In Practice
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Okpabi v Royal Dutch Shell: will Brexit mean more jurisdiction skirmishes?
In Okpabi & others v Royal Dutch Shell plc & another [2021] UKSC 3, the Supreme Court held that the claimants had an arguable case that Royal Dutch Shell, the UK-incorporated holding company in the Shell group, owed a duty of care to people affected by the operations of a Nigerian subsidiary. The claims will now return to the High Court, which will decide whether in fact such a duty was owed and, if so, whether it was breached and caused the loss claimed. Some commentators have seen the decision as heralding a new wave of international tort claims in the English courts. However, changes brought about by Brexit, as well as the court’s earlier judgment in Lungowe v Vedanta, may complicate this analysis.
13 June 2024What are “skilled person reviews” and why are they relevant?
This In Practice article sets out what a skilled person report is, what a skilled person report can be commissioned for, what the consequences are for an entity in practice and considers how often skilled person reports are commissioned by the regulators.
13 June 2024A SIPP from the devil’s cup: Adams v Options UK Personal Pensions appeal
In this In Practice article, the authors consider the Court of Appeal decision in Adams v Options UK Personal Pensions1 in which a regulated firm was found liable because its unregulated introducer “encouraged” clients to enter investments.
13 June 2024At home and away: UK insolvency jurisdiction
In this In Practice article the authors focus on the practical considerations when commencing insolvency proceedings in the UK and the new complexities both at home and away, applicable from the start of 2021.
13 June 2024Impact of the Corporate Governance and Insolvency Act 2020 on securitisation transactions
In this In Practice article, the author discusses the key implications of the Corporate Governance and Insolvency Act 2020 (CIGA) for securitisation transactions.
13 June 2024The UK’s National Security and Investment Bill: implications for loan financings and related collateral
The UK’s new National Security and Investment Bill will create a new, standalone screening regime allowing the government to review acquisitions of “control” of legal entities and assets and to prohibit such acquisitions or impose remedies on them, if it identifies national security concerns. The new regime is expected to enter force in Summer/Autumn 2021. The government’s draft Statement of Policy Intent accompanying the Bill confirms that, “although loans are not exempt from scrutiny, the overwhelming majority of these are expected to pose no national security concerns, including within the core areas. In the rare circumstances where they do pose concerns, the Secretary of State generally only expects to intervene when an actual acquisition of control will take place (e.g. a lender seizing collateral)”. This In Practice article provides a broad summary of the main features of the new national security screening regime and highlights how loans and related security can be impacted.
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 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 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 2024
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