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India's knowledge economy thrives on innovation, but financing such ventures requires alternatives to traditional tangible asset-based collateral. This paper explores the potential of intellectual property (IP) as a viable option. While challenges in valuation and enforcement exist, IP holds significant value. It is argued that IP acts as a two-pronged signal for lenders. Strong IP portfolios indicate a borrower's creditworthiness, while the potential loss of valuable IP discourages defaults. However, India's regulatory framework presents hurdles. Streamlining legal procedures, empowering financial institutions to assess IP value, and establishing centralised registries for recording security interests are crucial first steps. Risk mitigation strategies are equally important. Government-backed risk-sharing programmes and promoting IP insurance can incentivise banks and protect all parties. Finally, educating businesses about IP financing opportunities unlocks this avenue for securing funding. By addressing these challenges, India can create a robust environment for IP-based collateral, thereby fuelling economic growth and technological progress. [ABSTRACT FROM AUTHOR]

The article offers the author's insights on the haircut regulatory framework issued by the Financial Stability Board (FSB) for non-centrally cleared securities financing transactions (SFTs). Topics discussed include the securities lending risks in the shadow banking system, the cash-collateralised securities lending, and the special repurchase agreements or repos. It also mentioned the SFTs' rules on haircuts in over-the-counter (OTC) market.

Securities financing (ie repos and cash-driven securities loans) provide short-term credit against securities collateral, and offer a valuable alternative to short-term bank finance. These markets are an important aspect of the shadow banking system, where unregulated maturity transformation and leverage was implicated in the recent financial crisis. International regulatory reform initiatives, particularly by the Financial Stability Board, are timely, generally well-targeted and welcome. Less welcome is alarmism about the substantive law basis of securities financing. This discussion is intended to show those concerns to be unfounded. [ABSTRACT FROM AUTHOR]

The article explores the developments that are relevant to banking and finance law as well as matter regarding the sovereign immunity and foreign state interests in Great Britain. It discusses the amendments of the Financial Markets and Insolvency Regulations 2010 to the Financial Markets and Insolvency to the Financial Markets and Insolvency Regulations 1999 and to the Financial Collateral Arrangements Regulations 2003. It further mentions the indirect enforcement of a foreign sovereign interest and the act of state doctrine as well as exercise of rights and waivers of defaults.

The Financial Collateral Arrangements (No 2) Regulations 2003 have recently been amended to include credit claims as financial collateral, to provide a partial definition of "possession" and to allow the claims of a person holding floating security on financial collateral to rank ahead of claims ranking as administration and liquidation expenses. This article analyses the effects of these changes and identifies other changes which were not made - the opportunity missed. [ABSTRACT FROM AUTHOR]

After a wait of seven years, we now have the first English case on the question which lies at the heart of the Financial Collateral Arrangements (No 2) Regulations 2003: what degree of control must a collateral-taker be given over financial collateral to enable it to obtain a "security financial collateral arrangement"? The case is important to all who take and rely on charges over financial collateral. [ABSTRACT FROM AUTHOR]

Taking security in Spain may pose some uncertainties to non-Spanish lenders as, in general, strict formalities are required to perfect the granting of the security, and the risk of rescission may hover over the securities when insolvency proceedings are commenced. Lenders may also encounter issues and difficulties when foreclosure of a security is required. The purpose of this article is to assist foreign lenders (and their counsel) in the process of considering, negotiating and perfecting security interests in Spain (ie security over assets located in Spain and over which, according to Spanish law, a Spanish law security may be created) and to avoid and mitigate any risks of rescission set forth under Spanish law. [ABSTRACT FROM AUTHOR]

The English law of secured transactions in personal property is of a rather piecemeal nature, largely built on case-lawbut with some statutory intervention. It lacks a coherent structure and contains a number of anomalies, not least in the way it places emphasis on form rather than substance and in the manner in which it attempts to distinguish between different types of security and between secured transactions and other forms of proprietary financing. This article examines the case for reformof the lawand puts forward proposals drawn from suggestions previously made by the Law Commission which, in turn, had been developed from the reformed systems that operate in North America and New Zealand and which are now also being implemented in Australia. [ABSTRACT FROM AUTHOR]

In the wake of the financial crisis a new wave of litigation looms. This paper presents an "aloof" analysis of legal arguments involved in securitisation cases. First, it identifies the relevant facts. Second, it focuses on key legal liability elements for fraudulent/negligent statements in securitisation litigation. In so doing, it identifies the aspects where public debate and legal argument differ, and where they concur; and it takes a broad view on the implications of tipping the balance one way or the other. It is concluded that the current wave of litigation has consequences for the long-term future of the financial industry. [ABSTRACT FROM AUTHOR]

The Australian Personal Property Securities Act 2009 has transformed the landscape of personal property security law in Australia. This paper examines the shape which the reforms take. The new regime largely resembles those introduced in other jurisdictions where reform has been undertaken, both in its broad structure and in the detail; it introduces a unified, functional approach towards security interests in personal property, a "notice-filing" regime for registration and a single electronic register. This paper discusses the extent to which it also departs from both the style and the substance of other regimes. Although many of the differences are intentional, they may prove ill-advised. However, even if faults can be found with the new regime, there is no doubt that it represents a significant improvement on what came before. [ABSTRACT FROM AUTHOR]

