News & Insights

Our Thinking · Commercial & Corporate · Europe

The Court of Appeal holds that the word “shall” does not automatically create a contractual obligation

The Court of Appeal (the “Court”) held that the word “shall” did not automatically create a contractual obligation. The word “shall” is regularly used in everyday commercial contracts to impose a contractual obligation on a party to perform or refrain from performing certain actions. Other commonly used phrases such as “ensure” and “procure” are also […]

Leela1 May 2019

Our Thinking · Regulatory & Compliance · Europe

FCA publishes its 2019/20 Business Plan setting out its priorities for the year ahead

On 17 April 2019, the FCA released its business plan for 2019/20 covering some of the following cross-sector priorities: EU withdrawal and international engagements; firms’ culture and governance; operational resilience; financial crime & AML; and innovation and data ethics. Furthermore, their business plan also focuses on a number of sector specific priorities, including those of […]

Leela18 April 2019

Our Thinking · Regulatory & Compliance

Brexit updates – Spain & Poland

Following on from our series of newsletters on Brexit updates and no deal preparation, in this newsletter we look in detail at how Spain and Poland are preparing for a no deal scenario. For a brief summary, please see below: SPAIN The fundamental provision is that contracts providing for banking, securities, insurance or other financial […]

Leela17 April 2019

Our Thinking · Regulatory & Compliance

Brexit Update: No Deal Measures Intensify

Following on from our series of newsletters on recent Brexit updates and no deal preparations, in this newsletter we look at the todays developments in the British Parliament as well as looking at the updated Memoranda of Understanding signed between the FCA and the United States Securities and Exchange Commission. Please click on the image […]

Leela29 March 2019

Our Thinking · Regulatory & Compliance · Europe

An update on Cryptoassets

Below we set out recent developments in the cryptoasset space that we think may be of interest. A NEED FOR REGULATION 2018 was a year of international scrutiny for digital currencies. As regulators around the globe wake up to the potential dangers posed by new technology (now falling under the umbrella term of “cryptoassets”), pressure […]

Leela28 March 2019

Our Thinking · Investments & Capital Markets · Europe

Court of Appeal limits discretion in determining “loss” in a 1992 ISDA

The recent case of Lehman Brothers Finance AG (in liquidation) (“LBF”) v Klaus Tschira Stiftung GmbH and Dr H C Tschira Beteiligungs GmbH & Co KG (the “Tschira Parties”)[2019] draws attention to the issue of the amount of discretion a non-defaulting party has when calculating loss under a 1992 ISDA Master Agreement. This is a […]

Leela22 March 2019

Our Thinking · Regulatory & Compliance · Europe

FCA confirms increase in Financial Ombudsman Service compensation limit

The Financial Conduct Authority (“FCA”) confirmed in its Policy Statement PS 19/8 published on 12 March 2019 that the Financial Ombudsman Service (“FOS”) will soon be able to require financial services firms to pay double the current amount of compensation to consumers and businesses. The FCA is aware that there is a very short turn […]

Leela15 March 2019

Our Thinking · Public Funds · Regulatory & Compliance · Europe

FCA rules post Asset Management Market Study

In February 2019, the Financial Conduct Authority (the “FCA”) published a second set of rules following the Asset Management Market Study (“AMMS”), the final report of which was published back in June 2017 (for a detailed analysis of the outcomes and remedies the AMMS, please click here to view our previous newsletter). The fundamental purpose […]

Leela14 March 2019

Our Thinking · Regulatory & Compliance · Commercial & Corporate

Brexit update – Germany & France

Following on from our series of newsletters on Brexit updates and no deal preparation, in this newsletter we look in detail at how France and Germany are preparing for a no deal scenario in regards to both financial services as well as corporate law, looking in particular at how UK corporate entities can remain in […]

Leela13 March 2019

Our Thinking · Investments & Capital Markets · Europe

Court of Appeal confirms bank’s discretion on determining “fair market value” in a GMRA

In its recent decision in LBI EHF v Raiffeisen Bank International AG [2018],[1]the Court of Appeal confirmed that a non-defaulting party enjoys wide discretion under the default valuation provisions in the 2000 edition Global Master Repurchase Agreement (the “GMRA”) when it comes to determining the “fair market value” of securities, especially in a market that […]

Leela6 March 2019

Hear it from a General Counsel

When regulation shifts, our General Counsel set out what has changed for your firm and the steps we recommend you take.