Bart Garré, Richard Hay, Sophia Le Vesconte: The role of financial market infrastructure for stablecoins (3)
Features
Matthew Parker: Are claims worth over £3bn out of time under the FCA’s proposed motor finance redress scheme? (8)
The City of London Law Society Financial Law Committee: The face value requirement for deeds in s 1(2)(a) of the Law of Property (Miscellaneous Provisions) Act 1989 (13)
Gerard McMeel: How long is your arm? The Motor Finance litigation and the impact on conduct of business (18)
Adam Rosenthal, Edward Blakeney: Should secured lenders be worried about the remediation provisions of the Building Safety Act 2022? (21)
Alex Shopov, Andy Vickery, George Gooderham: Progress through simplification: an opportunity to modernise the UK securitisation special purpose entity framework (24)
Luke Broadway: Agency and declarations of trust (27)
Hannah Yee-Fen Lim: Legal liability of deploying artificial intelligence in banking and finance (31)
Sherri Snelson, Alice Wight, Lavanya Raghavan, Emma Russell: NAV and Holdco back leverage facilities: balancing stakeholder interests to maximise value creation (33)
Benedikt Bartylla: How can stablecoins move between regulatory systems? (36)
Ian Bergson: Tackling fraud: a duty of inquiry or a duty if on inquiry? (39)
Jacqueline Cook: Planes, trains and … tractors: a new route to financing high value equipment in the mining, agriculture and construction sectors (43)
Rosa M Lastra, Daniele D’ Alvia: Simplification, not deregulation: reframing financial regulation in the UK and the EU (47)
Stephen Moi, Tessa Agar: Fallout: the current cycle of post-M&A disputes (54)
Lisa Lee Lewis, Sam Krips: Unlocking the UK banking market: to buy or not to buy (57)
In Practice
Keith M Aurzada, Kathleen Garrett, Emily Chang: Cryptocurrency custody insolvency: why it remains so complex (59)
Sara Evans: A step-up in regulatory support for UK fund tokenisation (61)
Kelesi Blundell: Strong and simple: a new capital regime for small UK banks and building societies (63)
Regulars
Case Analysis by 3 Verulam Buildings: Houssein & ors v London Credit Ltd & anor and Catbalogan Holdings S.Á.R.L v Unik Bond S.A. (64)
Regulation Update by Norton Rose Fulbright (67)
Market Movements by CMS (71)
Deals (73)
Legal Ease by by Lexis+® UK: LMEs and formal insolvency (74)
Philip Wood: Smart legal opinions, digitalisation and insolvency netting (79)
Features
Fred Hobson, Vanshaj Jain: Guardrails on contractual discretions: navigating the content and consequences of the Braganza constraint (81)
Isabella Lewis: Security over e-money: the form of security and blocking (84)
Rebecca Keating: Low or maximum security? Navigating the risks in taking security over AI-generated materials (86)
Akber Datoo: The “digital” answer is always netting … (89)
Henry Warwick, Benn Sheridan: Credit Suisse v Ivanishvili: the door opens to fraud-on-the-market claims under s 90A FSMA (93)
Karl Clowry: Do divergent terms across European leveraged finance documentation really create misunderstanding, mischief and mayhem? (97)
Ben Smiley, Helena Spector: The fraught identification of the wealthy investor as a “consumer” and/or “professional” (102)
Giulia Paladini, Charles Kerrigan: When code meets compliance: the institutional turn in Decentralised Finance (105)
Andy Vickery, Alex Shopow, Jördis Heckt-Harbeck, Guillaume Malaty, George Gooderham: Unlocking the potential: why the EU needs a dedicated securitisation special purpose entity (109)
Vincenzo Bavoso: The growth of private credit in the UK: the “new” threat to financial stability (115)
Phoebus L Athanassiou: Multi-issuance schemes for payment stablecoins: an EU-US comparison (119)
Michael Huertas: Supply chain finance in the EU: Part 2 – fixing enforceability: conflicts of law, true sale and an interoperable e‑notice regime (122)
In Practice
Karan Chopra, Bernard Lung, Tessa Mallia: Acquisition documents: overview of lender considerations (126)
