Monthly Highlights: July 2018

Monthly Highlights: July 2018

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from July 2018.

Lending

Supreme Court rules on recognition of foreign measure for bank reorganisation (Goldman Sachs v Novo Banco)

The Supreme Court ruling in Goldman Sachs v Novo Banco [2018] UKSC 34, recognises that a decision of the Portuguese central bank that, when it incorporated the respondent bank as a bridge institution and transferred to it the assets and liabilities of a failed bank, a liability to the appellants under a loan agreement had not, as a result of Portuguese law, been included in the transfer. Richard Salter QC and Jonathan Mark Phillips, of 3 Verulam Buildings, examine the decision in News Analysis: Supreme Court rules on recognition of foreign measure for bank reorganisation (Goldman Sachs and others v Novo Banco).

Security

FMLC responds to European Commission proposal on 'third-party effects' of assignment of claims

The Financial Markets Law Committee (FMLC) has sent a letter in response to the European Commission's proposed regulation on the 'third-party effects' of the assignment of claims. The proposed regulation applies the law of the assignor's habitual residence to the proprietary and third-party effects of an assignment, with various carve outs. The FMLC reiterates its previously published view that the law of the underlying claim, rather than the law of the assignor's habitual residence, should apply in this context.

Guidance on registration of legal charges and deeds of variation of charge amended

HM Land Registry has amended section 6 of its practice guide 29 on the registration of legal charges and deeds of variation of charge. The amendment clarifies that an application to register a lender’s obligation to make further advances must be made by the lender or their conveyancer.

The

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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.