Butterworths Journal of International Banking and Financial Law 2023/8

Spotlight

  • Graham Penn: A wolf in sheep’s clothing: are transfers of economic interests undermining privity of contract in the medium-term loan market? (507)

Features

  • David McIlroy, Ruhi Sethi-Smith: No point preventing fraud? Philipp v Barclays Bank
  • Paul Fradley, Matteo Clarkson-Maciel:The spectre of Spectrum: after Avanti and the sliding scale of floating to fixed charges (517)
  • Mohamed Sacranie:Blue pill or red pill? Into the Tulip Trading rabbit hole (521)
  • Akhil Shah, Daniel Schwennicke:Damages for breach of anti-assignment clauses (525)
  • Edward J Nalbantian, Liz Saxton:Hedging and lending: a practical guide (527)
  • Michael Collett:Illusory security of banks in trade finance (531)
  • Matthew Bisanz, Angela Ulum: A path back to growth for community banks: credit risk transfer trades (535)
  • Hanif Virji:Repos used in LDI should be seen as either loans or derivatives, but not neither! (537)
  • Gretel Scott: Remedies for victims of crypto fraud (539)
  • James Sheesan:Russian sanctions in the English courts (543)
  • Pim Heemskersk, Roger H J Cox:Banks’ climate liability: what to learn from states and oil majors (547)
  • Philine Wehling: A roadmap for legal reform: the future UNCITRAL/UNIDROIT Model Law on Warehouse Receipts (553)
  • William Brydie-Watson: The missing piece of the puzzle: the adoption of the UNIDROIT Model Law on Factoring (556)
  • David Pygott: The future of FCA enforcement (562)

In Practice

  • Christopher Boyd: Implications of proposed legislation in New York for sovereign debt restructuring (564)
  • Charles Kerrigan, Isabel Neelands: Generative AI, banking and financial markets (566)
  • Jeremy Sher, Claire Clayton-Stead, Erin Sculthorpe: Climate derivative actions: over before they began? (567)

Regulars

  • Book Review by Charles Béar KC of Fountain Court Chambers (568)
  • Case Analysis by One Essex Court (569)
  • Regulation Update by Norton Rose Fulbright (572)
  • Market Movements by CMS (577)
  • Deals (579)
  • Legal Ease with Lexis®PSL (580)

Butterworths Journal of International Banking and Financial Law 2023/5

Spotlight

  • James Palmer: Risk elimination by legislating: the limits of the law and challanges of reality (287)

Features

  • Justina Stewart, Lucian Ilie, Anson Cheung, Hanif Virji: Credit Suisse, AT1 Bonds and taking the BIT between the teeth (293)
  • Ayowande A McCunn, Paul L Davies: On the regualatory discretion to write off AT1 capital (302)
  • Bobby Butcher, Elli Karaindrou: Regulation of small banks in the UK: lessons learned from SVB UK (306)
  • Ferdisha Snagg, George Bumpus, Andreas Wildner: Reforming the UK’s e-money and payment services safeguarded funds regimes: better safe than sorry (310)
  • Greg Brown: Sustainability-linked loans: how „green-washing” risk is mitigated in documentation (313)
  • Craig Morrison: Electronic deeds: signed, sealed… delivered? (315)
  • Hin Liu: Transferring legal title to a digital asset (317)
  • Dorothy Livingston: Digital securities: where are we now? (329)
  • Jonathan Schaffer-Goddard: Unknown unknowns: the worldwide development of the Worldwide Freezing Order against persons unknown (332)
  • Hannah Laming, Paul Anderson: Edinburgh Reforms: does the Senior Managers and Certification Regime need changing? (335)
  • Nazeer Chowdhury: „More image than a shade”. the time is ripe for reform of the Consumer Credit Act 1974 (338)
  • Timothy McIver: Kayleigh Anderson: How has the UK National Security and Investment Act impacted cross-border M&A? (340)
  • Xavier Foccroulle Ménard, Pierre-Alexandre Chagnon: Taking security over Central Bank Digital Currency (345)

In Practice

  • Donald Lowe, James Bell: What can a borrower do when a lender fails to fund? (350)
  • Kelesi Blundell, Ioannis Asimakopoulos: Capital requirements for banks holding cryptoassets: rushing towards the same direction (352)
  • Sophie Lessar, Katie O’Hara: Buy-Now Pay-Later Regulation: what’s next for third-party lenders? (353)

