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Delisting the dead: a UK perspective
Dieudonné Ozia Mazio was a smuggler mixed up in violence in the Democratic Republic of the Congo. Anwar Al-Awlaki was a Muslim cleric in Yemen, once called the world’s “most dangerous ideologue”. Mazio and Al-Awlaki are extreme examples of sanctioned dead people. They died many years ago, but their names remain on UK and other sanctions lists. Their names provide a point of entry into live issues about “delisting” or taking names off sanctions lists. What is the current state of the UK’s sanctions list? How does delisting work? How important is it? Can we make it better? How? What impact does the current system have on human rights? The discussion below tackles these issues and argues for reform of how the UK government reviews its sanctions list. This article also aims to provoke debate. The time is right, pending further inquiry into UK sanctions policy. There may be a chance to influence legislative plans for 2025.
03 June 2024Electronic trade documents: what is a reliable computer system? and problems in contracting for a “reliable system”
The International Trade and Forfaiting Association (ITFA) has recently published an “Addendum” to its Guide to Digital Negotiable Instruments in connection with the Electronic Trade Documents Act 2023. The ITFA Addendum recommends that members might adopt a contractual term: “The [Issuer/Drawer/Obligor] and the [Holder] agree for the benefit of themselves and any subsequent [Holder] of this [… ] that the [relevant system] constitutes a ‘reliable system’ for the purposes of the Electronic Trade Documents Act 2023 and they agree not to challenge it being a reliable system for the purposes of the Electronic Trade Documents Act 2023”.1 This article discusses whether that term provides a solution to the problem that it purports to address, and some legal issues that may arise.
03 June 2024The consolidated prudential supervision of investment firm groups in the EU: practical implications on group parent entities
This article aims to provide an overview of the current requirements of the consolidated prudential supervision of investment firms under Regulation (EU) 2019/2033 (Investment Firm Regulation (IFR)) and related legal acts. In particular, it considers the implications of the recently adopted Commission Delegated Regulation setting out regulatory technical standards with regard to the scope and methods for prudential consolidation of an investment firm group (RTS). Given the complexity of the topic, the introduction set out in this article does not touch on every aspect of consolidated prudential supervision in order to provide a concise overview.
03 June 2024Will private credit CLOs emerge as a new funding tool in Europe?
In this article, the author considers the potential for the CLO framework to be applied to private credit portfolios.
03 June 2024Assigning receivables on either side of the Channel: a comparative note on French and English law
As between English law and French law, the key principles behind assigning receivables are similar. The 2016 reform of French contract law has undoubtedly brought the French regime applicable to assigning receivables closer to English law. However, practical differences between the two systems continue to exist. This is due to the inherently contrasting nature of civil and common law systems and the role, in particular, of equity in matters of assignment. This article presents the French regime on assigning receivables, contrasting it with English law on certain points.
03 June 2024Possessable or non-possessable? OBG v Allan and the future of intangibles
The case of OBG v Allan [2007] UKHL 21 in the House of Lords discussed expanding the tort of conversion to things in action but considered it at para 321 to be “too radical” and that there was a clear distinction to be drawn between the “wrongful taking of a document … and the wrong assertion of a right to a chose in action”. In this article the author explores the position of intangibles such as digital assets in relation to being property and thus possessable.
29 May 2024When private equity met private debt: conflict management in a multi-strategy world
As the prominence of private debt steadily increases within the alternative assets universe, there are an increasing number of PE firms and other financial institutions expanding their product lines to include a credit arm. At the same time, private debt fund sponsors are differentiating their investment focus within the debt space and in certain cases moving into private equity as well. Regardless of the starting point, expansion by a private fund manager into multiple investment strategies presents a number of potential conflicts of interest that require careful consideration and management.
29 May 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?
29 May 2024Custodianship: why do EU civil code states not trust the trust?
This article deals with the custodianship of securities in civil code states in the EU – all of them except Ireland and Cyprus. Common law jurisdictions all recognise universal trusts over all assets present and future but most civil code states do not. Instead they either have limited special trusts and, if not, various other devices. The question is whether these are adequate to safeguard client assets against the creditors of the custodian. This article will be followed later by one or more articles by lawyers in selected EU jurisdictions specifically discussing their solutions to the problem.
29 May 2024Calling it in: the implications of the new National Security and Investment Act 2021 on financing transactions
On 29 April 2021 the National Security and Investment Act 2021 (NSIA) received Royal Assent. When it comes into force fully on 4 January 2022, it will permit the government wide ranging powers to impose remedies on, or even block, certain transactions on the basis of national security. Whilst most relevant in an M&A context, the legislation does introduce a number of implications for financing transactions which are discussed below.
29 May 2024
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