The current review of Article 14 of the Rome I Regulation is confined to the effectiveness of an assignment against third parties other than the debtor. Market certainty requires a broader consideration of the principles governing the cross-border assignment of contract debts, addressing also the effectiveness of an assignment, against both assignor and debtor, and perfection by notice. Principle suggests that the law governing the contract of assignment should regulate the effectiveness of the assignment between assignor and assignee, and between the assignee and third parties including the debtor. The law governing the contract creating the debt should control perfection of the assignment, and priority between competing assignments. It is doubtful whether bulk assignments in general require special treatment. However, consideration should be given to whether assignees in the receivables financing market should be entitled to rely on the assignor's local law in matters concerning priority. [ABSTRACT FROM AUTHOR]

In this article the author discusses the Companies Act 2006 enactment for the registration of company charges in Great Britain. She highlights the unforeseen difficulties may be encountered by the legislator in accommodating two European measures on financial intangibles. Also investigated is the failure of the provision of Financial Collateral Arrangements (FCA) Regulations of the Rome I Regulation that damages the 2007 Act.

This article deals with the consequences of a prime broker's insolvency in the case of a security financial collateral arrangement. In Re Lehman Brothers International (Europe), Briggs J had to deal with the proprietary rights of a custody client in respect of securities initially transferred to a prime broker and securities substituted for those original securities by the prime broker. In addition, issues arose as to the prime broker's beneficial ownership of cash generated by securities after the prime broker went into administration and as to whether a duty on the part of administrators to account to the custody client for that cash was an expense of the administration. [ABSTRACT FROM AUTHOR]

The article reviews the developments of law in Great Britain in relation to international finance and banking. It highlights the amendments of the Settlement Finality Directive and the Financial Collateral Arrangements Directive by European Council (EC) Directive and its implementation by the Member States on December 30, 2010. It outlines the changes to the Settlement Finality Directive including the extension of protection to transactions that occur across linked designated systems. It notes that the extension on the concept of financial collateral to include credit claims is the most important change to the Financial Collateral Arrangements Directive.

The article offers information related to administration proceedings in Great Britain. The Privy Council rejected the appeal from the Court of Appeal of the British Virgin Islands in the matter of Curkova Finance International Ltd. and stands that there is a sensible allocation of the financial collateral for the purposes of Regulation 17. In the matter of Nortel Networks, English court's letters of request are improbable to be formally binding on courts. In the Jefferies International Limited v Landsbanki Islands HF, there was no reason for the English court to adopt a different approach since the Islandic insolvency regime would permit such claim followed in Iceland.

It is interesting to find a law designed to be fair to one group of targets rather than another group of targets. The Egyptian Civil Procedures Code in relation to the enforcement of mortgages is found to be fairer to debtors than it is to creditors. Creditors are only permitted to initiate the enforcement procedures and debtors are given enough rights to allow them to postpone the finalisation of the enforcement procedures for tens of years. In this paper, by bringing together ancient and modern principles, I argue for two newenforcement systems - self-help and enforcement through a third party - and show that they can strike a better balance of fairness between debtors and creditors. Self-help in particular has been rejected in Egypt on two grounds: (i) that it will be abused by creditors; and (ii) that it is against Islamic sharia. By reference to the principles adopted by European Bank for Reconstruction and Development with regard to security enforcement, I argue that self-help can strike a better balance of fairness. And by reference to primary sources of Islamic sharia, I argue that self-help is in fact the default way of enforcing security in sharia. [ABSTRACT FROM AUTHOR]

In April 2008, the European Commission presented a proposal to amend the 1998 Settlement Finality Directive and the 2002 Financial Collateral Arrangements Directive. These two pieces of legislation provide essential rules on default and collateral protection. The value of clear rules in these two key dimensions have been amply illustrated by the ongoing financial crisis. This article argues that these rules needed to be upgraded to fit an evolving market place and outlines the major changes agreed upon. [ABSTRACT FROM AUTHOR]

The article discusses a court case of Lehman Brothers International (Europe) wherein the company created a multi-user secured obligation programme which issued notes to investors which is served as collateral. It is noted that after the bankruptcy of the Lehman Brothers (Europe) including the Lehman Brothers Holdings Inc., the documents of the companies were under the English court. The companies file a chapter 11 protection which resulted of not paying the noteholders but an Australian manager files a proceeding in the English court to Lehman to prioritize the payment of the noteholders. It is cited that the English court is waiting for the U.S. court issue under the U.S. bankruptcy law due to Lehmans main's office is in the U.S.

The Financial Collateral Arrangements (No 2) Regulations 2003 are technically deficient from the Scottish legal viewpoint - firstly, arrangements regarding Scottish collateral are normally "title transfer financial collateral arrangements" rather than "security financial collateral arrangements" as assumed in the regulations; and secondly, insolvency of Scottish partnerships is not fully dealt with. [ABSTRACT FROM AUTHOR]