Regulars

  • Case Analysis by One Essex Court, Merton College and a research assisteant at the Law Commission (354)
  • Regulation Update by Norton Rose Fulbright (359)
  • Market Movements by CMS (363)
  • Deals (365)
  • Legal Ease by Lexis+© UK (366)
  • International Briefing from New Zealand (367)

Butterworths Journal of International Banking and Financial Law 2023/6

Spotlight

  • James Palmer: The urgent need for better law and rule making: challenges and solutions (371)

Features

  • Avinash Persaud: Lesson from the SVG collapse for banking reputation (380)
  • Kate Sumpter: Re-fencing: the pitfalls, and opportunities, of M&A ofr ring-fenced banks (382)
  • Jo Windsor: The impact of Pt 26A Restructuring Plans on intercreditor dynamics (385)
  • Hanif Virji: Wht is collateral special value? (389)
  • Richard Aikens, Andrew Dinsmore: The practicalities of pleading and proving foreign law in modern financial litigation (392)
  • Isobel Bull, Brenda Rweyemamu: Time to hit the road: considerations when replacing trustees on secured debt transactions (395)
  • Richard Lissack, Robin Lööf: Failure to prevent fraud: making up for failure to prosecute? (397)
  • Elizabeth Ovey: Subrogation and the case of the dissolved co-debtor (400)
  • Hannah Fearn: Using guarantees for capital relief: legal characterisation matters (404)
  • Matthew Watson, Sarah Rutnah: Commercial choices: are Braganza duties path to payment under commission agreements? (407)
  • Elaine Chan, Sion Yoong Tian: Crypto headwinds: an overview of regulations in Singapore, the EU, UK and US (410)
  • Phoebus L Athanassiou: Retail Central Bank Digital Currencies: core assumptions and legal implications (414)

In Practice

  • Rebecca Hoskins, Katie Hoyle, Julia Machin: Practical Implications of USD LIBOR panel cessation for „tough legacy” contracts: a brief refresher (416)
  • Alex Martin, Ellen Marks, Kristine Kozicki: Conflicting signals? Potential impacts of the SEC’s proposed conflicts of interest rule on UK and EU CLO managers (418)
  • Fiona Henderson, Laura Collins: Embedded finance: Dear CEO (420)

Regulars

  • Competition Law Update by Kirkland & Ellis International LLP (421)
  • Case Analysis by Hogan Lovells, 3 Verulam Buildings and a restructuring attorney based in Hong Kong (423)
  • Regulation Update by Norton Rose Fulbright (429)
  • Market Movements by CMS (433)
  • Deals (435)
  • Legal Ease by Lexis© PSL (436)
  • International Briefings from the Netherlands and China (437)


Butterworths Journal of International Banking and Financial Law 2023/4

Spotlight

  • Mark Dwyer, Antony Hainsworth: Flight of the deposits – (2023) (207)

Features

  • Simon Salzedo, Tom Wood: Improper leverage? Own interest conflicts and the designation model in leveraged finance transactions (209)
  • Deborah Sabalot Deane: The Great Game: UK financial services and the Edinburgh Reforms programme (212)
  • Philip Morrison: Board minutes after Sequana: practical advice for the corporate drafter (216)
  • Iain Clacher, Con Keating, Philip Bennett: Are leveraged LDI strategies lawful? A rejoinder and a request (219)
  • Edward J. Nalbantian, Caroline A Talbert: Syndicated lending and third-party agents: a practical primer (224)
  • Thomas Papadogiannis Varouchakis: Risks for investors at the post-insolvency stage of the covered bond issuer (227)
  • Hanif Virji: Valuing swaps: what exactly are “hidden costs” and “mark-to-market”? (231)
  • Riz Mokal: What is an insolvency proceeding? (234)
  • Amy Held: Cryptoassets as property under English law Pt II: ownership, situs and the circular question of jurisdiction (236)
  • Matthew Weaver: Re Duomatic: plugging holes and fixing oversights but not all of the time (241)
  • Tom Marshall, Charles Kerrigan: Warranties in corporate transactions involvng tokens or blockchains: a proposal for a foundational approach (243)
  • Mary Bear, Jon Burke, Christopher P Duerden, John McGrath, Richard Pugh, John M Timperio, Lindsay Trapp, David E Miller, Eric Zeng: Collateralised Fund Obligations (CFOs): th technicolor dreamcoat of fund finance from a US and UK/EU perspective (248)
  • Ferdisha Snagg, Laura Prosperetti, Andreas Wildner: A MiCAR for the UK? Or something else altogether? (255)
  • Spyridon V Bazinas, Georgios Psaroudakis: Security interests in insolvency: UNCITRAL instruments and Greek law compared (259)

