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Out 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 2024Structures, security and finance products: the increasingly sophisticated world of investment fund focused borrowing
In this article Kevin Lynch and Ian Dillon consider the most commonly utilised funds finance facilities, how the borrowing needs of various funds and available facilities may be different depending on the type of fund strategy, inflection points in its life cycle, lenders security requirements and some trends to watch.
13 June 2024Whitepaper: 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 2024The expanding definition of contingent debts and its impact on winding-up petitions
Clive Wolman explains why there may no longer be a valid legal basis for a company to be able to restrain the presentation, advertisement or pursuit of a winding-up petition against it merely by showing that it is genuinely and substantially disputing the petition debt. Changes in UK insolvency and company legislation, reinforced by changes in accounting standards and by judicial rulings, have led to a broader definition of a “contingent” debt or liability. It now includes the contingency of a court finding that the disputed debt or liability does exist.
13 June 2024The issues with interest calculations in arbitration awards
There is often much angst about choosing the right method of calculating interest on an arbitral award and, indeed, which interest rate to use. There are no criteria that can be applied a priori to assist in the selection in a particular case. Rather, the key is to determine what monetary return the injured party might have earned had they had use of the arbitral award over the relevant period of time. This amount can then be readily translated into a method and interest rate to suit the arbitrator.
13 June 2024Structuring loan buybacks
In this article the authors consider the structure of loan buybacks with a consideration of the documentary changes made by the Loan Market Association (LMA) as well as some of the approaches that have evolved in the market to address buybacks.
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 2024Reliance: a comparison between the common law and s 90A FSMA
This article compares the reliance requirement for the common law claim of misrepresentation with the statutory action of s 90A of the Financial Services and Markets Act 2000 (FSMA). The authors focus on recent authority regarding reliance upon implied statements at common law and the uncertainties that remain under s 90A FSMA.
13 June 2024
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