In Practice
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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.
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 2024The EU’s AML blacklist and SSPEs
Although still in the “scrutiny” period at the time of writing, EU legislation to add the Cayman Islands (and other jurisdictions) to its list of high risk third countries for anti-money laundering and counter terrorist financing is giving pause for thought and is likely to come into effect shortly after the time of publication. There are potential implications for financial transactions – especially securitisations using Cayman Island SPVs.
25 March 2024Core-plus infrastructure and leveraged financing: the continued convergence of terms
In this In Practice article, the author sets out some of those terms more commonly being sought by infrastructure funds for the debt financing of their assets, which traditionally would have been more commonly seen in the PE/leveraged buyout debt market.
25 March 2024The ESG revolution in funds finance
There has been something of a revolution in ESG (Environmental, Social and Governance) in the funds finance industry over the past several years. For large private equity sponsors an ESG linked capital call or subscription line facility is now becoming more of the norm than the exception. Increased awareness of the importance of ESG and in Europe, the implementation of various regulations that promote measurement and adoption of ESG favourable practices, have been the greatest factors in this growth. Investors in funds now require disclosure by fund managers prior to closing a fund on what their ESG policy and strategy is when deploying capital.
25 March 2024Fund finance: the securitisation question
Does a transaction in the European fund finance market constitute a “securitisation” under EU and UK securitisation regulatory frameworks? The answer impacts the potential regulatory capital treatment and liquidity of the financing and, accordingly, the pricing that lenders may be able to provide. Funds need to be aware of this question and the regulatory implications across Europe.
25 March 2024The Quincecare duty: 30 years on
In a sign of the times, the first quarter of this year has seen three cases on a bank’s duty to refrain from executing a payment instruction where it has reasonable grounds to suspect the transaction may be an attempt to misappropriate the account-holder’s funds. Until now, in the thirty years since it was first recognised, cases relating to the so-called Quincecare duty have been few and far between. This in itself indicates the narrow circumstances in which the courts have found the duty has not only been breached, but even arisen in the first place.
25 March 2024ESG: authorities’ potential enforcement action against companies
The environmental regulatory risk landscape is evolving in ways that companies may not yet have considered. It is already well-known that financial regulators are working to protect capital market participants from greenwashing by the adoption of sustainability disclosure standards and the creation of a green taxonomy. Comparatively less attention has been paid to authorities with broad regulatory remits covering most or all sectors of the economy, which are increasingly using their powers to take enforcement action or cause reputational harm in respect of companies who engage in greenwashing. Meanwhile, private actors such as non-governmental organisations (NGOs) with ESG mandates can opportunistically seek to trigger or encourage investigations by such authorities, so as to pressure businesses to change behaviours. In this article, we examine the role of two such authorities: the Competition and Markets Authority and the UK National Contact Point.
25 March 2024
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