In Practice

  • Monia Volpato, Rachit Agarwal: Intra-group loan agreements: what do finance lawyers need to know? (262)
  • David Milligan, Daniel Nevzat, Tamara Ubink: “Double materiality”: what does it mean for non-financial reporting? (264)
  • Marc Craggs, Helen Coverdale: UK government consults on new insolvency model laws (267)

Regulars

  • EU Update by Aikaterini Theodosopoulu, Vasiliki Pappgagiannopoulou (269)
  • Case Analysis: by 3 Verulan Buildings, Wilkie Farr & Gallagher LLP and South Square (271)
  • Regulation Update by Norton Rose Fulbright (277)
  • Market Movements by CMS (280)
  • Legal Ease with LexisPSL (282)
  • International Briefing from Switzerland (283)

Butterworths Journal of International Banking and Financial Law 2022/9

Spotlight

  • Francesco Lione: Are the times ripe for „super senior” capital structures that include term loan debt? (579)

Features

  • William Steel, Seema Shukla: Deed polls: a difficult solution to a difficult problem (582)
  • Andrew Keay: Unsecured loans and ascertaining cash flow insolvency (586)
  • Rebecca Oliver: The National Security and Investment Act 2021: secured lenders can take comfort in latest guidance but exercising voting rights remains a risk (591)
  • James Burnie, Meghan Millward, Matthew Kimber: What’s at stake? The legal treatment of staking (594)
  • Sukhvir Basran, Eoin O’Connor: ESG integration in private debt (599)
  • Hanif Virji: Capacity: is the question of hedging or speculation mis-stated? (602)
  • Joshua Crow: ISDA Definitions 2021: Calculation Agent not required to produce objectively reasonable result (604)
  • Vishal Mawkin, Peter Young, Miguel Torres Caro: Project bonds and energy transition: a proven financing solution (606)
  • Lara Panahy, Nick Lister: „There is nothing so stable as change”: is the Treasury’s proposed new special admiinstration regim for stablecoin and other systemic DSA firms a change in the right direction? (610)
  • Anthony Dearing: Base metal traders betting on the courts to enforce their trades in a disorderly market (614)
  • Meera Ragha, Diego Ballon Ossio: English law in the 21th century: does it need an update to accommodate crypto? (617)
  • David Murphy: Regualory mandates and review in the 2022 Financial Services and Markets Bill: making their own homework (619)
  • Ajay Malhotra, Ceri Morgan, Zoe Diepstraten: Interpreting ICC standardised rules in trade finance disputes: courts take an international perspective (622)

In Practice

  • Catherine Phillips: Safe harbours in lending transactions: exclusions from the requirement to register express trust (625)
  • Iain Balkwill: CMBS and its new cousin, the CRE CLO (627)
  • Christine Ezcutari, Paolo Pinna: Sustainability-linked loans: what more do you need to know? 628)

Regulars

  • Case Analysis by Hogan Lovells (630)
  • Regulation Update by Norton Rose Fulbright (634)
  • Market Movements by CMS (637)
  • Deals (639)
  • Legal Ease by Lexis PSL (640)
  • International Briefings from Finland and Switzerland (641)

Butterworths Journal of International Banking and Financial Law 2022/8

Spotlight

  • Luka Lightfoot, James Clarke, Natalie Butchart: I would if I could, but I can’t: the impact of sanctions on finance party interactions in typical debt-financing transactions (511)

