Banking & Finance Update – H1 2021 (Part 1)

Banking & Finance Update – H1 2021 (Part 1)

As part of our sector-focused series, we have curated the key resources and points you need to know from the legal updates produced during the first half of 2021 in our three-part blog series. Understand the key news stories, practice notes, timelines and upcoming webinars specific to the Banking & Finance sector. 

Part two of the series continues our analysis of the key news stories. 

Part three collates a comprehensive range of commercial support and practical resources on topical subjects such as Brexit, LIBOR and Covid-19 alongside industry trackers, checklists, tailored resources for in-house lawyers and upcoming webinars and complimentary events. 

Keeping up to date: monthly highlights

We publish monthly news highlights on our blog. This month’s highlights include updates on Brexit, LIBOR, COVID-19 and regulatory developments.  Read More...

Keeping up to date: Case round up

We publish monthly analysis on the cases that we have alerted in LexisPSL Banking & Finance. This month’s case highlights include cases on the scope of clauses in intercreditor agreements, frustration and set-off, implied obligations, CVAs, schemes of arrangement, restructuring plans and guarantees. Read more…

Drafting for Brexit in finance documents

Butterworths Journal of International Banking & Finance Law: Georgia Quenby and Victoria Thompson, partners at Morgan Lewis & Bockius, consider how the new Restructuring Plan under English law interacts with intercreditor agreements which have voting restrictions and other contractual prohibitions on creditor actions. Read More...

Position paper on Parallel Schemes of Arrangement—the Harneys ‘Schemario Rules’

Restructuring & Insolvency analysis: Harneys has released its March 2020 Position Paper on Parallel Schemes of Arrangement: the Schemario Rules. Schemarios are ‘scheme-scenarios’ which form governing rules to establish when a parallel scheme of arrangement is necessary. Schemarios will be helpful to practitioners of cross-border restructuring around the world. Harneys’ Schemarios illustrate how the operation of the ‘rule in Gibbs’ can be used to distinguish between cases where further steps (in particular, a parallel scheme of arrangement) are likely to be necessary. Written by Ian Mann, Phillip Kite, Chai Ridgers, Paula Kay, Peter Ferrer, Nicola Roberts, Nick Hoffman and Vicky Lord of Harneys. With many thanks to David Allison QC and Henry Phillip, both of South Square, London.  Read more…

EU court holds limitation period ineffective where borrower does not know the term in question is unfair

EU Law analysis: A consumer who has taken out a loan denominated in a foreign currency and who does not know that a term in the loan agreement is unfair cannot be subject to any limitation or prescription period for the repayment of sums paid on the basis of that term. Read more…

What new money laundering rules mean for fintech

Law360, London: Electronic money and payment institutions are set to benefit from the UK’s new money laundering legislation. However, an increase in state forfeiture powers and with the possibility of a broad failure-to-prevent offence still on the horizon, the regulatory future of the financial technology industry has been left uncertain.  Read more…

A hat trick of leading decisions on creditor cramdowns—treatment of landlord groups in New Look, Regis and Virgin Atlantic

Restructuring & Insolvency analysis: This table provides a high level summary showing how various categories of landlord and other creditors were treated in Regis, New Look and Virgin Active. In the space of a week, we have received three landmark decisions from the High Court, all relating to the compromise of lease liabilities. Virgin Active saw a cross class cram down in the first truly contested Restructuring Plan since the legislation was introduced last year. It has been flanked by the decisions on the New Look and Regis company voluntary arrangements (CVAs). Leave to appeal has been granted on New Look, but already the three provide market defining and much needed clarification for debtors and their stakeholders as to the permissible scope of cram down. Written by Tom Astle, Mathew Ditchburn and James Maltby of Hogan Lovells. Hogan Lovells acted on all three of these ground breaking cases.  Read more…

Analysing the Treasury consultation on the power to block listings on national security grounds

Corporate analysis: This analysis considers the Treasury’s consultation on the power to block listings on national security grounds published on 7 June 2021. Read more…

EU prospectus rules allow sophisticated investors to sue 

Law360, London: Europe's top court ruled on 3 June 2021 that sophisticated investors can sue companies under the EU's prospectus rules if the information that they publish about their business ahead of offering securities is misleading.  Read more…

LexTalk®Banking & Finance: a Lexis®PSL community Collaborate and network with a community of expert lawyers 

LexTalk® is a new online community forum which gives LexisPSL subscribers the opportunity to post questions, hold conversations, participate in discussions and share best practice. It has been designed to provide a secure place for legal professionals to discuss legal developments, offer and receive peer support, and gain a sense of up to date market practice and advances in real-time. You can access and post questions on all of the dedicated practice area forums, including a dedicated community for LexisPSL Banking & Finance.

Click here to sign up and meet like-minded community members, create a profile, connect, share, and start participating today! Alternatively, you can access LexTalk® on the key resources tab on the Banking & Finance home page.

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About the author:
Anna is a paralegal in the LexisPSL Hub. She graduated with a degree in English and Australian law from King’s College London University, where she took part in several pro bono initiatives, such as the Legal Outreach and Street law, was an elected officer to the executive committee of the KCL Law Society and worked as a student advisor in the KCL Student Legal Clinic. Anna initially started at LexisNexis as a Student Associate and later joined as a paralegal.