Hywel Jenkins, Ian Thomas, Isobel Salzedo: The shifting focus of regulatory intervention: from enforcement to assertive supervision (128)
Mona Rothwell, Pragesh Sivaguru, Tony Katz: Is “name and shame” here to stay? Court dismisses challenge to FCA’s decision to publicly name (130)
Regulars
Case Analysis by One Essex Court: Mitchell v Al-Jaber and Beneathco DMCC v R.J. O’ Brien Limited (132)
Duncan Sheehan: Taking security over stablecoins (691)
Features
Isabel Tinsley, Siân Howes, Tim Hinrichsen: The key characteristics of data centres in the US and Europe: an overview for those involved in financings – Part 1 (694)
Nicola Yeomans: Managing currency risk in emerging Asia investment: towards diversification (698)
Vanessa Yi Ting Cheok: Arbitration and insolvency in a sliding, multi-creditor context: Sapura and other common law approaches (707)
Nicholas Medcroft, Gillian Hughes: Reassessing the Quincecare duty: anti-money laundering obligations and the boundaries of authorised payments (711)
Rebecca Zaman: Walking away: lessons from the Vietjet litigation for retiring security trustees (714)
Nicolas P Pellicani, Vera Losonci, Jeff Robins, Zhenya Lebedev, Esther Stefanini, Phoebe Steinfeld: Securities lending in the age of PISCES (716)
Giles Wheeler: Misrepresentation and the constructive trust: a hunt for clarity (719)
Steven Elliott, Marcus Teo: Anti-suit injunctions outside contract: a new beginning (723)
Jack Prettejohn: Risky business: brokers and platforms in the UK’s crypto regime (727)
Danny Busch, Matthias Lehmann: Uniform prospectus liability rules for Europe now! (731)
John Budd, Simon Lafferty: The FCA’s safeguarding reforms for payments and e-money firms: an update (735)
Spyridon V Bazinas: Security interests in digital assets under uniform law (737)
Iwa Salami, William J Buchanan: Data privacy in a retail CBDC system built on a public blockchain (739)
In Practice
Jeremiah Wagner, Christopher Sullivan: Securitisation shake-up: will streamlined due diligence and new sanctions ignite or inhibit the EU market? (746)
Joseph Paddon: The future of UK AIFMD: what does this mean for fund managers? (748)
Graham VirgoFiduciary law in the Supreme Court: equitable orthodoxy (generally) prevails (603)
Feature
Deborah Sabalot Deane: Sabalot Fiduciary duties and regulatory rules: are the courts and the regulator on a collision course? (608)
Anna Delaud, Nicholas U Jin: Old debt, new terms or new debt, old terms: debt variation re-examined (613)
Geoff O’Dea, Tony Horspool: Petrofac: the unanswered question of fair allocation (617)
Akhil Shah, Laurentia de Bruyn: How long can a senior lender withhold repayment confirmation to discharge security in an intercreditor agreement? (621)
Hamish Patrick, Neil Campbell: The Moveable Transactions (Scotland) Act 2023: some points from practice six months on (625)
Charles Kerrigan: Some updates on TMT finance (629)
Adam Pierce, Catherine Astruc, Neil McKnight, David Ferris: Use of the quoted Eurobond exemption in the loan markets: why, when and how? (633)
Keith Blizzard: Central clearing in the US Treasury Securities markets: understanding the global legal impact (636)
Michael Huertas: The evolution of the ESFS in a time of armed conflict: legal foundations, policy options and practical considerations (643)
Claire Harrop, Cyrus Pocha, Emma Probyn, Thomas Clark, Laura Feldman: The challenges of bringing cryptoassets within the UK regulatory perimeter (648)
Abdullah Geelah: Governing law, ungovernable questions: the challenge of public international law in the World Bank’s development policy financing agreements (653)
Ahmed Abdel Hakam, Jaideep Khanna: Drafting on the edge: ambiguity in hybrid jurisdiction clauses (656)
In Practice
Bamdad Shams: Navigating the new landscape of AI-driven credit assessment: legal and regulatory considerations for financial institutions (659)
Jack Congdon, James Bell: Supreme Court motor finance commission ruling: what next for lenders? (662)
Laura Smith, Danny Peel, Adam Burk: NAV facilities to PERE funds (664)
