In Practice
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Retained EU Law: the implication of keeping s 6 dormant
Nearly five years after the end of the Brexit transition period, legacy EU law continues to occupy a substantial place in the UK legal system. Legislation enacted in 2023 was designed to reduce the scope and status of this body of domesticated EU law. Most of these measures were brought into force on 1 January 2024, but one major element of the reform – intended to encourage UK courts to depart from pre-Brexit EU case law – was not due to come into effect until 1 October 2024. But at the end of September, the new government quietly announced that commencement of the new rules would be postponed. In this In Practice article we examine the rules, how they would fit into the scheme of changes already in force and what we can expect now.
27 October 2024Can the buyside rely on ESG ratings and data without regulatory risk?
New regulatory requirements for UK asset managers will cause a rethink as to the extent to which they can continue to source and place reliance on third-party ESG data and ratings products without rigorous assessment. Expected improvements in corporate disclosures and the future regulation of ratings providers should provide some comfort.
27 October 2024The final piece of the G20 netting puzzle
In this In Practice article the authors consider the possible implications of draft close-out netting legislation in the Kingdom of Saudi Arabia on derivatives, repurchase and stock lending transactions with Saudi counterparties.
27 October 2024Decentralised infrastructure may not shield trading platforms from securities claims
In Lee et al. v Binance , No. 22-972, 2024 U.S. App. LEXIS 5616, 96 F.4th 129 (2d Cir. March 8, 2024), the US Court of Appeals for the Second Circuit reversed the district court’s dismissal of securities fraud class action claims against Binance, an international cryptoasset platform. The Court of Appeals held that purchasers plausibly alleged that transactions on the exchange which disclaimed having any physical location were domestic, thereby potentially subjecting Binance to US securities laws.
30 September 2024When does the buyer of corporate debt lose tax treaty benefits?
In this In Practice article, the authors consider the Upper Tier Tribunal’s decision in HMRC v Burlington Loan Management DAC [2024] UKUT 152 (TCC) which looked at whether the principal purpose of a transaction was to obtain treaty benefits.
30 September 2024NAV facilities to credit funds: in an (asset) class of their own
NAV facilities for credit funds have unique features when compared to NAV facilities for other asset classes. This In Practice article explores these points of difference by looking at various stages in the life of a NAV facility.
30 September 2024Beware of regulators bearing gifts
Offering credit for co-operation in enforcement is a consistent message on both sides of the Atlantic. But as regulators dangle the co-operation carrot of speedier resolution, reduced fines, and public statements of commendation, are there pitfalls for firms?
29 July 2024Lending transactions: putting the power in powers of attorney
In this In Practice article, Charles Malpass and Roxanne Paes consider the use of powers of attorney in the context of lending transactions and how they can be a helpful tool for lenders, when correctly drafted and executed.
29 July 2024Retrieval augmented generation in LLMs: AI for lawyers
In this In Practice article, we consider how understanding technical advances in AI systems helps lawyers engage with them and understand how their roles will be changed by them.
29 July 2024SRA warning on the conduct of mass financial mis-selling claims: what will be the impact on motor finance claims?
In September 2024, the Financial Conduct Authority (FCA) is due to report on its review of motor finance Discretionary Interest Commission arrangements (DICs). The report may lead to a redress scheme on a level with that seen previously for managing Payment Protection Insurance (PPI) claims. Given the FCA intervention and campaigns from consumer groups, financial institutions are preparing for an inevitable surge in consumer claims, which are expected to allege unfair relationships arising from non-disclosure of commission in a DIC arrangement.
26 July 2024
