Monthly Highlights: January 2017

Monthly Highlights: January 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from January 2017.

Brexit

Article 50 appeal

R (on the application of Miller and another) v Secretary of State for Exiting the European Union; Re an application by Agnew and others for judicial review: reference by the Attorney General for Northern Ireland; Re an application by McCord for judicial review: reference by the Court of Appeal (Northern Ireland) [2017] UKSC 5

The Supreme Court (by majority) upheld the Divisional Court's decision that the Secretary of State For Exiting the European Union did not have power under the Crown's prerogative powers to give notice pursuant to Article 50 of the Treaty on European Union for the United Kingdom to withdraw from the EU. The authority of primary legislation was required before that course could be taken. Consequently, the Secretary of State's appeal against the High Court's decision would be dismissed. The Supreme Court further ruled on certain devolution questions referred to it by the Attorney General for Northern Ireland and the Court of Appeal, Northern Ireland.

Security

Secured Transactions Law Reform Project publishes six discussion papers

The Secured Transactions Law Reform Project has published six discussion papers which discuss potential reforms in a number of key areas in secured transactions law. The papers look at potential reforms in:

  1. asset finance
  2. fixed and floating charges
  3. personal property security and consumers
  4. priorities
  5. registration, and
  6. sale of receivables

To view the papers, click here.

Possession/control of financial collateral—ECJ takes narrow interpretation

Private Equity Insurance Group SIA v 'Swedbank' AS [2016] All ER (D) 116 (Dec)

The European Court of Justice (ECJ) in this case decided that cash deposited in a current account is financial collateral regardless of whether or not the account is used in securities payment and settlement systems. However, this financial collateral will only fall within the scope of

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.