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First time originator's guide to securitisation - November 2024 Originators can use securitisation to achieve a lower cost of funding than from other debt products and to remove securitised assets from their balance sheet. Securitisation plays an important role in facilitating liquidity and risk management, allowing...
FOS Reform: FCA call for input Financial services firms have been dealing with a deluge of near-identical customer complaints about single issues, driven largely by claims management companies and claimant-side law firms (CMCs) effectively seeking to use the Financial Ombudsman Service...
Loan Market Association launches draft provisions for green loans In May 2023, the Loan Market Association (LMA) published draft provisions for sustainability-linked loans (SLLs). Over a year on and the LMA has now turned its attention to drafting for use of proceeds loans, with green loans first on the agenda. In May...
Tax and the City Review - November 2024 In their latest Tax and the City article, Mike Lane and Zoe Andrews consider: the measures in the Autumn Budget which affect financial institutions; the FTT’s decision in GCH where the success of a tax avoidance scheme relied on the taxpayers showing an...
EU Listing Act - Key changes for Debt Capital Markets On 14 November 2024, a package of reforms known as the EU Listing Act (the “EU Listing Act”) was published in the EU Official Journal. The EU Listing Act is aimed at making the EU public capital markets more attractive for EU companies and at encouraging...
Improving access to EU Capital Markets: Changes to the EU prospectus and market abuse regimes Following the recent publication in the EU Official Journal of a package of legislation known collectively as the EU Listing Act, we now have a clearer picture of how and when the EU prospectus regime, market abuse regime and certain other EU capital...
More risk, more reward: Financial regulators publish consultation paper on bank remuneration reform Following the global financial crisis, the UK implemented a highly structured regulatory regime for bank remuneration in line with the EU’s approach under the Capital Requirement Directives. In some respects, this regime went further than the rules in...
Employment Bulletin - November 2024 Topics covered in this bulletin: Employment Rights Bill; general workforce consultation on individual redundancy dismissal; pre-termination negotiations inadmissible in unfair dismissal claim; new offence of failure to prevent fraud Employment Rights Bill...
In-Depth: Mergers & Acquisitions - 18th edition - United Kingdom This UK Overview in the thirteenth edition of The Mergers & Acquisitions Review is one of 28 chapters in the Review which provides a richer understanding of the shape of the global markets, and the challenges and opportunities facing market...
In-Depth: Mergers & Acquisitions - 18th edition - EU Overview The Eighteen Edition of In-Depth: Mergers & Acquisitions (formerly The Mergers & Acquisitions Review) provides a practical overview of global M&A activity and the legal and regulatory frameworks governing M&A transactions in major...
A new chapter in the unallowable purpose tale: The FTT's decision in Syngenta In Syngenta, the First-tier Tribunal denied interest deductions on a loan created in an intra-group reorganisation under the unallowable purpose rule in CTA 2009 s 441. This case highlights that commercial purposes need to be clearly articulated and that...
Key structuring aspects of a forward flow transaction - June 2025 Forward flows are relatively simple in concept, designed to provide originators with access to reliable committed funding without being directly exposed to the volatility of the capital markets, which in recent years have been challenging for originators...
Companies can claim privilege against their shareholders In a landmark judgment, the Commercial Court has decided that a company’s shareholders have no freestanding entitlement to see the company’s privileged documents. The decision, which revisits what many considered a long-established rule of English law,...
Competition and Regulatory Newsletter: CMA CEO says that CMA is “rising to the challenge on growth” Just over a month on from the launch of the new UK Government’s Industrial Strategy Green Paper on 14 October 2024, the Chief Executive of the Competition and Markets Authority (CMA), Sarah Cardell, has set out how the CMA is rising to the challenge of...
New PRA process for insurance own funds permissions The eligibility, issuance and repayment, redemption or repurchase of own funds instruments of or by UK insurance groups will, as of 31 December 2024, be governed by a new regulatory regime. As part of the transposition of the corpus of EU financial...