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Are banks obliged to disclose credit adjustment spreads to SONIA?
LIBOR will be replaced by SONIA from the beginning of 2022. With SONIA rates typically lower than LIBOR, banks will seek to make up the difference by application of a Credit Adjustment Spread (CAS), likely to be calculated by reference to the median difference between LIBOR and SONIA over the previous five-year period. This article considers the extent to which banks will be required to disclose the existence of the CAS and its method of calculation to customers in the light of previous findings by the court of the lack of an obligation on banks to disclose the Credit Line Utilisation (CLU) to customers.
13 June 2024CNH v Cleveland: impact of Court of Appeals decision on out-of-court European high yield restructurings
In 2020, a US court determined that minority noteholders’ rights to receive principal and interest on their notes survived a “strict foreclosure” and cancellation of notes, undertaken by the indenture trustee at the direction of a majority of noteholders. In this article, we consider the potential effect of that decision on out-of-court, majority-led share pledge enforcements, which are a key debt-restructuring tool in the European market.
13 June 2024The proposal for a regulation on markets in crypto-assets: disjuncts between regulatory and private law
This article considers the EU Commission’s Proposal for a Regulation on Markets in Crypto-Assets. Premised on what is submitted to be a disjunct in the approaches taken to regulatory and private law rights and obligations, it considers the consequent private law issues arising in misrepresentation, negligence, proprietary interests, and private international law.
13 June 2024LIBOR transition: managing customer relations
This article seeks to identify where friction points in borrower/lender relations may arise during the LIBOR transition process and how they may result in litigation. It then outlines some prudential measures banks should take to minimise the risk.
13 June 2024The business with human data: improving governance in the information age
If the sole purpose of everything is to be monetized and sold for profit, human data may be deemed the “new oil”. Yet, human data offers far greater opportunities and its reduction to a commodity creates substantial costs. The business with data has not created free markets, but conglomerates with excessive power. Data producers are denied a voice and the economic benefits to what they produce, and society is deprived of social welfare enhancing opportunities. Human data deserves a better governance structure that can be crafted from known organisational forms enhanced by modern technology.
13 June 2024Roll-up rescue financing in Singapore: giving old debt senior priority
At its introduction into Singapore’s restructuring laws in 2017, rescue financing was heralded as value enhancing and associated with a higher probability of successful recovery for distressed companies. This article discusses the application of the rescue financing regime, including the first instance of a roll-up, and the way forward for rescue financing in Singapore.
13 June 2024The European Commission’s Digital Finance Package from the perspective of private law
This article examines the interplay between national (private) law and the legislative measures subsumed under the European Commission’s Digital Financial Package (DFP or the Package). For the reasons explained in this article, the Package may not attain, in full, its harmonisation and single market policy objectives, to the extent that it leaves the question of the legal attributes of crypto-assets to the discretion of national legislators and to the different legal traditions of the EU member states in matters of private law, rather than settling them centrally, possibly by reference to a limited-purpose European private law.
13 June 2024Steaming away from Canada Steamship? The interpretation of exemption clauses in finance documents
Judicial statements over the years have led some commentators to detect a trend away from the use of anything other than general contractual principles in the interpretation of exclusion clauses. Of the special principles at risk, perhaps the best known is the three-stage framework formulated by the Privy Council in 1952 in Canada Steamship Lines Ltd v The King. This article examines recent case law and considers whether that trend may have run its course.
13 June 2024Moving towards digital capital markets: the EIB’s public blockchain bond
In April 2021, the European Investment Bank (EIB) issued its first ever notes in digital form on the Ethereum public blockchain. This was a milestone transaction in several respects: as a true financing using a blockchain register rather than a proof of concept; through the use of Central Bank Digital Currency at issue; and through the development of documentation to address the new technology. This article summarises the key features of the issuance and its relevance to future digital bond issuances.
13 June 2024The Eurosystem PISA oversight framework: a novel approach for the oversight of electronic payment instruments, schemes and arrangements
The European payments ecosystem is currently undergoing significant changes, due to the emergence of new technologies, new market participants as well as an evolving regulatory environment. To keep abreast with these changes and their potential implications and challenges whilst ensuring a continued smooth functioning of the payment system, the Eurosystem had launched until end December 2020 a public consultation1 on a new holistic and forward-looking harmonised oversight framework for electronic payment instruments, schemes and arrangements (PISA).
13 June 2024
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