Jurisdiction

Europe

Cleveland & Co quoted in an article by Ignites Europe talking about the new prudential regime for investment firms

by Leela|4 November 2020|Industry News

Carol Dratovsky Goes, Senior Associate at Cleveland & Co was recently quoted in an article, “UK funds fret over new prudential regime” by Ignites Europe talking about the new prudential regime for investment firms (“IFPR”) in the UK and the challenges faced by firms in preparation for its implementation! Check out the article on www.igniteseurope.com

Court of appeal decides on whether invalid deeds are enforceable in contracts

by Leela|27 October 2020|Industry News

In Signature Living Hotel Ltd v Sulyok [2020] EWHC 257 (Ch), the question arose as to whether two deeds of guarantee were enforceable despite having been invalidly executed as a deed. FACTUAL BACKGROUND The applicant sought finance for its developments by way of investment loans from individuals for which corporate guarantees were given as security. […]

Do you need a European Representative?

by Leela|19 October 2020|Industry News

The Brexit transition period will come to an end on 31 December 2020. Once the United Kingdom (“UK”) officially leaves the European Union (“EU”), the UK will become a third country under the law of the European Union. Under EU law, a third country is a country or territory that is not a member of […]

FCA consults on new rules to improve open-ended property fund structures

by Leela|16 October 2020|Industry News

Since 2017 the Financial Conduct Authority (the “FCA”) has been consulting on various proposals to reduce the potential for harm to investors from the liquidity mismatch in open-ended property funds (i.e. UK authorised funds that invest directly in property such as shops, warehouses or offices). In the FCA’s latest consultation paper (CP20/15) (the “Consultation”), it is […]

Commercial Court on negative declaratory relief and standard clauses in the 1992 ISDA Agreement

by Leela|14 October 2020|Industry News

The Commercial Court has granted declaratory relief concerning a bank’s rights under an interest rate hedging governed by the 1992 ISDA Master Agreement in BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2020]. FACTUAL BACKGROUND In October 2008, Trattamento Rifiuti Metropoliani SpA (“TRM”), an Italian company specialising in waste treatment, entered into a financing agreement […]

Webinar: The FCA is changing Capital Adequacy Requirements: everything you need to know in 10 minutes!

by Leela|1 October 2020|Industry News

The new Investment Firms Prudential Regime will affect a significant number of investments firms in the United Kingdom requiring changes to key areas of their business. Want to understand the key points of the IFPR and how you should be preparing for its implementation, but time is a problem? We have got you covered with […]

Supreme Court decides on restrictive covenants and “restraint of trade doctrine”

by Leela|28 September 2020|Industry News

In Peninsula Securities Ltd v Dunnes Stores (Bangor) Ltd [2020] UKSC 36, the Supreme Court held that a restrictive covenant given by a landlord of a shopping centre to an anchor tenant did not engage the common law doctrine of restraint of trade. The “pre-existing freedom” test set down in Esso Petroleum Co Ltd v […]

ESMA proposes amendments to AIFMD and UCITS framework

by Leela|25 September 2020|Industry News

On August 18, 2020, the European Securities and Markets Authority (“ESMA”) published a letter (the ‘Letter”) addressed to the European Commission (“EC”) on its recommendation for the upcoming review of the Alternative Investment Fund Managers Directive (“AIFMD”). Many of the recommendations made also require consideration of material changes to the Undertakings for the Collective Investment […]

Court of appeal on reliance of ISDA standard terms

by Leela|28 August 2020|Industry News

In CFH Clearing Limited v. Merrill Lynch International [2019] EWHC 963 (Comm), the High Court has dealt with the issue of whether or not a bank was obliged to reprice or cancel foreign exchange spot trades entered into at a time of severe market disruption, in accordance with what was claimed to be “market practice”. […]

Signing contracts and holding meetings virtually during coronavirus

by Leela|25 August 2020|Industry News

SUMMARY The recent shift from office base time to working from home and enforced social distancing measures in the current coronavirus pandemic (“Covid-19”) has raised a number of issues for signing and executing key documents, particularly when a witness is required to be present. Following our article published in June 2020, on effective ways to […]