Rob Marsh, Christopher Aird: Project financing co-located renewable assets (667)
Regulars
Case Analysis by Hogan Lovells, Outer Temple and Wilberforce Chambers (668)
Regulation Update byNorton Rose Fulbright (675)
Market Movements by CMS (682)
Deals (684)
Legal Ease with Lexis+® UK (685)
International Briefings from Finland and Switzerland (686)
Trevor Clark: Clarity versus confusion in leveraged finance: Part 1 (431)
Feature
Georgia Quenby: Is there room for more than one concept of Material Adverse Change in your Facility Agreement? (436)
William Wilson, Charlotte Ward: You can dip twice but can you only prove once? The insolvency implications of “double dip” transactions (440)
Charlotte Eborall: Atishoo, atishoo: we all fall down? Implications of business disposals upon cessation of business clauses (444)
Philip Wells, Ella Richards: Creative class composition: the hunt for the anchor class (447)
Lee Federman, Mamoun Shafi: Layering it on thick: the evolution of the super senior intercreditor agreement (450)
Henry Warwick, Vishnu Patel: Conspiracy theories: unlawful means conspiracy and the problem of private rights (452)
Etay Katz, Simon Williams: Tokenisation of investment funds: some legal challenges (455)
Piers Reynolds, Laura Feldman: Financial crime reforms creating new risks and challenges for firms (459)
Matthew Weaver, Andrew Brown: “Make-whole” clauses under Ch 11 and Pt 26A restructuring plans (463)
Cecily Crampin, Daniel Black: Will lenders have confidence to lend against commonhold? (466)
James Clarke, Ben Ko: The continuing inviolability of standby letters of credit (469)
Dil-veer Kang, Ben Regnard-Weinrabe, Anna Lewis-Martinez, Rory Copeland: A guide to virtual IBANs and their regulation (473)
Arut Kannan: Revitalising European securitisation: a French perspective (476)
Panpan Sun: Can a watchdog retreat revitalise the London market? (482)
In Practice
Adam Burk, Ben Saunders: Specialty finance to securitisation (485)
Anna Nolan, Stephen Blank: Third-party releases and cross-border restructurings: enforceability of UK-issued nonconsensual third-party releases in the United States (489)
Helen Coverdale, Nick Grandage: A Brexit re-set? How will the UK’s accession to the 2019 Hague Convention impact English legal opinions? (491)
Johnny Lim, Han Ming Ho, Michael Kwan, Shawn Tan: Singapore’s equities market: a new dawn for capital raising and investing? (493)
Regulars
Case Analysis by Verulam Buildings (495)
Regulation Update by Norton Rose Fulbright (498)
Market Movements by CMS (504)
Deals (506)
Legal Ease with Lexis+® UK (507)
International Briefings from China and Denmark (508)
Richard Salter: Preserving guarantor liability: another look (363)
Feature
Lindsay Hingston, Georgina Peters: Waving not drowning: Thames Water clarifies approach to out of the money creditors (367)
James Hall, William Golightly: Schrödinger’s Deed: can an instrument be two things at once? (372)
Joseph Wigley: The LMA insolvency events of default clause: potential pitfalls and how to avoid them (375)
Jenny Doak, Stuart Pibworth: No guarantees: UK corporation and withholding tax complexities of guarantees (378)
Ferdisha Snagg, Yasmin Frischmeier: Cryptoasset regulation: a comparative analysis of UK and EU regimes (382)
Ben Dulieu: Convertible bonds: a valuable funding tool in volatile markets (385)
Isabel Tinsley, Ioanna Varra: The Law of Property Act 1925 turns 100 this year: Happy Birthday! (388)
James Greeen, Christian Pilkington, Hannah Langley: Splitting the difference: transfer of assets and liabilities in restructurings to reset business profile (392)
Cristiano Borgogna: EMIR 3.0, post-trade risk reduction services and the initial margin threshold: an unintended consequence (394)
Matt Dunn, Toby Mann: The LMA’s guidance on fallbacks to interbank term rates: a call to arms (396)
David Bunting: Ups and downs of the EU Benchmarks Regulation (399)
Oliver Völkel: MiCA: unresolved questions (403)
Matthew E Schernecke: Climate risk in the commercial real estate market (407)
