Feature

The Cambridge Regulatory Genome Project: a must in a world of regulation technologies

This article introduces the Regulatory Genome Project (RGP) at the University of Cambridge, a pioneer research project aiming to create an information structure facilitating the use of artificial intelligence (AI) and machine learning within the context of financial regulations. This structure, when adopted, will pave the way for further enhancements to applications in Regulatory Technology (RegTech), Supervisory Technology (SupTech) and the adoption of machine-readable rulebooks; all with tangible benefits to the entire financial system.

Damages under ss 90 and 90A FSMA

In this article the authors consider the issues with which the courts will need to grapple when they come to decide how damages under ss 90 and 90A are to be calculated.

Scotland’s new statutory pledge: taking security from individuals and unincorporated organisations

Soon it will be possible to grant a statutory pledge over Scottish moveable property under the Moveable Transactions (Scotland) Act 2023. Companies and other incorporated bodies will be able to pledge their assets, but s 46 of the new Act restricts individuals and unincorporated organisations from doing so unless acting as a sole trader, a charity trustee or a member of a club or society. This article considers the restrictions that apply under s 46 including the practical issues that arise for lenders when deciding whether to take a statutory pledge from an individual or unincorporated organisation.

Third country market access for core banking services in the EU: all change from autumn 2026

At the time of writing, the EU legislators are expected to adopt amendments to the EU Capital Requirements Directive (CRD6)¹1 in Q2 2024, imposing new restrictions on the ability of non-EU banks and other non-EU entities to provide “core banking services” in the EU from autumn 2026. This article considers how this will change the EU banking landscape and what firms need to do to prepare. 1

Hook, line … or sinker? Navigating dowry sales

When a company is facing financial hardship or challenging economic conditions, using a “dowry” to incentivise a quick sale of a business by auction may appear an attractive option to address existing difficulties. However, there are important issues for target directors, sellers and buyers alike to consider before executing a disposal of this nature. These include: directors duties, shorter timetables and fewer deal protections for buyers. This article reviews some points to consider as part of the decision-making process before embarking on a dowry sale.

Third party rights and the LMA suite of Debt Documents

The author considers a number of third party rights and protections conferred by Loan Documents with importance in the market, including “Increased Costs” rights and indemnities granted to Receivers, Delegates and others. While “Increased Costs” rights simply give parties to the Debt Documents a right to claim losses suffered by others and are not actionable by third parties, indemnities are. Indemnities are unaffected by the “overriding” clause in Loan Market Association (LMA)-style Intercreditor Agreements. This is commercially important for lenders, security agents and receivers alike.

Private credit continuation funds: a developing frontier for secondary transactions?

In this article, the authors consider the use of continuation funds in private credit by comparing and contrasting their adoption with increasingly popular private equity continuation fund transactions.

DeFi: game changer for regulatory reporting

In this article Dr Giovanni Bandi considers initiatives to transform regulatory compliance through “embedded supervision”, a regulatory framework that provides for the compliance with regulatory standards in distributed ledger technology-based markets to be automatically monitored.

What does AI mean for professional services business models?

What’s next for the EU Directive on NPLs?

The non-performing loan (NPL) market has a significant presence in the European financial markets, valued at around €27.4bn. EU Directive 2021/2167 on NPLs sets out new rules for credit servicers and credit purchasers aimed at promoting the secondary market for NPLs.