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Legal Developments in the The Legal 500 United Kingdom 2012

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Freight forwarder’s contractual lien versus the administration moratorium

March 2013 - Banking and Finance. Legal Developments by Druces.

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Druces currently authors the Insolvency and corporate restructuring section of The In-House Lawyer magazine. For more information and articles from this author click here.

Our article in The In-House Lawyer's March 2010 issue (‘The effective use of liens to protect against the collapse of corporate customers', issue 178, p41-43) dealt with the need for logistics services providers to have an effective contingency plan to cope with the prospect of their retailer customers defaulting on payments or going into administration or liquidation. Following the latest unfortunate round of high-street retailer collapses, including Comet, HMV and Blockbusters, the issues discussed in that article are now just as relevant to freight forwarders, hauliers, shipping lines and other creditors with rights of lien. Since the publication of issue178, a case on general contractual liens has come before the High Court and provides useful confirmation of the rights of holders of a contractual general lien over goods.  

The long arm of insolvency law disarmed

December 2012 - Banking and Finance. Legal Developments by Druces.

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Druces currently authors the Insolvency and corporate restructuring section of The In-House Lawyer magazine. For more information and articles from this author click here.

In the November 2011 issue of  The In-House Lawyer we looked at the Court of Appeal decision in New Cap Reinsurance Corporation Ltd (in liquidation) & anor v Grant & ors (as members of Lloyd's Syndicate 991 for the 1997 Year of Account) & anor [2011] and the decision, also in the Court of Appeal, of Rubin & anor v Eurofinance SA & ors [2010], which preceded it.  

Insurance law  reform: a better  world for insureds?

October 2012 - Banking and Finance. Legal Developments by Eversheds LLP.

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Eversheds LLP currently authors the Financial Services and Regulatory section of The In-House Lawyer magazine. For more information and articles from this author click here.

Having reformed insurance law for consumers with a new Act in spring 2012, the Law Commissions have been grappling with changing the law as it affects business insurance.

The importance of assessing the potential regulatory risk arising from...

October 2012 - Banking and Finance. Legal Developments by Eversheds LLP.

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legal proceedings: lessons learned from the Anthony Verrier Decision Notice

On 16 May 2012, the Financial Services Authority (FSA) announced that it had decided to ban Anthony Verrier, a senior executive at BGC Brokers LP (BGC), from performing a controlled function in the financial services industry. The FSA banned Mr Verrier because it believes that he is not a fit and proper person due to concerns over his honesty, integrity and reputation. Mr Verrier is appealing the FSA’s decision to the Upper Tribunal. 

Wrongful trading, the benchmark for directors’ duties: recent developments

September 2012 - Banking and Finance. Legal Developments by Druces.

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The wrongful trading provisions of the Insolvency Act 19861 were introduced following the recession of the early 1980s, having been previewed in the Cork Report. Although new to English law in 1986, the concept of wrongful trading has not resulted in a plethora of cases against directors reaching court.

P.R.I.M.E. Finance: the new arbitral institution

July 2012 - Banking and Finance. Legal Developments by Eversheds LLP.

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Andy Moody (left) and Yang Zhao (right) discuss the world’s first specialised arbitral institution in resolving disputes arising from complex financial transactions, the Panel for Recognised International Market Experts (P.R.I.M.E. Finance)

Recoveries litigation in the new regulated environment

July 2012 - Banking and Finance. Legal Developments by Eversheds LLP.

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Over the past five years lenders have suffered staggering losses on residential mortgage lending. Many lenders have sought to mitigate these losses by taking legal action against third parties – often valuers and solicitors – alleging that the losses (at least in part) were caused by the negligence of these professionals. In more extreme cases of loss, lenders have taken action against fraudulent borrowers involving injunctions and recoveries litigation extending into foreign jurisdictions. 

New era in UK financial services regulation

October 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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The current recession has brought about significant changes in the UK financial services sector, ranging from a hardening of the public’s attitude towards financial institutions to the partial nationalisation of two of the largest banks in the world (at a cost of billions of pounds). The UK’s first coalition government for 70 years is making its mark on financial services regulation by proposing radical reforms to the current regulatory structure. This article summarises the proposed reforms, the reasons behind them and their likely effect.

