Reed Smith

Experts

15

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Carolyn Pepper
Partner
Reed Smith
Diane Roberts
Reed Smith
Elizabeth Tabas Carson
Partner
Reed Smith
Erika Kolb
Reed Smith
Jonathan Andrews
Solicitor
Reed Smith
Leon Stephenson
Partner
Reed Smith
Mark Pring
Reed Smith
Nathan Menon
Reed Smith
Patrick Kratzenstein
Associate
Reed Smith
Robert Scheininger
Partner
Reed Smith
Thomas Morgan
Reed Smith
Tim Dolan
Partner
Reed Smith
Will Sutton
Reed Smith
Contributions by Reed Smith

1

New York—cross border banking and finance guide
New York—cross border banking and finance guide
Practice notes

This cross border Banking & Finance guide provides a summary of the key issues for lenders providing commercial loan facilities in New York including loan markets and recent developments, lending, security and guarantees, enforcement, intercreditor issues and governing law and disputes

Contributions by Reed Smith Experts

13

Bonds issued by charities, housing associations and universities
Bonds issued by charities, housing associations and universities
Practice notes

This Practice Note details certain aspects of capital markets transactions in the charity, social housing and education (university) sectors. In addition, examples of such transactions and potential issues to be aware of are highlighted. The Practice Note sets out what social impact bonds (SIBs) and development impact bonds (DIBs) are and how these operate. It also describes key parties to the transactions and key documents used in transactions when issuing SIBs or DIBs.

Brussels I (recast)—dealing with insurance matters
Brussels I (recast)—dealing with insurance matters
Practice notes

This Practice Note deals specifically with the reforms in Regulation (EU) 1215/2012, Brussels I (recast) as they relate to insurance matters. These are set out in the regulation at Chapter II, Section 3 in articles 8–14. The Practice Note considers general rule that a defendant should be sued in the country in which they are domiciled and exemptions to that general rule when dealing with an insured who is regarded as the weaker party—the position where parties are on an equal footing is explored. Additional protection where there might otherwise be tacit prorogation of jurisdiction is considered as is impact of an agreed jurisdiction clause in an insurance dispute.

Comparing UK and US secondary debt trading markets, with particular reference to the LMA v LSTA recommended terms for secondary trading
Comparing UK and US secondary debt trading markets, with particular reference to the LMA v LSTA recommended terms for secondary trading
Practice notes

This Practice Note considers the similarities and differences between secondary debt trading markets in the US and the UK. Where relevant, it compares the secondary trading documentation issued by the Loan Market Association (LMA) in the UK and the Loan Syndications and Trading Association (LSTA) in the US

FCA enforcement essentials—preventing a referral to FCA enforcement
FCA enforcement essentials—preventing a referral to FCA enforcement
Practice notes

This Practice Note considers how firms can prevent a potential regulatory breach from escalating to a serious issue subject to FCA enforcement. It considers the risks of not notifying the FCA of a breach and practical considerations for firms on discovering a breach, including internal investigations, securing evidence, dealing with individual misconduct and issues around publicity. Although this Practice Note focuses on the issues involved in a potential FCA enforcement action, the same considerations apply to Prudential Regulation Authority (PRA) investigations.

Introduction to fund finance—capital call facilities
Introduction to fund finance—capital call facilities
Practice notes

This Practice Note looks at the main terms of capital call facilities, including typical representations, covenants and events of default, the nature of the due diligence a lender will undertake and what constitutes a typical security package.

Listing debt securities on the New York Stock Exchange
Listing debt securities on the New York Stock Exchange
Practice notes

This Practice Note examines the requirements for the admission to trading and the listing of debt securities on the New York Stock Exchange

Retained Rome I—insurance contracts (art 7)
Retained Rome I—insurance contracts (art 7)
Practice notes

This Practice Note looks at the insurance contract provisions in Retained Regulation (EC) 593/2008, Rome I. Definitions are provided and the different provisions for large and non-large risk contracts are explained in terms of choosing the applicable law, failure to choose and escape routes. Insurance cover obligations are explained as is how to determine where the risk is situated. Provisions for reinsurance contracts are briefly considered. Finally, whether Retained Rome I or Retained Rome II apply when dealing with vehicle accidents or third party rights against insurers is explored.

Rome I—insurance contracts (Art 7)
Rome I—insurance contracts (Art 7)
Practice notes

This Practice Note looks at the insurance contract provisions in Regulation (EC) 593/2008 of the European Parliament and of the Council of 17 June 2008 on the law applicable to contractual obligations (Rome I). Definitions are provided and the different provisions for large and non-large risk contracts are explained in terms of choosing the applicable law, failure to choose, escape routes and EU Member State derogation. Insurance cover obligations are explained as is how to determine where the risk is situated. Provisions for reinsurance contracts are briefly considered. Finally, whether Regulation (EC) 593/2008, Rome I or Regulation (EC) 864/2007, Rome II applies when dealing with vehicle accidents or third party rights against insurers is explored.

Subrogation in insurance and reinsurance
Subrogation in insurance and reinsurance
Practice notes

This Practice Note provides a guide to subrogation in the context of insurance. It explains the legal basis and purpose of subrogation and its practical application. This Practice Note provides guidance on how to distinguish rights of subrogation from other rights, such as assignment or contribution claims. It covers common situations such as subrogation against co-insureds and the application of express subrogation clauses or waiver of subrogation. It also explains the allocation of recoveries and the duty of the insured to co-operate with insurers.

Use of information in the secondary debt market for loan trading
Use of information in the secondary debt market for loan trading
Practice notes

This Practice Note considers how the possession of information (particularly confidential and material non-public information) impacts on the secondary loan market. In particular, it considers whether loan trading is a regulated activity, the use of information barriers and ‘Big Boy’ letters in the secondary loan market and the relevant market guidelines issued by the LMA and other trade associations in relation to the handling of sensitive information by participants in the secondary loan market

Other Work
Pre-trade due diligence checklist for distressed trades (bank debt/claims) under Loan Market Association (LMA) documentation
Pre-trade due diligence checklist for distressed trades (bank debt/claims) under Loan Market Association (LMA) documentation

This Checklist identifies the key factors that you should consider when advising a prospective party in relation to a trade using secondary debt trade documentation (distressed) published by the LMA. This list is not exhaustive. In particular commercial due diligence covering the financial condition of the obligors, industry and other matters would be conducted pre-trade but are beyond the scope of this checklist. Additionally, certain terms of trade are credit-specific, and can only be referenced generally. In this Checklist, we assume that the debt in question is non-performing and that the obligors may be in a form of restructuring or insolvency/bankruptcy.

Pre-trade due diligence checklist for par trades (bank debt/claims) under Loan Market Association (LMA) documentation
Pre-trade due diligence checklist for par trades (bank debt/claims) under Loan Market Association (LMA) documentation

This Checklist identifies the key factors that you should consider when advising a prospective party in relation to a trade using secondary debt trade documentation (par) published by the LMA. This list is not exhaustive. In particular commercial due diligence covering the financial condition of the obligors, industry and other matters would be conducted pre-trade but are beyond the scope of this checklist. Additionally, certain terms of trade are credit-specific, and can only be referenced generally. In this Checklist, we assume that the debt in question is performing and that the obligors are not in any form of restructuring or insolvency/bankruptcy.

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