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The Great Game: UK financial services and the Edinburgh Reforms programme
In this article the author considers the proposed extensive programme of legislative reform and whether the UK government have taken the right approach.
19 March 2024What really happened in legal history
Why is it that the three major Western European legal philosophies, which inspired over 85% of the world’s jurisdictions, are so different in their outcome in business law?
19 March 2024Documenting SLLs: a comparison of the LMA/LSTA approach to sustainability provisions
In this article the authors consider the more interesting provisions in the standard sustainability-linked loan riders recently published by the Loan Market Association (LMA) and the US’ Loan Syndications and Trading Association (LSTA) and compare and contrast the approach they have taken.
19 March 2024Central Bank Digital Currencies and competition laws: recognising the importance of competition laws in the CBDC ecosystem
When designing and issuing Central Bank Digital Currencies (CBDCs), central banks will need to assess whether they are subject to and compliant with competition laws. This will be most relevant to the extent that they are competing with other payment systems and if they appear to be acting beyond what is necessary to achieve their duties. Even where they are not subject to or infringing competition law, they will need to consider the impact of CBDCs on competition, whether as part of a statutory competition objective or to achieve other statutory objectives. If legislation were introduced to facilitate the creation of CBDCs, this could set out the applicability of competition law and a general competition objective in relation to the activities of the central bank.
19 March 2024Are leveraged LDI strategies lawful? How the courts would construe reg 5 of the OPSRs
This article builds on the recent articles by, first, Richard Salter KC and, second, Professor Iain Clacher and Dr Con Keating in which the question whether repos constitute borrowing within reg 5 of the Occupational Pension Schemes (Investment) Regulations 2005 is examined. It offers some reflections on points which might arise if the issue came to be litigated from the perspective of practitioners in the pensions field.
19 March 2024“There is nothing so stable as change”: is the Treasury’s proposed new special administration regime for stablecoin and other systemic DSA firms a change in the right direction?
In this article, the authors discuss HM Treasury’s proposal for the introduction of a special administration regime for systemic digital settlement asset (DSA) firms through the application of the existing Financial Market Infrastructure SAR and the Payment and E-Money SAR.
19 March 2024EU prudential supervision: classifying institutions as significant or less significant following Wirecard’s collapse
The ongoing transformation from traditional banking to highly digitalized operations using automation and alternative intelligence has failed to reduce financial and non-financial risks. Banks operating in the financial technology or neo-bank (fintech) space are creating similar risks such as excessive debt, inadequate governance or financial crime. This article analyses the division of supervisory powers in the European Union (EU)’s Single Supervisory Mechanism (SSM) between the European Central Bank (ECB) and National Competent Authorities (NCAs) in light of the accounting scandal at German fintech Wirecard. It revisits the SSM’s classification test as well as take-over option and proposes a flexible, risk-based approach.
19 March 2024Where does Barton v Morris leave the law of unjust enrichment in relation to payment for services provided under a contract?
A majority decision of the UK Supreme Court, Barton v Morris [2023] UKSC 3, handed down in January this year confirmed the existence of the subsisting contract rule, the effect of which is that where services are provided under a valid contract no claim to payment will generally lie in unjust enrichment, the parties’ rights and obligations being limited to those provided for by the contract.
19 March 2024The point of DAOs; and of crypto lawyers
In this article, Charles Kerrigan explains the underlying reasons why projects are established as DAOs and the unusual set of capabilities needed by crypto lawyers.
19 March 2024Are leveraged LDI strategies lawful? A rejoinder and a request
Professor Iain Clacher, Dr Con Keating and Professor Philip Bennett welcome Richard Salter KC’s article:1 ‘Are Leveraged LDI Strategies Lawful?’ (2023) 2 JIBFL 71, and the invitation to respond. In this article they set out two distinct concerns with leveraged LDI strategies, namely the use of repo and derivatives – and would greatly appreciate the views of legal scholars on these issues.
19 March 2024
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