Features

  • Matteo Clarkson-Maciel, Paul Fradley: The Excluded Asset Gap: why floating charges capture realisations of unsecured assets (515)
  • Charlotte Eborall, Sarah Parker: Bragging rights: termination clauses and implied duties of good faith (518)
  • Peter de Verneuil Smith, Shail Patel, William Harman: UK securities fraud litigation gains momentum: Autonomy and G4S (521)
  • Stephan Smoktunowicz: Legal conundrums: taking security from English limited partnerships (524)
  • Hin Liu, Louise Gullifer: Financial collateral arrangements in the digital asset world (527)
  • Hanif Virji: Musk v Twitter, it’s not just lawyers who have an opinion on the likelihood of success of the litigation, the market does too! (536)
  • Amy Held: Cryptoassets as property under English Law: surveying the present lie of the land (538)
  • Daniel May, Ceri Morgan, Nick May, Susannah Cogman, Minolee Shah: Russian sovereign debt default: a disputes perspective (543)
  • John Lee: The endgame: issues in enforcement against cryptoassets (545)
  • Phoebus L Athanassiou: Financial sanctions and the case for digital central bank money (549)
  • Chris Wallace: Take-off for digital bonds? The EU DLT pilot regime (553)
  • Michael Huertas: Supervisory tone sharpens further following ECB’s conclusions on its Desk Mapping Review (556)

In Practice

  • Sanjev Warna-kula-suriya, Mathilde Deschanet: The Draft RTS on ESG disclosures for STS securitisations: a hit or a miss? (559)
  • Fiona Henderson, Laura Collins:Embedded finance: key considerations for funders of platform borrowers (560)
  • Sohail Ali, Suhail Mayor: The “crypto crash”: a catalyst for further crypto litigation? (561)

Regulars

  • Book Review by Charles Ho Wang Mak (562)
  • Case Analysis by One Essex Court and Latham & Watkins (563)
  • Regulation Update by Norton Rose Fulbright (568)
  • Market Movements by CMS (573)
  • Deals (575)
  • Legal Ease with LexisPSL (576)

Butterworths Journal of International Banking and Financial Law 2022/7

Spotlight

  • Richard Blakeley: Frozen Russian funds: can the courts let it go? (443)

Features

  • Charlotte Eborall: Waiving goodbye to termination rights in default scenario negotiations (446)
  • Matthey McGhee: Orthodoxy prevails? How receiving banks avoid liability for their customers’ frauds (450)
  • Alex Haines: Licence to Quill: legal services licences following the recent wave of Russian sanctions (453)
  • Hanif Virji: Pre-hedging versus front-running: six of one, and half a dozen of the other? (455)
  • Dionne Brown, Tibor Korman: Anything but equity! Structuring considerations for a debt for equity swap (4579
  • Karl Clowry: Loan defaults: untimely remedies and potential hangovers in credit agreements (461)
  • Scott Ralston: Cryptoassets, consumers and foreign arbitration (464)
  • Katherine Ratcliffe: The classification of interest rate swaps as contingent liability cases (468)
  • Tom Marshall: Blockchain interoperability: connecting decentralised infrastructure for traditional finance (470)
  • Nik Yeo: Tiptoe through the tulips: fiduciary and common law duties of care in cryptocurrency (474)
  • Daniel Benedyk: Extending the cloak: individual immunity for foreign officials (477)
  • Nora Beausang: Brass in pocket: the developing benchmark for establishing “consumer” status (479)
  • Isabel Aguilar Alonso: Protection of securities under custody in Spain (484)

In Practice

  • Matthew Ayre, Jason Larkins: Recurring revenue-based deals (487)
  • Shane McDonald, Oliver Trotman, Chiagozie Ezennia: Recent trends in leveraged financing: the ever more borrower friendly market (489)
  • Lu’ayy Minwer Al-Rimawi: The Bank of England’s loose understanding of Islamic financial law (490)

Regulars

  • ESG Update by Oriol Espar and César Herrero (494)
  • Case Analysis by 3 Verulam Buildings (498)
  • Regulation Update by Norton Rose Fulbright (501)
  • Market Movements by CMS (504)
  • Deals (506)
  • Legal Ease with LexisPSL (508)

Butterworths Journal of International Banking and Financial Law 2022/6

Spotlight

  • Jonathan Dawid, Emilie Gonin: Countering counter sanctions: treaty based remedies for investors in Russian assets? (371)