Future of credit rating agencies: reform ahead?

June 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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Credit Rating Agencies (CRAs) have recently been on the receiving end of increasingly close scrutiny by regulators as decision-makers on both sides of the Atlantic have asked serious questions of the role and structure of the established CRAs. The ongoing US Senate and New York Attorney General investigations into the financial crisis, together with recently enacted EU legislation to regulate CRAs more closely, mark significant steps towards reform in the credit ratings sector. Banks and financial institutions will be well-served to pay close attention. 

Court of Appeal supports FSA’s request for documents

May 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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The trend for co-operation between international financial regulators has become a feature of the regulatory environment over recent years. On 24 February 2010, in a boost for the Financial Services Authority (FSA) in its approach to dealing with requests for assistance from overseas regulators, the Court of Appeal allowed an appeal and found in favour of the FSA in connection with the exercise of its powers in aid of US Securities and Exchange Commission (SEC) proceedings.¹ Businesses operating in the banking and finance sector, particularly on an international basis, should pay close attention to this decision.

Enviroco: what now for the meaning of subsidiaries?

April 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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The recent decision in Enviroco Ltd v Farstad Supply A/S [2009] has prompted debate and consideration of how corporate structure has, and should be, defined going forward, and the potential impact this may have on group companies’ financial and commercial dealings.

Walker Review

February 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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Sir David Walker published his final review of corporate governance in banks and other financial institutions on 26 November 2009 (the Review). This followed a period of consultation based on initial draft recommendations that were announced in July 2009.

Islamic project and infrastructure finance:re-emergence of the Murabaha

January 2010 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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‘Even these metallic problems have their melodramatic side.’ (Oscar Wilde, The Importance of Being Earnest (1895, in premier))

No private action for market abuse or breach of the listing rules

November 2009 - Banking and Finance. Legal Developments by Fountain Court Chambers.

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In Hall v Cable and Wireless Plc [2009] the High Court held that the Financial Services and Markets Act (FSMA) 2000 does not give investors a private action for market abuse or breach of the listing rules.

Corporate governance in banks and financial institutions: change ahead

October 2009 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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As a result of the banking crisis of 2008/09 the question of how the industry can guard against future failures has attracted substantial comment from the press, experts and regulators. One area of focus is the need for greater transparency in the industry, particularly with regard to remuneration in the sector, and how boards of banks and financial institutions might improve their corporate governance procedures to limit the chances of a repeat of the credit crunch.

The November 2009 Banking and Payment Services regime

September 2009 - Banking and Finance. Legal Developments by Fountain Court Chambers.

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The rules relating to the conduct of business by banks and similar institutions are set to change from 1 November 2009. From that date:

The Payment Services Regulations 2009, covering the conduct of business of electronic transfers, will come into force and will be supervised by the Financial Services Authority (FSA).

Reporting to the FSA: regulator issues new guidance

July 2009 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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Recent cases have highlighted the potential advantages for regulated businesses (firms) in adopting a co-operative approach when dealing with regulators and, in particular, the Financial Services Authority (FSA).¹ In this regard, firms frequently retain independent lawyers and/or professional services firms to investigate worrisome conduct and to produce a report in anticipation of regulatory action.

Look out for the knock at the door: FSA gets tough on market abuse

June 2009 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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Hector Sants, chief executive of the Financial Services Authority (FSA), recently put his cards on the table:

‘There is a view that people are not frightened of the FSA. I can assure you that this is a view that I am determined to correct. People should be very frightened of the FSA.’

Madoff investor claims: US proceedings and possible UK approaches

May 2009 - Banking and Finance. Legal Developments by Fountain Court Chambers.

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The credit crunch of 2008 and the recession of 2009 have already thrown up some politically significant, legally interesting and hard-fought court proceedings.

The next stage of the Springwell saga: more lessons emerge

March 2009 - Banking and Finance. Legal Developments by Fulbright & Jaworski International LLP.

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In the prevailing economic climate, banks and financial institutions are likely to face an increasing number of claims. These can be a useful opportunity for banks to reconsider and review their existing documentation and risk management policies.