News & Insights

Our Thinking · Investments & Capital Markets · Europe

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

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 […]

Leela14 October 2020

Our Thinking · Regulatory & Compliance · Europe

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

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 […]

Leela1 October 2020

Our Thinking · Commercial & Corporate · Europe

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

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 […]

Leela28 September 2020

Our Thinking · Public Funds · Regulatory & Compliance · Europe

ESMA proposes amendments to AIFMD and UCITS framework

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 […]

Leela25 September 2020

Our Thinking · Investments & Capital Markets · Europe

Court of appeal on reliance of ISDA standard terms

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”. […]

Leela28 August 2020

Our Thinking · Commercial & Corporate · Europe

Signing contracts and holding meetings virtually during coronavirus

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 […]

Leela25 August 2020

Our Thinking · Europe

Supreme Court Rules on reflective loss

In Marex Financial Ltd v Sevilleja [2020] UKSC 31, the Supreme Court has allowed the appeal and fundamentally restricted what has to-date been referred to as the principle against the recovery of reflective loss, effectively overturning a string of previous Court of Appeal and High Court decisions. Such was the significance of the case, and […]

Leela20 August 2020

Our Thinking · Europe

Suspension of liability for wrongful trading

On 26 June 2020, the Corporate Insolvency and Governance Act (the “Act”) entered into force. The Act introduces some very significant reforms to the restructuring and insolvency framework in the UK, and also deals with immediate issues caused by the Covid-19 pandemic. The reforms include both permanent changes such as to moratoriums and temporary measures […]

Leela5 August 2020

Our Thinking · Regulatory & Compliance · Europe

The Upper Tribunal proves it is worth challenging the FCA

The case of Financial Services (Europe) Limited v FCA[1] proves that it might be worth challenging the FCA and its supervisory powers, if your facts are right. The Upper Tribunal is an independent judicial body that hears the matter from scratch and develops its own view of them (and, in disciplinary cases, as to the […]

Leela16 June 2020

Our Thinking · Investments & Capital Markets · Commercial & Corporate · Europe

Is rectification needed for mistakes in documents registered at Companies House?

There are well-established principles that generally need to be applied where there is a mistake of some kind in a document which needs to be construed. However, the position is more complicated if the document is a public document. Instances involving various types of document (such as an injunction, a receivership order and a charge […]

Leela8 June 2020

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