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Whitepaper: collaboration and standardisation opportunities in derivatives and SFT markets
The article will consider proposals for standardisation across product-specific master agreements set out in a Whitepaper issued by the International Swaps and Derivatives Association, Inc. (ISDA) in October 2020 entitled Collaboration and Standardization Opportunities in Derivatives and SFT Markets and will review some key arguments in the Whitepaper.
13 June 2024Give us the money: how to bank Central Bank Digital Currencies and stablecoins
Banks and other payment service providers have a number of legal options in the way in which they structure the services which they provide to customers in respect of Central Bank Digital Currencies (CBDCs) and stablecoins. These do not differ between privately originated or central-bank originated coins. However, product providers are unlikely to wish to create apparently similar products with different fee structures. We therefore expect an industry consensus to develop fairly rapidly around a particular legal structure that applies to both stablecoins and CBDCs. It remains to be seen whether this will be a bailment-based (e-wallet) structure or a deposit-based (debtor-creditor) structure.
13 June 2024When is a duty to pay not a duty to pay?
Frauds may be unauthorised (credit card fraud, phishing, for example) or authorised. Authorised frauds may be “pull” frauds, where the fraudster is given the victim’s account details and authorised to pull the funds from their account, or “push” frauds (APP), where the victim instructs its bank to send money to the fraudster’s account. If society is serious about combatting fraud, the Quincecare duty should be recognised as incongruous. Where the threshold is crossed, transactions should be referred to the authorities, akin to a Suspicious Activity Report (SAR) notification. The decision whether to comply with the customer’s instructions should be that of those best placed to investigate.
13 June 2024Out of scope: Scope Ratings’ appeal against ESMA fine fails
In a December 2020 decision published on 12 January 2021, the Joint Board of Appeal (BoA) of the European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority (ESMA) (together the European Supervisory Authorities) dismissed an appeal1 brought by Scope Ratings GmbH (Scope) against ESMA’s May 2020 decision to impose a €640,000 fine.2 In this article the authors assess the implications of the decision.
13 June 2024The impact of Brexit on the UK and European legal professions
This article explores the implications of Brexit for the practising rights of UK barristers, solicitors and advocates in the EU and for European lawyers in the UK, with a focus on England and Wales. Although the UK’s withdrawal from the EU has resulted in some challenges for European lawyers, England and Wales remains an open legal market. For UK lawyers in Europe the situation varies considerably by member state and it is incumbent on lawyers to carefully research practising rights and immigration rules ahead of travel.
13 June 2024Opening innovation or opening up to risk? The potential liability framework for Open Finance
This article summarises some of the key points in the Financial Conduct Authority’s recent Call for Input regarding Open Finance. Certain risks associated with Open Finance are highlighted and possible issues surrounding assigning legal liability in open finance models are addressed.
13 June 2024The Pensions Regulator’s new teeth: how might they bite lending transactions?
This article outlines how risks relating to defined benefit pension scheme liabilities affect financing transactions, the relevant provisions of the new Pension Schemes Act 2021 and the extent to which these provisions might result in changes in practice.
13 June 2024Fraud in commodity finance: identification, mitigation and resolution
Show’d mastership in floating
13 June 2024Updated guide to English opinion letters in financial transactions
The City of London Law Society (CLLS), whose members include some of the largest international law firms in the world, has updated its Guide on English law opinion letters in financial transactions. The aim of the Guide is to save time and costs spent in discussing which law firm should provide an opinion letter, what should it cover and who may rely on it. The Guide is widely consulted by practitioners and well respected. The unabridged version (including full footnotes) is available at www.citysolicitors.org.uk. This article sets out an abridged version.
13 June 2024Agent banks’ duties in the era of cov-lite loans and infinite liquidity
In this article Lisa Lacob considers whether the current cov-lite environment changes the analysis on the extent of agent banks’ duties, particularly where action or inaction may favour one side.
13 June 2024
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