Our Thinking · Investments & Capital Markets · Europe
This case is yet another ruling of English courts on competing clauses, and reaffirms the importance of the jurisdiction choices made through standard documentation in financial and derivatives documentation. In October 2008, Trattamento Rifiuti Metropoliani SpA (“TRM”), an Italian company specialised in waste treatment, entered into a financing agreement with a syndicate of banks led […]
Our Thinking · Regulatory & Compliance · Europe
SUMMARY The Task Force on Climate-related Financial Disclosures (“TCFD”) was established by the Financial Stability Board in December 2015 to develop a set of voluntary and consistent climate-related disclosure recommendations for use by organisations to provide information to investors, lenders, insurance underwriters and other stakeholders about climate-related financial risks. The TCFD assists organisations in understanding […]
Our Thinking · Commercial & Corporate · Europe
In reference to the case Harlequin Property (SVG) Ltd, (the Plaintiffs) vs O’Halloran (the “Defendant”) [2019] IESC 76, on 1 November 2019, the Supreme Court affirmed the High Court’s finding of fraudulent misrepresentation against the Defendant and dismissed his appeal. BACKGROUND In May 2008, the Plaintiffs, entered into a contract with a group of companies […]
Our Thinking · Regulatory & Compliance · Europe
On 18 November 2019, the UK Investment Association (the “IA”), a trade body representing investment and asset management firms in the UK, launched a final report (the “Report”) on the first industry-agreed responsible investment framework with the goal of bringing clarity and consistency to investors regarding the products and opportunities available to them. The IA […]
Our Thinking · Investments & Capital Markets · Regulatory & Compliance · Europe
SUMMARY On 15 November 2019, the first judgement on a shareholder class action in England and Wales was delivered, dismissing a claim brought by a group of Lloyds shareholders against Lloyds TSB plc (“Lloyds”) and five of its former directors relating to an acquisition of HBOS plc (“HBOS”) in 2008. Sharp v Blank [2019] EWHC […]
Our Thinking · Regulatory & Compliance
With the EU granting the UK another flexible extension of the negotiation period around the UKs withdrawal from the EU until the 31 January 2020 and a general election on 12 December 2019, the situation remains uncertain with a no deal Brexit remaining a possibility. It therefore makes sense to continue to monitor the current status […]
Our Thinking · Europe
On 23 September 2019, the Thomas Cook Group plc (“Thomas Cook”), a world-renowned holding travel group, consisting of nineteen companies, entered insolvency as it was approaching the end of its cash flows and therefore unable to pay its liabilities. As a result, the high court issued an order for the group to be compulsorily liquidated. […]
Our Thinking · Public Funds · Regulatory & Compliance · Europe
The new Prospectus Regulation (EU) 2017/1129 came into effect on 21 July 2019 (the “Prospectus Regulation”) which repealed and replaced the current Prospectus Directive 2003/71/EC (the “Prospectus Directive”). As a result, new prospectuses approved after 21 July 2019, must follow the new regulations and structures of the Prospectus Directive. THE REGIME The […]
Our Thinking · Public Funds · Regulatory & Compliance · Europe
Following on from our Brexit series which focused on the updated no deal measures in the United Kingdom (“UK”) and in the European Union (‘EU”), this article focuses on the updated no deal measures in Italy and Ireland. In light of how quickly the developments surrounding Brexit evolve, preparations for a no deal Brexit […]
Our Thinking · Regulatory & Compliance · Europe
Earlier this month the Financial Conduct Authority (“FCA”) published a consultation paper on prohibiting the sale to retail clients of investment products that reference crytpoassets (“Consultation Paper”). The Consultation Paper proposes a ban on marketing, distribution and sales of all derivatives and exchange traded notes (“ETNs”) that reference unregulated transferable cryptoassets by firms acting in, […]
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