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Showing no recourse: in defence of supply chain finance post-Greensill
This article emerged in response to the onslaught of publicity generated by the insolvency of Greensill. For many this has been their first true introduction to supply chain finance and the coverage has not been very positive. Every few years the collapse of an industry stalwart or promising up-and-comer is held up as a cautionary tale, emblematic of underlying weaknesses or failings of its sector. However, it would be unfortunate to let Greensill’s legacy be the tarring of supply chain finance in general when it plays such an important role in facilitating global trade.
13 June 2024Prospects for bankers’ liability for authorised push payment fraud
Authorised push payment fraud (APP fraud) is a form of fraud where the victim is induced to initiate a fraudulent transaction. Despite this type of fraud costing customers nearly £1/2bn a year, English law does not offer a clear and co-ordinated response. This article examines the implications of the recent cases including I.F.T S.A.L Offshore v Barclays Bank PLC, Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd and Philipp v Barclays Bank UK Plc, in order to identify the prospects for defrauded customers seeking to recover damages against the banks through whom their funds were paid away.
13 June 2024How easy is it to enforce English judgments in the EU post-Brexit? A look at the procedures in Italy, Germany and Spain
This article examines the rules that now apply in relation to the enforcement of English court judgments in the EU and goes on to consider, by reference to Italy, Germany and Spain, what this means for enforcement of judgments in practice. We highlight that these are the rules that apply as at the date of this article but are potentially subject to change (for example if the UK joins the Lugano Convention 2007 (Lugano Convention), as discussed further below).
13 June 2024An introduction to the Business Banking Resolution Service
This article will discuss the new service and its eligibility criteria, the formalities of bringing a complaint, and also how complaints will be determined. Comparisons will be drawn against the Financial Ombudsman Service as we touch upon the relationship between the two schemes. We will finally consider the appeals procedure and the potentially litigious issues that may arise after a final appeal.
13 June 2024USD LIBOR succession legislation at home and abroad
In this article the authors review the current status of the various “legislative fixes” for dealing with agreements which refer to USD LIBOR but which cannot be actively amended to remove those references before the benchmark ceases to exist.
13 June 2024A pox on the Pax ESG?
In this article the author highlights cases where third-party activists seek to harness the securities markets through exploitation of investment manager ESG policies, to weaponise their own political agendas. In circumstances where the information they disseminate (before and after trades) is erroneous, biased, or demonstrably influenced by material interest, he argues the need for urgent regulatory focus to prevent market manipulation and protect market integrity.
13 June 2024Electronic trade documents: a way forward
In this article, the authors explain the Law Commission’s provisional proposals for legislative reform to provide that certain trade documents in electronic form have the same effect as paper trade documents.
13 June 2024Sustainability reporting: navigating the alphabet soup of standards
In this article, we discuss that in relation to making sustainability disclosures, if companies are able to unpick and rationalise the alphabet soup of standards, requirements and frameworks, many will find a set that suits their particular business model or industry. However, as the number of different reporting frameworks increases this is fostering confusion, lack of comparability and reporting fatigue. Greater global convergence may help to alleviate these issues.
13 June 2024Wither principle in English corporate restructuring law?
In the UK, multiple procedures to achieve a restructuring are available which can be used alone or in combination with each other. Although there is much to be said for this approach in terms of flexibility and adaptability, there is also a risk of creeping inconsistencies in the regime, as different results are arrived at in determining the same issue depending on which procedure is used. In this article, Sarah Paterson explores a few examples and suggests a growing need for it to be addressed by the courts where that is possible, and by the legislature where it is not.
13 June 2024Battle of the acronyms: GDPR vs AI – automated decision-making by ride-hailing apps
The Amsterdam District Court has recently considered three cases involving ride-hailing apps which throw into focus the nature of automated decision-making processes, particularly those which involve Artificial Intelligence (AI) and machine learning (already used by banks across a range of business areas). Although the issues arose in a GDPR context, it is instructive to see how the court addressed them in Applicants v Uber BV (case number C/13/692003/HA RK 20-302), Applicants v Uber BV (case number C/13/687315/HA RK 20-207), and Applicants v Ola Netherlands BV (case number C/13/689705/HA RK 20-258).
13 June 2024
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