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Remedies for victims of crypto fraud
In this article, Gretel Scott discusses the possible remedies and methods of enforcement for victims of crypto fraud.
19 March 2024TARGET 2 – TARGET 2 Securities Consolidation: major change to payment standards
Readers may have seen reference in the media to the European Central Bank (ECB’s) T2-T2S Consolidation project from which it may have appeared to be simply a merging of two existing systems on the same technical platform currently being used by TARGET 2 Securities (T2S). However, it is far more wide-ranging and complex than may first appear and this article aims to put it in context of other developments both within and outside the euro area. This article is based on the latest information available at the time of writing but some of the content may be slightly out of date by the time it is published. However, after completion of drafting a senior ECB official stated that the possibility of a further delay beyond 20 March is considered to be extremely low.
19 March 2024Appropriation of financial collateral under English law security financial collateral arrangements
For nearly 20 years English law has permitted mortgagees and chargees of financial collateral to exercise a self-help remedy of appropriating charged collateral as a means of enforcing their security. The requirements include agreeing on the valuation of the collateral and conducting the valuation in a commercially reasonable manner. Since the implementing legislation is far wider than required by European law, the effectiveness of the remedy can be undermined by disputes as to what is commercially reasonable in particular factual contexts.
19 March 2024Swaps litigation: the continuing search for certainty
Banks who enter into swaps with public sector entities might reasonably have hoped that during the three decades since Hazell v Hammersmith & Fulham LBC [1992] 2 AC 1 (in which the House of Lords ruled that the local authority’s interest-rate swaps were speculative and ultra vires) most of the associated legal problems would have been resolved. Two recent cases in the Commercial Court involving Italian authorities show that quite a lot remains to be argued about. These are Deutsche Bank AG London v Comune di Busto Arsizio [2021] EWHC 2706 (Comm) (Busto) and Banca Intesa Sanpaolo SPA & Anor v Comune Di Venezia [2022] EWHC 2586 (Comm) (Venezia). In this article Andrew Fulton KC highlights the continuing problems so far as the enforceability of a disputed swap is concerned.
19 March 2024Retail Central Bank Digital Currencies: core assumptions and legal implications
This article explores two of the main assumptions underlying the public reflections of central banks on the topic of retail CBDCs, namely that these would qualify as money and would represent a claim on the balance sheet of their issuing central bank. The article also draws attention to the importance of understanding the impact on retail CBDCs of the legal analysis of different CBDC models.
19 March 2024The doctrine of universal succession in English law and its impact on the transfer of finance arrangements
In this article the authors consider the relationship between English law and the doctrine of universal succession and the likelihood of controversial creditor issues where finance arrangements are transferred.
19 March 2024Enforcing judgments against pension assets: a developing jurisdiction
In Blight v Brewster [2012] EWHC 165 (Ch) the court implemented an innovative procedure enabling a judgment creditor to enforce against the debtor’s pension fund. Blight has been followed in a trio of reported decisions handed down in 2022, which examined particular aspects of the procedure and its application in specific circumstances, further establishing the jurisdiction and helping to delimit its boundaries.
19 March 2024Dojima rice and digital assets: new tech, old problems? Market manipulation by cryptocurrency exchanges
This article looks at market manipulation by cryptocurrency exchanges. It explores the features of cryptocurrencies and whether or not existing legal frameworks are capable of accommodating a claim or criminal charge for market manipulation. In particular, the article explores the approach in the US where a claim has recently been brought by the US Department of Justice and the Securities Exchange Commission for market manipulation against a former employee of a cryptocurrency exchange.
19 March 2024Client categorisation under the FCA’s Conduct of Business Rules: what are the possible consequences of getting it wrong?
In this article, Robert Purves considers the statutory rights of action available to a client where a firm incorrectly categorises it and how a breach of client categorisation requirements may be deployed to resist a claim.
19 March 2024“Credit bidding” unsecured debt in an administration
In the recent case of Re Sova Capital Limited (in special administration) [2023] EWHC 452 (Ch), the English High Court approved a structure which was, in substance, a “credit bid” by an unsecured creditor. In this article, the authors explore the High Court’s reasoning and highlight key points to be considered by insolvency officeholders looking to replicate this structure as a means of asset realisation.
19 March 2024
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