirements for banks holding cryptoassets: rushing towards the same direction
Existing UK and EU capital requirements on cryptoasset exposures will soon be updated to reflect the new international standard published by the Basel Committee on Banking Supervision (BCBS).
1 MAY 2023When AI meets the Consumer Duty
Artificial intelligence (AI), with its power to process large volumes of data, can provide more personalisation of financial products and services for consumers at greater scale and efficiency, and at lower cost. It can, in principle, enable firms to provide better support for vulnerable customers (for example, to consumers without standard credit histories, or through the use of simplified advice). All this could help to advance the FCA’s desired outcome of increased access through greater financial inclusion.1 This In Practice article considers the recent Discussion Paper to foster debate on this issue.
1 DEC 2022Implications of proposed legislation in New York for sovereign debt restructuring
The New York legislature is currently considering three Bills that could substantially impact sovereign debt markets if enacted. The Bills would: (i) limit private creditors’ recovery in the event of sovereign default; (ii) block private parties from purchasing sovereign debt for the purpose of litigating a renegotiation of the debt; and (iii) create a binding, bankruptcy-like restructuring mechanism for sovereign debtors. This In Practice article looks at some of the potential implications of the New York Bills.
1 AUG 2023More than meets the eye: a new UK regime for critical third parties: what does it mean for regulated firms?
Financial services regulators across the globe are considering how to regulate in some way cloud providers and other information and tech service companies (critical third parties (CTPs)) which many banks and other financial institutions rely on heavily for critical services. While the European Union’s new Digital Operational Resilience Act (DORA) imposes new requirements on both CTPs and the regulated firms which use their services, the UK has started the ball rolling on a new CTP regime aimed only at the CTPs themselves. The UK regulators’ proposals for their part in the new regime are out for consultation. We take a look at some key areas of the proposals which remain unclear from the financial sector’s perspective.
1 FEB 2024Coaching and the corporate witness
In this In Practice article, James Barrett considers several key practices which can help a corporate witness to prepare for giving evidence including to courts and public inquiries.
1 DEC 2023
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