Dentons - Bank Notes - Summer 2017

LIBOR – FCA consults on additional powers to compel banks to make LIBOR submissions

July 26, 2017

In June 2017, the FCA published a consultation paper (CP17/5) on its proposed approach to its powers to compel contributions to the London Interbank Offered Rate (LIBOR).

UK beneficial ownership registers – how recent developments affect finance transactions

July 26, 2017

This year the UK government has introduced, updated and consulted on various measures to make the identity of those investing in the UK more transparent. Some, but not all, of these have been introduced to comply with the EU Fourth Money Laundering Directive (2015/849) (MLD4), which member states had to implement by 26 June 2017. This note summarises these developments, and considers how they may affect financing transactions.

ISDA Master Agreement – Court of Appeal favours chosen law over local "mandatory laws"

July 26, 2017

When commercial parties choose English law to govern their hedging or financing contracts, the English courts will usually apply that choice with very few exceptions. A recent Court of Appeal case further narrows one such exception (the Article 3(3) Exception): Dexia Crediop SpA v. Comune di Prato [2017] EWCA Civ 428.