Articles by author
UK prospectus regime reform: potential impact on securities litigation
Following the recommendations of the Hill Review of the UK Listing Regime and certain consequential legislative changes, the FCA has now published its proposed new prospectus rules CP24/12, Appendix1 as part of the UK's new public offers and admissions to the trading regime – the biggest shake-up to the disclosure framework since 2005. While the driver of the rule changes is the desire to attract and retain more listed companies in London, they are likely to have an impact on securities litigation.
In this article, we consider the potential impact of the proposed new prospectus rules on claims brought by shareholders.
The potential impact of the new UK Listing Rules on securities litigation
The radical restructuring of the UK listing framework by the Financial Conduct Authority (FCA) has shifted greater risk to investors. This article examines the potential impact of the overhaul of the regime on future claims brought by shareholders under ss 90 and 90A of Financial Services and Markets Act 2000.
30 SEP 2024SPACs in the City: the emerging litigation and regulatory risks in England and Wales
SPACs scorched the US stock markets last year, with the UK left out in the cold. While the recent crackdown by the Securities and Exchange Commission (SEC) is cooling investor interest in the US, the UK regulators are hoping that changes to the regulatory framework will bring some SPAC sunshine to this side of the Atlantic. But what are the potential regulatory and litigation risks for SPACs in the City?
1 OCT 2021Merricks v Mastercard: the litigation risks for the financial services sector
The recent decisions in the Merricks v Mastercard litigation will most obviously have a significant impact on the competition class actions regime, but may also have repercussions for the wider litigation landscape, particularly in relation to mass consumer claims. In this article, we consider the potential litigation risks for the financial services sector.
1 DEC 2021Russian sovereign debt default: a disputes perspective
Russia’s default on its foreign currency sovereign bonds is unprecedented and likely to lead to bondholder litigation as well as derivatives disputes. This article highlights the reasons for Russia’s default and explores the scope of potential bondholder litigation, together with some of the obstacles which bondholders may face in bringing claims against Russia. The article then considers the ripple effect on the derivatives market, where it is possible that investors in products linked to Russian debt may seek to recover losses by bringing mis-selling claims.
1 SEP 2022Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective
Banking practice in areas of trade finance such as demand guarantees and letters of credit is standardised by a collection of contractual rules published by the International Chamber of Commerce (ICC). The application of domestic contractual interpretation principles may risk inconsistency in the way such rules are construed between jurisdictions. However, in relation to the most commonly used rules (the UCP 600, which apply to letters of credit), several courts (including the English courts) have tried to ensure that the rules are interpreted consistently with reference to their international consequences, as opposed to strictly in accordance with the governing law of the contract. Two decisions of the English High Court and the Qatari Appellate Court demonstrate a trend towards construing other sets of ICC standardised rules in the same way as the UCP 600.
1 OCT 2022
