In Practice
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Beware 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 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 2024Be careful what you register: Re VE Global UK Ltd
In this In Practice article the authors consider the recent case of Re VE Global UK Ltd (Binyon & another v Suzerain Investment Holdings Ltd & others [2024] EWHC 749 (Ch)) which concerned whether a debenture was void against administrators where only a subsequent amendment agreement had been registered at Companies House.
29 June 2024IMN Euro CLO Forum 2024 key takeaways
IMN’s 11th annual Euro CLO Forum took place in London in March 2024. Below is a summary of the event’s key takeaways and industry perspectives from the conference.
29 June 2024Advising a guarantor
In this In Practice article James Bell looks at issues to consider when protecting the guarantor’s position in finance transactions and how that might be negotiated.
28 June 2024The impact of the Corporate Insolvency and Governance Act 2020 on credit insurers and suppliers
The Corporate Insolvency and Governance Act 2020 (CIGA) came into force in June 2020 as part of the government’s response to the COVID-19 crisis, aimed at promoting the rescue of companies in financial difficulties. It introduced three new permanent measures: a “Moratorium” procedure; a procedure for the compromise or arrangement with creditors of a company in financial difficulties or “Restructuring Plan”, and rules prohibiting the termination of contracts for the supply of goods and services by reason of insolvency (the so called “ipso facto” clauses) as well as a number of temporary measures intended to reduce the number of insolvency procedures during the pandemic. The Act represents the biggest change to insolvency legislation in 20 years and has particular implications for supply chains and credit insurance (for instance, will credit insurers continue cover if a supplier is forced by the new measures to continue to supply?), which we will consider in this article.
13 June 2024Approaching the endgame: LIBOR transition in the Swiss syndicated loan market
As readers of JIBFL will be well aware, it is expected that LIBOR will no longer be available after the end of 2021, with the exception of certain tenors for USD LIBOR that will be published until the end of June 2023 and, potentially, a synthetic LIBOR for certain currency-tenor settings. While EUR LIBOR will cease to be available, there are no current plans to discontinue EURIBOR. With the Swiss franc (CHF) being one of the five LIBOR currencies and CHF LIBOR being used as reference rate for the calculation of interest in virtually every CHF denominated syndicated credit facility agreement, LIBOR transition poses an immense challenge to the Swiss syndicated loan market. Although we have seen the first pathfinder transactions using risk free rates,1 the Swiss market is yet to experience a big shift.
13 June 2024Location, location, location: the EU’s “location policy” for euro-denominated derivatives clearing
In this article, the author considers the EU’s “location policy” which requires euro-denominated derivatives clearing to take place in the EU, including how links between CCPs which meet international standards may actually increase multilateral netting benefits.
13 June 2024Financing real estate-backed operating businesses: documentary pitfalls
In this In Practice article the authors examine the potential issues that can arise when using the LMA Facility Agreement for Real Estate Finance Investment Transactions (LMA REF Facility Agreement) as the basis for documenting credit facilities made available to real estate-backed operating businesses.
13 June 2024Pooled audit: a welcome step forward, but not yet over the line …
The option to participate in collective assurance activities is welcome, but this article makes the case for more guidance from sectoral regulators and competition authorities to allow banks and their service providers to truly get comfortable.
13 June 2024
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