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Impact of the new Takeover Code on financing public bids
In this article, the authors consider the consequences of Rule 13.5 of the new Takeover Code for lenders, looking at the impact of a longer certain funds period and the controls that lenders can introduce.
28 May 2024Dovetailing between the Judgments Regulation and the Insolvency Regulation
In recognition of the unique features of insolvency law, the EU developed two distinct jurisdictional and recognition regimes for civil and commercial matters on the one hand, and insolvency on the other. The relationship between the two regimes has been controversial, but it is now widely accepted by national courts and the CJEU that the regimes are intended to dovetail into one another. In theory, dovetailing ensures that the regulations constitute a comprehensive regime for all civil proceedings. In practice, it is often unclear which set of rules applies, and whether particular proceedings are within the scope of both regulations, or neither. This article examines the difficulties of dovetailing, and the continued relevance of dovetailing after the UK’s exit from the EU.
28 May 2024Prudential consolidation under the IFPR: the connected undertakings conundrum
In this article, Leonard Ng and Qalid Mohamed consider the concept of “connected undertakings” under the new UK Investment Firms Prudential Regime (IFPR). They highlight certain concerns regarding the scope and application of consolidated supervision with respect to the concept of connected undertakings.
28 May 2024Alternatives to private law causes of action when challenging termination of a banking relationship
In this article the authors explore two alternative means of challenging a bank’s decision to terminate a customer relationship or freeze the operation of an account beyond private law causes of action.
28 May 2024The exciting world of NFTs: a consideration of regulatory and financial crime risks
The recent resurgence of, and then the explosion in, trading in non-fungible tokens (NFTs) represents one of the most interesting and legally challenging developments in the cryptoassets space. This article discusses some of the regulatory and financial crime risks surrounding trading in NFTs, with a particular focus on investor protection, fraud and money laundering and examines aspects of the regulatory frameworks in this space.
28 May 2024The final word on lawful act duress? Times Travel v Pakistan International Airlines and its impact on the banking sector
This article, written by the counsel team who succeeded before the Supreme Court, discusses the recent key decision of the Supreme Court in Times Travel (UK) Ltd v Pakistan International Airlines Corporation concerning the law of economic duress and the impact on the banking sector. The specific issue raised was whether lawful act duress exists, and if so, in what circumstances. The Supreme Court held that the doctrine does exist, but only in very narrow circumstances.
28 May 2024Is honesty the only excuse? Restraint of non-fraudulent demands under performance bonds
In this article Sanjay Patel considers the legal differences between restraining a bank from paying, and restraining a beneficiary from making a demand, under a performance bond.
28 May 2024Central Bank Digital Currencies
Digitalisation has reached the shores of central banking. Central Bank Digital Currencies (CBDCs) are the public response to privately issued virtual currencies, of which Bitcoin was the pioneer. In this uncharted territory, central banks face a multitude of design choices – “account-based” or “token-based”, offered to the general public or only to a selected group of users – which raise unprecedented legal questions. Entering the digital arena bears great potential for monetary policy as well as risks for the financial system. Finding a balance for each jurisdiction and monetary system will be a key task for central banks in the 21st century.
28 May 2024Why intermediated securities should be brought within scope of the expanded Dormant Assets legislation
In this article the authors set out an overview of the proposed expansion of the Dormant Bank and Building Society Accounts Act 2008 and a critical examination of the possible reasons for leaving intermediated securities out. They argue that bringing intermediated securities within scope of the legislation would reflect the operational reality of how UK public securities are held, maximise the legislation’s impact, and could generally be done without too much conceptual difficulty.
28 May 2024Passing regulatory headwinds for a flourishing European CLO market
2020 was a relatively slow year for what had been a booming CLO market, with the initial stages of the pandemic resulting in a short-term dip in perceived corporate debt value and a reluctance of investors to deploy capital ahead of the implementation of state-led recovery packages. 2021 has been starkly different, with issuance volumes in the European CLO market set to potentially match or exceed those achieved in 2018 and 2019.1 Whilst the market flourishes, behind the scenes market participants have had to grapple with an ever-evolving regulatory environment. In particular, sell-side market participants must determine how to adapt and evolve to achieve the best overall results for their investors across the capital structure, many of whom are placing increased emphasis on more sustainable investment strategies. A few of the key current topics are considered herein.
28 May 2024
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