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DeFi platforms: delineating the regulatory perimeter
In this article the author considers how to delineate the regulatory perimeter in relation to DeFi platforms. He considers where the line is to be drawn between a platform that is essentially a CeFi platform that uses smart contract components to provide virtual asset services, and DeFi proper, where the originators of the set of smart contracts are merely developing and deploying software as a public utility.
18 March 2024Just a minute: inserting the time into pre-prepared board minutes
Pre-prepared board minutes are used in complex corporate transactions to ensure the proper steps are completed in the appropriate order. This article looks at cases in which the practice has been considered, and identifies some of the risks involved.
18 March 2024The Mandatory Reimbursement Scheme: the obvious points of conflict within the proposals
Frauds may be unauthorised (credit card fraud, phishing, for example) or authorised. Authorised frauds may be “pull” frauds, where the fraudster is given the victim’s account details and authorised to pull the funds from their account, or “push” frauds (APP), where the victim instructs its bank to send money to the fraudster’s account.According to the Payment Services Regulator (PSR), £485.2m was lost to APP fraud in 2022 alone. Back in May 2022, HM Treasury announced its intention to legislate to allow the PSR to require victim reimbursement for APP scams. That legislation came into effect on 29 June 2023, when the Financial Services and Markets Bill received Royal Assent. This article considers the implications of the mandatory reimbursement scheme propounded by the PSR.
18 March 2024Dipping over here and dipping over there: lessons learned from recent double dip transactions
In this article the authors outline the basic elements of a double dip transaction with a look at recent case studies. They then provide a step-by-step covenant analysis with considerations for lenders and a European perspective.
18 March 2024Wall Street-led secondary trading of private credit loans: considerations for stakeholders
In this article, the authors explore the new trend of Wall Street bank-led secondary trading in private credit and certain considerations for market participants involved.
18 March 2024Moveable transactions: Scotland v England: Round 2 – taking security over chattels
Scottish moveable transactions law is currently outdated and much less useful in practice than the law in England and Wales. The Moveable Transactions (Scotland) Act 2023 will bring Scots law up to date when it comes into force and will arguably move it ahead of the law south of the border. This article tests whether or not that is the case when taking security over chattels.
18 March 2024English law-governed Keepwell Deeds enforced by Hong Kong courts against PRC insolvent companies
In this article Thomas Wong considers two recent judgments of the Hong Kong Court of First Instance on the enforcement of Keepwell Deeds.
18 March 2024Offer and acceptance … and sailing into the terms of decentralised networks
In this article, Akber Datoo explains how English contract law can provide useful, flexible tools to simplify and clarify the fundamental legal relationships between participants in decentralised networks.
18 March 2024Central Bank Digital Currencies, anonymity and privacy: squaring the circle
Concerns around user anonymity and privacy have morphed into key public demands on central banks as the latter reflect on, and explore, the eventual issuance of retail central bank digital currencies (CBDCs). Some of the relevant debate is presented in terms of the need for central banks to balance their data protection duties, as CBDC issuers, against the need to uphold the payment system’s integrity from the dual risks of money laundering and the financing of terrorism. For the reasons explained in this article, the apparent tension between privacy protection and AML/CFT regulatory compliance – portrayed, by some, as the basis for painful but necessary compromises at the expense of privacy – may be somewhat exaggerated. As explained, below, retail CBDCs are not inherently worse-off, on the privacy front, compared to established electronic means of payment. By way of introduction, we briefly introduce the related (but distinct) concepts of anonymity and privacy, which are crucial for an understanding of the topic addressed in this article.
18 March 2024Excess Cash Flow: time to sweep it under the carpet?
In this article the authors consider why and how Excess Cash Flow mechanics have become more diluted in recent years.
18 March 2024
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