Search

Formal opinion letters are requested in numerous financial transactions. They can frequently involve considerable discussion and sometimes difficulty. The parties may have differing expectations as to who should provide the opinion letter, in what terms and for whose benefit. The City of London Law Society (CLLS), whose members include some of the largest international law firms in the world, has issued a Guide to questions to be addressed when providing English law opinion letters in financial transactions. The aim of the Guide is to save time and costs spent in resolving these issues. It includes guidance on how to reconcile differences between English and US opinions practice in cross-border transactions. [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]

In its consultation document "Encouraging Company Rescue" of June 2009, the Department for Business, Innovation and Skills (DBIS) invited comments on proposals to extend the use of a moratorium against creditor action in a company voluntary arrangement and to improve access to rescue finance. While recognising that the UK insolvency regime is well regarded internationally, DBIS wishes to enhance the regime further. A number of the proposals would have far reaching implications. The Financial Law Committee of the City of London Law Society, expressed support for some proposals and reservations about others. This article explains the Committee's views and its suggested alternative restructuring proposal. [ABSTRACT FROM AUTHOR]

This article reports on the outcome of the appeal to the Privy Council in the first reported case to test the new remedy of appropriation over financial instruments (including shares) introduced by the Financial Collateral Arrangements (No 2) Regulations 2003 which implemented Directive 2002/47/EC. [ABSTRACT FROM AUTHOR]