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Is 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 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 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 2024Claims against ESG rating agencies: a hopeless task?
In this article, the author considers the possible claims an aggrieved party may have against an ESG rating provider in circumstances where that party considers that it has suffered a loss as a result of an inaccurate ESG rating decision.
28 May 2024Don’t trust the trust: Romanian chapter
This article considers the custodianship of securities owned by collective investment undertakings under Romanian law and whether the law on fiducia is sufficient to protect client assets against the creditors of the custodian.
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 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 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 2024Impact 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 2024Hacked crypto-accounts, the English tort of breach of confidence and localising financial loss under Rome II
In this article the authors consider Fetch.AI Ltd v Persons Unknown (15 July 2021, Unreported), an interim application made ex parte and heard in private, which demonstrates a concerning potential for divergence between the English and EU courts on the application of the Rome II Regulation.
28 May 2024
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