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Syndicated lending and third-party agents: a practical primer
This article provides an overview of the commercial context for the use of third-party agents (TPAs) in syndicated lending and the important legal and documentation issues arising from having TPAs rather than traditional banks in that role.
19 March 2024A MiCAR for the UK? Or something else altogether?
This article compares key aspects of the EU’s draft regulation on Markets in Cryptoassets (MiCAR) and the UK’s approach outlined in HM Treasury’s recent consultation, drawing out key similarities and differences and their implications.
19 March 2024A path back to growth for community banks: credit risk transfer trades
Many community and regional banks in the US are under intense pressure from economic forces that are outside of their control. These locally oriented banks are increasingly turning to credit risk transfer (CRT) trades as a way to reopen the lending pipeline. CRTs keep existing loans on a bank’s balance sheet, while de-risking the portfolio and providing substantial capital relief to fund new lending. Further, by shifting risk to non-bank investors, CRTs provide a new channel for private equity and others to deploy the funds that they have accumulated over the last several years.
19 March 2024Crypto exchanges: the basics
In this article Nik Yeo clarifies some basic contractual and proprietary principles in relation to the use of crypto exchanges.
19 March 2024A case for “debt-for-nature” and “debt-for-climate” swaps in emerging and developing economies
Emerging and developing economies are disproportionately and negatively impacted by climate, ecological and biodiversity degradation and debt issues. Several solutions have been posited to address these distinct yet related threats to countries’ growth and economic sustainability. This article focuses on one, the utilization of debt-for-nature and debt-for-climate swaps, as part of emerging market and developing countries’ overall strategy to address these challenges.
19 March 2024Taking security over Central Bank Digital Currency
This article considers the taking of security over Central Bank Digital Currency (CBDC) in the UK and the US.
19 March 2024Warranties in corporate transactions involving tokens or blockchains: a proposal for a foundational approach
This article outlines a proposed approach to the risks and the protections that are specific to corporate transactions involving tokens or blockchains and proposes warranties designed to protect buyers.
19 March 2024Spacecraft financing: an international secured transactions regime for space assets
This article examines the present state of play in spacecraft financing, paying particular attention to the prospect of asset-based financing in the space sector. The article focuses on the Space Protocol of the Cape Town Convention, which is an international secured transactions law framework specifically for the space sector and examines how this can benefit the industry.
19 March 2024AIFMD2 proposals on loan origination
New draft rules in the EU amending the Alternative Investment Fund Managers Directive (AIFMD) propose a product regulation regime for loan origination funds, which may affect structuring of new and existing funds and impose additional requirements including on risk and liquidity management.
19 March 2024The future of FCA enforcement
2023 is a year of change for the Financial Conduct Authority (FCA)’s Enforcement and Markets Oversight division, with the arrival of two new Joint Executive Directors. At the same time, a series of legislative and policy developments are likely to have an impact on the enforcement landscape. In this article, David Pygott, a contentious regulatory specialist and partner in the Global Investigations team at Addleshaw Goddard LLP, considers what – beyond the FCA’s own messaging to date – the future might hold for its enforcement activity.
19 March 2024
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