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Whitepaper: collaboration and standardisation opportunities in derivatives and SFT markets
The article will consider proposals for standardisation across product-specific master agreements set out in a Whitepaper issued by the International Swaps and Derivatives Association, Inc. (ISDA) in October 2020 entitled Collaboration and Standardization Opportunities in Derivatives and SFT Markets and will review some key arguments in the Whitepaper.
13 June 2024The impact of Brexit on the UK and European legal professions
This article explores the implications of Brexit for the practising rights of UK barristers, solicitors and advocates in the EU and for European lawyers in the UK, with a focus on England and Wales. Although the UK’s withdrawal from the EU has resulted in some challenges for European lawyers, England and Wales remains an open legal market. For UK lawyers in Europe the situation varies considerably by member state and it is incumbent on lawyers to carefully research practising rights and immigration rules ahead of travel.
13 June 2024Opening innovation or opening up to risk? The potential liability framework for Open Finance
This article summarises some of the key points in the Financial Conduct Authority’s recent Call for Input regarding Open Finance. Certain risks associated with Open Finance are highlighted and possible issues surrounding assigning legal liability in open finance models are addressed.
13 June 2024Give us the money: how to bank Central Bank Digital Currencies and stablecoins
Banks and other payment service providers have a number of legal options in the way in which they structure the services which they provide to customers in respect of Central Bank Digital Currencies (CBDCs) and stablecoins. These do not differ between privately originated or central-bank originated coins. However, product providers are unlikely to wish to create apparently similar products with different fee structures. We therefore expect an industry consensus to develop fairly rapidly around a particular legal structure that applies to both stablecoins and CBDCs. It remains to be seen whether this will be a bailment-based (e-wallet) structure or a deposit-based (debtor-creditor) structure.
13 June 2024When is a duty to pay not a duty to pay?
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. If society is serious about combatting fraud, the Quincecare duty should be recognised as incongruous. Where the threshold is crossed, transactions should be referred to the authorities, akin to a Suspicious Activity Report (SAR) notification. The decision whether to comply with the customer’s instructions should be that of those best placed to investigate.
13 June 2024Intercreditor agreements and the new Restructuring Plan
In this article the authors consider how the new Restructuring Plan under English law interacts with intercreditor agreements which have voting restrictions and other contractual prohibitions on creditor actions.
13 June 2024The security token: will regulation allow it to take off?
In this article Ferdisha Snagg considers that for regulation to allow security tokens to take off, regulatory policy’s “technology-agnostic” approach may need to be revisited.
13 June 2024Brexit and securitisation: the rubber hits the road
The UK formally left the EU on 31 January 2020, but the Brexit implementation period delayed most of the practical effects of that until after 31 December 2020 (IP completion day). Three months into the new regime, we examine how securitisation markets are changing in response to this new reality, offer solutions to some of the issues that have come up and identify key areas where market practice has yet to settle.
13 June 2024The United Nations Convention on the Assignment of Receivables in International Trade: failure or success?
Twenty years after its adoption in 2001 by the United Nations General Assembly, the United Nations Convention on the Assignment of Receivables in International Trade (Convention)1 has yet to enter into force.2 Despite this, however, the Convention has influenced the development of national assignment of receivables law, as well as uniform law, and our better understanding and knowledge of assignment of receivables law. And recent developments suggest that it may still turn out to be a success. This article discusses the reasons for the failure of the Convention and its impact so far and examines its future prospects.3
13 June 2024The impact of the Corporate Insolvency and Governance Act 2020 on drafting loan documentation and practice
This article takes stock of CIGA’s impact on the drafting of loan documentation and related practice points for finance lawyers.
13 June 2024
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