Features

  • Gavin Irwin, Merry van Woodenberg: Financial sanctions: prohibitions extended to persons „connected with” Russia (374)
  • Matthew Padian, Lucy Trott: The impact of the new Economic Crime Act on loan documentation (378)
  • Ryan Ferro: Knowing receipt and the proprietary base: Part II (380)
  • Hanif Virji: A contradiction of terms: is stock-lending compliant with the ethos of an ESG fund? (384)
  • Chloe Carpenter: Interest under a loan linked to a base rate: issues to consider (3869
  • Hamish Patrick: Movable Transactions (Scotland) Bill: some funding opportunities (389)
  • Tim Akkouh, David Baker: Reforms to Unexplained Wealth Orders: the sword and the shield (3929
  • Raza Naeem, Seraphina Chew: SFDR RTS ens ESG sectoral amendments: mismatches and implementation (395)
  • Julian Craughan, Andrew Carey, Andrea Salsi, Steven Minke: Talking about a revolution: making ESG securitisations mainstream (397)
  • William Johnston: Protection from creditors: the law’s continuing development for corporates in Ireland (401)
  • Tom Astle, Charlotte Lamb: Direct lending in a distressed world (405)
  • Paul Mousel: Protection of clients’ securities in Luxembourg law (4089
  • Hossein Nabilou: Transaction finality in blockchains: legal considerations (411)

In Practice

  • Michael Lyons, Ellen Lake, Hannah Ovaisi, Miranda Harrison: Economic Crime (Transparency and Enforcement) Act 2022: sanctions update (416)
  • Jeremiah Wagner, Kamal Dalal: Don’t forget about the NSIA: potential implications for securitisations (418)
  • Charles Kerrigan, Ruth Marken, Yasmin Musker: Financial covenants for fast-growth businesses: the new market norms (420)

Regulars

  • Competition Law Update by Kirkland & Ellis International LLP (422)
  • Book Review by Sarah Paterson (425)
  • Case Analysis by Hogan Lovells and Milbank (427)
  • Regulation Updata by Norton Rose Fulbright (432)
  • Market Movements by CMS (437)
  • Deals (439)
  • Legal Ease by Lexis®PSL (440)

Butterworths Journal of International Banking and Financial Law 2022/2

Spotlight

  • Avinash Persaud: Re-imagining safe assets (67)

Features

  • Venessa Parekh, Chhavi Sinha: The UK’s bank ring-fencing legislation: legal uncertainties and potential solutions (70)
  • James Sheehan: Anticipating an FX spot trade: front running or just trading ahead? (74)
  • Antony Hainsworth: Going green: global finance and the UK green taxonomy (77)
  • Charlotte Thomas: Secondary obligations and disguised penalties: where does the law stand following Makdessi? (81)
  • Michael Brown: Transfers of risk or risky transfers? Transferring hedging positions in respect of non-performing loans (86)
  • Hanif Virji: It is dangerous to use pithy terms to describe the complex risks of a fund (88)
  • Stefanie Wilkins: Unanswered questions regarding the Restructuring Plan (91)
  • Heather Waters Borthwick, Tomasz Kulawik, Andrew Mavers: Rise of the jumbo unitranche: a continuing trend in 2022? (93)
  • Amy Held: Baking, staking, Tezos and trusts: crypto sale and repurchase transactions analysed by the High Court (96)
  • Tim Akkouh, Freddie Popplewell: Sinking the Siskina? The Privy Council on the jurisprudential nature of freezing orders (102)
  • Matthew Lavy, Laura Wright: Limitation periods and cryptocurrency fraud (105)
  • Phoebus L. Athanassiou: Non-fungible tokens: select legal issues (107)
  • Emma Giddings, Imogen Garner, Daniel Nevzat: Developing policies for green and sustainable finance for the aviation industry (109)
  • Lisa Curran: Why Italy does not need the trust (for now) (115)

In Practice

  • Eleanor Dole Sheaf, Rupert Lewis: Overview of anticipated focus areas for BBLS litigation (117)
  • Leon Stephenson: The ESG revolution in funds finance (119)
  • Andrew Bryan, Julia Machin: The EU’s AML blacklist nad SSPE’s (121)

Regulars

  • Case analysis by One Essex Court (122)
  • Regulation Update by Norton Rose Fulbright (126)
  • Market Movements by CMS (133)
  • Deals (135)
  • Legal Ease by Lexis PSL (136)
  • International Briefings from China, Brazil and France (137)