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.
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.
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
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 will apply to Prudential Regulation Authority (PRA) investigations.
This Practice Note examines the requirements for the admission to trading and the listing of debt securities on the New York Stock Exchange
This Practice Note looks at the insurance contract provisions in Regulation (EC) No 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, escapes 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) No 593/2008, Rome I or Regulation (EC) No 864/2007, Rome II applies when dealing with vehicle accidents or third party rights against insurers is explored.
This Practice Note explains what is commonly contained in the terms and conditions of Notes for all types of securitisation. The terms and conditions are included in the Prospectus and also as a Schedule to the Trust Deed for all types of securitisation. This Practice Note explains what is commonly contained in those T&Cs.
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
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.
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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