Restitution, proprietary claims and tracing

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This overview is a guide to the Banking & Finance content within the Restitution, proprietary claims and tracing in a banking context subtopic, with links to the appropriate materials.

What is restitution?

Restitution in English law is a remedy that aims to restore to an innocent party the gains that someone else has obtained from him.

Restitution can be divided into two distinct categories (Sempra Metals Ltd v HMRC):

  1. •

    restitution for unjust enrichment, and

  2. •

    restitution for wrongdoing

Unjust enrichment

There are numerous situations in which a claim for unjust enrichment can be made including where a claimant has:

  1. •

    paid the defendant money by mistake

  2. •

    discharged a debt on behalf of another at the other’s insistence

  3. •

    done work or provided goods to another where there was no contract

  4. •

    rescinded an agreement or had an agreement rectified, but, as a result, money or assets wrongly remain in the hands of the other party

There are four basic elements to any claim for unjust enrichment:

  1. •

    the defendant must have been enriched (the first requirement)

  2. •

    the

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Latest Banking & Finance News

ESMA selects first EU bond CTP

The European Securities and Markets Authority (ESMA) has selected Ediphy (fairCT) as the first consolidated tape provider (CTP) for bonds in the EU. Over the last six-months, ESMA assessed applications against the criteria list in MiFIR and Ediphy (fairCT) was selected for meeting all requirements and obtaining the highest overall score. ESMA’s executive director, Natasha Cazenave, described the decision as a decisive step towards establishing consolidated tapes in the EU, enhancing transparency within fixed income markets and contributing to the Savings and Investment Union. ESMA is now inviting Ediphy (fairCT) to apply for authorisation, after which it will operate as the CTP for bonds for a period of five years under ESMA’s direct supervision.

ISDA and Ant International publish report to transform cross-border FX settlements

The International Swaps and Derivatives Association (ISDA) and Ant International have jointly led the development of a new industry report under the Monetary Authority of Singapore's (MAS) Project Guardian exploring the use of tokenised bank liabilities and shared ledger technology for cross-border payments and foreign exchange (FX) settlement. The report sets out design principles aimed at standardising industry practices and enhancing interoperability, accompanied by robust risk management frameworks and detailed use cases for real-time, 24/7 FX settlement. It addresses key challenges in the current system, including limited settlement windows, time zone delays, and high transaction costs that total an estimated US$120bn annually, by proposing a framework that could reduce costs by 12.5% and save businesses more than US$50bn by 2030. Contributors include BNY, HSBC, OCBC and the Global FX Division of GFMA, with ongoing efforts to expand use cases and support integration with existing banking systems to serve the digital economy.

LMA publishes recommended forms for euro exposure drafts with EURIBOR fallbacks

The Loan Market Association (LMA) has published recommended form versions of single currency euro exposure drafts, incorporating €STR-based fallbacks. The forms include the ISDA/Bloomberg EURIBOR-€STR Spread Adjustment, simplified temporary fallbacks and Central Bank Rate Adjustment drafting. LMA has also updated its Users Guide to clarify the two-tier waterfall system, reference rates clause operation, and Italian law compliance requirements. These changes will be implemented across all LMA euro-referencing documentation.

Banking and Finance weekly highlights—3 July 2025

This week's edition of Banking and Finance weekly highlights includes: (1) our cases round-up from June 2025; (2) the Hague Judgments Convention is now in force as of 1 July 2025; and (3) News analysis in the Eraaya Lifespaces v Elara Capital et al case which looked at an application by the bondholders to join proceedings to oppose the injunction application.

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