• Companies Court rules on the interplay between cross-border insolvency and the English rules of private international law

    Thomas Cooper LLP wins case concerning the scope of relief that may be granted by the Companies Court upon recognition of foreign insolvency proceedings.

  • The Gherkin

    Finance Focus – Spring 2014

    Welcome to the Spring 2014 edition of Finance Focus, the e-update from Thomas Cooper’s Finance Group, in which you can review the latest legal developments in your area of finance and keep up to date with Thomas Cooper’s news and forthcoming events. Click here to view Finance Focus in your browser, otherwise click below to view […]

  • Commercial Reasonableness in Financial Transactions: Reasonable? Yes. Fair? Probably not.

    Barclays Bank v Unicredit [2014] EWCA Civ 302 In a recent decision of the Court of Appeal the meaning of an obligation to act in a “commercially reasonable” manner was considered in the context of credit default guarantees. This case has implications for the wider financial market and is a cautionary tale against using imprecise language, […]

  • FCA Update(s)

    Consumer Credit regulation and the FCA – On 1 April 2014, the responsibility for the regulation of consumer credit transferred from the Office of Fair Trading to the Financial Conduct Authority (“FCA”). According to FCA figures, this will bring around 50,000 consumer credit firms into the FCA’s regime, which effectively doubles the number of firms the […]

  • ISDA Update(s)

    ISDA 2014 Margin Survey Results – 90% of Non-Cleared Derivatives trades are now collateralised. Results released on 10th April, 2014 show that the estimated amount of collateral in circulation in the non-cleared over-the-counter (“OTC”) derivatives market decreased by 14% from USD3.7 trillion at the end of 2012 to approximately USD3.17 trillion by December 31, 2013. ISDA believes […]

  • Land Registry revises Practice Guide 29

    The Land Registry has updated Practice Guide 29 to include a new section 5 which explains: The procedure for registration of charges created by UK companies and limited liability partnerships. The position where plans have been reduced to A4 size to meet Companies House electronic filing requirements. Which charges are exempt from registration at Companies […]

  • Export Refinancing Facility launched

    On 30 April 2014 UK Export Finance (the operating name of the Export Credits Guarantee Department) launched a £5 billion Export Refinancing Facility (ERF) to support UK exports. The ERF will allow UK exporters to offer long-term financing at competitive rates to overseas buyers who require loans in excess of £50 million to purchase UK […]

  • The Gherkin

    Finance Statute/ Regulation Update

    FAQs on Basel III’s January 2013 Liquidity Coverage Ratio Framework Basel Committee on Banking Supervision; 16 April 2014 The Basel Committee on Banking Supervision sets out frequently asked questions on Basel III’s liquidity coverage ratio, with answers together with any technical elaboration of the rules text and interpretative guidance that may be necessary. Please click […]

  • LMA/ General Finance Update

    LMA Revised Secondary Market Documents On 3 March 2014, the Loan Market Association (“LMA”) published revised versions of its Standard Terms and Conditions for Par and Distressed Trade Transactions, together with related secondary market trading documents, including the secondary trading user guide, funded and risk participation agreements, netting agreements and FATCA riders. The documents have […]

  • The Gherkin

    Finance Case Law Updates

    Greenclose Ltd v National Westminster Bank Plc; Ch D (Andrews J) 14/04/2014 The ISDA Master Agreement (Multi Currency-Cross Border From) 1992 s.12 (a) required notice by one of the specified methods only, using the contract information completed in the Schedule to the agreement. If the Schedule did not provide information necessary for service by a […]