News & Insights

Our Thinking · Commercial & Corporate · Europe

Effective ways to execute contracts electronically during COVID-19

SUMMARY Social distancing measures in the current coronavirus pandemic (the “COVID-19”) have posed some interesting questions on how to effectively execute contracts in a way that ensures their validity, whilst keeping the parties safe and in compliance with the Government’s current COVID-19 measures. As such, using electronic means to execute contracts may be a practical […]

Leela·4 June 2020

Our Thinking · Investments & Capital Markets · Europe

Notice clauses in ISDA Agreements

A recent decision of the English Commercial Court (the “Court”) – Alfred Street Properties Limited (formerly known as Killultagh Estets Limited) v National Asset Management Agency [2020] EWCK 397 – has given guidance on the interpretation of the International Swaps and Derivatives Association (“ISDA”) 1992 Master Agreement (the “ISDA Master Agreement”) and of the 2000 […]

Leela·26 May 2020

Our Thinking · Investments & Capital Markets · Europe

COVID-19 as a “material adverse effect” clause in loan agreements under English law

Since the end of 2019, the spread of coronavirus and the disease created by it (the “COVID-19”) have generated fear in the population and are directly affecting the economy worldwide. In an attempt to avoid closing down and to reduce their losses, some businesses are relying on law and contracts. In the sphere of the […]

Leela·29 April 2020

Our Thinking · Regulatory & Compliance · Europe

FCA’s business plan, key priorities and post-coronavirus response for 2020/2021

On 07 April 2020 the Financial Conduct Authority (the “FCA”) set out the key areas of work it will undertake not only for the this financial year but also for the next three years with the publication of its business plan for 2020/21 (the “Business Plan”). This year’s Business Plan focuses on the aftermath of […]

Leela·17 April 2020

Our Thinking · Regulatory & Compliance · Commercial & Corporate · Europe

COVID-19: FCA and PSR express support for the CMA’s guidance on competition law enforcement approach

SUMMARY The Competition Markets Authority (“CMA”) has published guidance stating that it will focus on protecting UK consumers from the adverse consequences of the COVID-19 pandemic for the months following from 25 March 2020. The guidance set out details of the CMA’s approach to the prioritisation of its work and how it will apply the […]

Leela·3 April 2020

Our Thinking · Investments & Capital Markets · Europe

LIBOR: ISDA consults on pre-cessation triggers – and extends deadline for consultation

The London Interbank Offered Rate (“LIBOR”) is an interest-rate average calculated from estimates submitted by the leading banks in London, used in lending between banks on the London interbank market. Over time, LIBOR has been used as a reference for setting the interest rate on other loans and a myriad of other financial products. Following […]

Leela·31 March 2020

Our Thinking · Regulatory & Compliance · Europe

Regulatory issues surrounding stablecoins and their potential impact on global financial stability

SUMMARY On 18 October 2019, the Financial Stability Board (the “FSB”) issued a note (the “Note”) regarding regulatory issues of stablecoins as part of its Group of 20 (“G20”) mandate. The Note highlights that the development of this type of cryptoasset in particular may alter the G20’s current assessment that cryptoassets do not pose a […]

Leela·26 March 2020

Our Thinking · Commercial & Corporate · Europe

Court of appeal decides on non compete clause in shareholder agreements

The case of Guest Services Worldwide Limited (“GSW”) v David Shelmerdine (“Mr S”) [2020], is a rare example of the English court looking at covenants in the specific context of shareholders’ agreements and doing so in light of their interaction with compulsory transfer provisions. This is also the first Court of Appeal decision which addresses […]

Leela·6 February 2020

Our Thinking · Investments & Capital Markets · Regulatory & Compliance · Europe

LIBOR: FCA issues guidance on discontinuation; ISDA discusses pre-cessation triggers

London Interbank Offered Rate (“LIBOR”) is an interest-rate average calculated from estimates submitted by the leading banks in London, used in lending between banks on the London interbank market. Over time, LIBOR has been used as a reference for setting the interest rate on other loans and a myriad of other financial products. Following the […]

Leela·29 January 2020

Our Thinking · Commercial & Corporate · Europe

UK Jurisdiction Taskforce confirms legal status of cryptoassets and smart contracts

In November 2019, the UK Jurisdiction Taskforce (the “UKJT”) of the LawTech Delivery Panel of the Law Society issued a legal statement (the “Legal Statement”) on the status of cryptoassets and smart contracts under English and Welsh private law (“English Law”). The aim of the Legal Statement, rather than advising on how the law should […]

Leela·21 January 2020