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Unlocking the use of Russian Central Bank assets: is collateralisation the answer?
This Spotlight article discusses the legal implications of financing Ukraine using immobilised Central Bank of Russia assets via loans or bonds backed by those assets or profits therefrom.
05 May 2024Climate-related risks: is the macroprudential framework fit for purpose?
In this Spotlight article, Professor Seraina Grünewald considers how the macroprudential toolkit can be adapted to include climate-related risks.
18 April 2024Legal assignments: what does “under the hand of the assignor” mean for companies?
This article considers whether, in light of recent case law, companies should reconsider how they effect assignments to be valid legal assignments under s 136 of the Law of Property Act 1925.
08 April 2024Digital assets as transactional power
If the law is to recognise digital assets as property for private law purposes, then it would benefit from analysing them as composite things. The asset is more than mere data. It is a set of transactional functionalities. The most important of these is the capacity of the person who holds the private key to effect new transactions which will be recognised as valid by the technical rules of the system. Analysed in this way, the asset can be viewed as a specific transactional power over unique data entries on the ledger.
26 March 2024Are sanctions sustainable?
In this Spotlight article Thomas F Huertas considers the impact of sanctions on financial stability and their importance for national security. He posits that financial regulators need to consider how sanctions should be integrated into the financial system without inflicting collateral damage on it.
25 March 2024Decentralised Autonomous Organisations: unincorporated companies by another name?
This Spotlight article argues that a Decentralised Autonomous Organisation (DAO) ought to be regarded as having a constitutive law; that the rule of private international law to ascertain the constitutive law should be that it is the law with which the DAO has the closest and most real connection, objectively determined at the time of its creation; and that if English law is the constitutive law, a DAO should be held to be an unincorporated company (ie a species of large partnership).
25 March 2024Re-imagining safe assets
In this Spotlight article, Avinash Persaud asks why, in response to the pandemic, the bulk of the fiscal and monetary stimulus was in countries that issue international safe assets. He suggests two approaches that would enable others to issue international safe assets and a new type of safe asset that could help mend our planet.
25 March 2024Geopolitical uncertainty: managing market shutdown risks
The renewed Russian invasion of the Ukraine is placing a stark emphasis on financial market participants and also on trading venues needing to have sufficient resilience to weather operational and digital risks – and also to ensure they have fallbacks in place if the power goes out. This is separate to consideration on sanctions and their impact on financial market participants.1 In this Spotlight article, Michael Huertas considers the steps financial market participants need to take in anticipation of a power supply failure, a cyber-attack and military conflict. He draws comparison with the position in France and Germany.
25 March 2024Countering counter sanctions: treaty based remedies for investors in Russian assets?
In this Spotlight article the authors discuss examples of Russian counter-sanctions and when recourse by investors to protections conferred by investment treaties may be appropriate.
25 March 2024I would if I could, but I can’t: the impact of sanctions on finance party interactions in typical debt-financing transactions
Recent events have thrown the spotlight on sanctions. Sanctions provisions in facilities agreements are frequently keenly negotiated, and most lenders have minimum requirements. We typically see lenders focus more on the activities of the obligor group and its business than on the other lenders and finance parties to the transaction. Accordingly, we anticipate many of our clients revisiting their sanctions policies and giving greater weight to mitigating risks associated with any party to a transaction becoming the subject of sanctions, not just members of the obligor group.
20 March 2024
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