In Practice
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European middle market CLOs could rise in 2024: despite some challenges
Collateralised loan obligations (CLOs) are a prominent feature in the European capital markets landscape. Last year, public issuance of CLOs in Europe generated a volume of €26bn from 69 deals, remaining relatively steady from 2022 despite a slow start to the year. However, the market is off to a strong start in 2024, with year-to-date volume at the end of February standing at €6.3bn and with market participants predicting a bumper year.
08 April 2024Biodiversity finance: becoming second nature
International financial markets have started to show significant interest in nature and biodiversity. Whilst climate change and greenhouse gas emissions have made the headlines in recent years, there has been much less focus on their equally important counterparts, nature and biodiversity. However, that has started to change.
08 April 2024Last but not least: consultation involvement key to avoiding regulatory divergence in public and private securitisations
In this In Practice article Kate Patane considers the growing divergence between EU and UK reporting obligations in public and private securitisations and how detailed feedback can drive internal “change management” processes and encourage the authorities to increase regulatory alignment.
08 April 2024Term SOFR: a non-US market perspective
In this In Practice article the authors consider the nature of Term SOFR and how the LMA Term SOFR Exposure Draft addresses certain key documentation issues.
26 March 2024UK Pension Schemes Act 2021: new criminal offence in force: lenders take note
This In Practice article considers the new criminal offence introduced by the Pension Schemes Act 2021 in relation to defined benefit (DB) pension schemes, which came into force on 1 October 2021, in terms of what it means for lenders and transactions, as well as how it fits into the wider DB pensions framework.
26 March 2024NPE servicers prepare to retain risk under EU Securitisation Regulation
In this In Practice article the authors suggest practical steps for servicers to consider before acting as retainer of risk in traditional securitisations of non-performing exposures (NPEs).
26 March 2024Cryptocurrency, proprietary injunctions, freezing orders, and trusts: the law is not cryptic
Despite the meteoric rise of cryptocurrency as an asset class, there has to date been little case law concerning it. This article looks at a recent cryptocurrency case which applies established principles relating to trusts, proprietary injunctions and worldwide freezing orders to this new asset class: Wang v Darby [2021] EWHC 3054 (Comm). This decision confirms that familiar legal principles apply equally to cryptocurrencies, although digital assets can shine a light on established areas of law. We discuss below the key issues arising from the application of established principles to novel circumstances and the way in which Wang v Darby represents a missed opportunity to address the more interesting points arising in existing case law concerning cryptocurrency.
25 March 2024Crypto yield
Bitcoin, the original cryptoasset, does not pay interest or otherwise generate cashflows under the smart contract of the protocol. That has not, however, stopped the crypto community from developing products and code that do exactly that both for bitcoin and for many other types of cryptoasset. Charles Kerrigan explores the new market for crypto products with cash flows.
25 March 2024Don’t forget about the NSIA: potential implications for securitisations
In this In Practice article, the authors explore some practical steps to address NSIA compliance risks for securitisation transactions, including: the importance of due diligence and determining if a transaction falls within scope of the NSIA’s notification requirements; considering if a voluntary notification is necessary to mitigate call-in risk; structuring security provisions to avoid potential pitfalls; and building in contractual provisions to ensure compliance by transaction parties.
25 March 2024Economic Crime (Transparency and Enforcement) Act 2022: sanctions update
There have long been calls for reform of the existing economic crime regime in the UK. Recent events in Ukraine have pushed this to the fore. As part of the UK government’s response, the Economic Crime (Transparency and Enforcement) Act 2022 (the Act) was fast-tracked through Parliament and received Royal Assent on 15 March 2022. The Act has a number of significant implications in relation to the UK sanctions regime, which we outline below.
25 March 2024
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