International 2026 — Meet us there
by Leela|26 June 2019|Industry News
In the recent case of, The State of the Netherlands (the “State of the Netherlands“) and Deutsche Bank AG (“DB“)[2019], the Court of Appeal (the “Court”) has confirmed that negative interest is not payable by the party transferring cash collateral (the “Transferor”) under the standard form of the ISDA 1995 Credit Support Annex (the “CSA”). This […]
Read moreby Caroline Sheldon|7 June 2019|Industry News
BACKGROUND As a consequence of the London Interbank Offered Rate (“LIBOR”) scandal in which several bankers at many major financial institutions manipulated LIBOR by reporting artificially low or high interest rates to benefit their derivative traders, undermining a major benchmark for interest rates and financial products, a Bank of England working group (the “BoE Working […]
Read moreby Leela|5 June 2019|Industry News
The High Court (the “Court”) recently found in favour of the Financial Conduct Authority (“FCA”) resolving that an unauthorised investment scheme must pay almost £1 million to the FCA to be re-distributed to investors as a result of several breaches by both the firm and its director. THE FACTS Following an application by the FCA, […]
Read moreby Leela|29 May 2019|Industry News
On 14 May 2019, the Court of Appeals ruled the case Times Travel (UK) Ltd. (“Times Travel”) v Pakistan International Airlines Corporation (“PIAC”) and decided that the economic pressure exerted by PIAC against Times Travel in that context was lawful and not considered as economic duress. BACKGROUND From 2008 to 2012 Times Travel and PIAC […]
Read moreby Leela|17 May 2019|Our Thinking
The final text to amend technical aspects of the European Market Infrastructure Regulation (the “EMIR Refit”) could enter into force in May/June and will be directly applicable to the UK and to all its financial and non-financial counterparties. Changes to the definition of “financial counterparty” (“FC“) will apply immediately upon the entry into force of […]
Read moreby Leela|16 May 2019|Our News
After weeks of hard work and dedication, Cleveland & Co are pleased to officially announce the launch of our newly designed website and newsletter! Our new website provides a clear message of who we are and where our values lie when developing, maintaining and delivering our services to you. Our goal with this new look […]
Read moreby Leela|7 May 2019|Industry News
The execution of contracts is a task often overlooked. Even after maximum effort has been exerted to negotiate a deal, and draft a contract, a slip at the final hurdle could cost millions. Mistakes in executing a contract particularly a deed, can result in: an unenforceable contract; a non-binding contract owing to consideration not being […]
Read moreby Leela|1 May 2019|Industry News
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 […]
Read moreby Leela|18 April 2019|Industry News
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 […]
Read moreby Leela|17 April 2019|Our Thinking
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 […]
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