In Practice

The critical importance of “Shariah compliance” in the Islamic financial services industry: the UK’s need for jurisprudential clarity

In this In Practice article, leading UK and international legal authority on Islamic financial law, Professor Lu’ayy Al-Rimawi explains how the muddled question of “Shariah compliance” in the UK will inevitably transplant itself into litigation risk in terms of misselling and/or misrepresentation claims and the UK’s need for jurisprudential clarity.

CP24/2: a comparison with other International Financial Centres

On 27 February 2024, the Financial Conduct Authority (FCA) published CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach, which sets out a proposal that would see the regulator publicly announce the opening and progress of investigations, and other proposed changes to simplify the FCA’s Enforcement Guide (EG). We consider the FCA’s proposed approach to publicising information about ongoing investigations through the lens of the FCA’s secondary “international competitiveness” objective by comparing the proposal with other major international financial centres.

Rated subscription lines: bringing fund governing documents and finance documents into focus

In this In Practice article we will explore the benefits of obtaining a rating for a subscription facility. By reference to ratings criteria announced by the main agencies, we will explore how the limited partnership agreement, side letters and the related finance documentation are analysed to arrive at a rating.

Is litigation funding compatible with Shariah principles?

Personhood and the law: do crypto and digital assets need their own rules?

In this In Practice article Charles Kerrigan considers the tension between the concept of personality under English commercial law and the innovations of the crypto industry.

Diversity and inclusion: both a path and a destination

The UK financial regulators’ focus on diversity and inclusion (D&I) reflects changing societal norms and the increasing prominence of the Environmental, Social and Governance (ESG) agenda. This article examines some of the proposals and considers how implementation may be more challenging than it might appear at first sight.

Last 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.

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.

Biodiversity 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.

Term 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.