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Preserving guarantor liability: an update
In this article, Richard Salter QC provides an update to his 2017 article on the “purview doctrine”, which offered practical pointers to those called upon to document variations in syndicated lending transactions secured by a guarantee.
18 April 2024Implementation of the remaining Basel III standards in the UK
The aim of this article is to provide an overview of the Prudential Regulation Authority’s rules (PRA Rules) implementing the remaining Basel III standards in the UK, to highlight any key deviations from the underlying Basel III standards and the equivalent EU CRR2 regime, and to discuss potential challenges that these deviations might create for banking groups. In addition, this article includes responses to frequently asked questions in relation to the above.
18 April 2024Virtual property as trust assets and investments
Following a number of recent decisions, it now seems reasonably settled that digital assets such as cryptocurrencies will as a matter of law be regarded as “property”. One consequence is that cryptocurrencies can be the subject of a trust and may be held as investments. However, the unique features of digital assets give rise to a number of problems on which there is little authoritative guidance. The impact of s 53(1)(c) of the Law of Property Act 1925 (LPA), in particular, appears to have been overlooked in cases where cryptocurrencies have been found to be held on express trust for multiple co-owners.
18 April 2024Commercial litigation funding: a more secure approach
A series of recent decisions have focussed on the practice of commercial litigation funding. The High Court and Court of Appeal have made clear that commercial funders will be expected to show that they can satisfy adverse costs orders that may be made during the litigation, failing which they are likely to be required to provide security for costs.
18 April 2024Segregation of financial instruments in the Netherlands: why the Dutch do not need the trust
This article concerns the protection of investors’ ownership rights in financial instruments held by an intermediary under Dutch law, especially in the event of such intermediary’s insolvency.
18 April 2024The new NPL Directive: an uncertain path ahead
Almost four years ago – in March 2018 – the European Commission proposed a directive intended to promote the growth of the secondary market in non-performing loans (NPLs). This was part of a broader plan to help reduce the burden of NPLs on European bank balance sheets. After a long and winding legislative road, the European Parliament approved the final version of the Directive on 19 October 2021. The same text was approved by the Council on 9 November 2021 and is likely to be published in the Official Journal of the EU in the coming months. In this article we set out some of the features of the new Directive and areas of likely market concern (and especially for the securitisation market) arising out of it.
18 April 2024Contractual continuity for “tough legacy” contracts
With time ticking until the end of 2021 when at least certain settings of LIBOR will cease, the UK authorities are finalising their plans for “tough” legacy through the means of legislation and powers granted to the FCA. In this article, we examine such legislation and powers with a comparative eye to alternative solutions in the US and the EU.
18 April 2024Distressed insurers: recent insolvency reforms and future resolution framework
In this article the authors consider the changes introduced by Financial Services and Markets Act 2023 to enhance the insolvency framework and tools available in relation to distressed insurers – and the proposed new UK Insurance Resolution Regime which is intended to provide the Bank of England with enhanced powers to manage the failure of systemically important insurers.
08 April 2024Transferring legal title to a digital asset: shared and limited control arrangements (Part 2)
In this article, Hin Liu proposes a three-step structure for deciding what the rule for the transfer of title to a digital asset should be in the shared or limited control context. The structure provides a framework that can be applied by a legislature or court (or law reform body).
08 April 2024Drop downs and up-tiers in English law loan documentation
Over the past few years there has been a focus on whether loan documentation can be used to create additional priority debt, often as a result of transactions that were not anticipated by incumbent lenders. Various labels have been attached to these types of transaction, with the following becoming common currency: “drop down” and “up-tiering” transactions. While they have different component parts, they result in participating creditors gaining a priority position viz-à-viz other creditors in the borrower’s capital structure. A number of articles discussing aspects of these transactions have been circulated by market participants and the LSTA has published a very helpful market advisory on drafting for New York law credit agreements. This article takes a look at these topics in English law documentation.
08 April 2024
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