In Practice
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Implementing the UK Wholesale Markets Review
This snapshot indicates how reforms proposed under the UK Wholesale Markets Review (WMR) will be implemented and also compares proposals with EU measures.
19 March 2024The initial margin “big bang”: the aftermath
In this article the authors consider the key issues and challenges which remain for buy-side entities following the final phase-in of initial margin requirements under EMIR and UK EMIR.
19 March 2024UK Islamic mortgages and Shariah-compliance: the imperative of eschewing legal wizardry
In this In Practice article, leading UK and international legal authority on Islamic financial law, Professor Lu’ayy Al-Rimawi explains why Islamic banks in the UK need to eschew legal wizardry and do considerably more to ensure their mortgages are cost-effective.
19 March 2024Generative AI, banking and financial markets
In this In Practice article the authors consider the steps for financial institutions to consider when developing a new AI strategy.
19 March 2024The FCA’s new consumer duty could affect FCA regulated investors in asset backed financings of products offered to retail customers
The policy statement and final guidance on the consumer duty published on 27 July 2022 by the UK’s Financial Conduct Authority (FCA) set out a new Principle for Business for regulated firms, new cross-cutting rules and detailed expected outcomes that these rules and the new principle should have on retail customers (together the “Duty”). The Duty has multiple implementation stages with the key dates being: (i) 31 July 2023, when the Duty will apply to all new products and services and existing products and services that are open to sale or renewal; and (ii) 31 July 2024, when the Duty will extend to all closed products and services. This article explores some practical considerations for FCA regulated investors in asset backed financings (Investors) of products offered to retail customers when determining whether the Duty applies to them.
19 March 2024Scope 1, 2 and 3 emissions as KPIs in sustainability-linked loans
This In Practice article explains the differences between Scope 1, 2 and 3 emissions as key performance indicators (KPIs) and sustainability performance targets (SPTs) in sustainability-linked loans and then explores factors to consider when adopting Scope 3 emissions.
19 March 2024Conflicting signals? Potential impacts of the SEC’s proposed conflicts of interest rule on UK and EU CLO managers
On 25 January 2023, the US Securities and Exchange Commission (SEC) proposed a far-reaching rule (Rule 192)11 to prohibit securitisation transactions involving or resulting in a material conflict of interest between certain securitisation participants and investors. The rule is required by s 27B of the Securities Act,122 as inserted by s 621 of the Dodd-Frank Act.233 In this In Practice article the authors consider the impact of Rule 192 on UK and EU CLO managers. 3
19 March 2024Capital requirements for banks holding cryptoassets: rushing towards the same direction
Existing UK and EU capital requirements on cryptoasset exposures will soon be updated to reflect the new international standard published by the Basel Committee on Banking Supervision (BCBS).
19 March 2024Embedded finance: revenue-based financing and responsible lending
The unique selling point of embedded finance is customer convenience; described by consultancy firm 11:FS as financial products offered to customers “at the point of customer need”. For small and medium-sized enterprises (SMEs), embedded lending such as revenue-based financing (RBF) provides an alternative means for funding with many benefits, including, ease of application, greater speed to funding and automated credit decisions produced using data sources and analytics. However, against the current economic outlook there is a tension between speed and robust lending practices that protect vulnerable customers, including those in financial difficulty. With the spotlight on business to consumer buy-now-pay-later (B2C BNPL) in terms of UK regulatory oversight, what steps do RBF providers need to take to deliver a responsible lending solution?
19 March 2024Safe harbours in lending transactions: exclusions from the requirement to register express trusts
This In Practice article considers some of the exclusions from the Trust Registration Service requirements that may be applicable to express trusts found in lending transactions.
19 March 2024
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