Brief Banking Bites – Spring 2021
Welcome to the Spring edition of Brief Banking Bites, your regular update banking and finance law news.
We hope you are looking forward to the end of COVID restrictions as much as we are.
In this edition of Brief Bank Bites we will look at wide range of topics from Non-Fungible Tokens to the new Social Loan Principles. In addition, we will update on the internal changes at Blake Morgan including the appointment of a new Chair, diversity and inclusion at the firm and introduce you to our new Trainees.
A look at non-fungible tokens
Zoë Roth, better known by the internet as “Disaster Girl”, has sold the original copy of her meme as an NFT for $500,000. This poses the question of what is an NFT?
European Super League – a risky game
The proposed European Super League (ESL) came crashing down last month after nine of the twelve founding members pulled out following huge international backlash. The controversial competition, which aimed to supersede UEFA’s Champions League (currently the continent’s top annual club competition), was undone by an unlikely united coalition of fans, football governing bodies, pundits and governments.
Money laundering regulations warning
The FCA (Financial Conduct Authority) has announced that it has commenced a criminal prosecution against NatWest Bank Plc under the Money Laundering Regulations 2007 (2007 Regulations). This is especially pertinent as this is the FCA’s first criminal prosecution under the 2007 Regulations and its first criminal prosecution under the 2007 Regulations against a bank. Historically, the FCA has used its regulatory toolbox to discipline firms for systems and controls breaches.
Intercreditor deed prevents junior creditor challenging priority arrangements
Our experts take a look at a High Court case where it was held that a junior lender was prevented from challenging the scope of a senior lender’s security under an Intercreditor Deed.
Sustainable lending and finance – social and green loan principles
In April 2021, a new set of international sustainable lending and finance principles called the social loan principles. This was released in the backdrop of the global economy attempting to grapple with the fallout of the coronavirus pandemic, intense pressure has been building on companies to address social justice and climate change issues.
Electronic signatures and the Land Registry
The Land Registry is currently accepting electronically signed deeds under Practice Guide 8. The Land Registry will accept electronic signatures on deeds that effect a disposition referred to in section 27(2) and (3) of the Land Registration Act 2002 (the LRA) (amongst others). This includes deeds which grant a legal charge over property, as section 27(2)(f) of the LRA refers to the grant of a legal charge.
LMA clarifications for changes to the Bail-in clause
Bail-in clauses need to be reviewed in a different light following Brexit. Our Banking and Finance experts look at the updated LMA guidance.
The End of LIBOR and the Financial Services Bill
The FCA have published a statement announcing the dates of the future cessation or loss of representativeness of all 35 LIBOR settings.
Meet our new Trainees
South Coast – Michael Woonton, a first year trainee in his first seat. Previously a Litigation Paralegal in the Landlord and Tenant unit within the Commercial Recoveries team.
Cardiff – Rhian Davies, a second year trainee in her final seat. Rhian has had experience in Commercial Litigation, Commercial Property, and on secondment to the Nursing and Midwifery Council. She is raising money for Brain Tumour Research by taking on the ‘Jog 26 Miles in May Challenge’ to help them get closer to finding a cure for brain tumours, the biggest cancer killer of children and adults under 40. Find out more and donate here.
London – Bianca Vaghela, a second-year trainee in her final seat with the London team, on secondment from the General Pharmaceutical Council. Previous seats include Professional Regulatory and Corporate Governance.
I hope you enjoy the Spring edition of Brief Banking Bites, and my first as the Firm’s newly elected Chair.
If you have any questions or need to contact us, our key contacts in each office are:
- Myself, Kath Shimmin – Southampton
- Meera Jansen – London
- Paul Duggan – Cardiff
- Rebecca McCabe-North – Reading
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