In Practice
Charles Morris: Intermediated guarantees as unfunded credit protection (409)
Suzana Sava-Montanari, Christopher Sullivan: EU proposed securitisation disclosure reforms: is the remedy worse than the affliction? (411)
Fiona Henderson, James Dickie, Laura Collins: E-money: operational solutions to blocked accounts in financing (413)
Regulars
Competition Law Update by Kirkland & Ellis (414)
Case Analysis by Hogan Lovells and Essex Court Chambers (415)
Regulation Update by Norton Rose Fulbright (420)
Market Movements by CMS (423)
Deals (425)
Legal Ease with Lexis+® UK (426)
International Briefings from the Netherlands (427)
Giles Allison, Haafiz Suleman, Laura Hasson, Jack Robinson, Seraphina Monson: The expanding nature of undervalue transactions: recent cases and practical issues (255)
Cameron Roper, Paul Tannenbaum: Navigating the impact of portfolio company distress events under NAV facilities (259)
Faizal Khan, Teha Gausel: Transfer restrictions in the age of synthetic credit risk transfer: time for a re-assessment? (261)
Stephen Tobin: Considerations for lenders to infrastructure assets (263)
Andrew McClurg: Debt financing transactions in Northern Ireland: what practitioners need to know (265)
David Shone, Rufus Sachdev-Wood: Bank Resolution (Recapitalisation) Bill: good policy, bad politics? (268)
Callum Reid-Hutchings: Freezing the status quo: a critical analysis of 2024’s watershed moments in freezing injunction jurisprudence (270)
In Practice
Robert Brittain: Wirral v Indivior: a setback for securities law class actions (273)
Tirsh O’ Donnell, Mahrnaz AFshar, India Peterson: A defining moment for US digital asset policy (274)
Stuart Neely, Lise Smit: Business and human rights developments in the financial sector (275)
Julius Grower, William Day: Credit brokers as fiduciaries, and consequences for lenders: Part 1 (75)
Julius Grower, William Day: Credit brokers as fiduciaries, and consequences for lenders: Part 2
Feature
Avinash Persaud: Climate-related disasters, why insurance is not the solution and what is (85)
Louise Merrett: Conflicts of laws and the ratification of unauthorised acts by agents (87)
Benedict Tompkins: The LMA sovereign immunity clause and enforcement proceedings (90)
Nelson Enonchong: Secured lending: when is the lender put on inquiry in a “hybrid” transaction? (93)
Douglas Deutsch, Michelle McGreal, Tim Lees, Sarah Campbell: Insolvency and automatic acceleration in US Chapter 11: to accelerate, or not to accelerate, that is the question (98)
Reuven Young, Maxim Van de moortel: Private IPOs as a capital raising and exit strategy in today’s market environment (102)
Shail Patel: Reliance revisited: High Court construes statutory requirements for UK securities fraud claims (105)
Matthew Parker: Force majeure in loan agreements: illegality under the standard form LMA clause (107)
Adam Eckersley-Waites: National Security and Investment Act 2021: three years later (112)
Ciarán McGonagle, Andrei Kirilenko: Schrödinger’s property? D’Aloia and the legal superposition of digital assets (115)
John-Patrick Asimakis: Identifying the place of performance in English law transactions involving foreign banks (118)
David McIlroy, Clyde Darrell: Crypto-lending: does the UK’s consumer credit regime offer an avenue for redress? (122)
In Practice
Dean Naumowicz, Delyth Hughes, Nick Surry: Key hedging considerations in negotiating intercreditor terms (126)
Hywel Jenkins, Ian Thomas, Elizabeth Stephens: Modernising the redress system: exploring the need for alternative processes (128)
Dominic Stuttaford, Susanna Brain: Interest deductibility: the “unallowable purpose” rule after Blackrock, JTI and Kwik-Fit (129)
Regulars
Book Reviews by Professor Bobby V Reddy (131)
Case Analysis by One Essex Court (133)
Regulation Update by Norton Rose Fulbright (137)
Market Movements by CMS (144)
Deals (146)
Legal Ease with Lexis+® UK (147)
International Briefings from the USA and Finland (148)
