Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 01 MAY 2023

Reflections On Restructurings: UK Sanctions Regulator Clears Path For Future Restructurings

Akin
Akin
Contributor
Akin

Akin

Akin is a global law firm with more than 1,100 lawyers and advisors who pride themselves on...

View firm profile
Explore more from Akin

On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury ("OFSI") issued the "Bond amendments and restructurings for non-Designated Persons"...

United KingdomInsolvency/Bankruptcy/Re-Structuring
Jasper Helder
Jasper Helder
Liz Osborne
Liz Osborne
Emma Simmonds
Emma Simmonds
Jakeob Brown
Jakeob Brown
Imogen Brooks
Imogen Brooks
Author LinkedIn connections

On 28 March 2023, the UK Office of Financial Sanctions Implementation of HM Treasury ("OFSI") issued the "Bond amendments and restructurings for non-Designated Persons" general licence (General Licence - INT/2023/2824812) (the "Bond Amendment GL") under the Russia (Sanctions) (EU Exit) Regulations 2019 (the "UK Russia Sanctions Regulations").

Under the UK Russia Sanctions Regulations, hundreds of Russian individuals and entities are listed as Designated Persons and therefore subject to the asset freeze provision under Regulation 11. The impact of the asset freeze has meant previously that where UK sanctions jurisdiction applies1, a specific OFSI licence was required to implement any amendment or restructuring of an issuer's bonds. As described in our previous alert, the unprecedented scope and application of the global sanctions against Russia as well as the Russia countersanctions response has led to complications and delays with implementing financial

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Woodville Collapse And Regulatory Reform – Litigation Funding In The Spotlight

The collapse of Woodville Consultants Ltd has exposed significant vulnerabilities in the rapidly expanding litigation funding market, which operates largely outside mainstream financial regulation. With nearly £300 million owed to retail investors and questionable lending practices to law firms, the case raises critical questions about investor protection, regulatory oversight, and the future balance of power in funded litigation.
United KingdomInsolvency/Bankruptcy/Re-Structuring
RPC
RPC
Article

Hunkemöller: English Court Stays Liability Management Exercise Litigation Pending Judgment In Parallel New York Proceedings

The English High Court has stayed proceedings challenging Hunkemöller's liability management exercise pending judgment in related New York litigation. This decision examines the limitations of multi-jurisdictional litigation strategies in cross-border restructurings and the enforceability of exclusive jurisdiction clauses for beneficial noteholders. The ruling provides critical guidance on the sequencing of claims across different jurisdictions when challenging complex liability management exercises.
United KingdomInsolvency/Bankruptcy/Re-Structuring
A&O Shearman
A&O Shearman
Article

High Court Rules That Administrators May Be Able To Pay Administration Expenses And Litigation Funding Ahead Of “super Priority” Moratorium Debts

The High Court has determined that administrators can enter into litigation funding arrangements allowing funders to be repaid from litigation proceeds ahead of moratorium debts with "super priority" status, provided this aligns with the administration's purpose and the administrators' duties. This ruling addresses a critical question about the interplay between protected moratorium creditors and the practical realities of funding litigation in insolvency proceedings.
United KingdomInsolvency/Bankruptcy/Re-Structuring
Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
Article

A Guide To Misfeasance Claims Against Directors

Directors of insolvent companies may face misfeasance claims when liquidators or administrators investigate potential misuse of company funds, breaches of fiduciary duties, or prioritizing personal interests over creditors. Understanding the legal framework under section 212 of the Insolvency Act 1986, common allegations, and available defenses is crucial for directors navigating these serious investigations that can result in personal liability and disqualification.
United KingdomInsolvency/Bankruptcy/Re-Structuring
Weightmans LLP
Weightmans LLP
Article

Mental Health Moratorium Fails To Block Receiver Sale

The High Court has clarified the interaction between mental health crisis moratoriums under the Debt Respite Scheme and secured lending enforcement. When property security covers a company's debt rather than an individual's personal liability, receivers can proceed with sales despite the moratorium. This decision provides crucial guidance for insolvency practitioners and lenders navigating the complex intersection of mental health protections and security enforcement.
United KingdomInsolvency/Bankruptcy/Re-Structuring
Mills & Reeve LLP
Mills & Reeve LLP
Article

Newly Enacted Law Targeting Russia Creates Novel Tariff Authority Over Third-Country Imports, While Reinforcing Existing U.S. Sanctions Framework

President Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, introducing unprecedented tariff authority that could impose duties up to 100% on goods from countries purchasing Russian energy or facilitating sanctions evasion. The legislation creates a novel framework where tariffs stack on top of existing duties while codifying Russia sanctions into statute...
GlobalInternational Law
Akin
Akin
Article

President Trump Directs Removal Of Canadian Products From Federal Procurement

On September 16, 2026, President Trump issued a presidential memorandum titled “Restoring Reciprocity in Government Procurement”, directing the Director of the Office of Management and Budget and the United States Trade Representative, in coordination with the Federal Acquisition Regulatory Council, to identify and take legally permitted steps to remove or restrict Canadian-origin items across the federal civil procurement system.
GlobalGovernment, Public Sector
Akin
Akin
Article

Major CIPA Reform Could Wipe Out Thousands Of Website Tracking Claims

California's Legislature has unanimously passed SB 690, a landmark reform that could eliminate thousands of pending class action lawsuits based on website tracking technologies under the California Invasion of Privacy Act. The bill removes the private right of action for pen register claims arising from routine web analytics tools, potentially reshaping the data privacy litigation landscape while companion bills simultaneously expand substantive privacy obligations.
United StatesPrivacy
Akin
Akin
Article

EU Finalizes Streamlined ESRS And New Voluntary Reporting Standard

The European Union’s (EU) revamped sustainability reporting framework is now final. On September 21, 2026, the revised European Sustainability Reporting Standards (ESRS) and a new Voluntary European Sustainability Reporting Standard (VS) were published in the Official Journal, marking yet another significant step toward more proportionate sustainability reporting in Europe. In addition to previously raising applicable financial thresholds triggering compliance under the Corporate Sustainability Reporting Directive (CSRD), the revised ESRS cut mandatory datapoints for in-scope companies (i.e., undertakings under CSRD) by more than 60% and total datapoints by more than 70%.
European UnionCorporate/Commercial Law
Akin
Akin
Article

Senate Unveils Bipartisan Comprehensive Permitting Reform Bill

On September 30, 2026, Senate Environment and Public Works (EPW) Committee Chair Shelley Moore Capito (R-WV), Ranking Member Sheldon Whitehouse (D-RI), Senate Energy and Natural Resources (ENR) Committee Chair Mike Lee (R-UT), and Ranking Member Martin Heinrich (D-NM) unveiled the Bipartisan American Affordability and Jobs Act of 2026 (BAAJA; S. 5653), a comprehensive permitting reform package aimed at accelerating approvals for energy, infrastructure, transmission, mining, manufacturing, and other major projects. The legislation represents the most significant bipartisan permitting reform effort in years and follows months of negotiations between Senate Republicans and Democrats.
United StatesEnergy and Natural Resources
Akin
Akin
Article

SEC Risk Alert Highlights Common Deficiencies In Investment Adviser Annual Compliance Reviews

The SEC's Division of Examinations has identified six critical areas where investment advisers commonly fall short in their annual compliance reviews, from timing failures to inadequate documentation and unimplemented corrective actions. Understanding these deficiencies is essential for advisers seeking to strengthen their compliance infrastructure and avoid examination risks.
United StatesFinance and Banking
Akin
Akin
Article

DOJ Announces Second DEI-Related False Claims Act Settlement – Deloitte Agrees To Pay $21.5 Million To The United States, Plus $2.4 Million To Indiana And Florida

On August 25, 2026, the U.S. Department of Justice (DOJ or the Department) announced a $21.5 million settlement with Deloitte LLP and four affiliated entities (collectively, Deloitte), marking the second False Claims Act (FCA) settlement under the Department’s Civil Rights Fraud Initiative launched in May 2025.
United StatesGovernment, Public Sector
Akin
Akin
Article

SEC Issues Guidance On Fair Value Measurement And Disclosure For Private Credit And Other Private Assets For Registrants And Others

The SEC Staff has issued new guidance addressing valuation challenges for private credit and other private assets held by public companies and registered investment companies. The statement emphasizes the need for robust valuation policies, market-based assumptions, and transparent disclosure practices as the private credit market continues to expand. Investment advisers managing private funds should carefully consider how these principles apply to their own valuation procedures and investor communications.
United StatesFinance and Banking
Akin
Akin