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A boost for UK financial services

The U.K. Financial Services and Markets Act 2023

European Union, United Kingdom, Banking, Capital Markets, Compliance Management, Insolvency & Restructuring, Public, Trade & Customs, A&O Shearman, Corporate governance, Fintech, Due diligence, Carbon neutrality, Cryptocurrency, Anti-money laundering, Financial Conduct Authority (UK), European Commission, HM Treasury (UK), House of Lords, Bank of England, European Securities and Markets Authority, Prudential Regulation Authority (UK), MiFID, Solvency II Directive (2009/138/EU), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), UK Supreme Court
UK proposals for cryptoasset regulation

The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

European Union, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, A&O Shearman, Blockchain, Crowdfunding, Bitcoin, Due diligence, Cryptocurrency, Financial Services Compensation Scheme, Distributed ledger, ESG, Cybersecurity, Anti-money laundering, Central counterparties, Decentralised finance, Financial Conduct Authority (UK), House of Lords, FTX, MiFID, Financial Services and Markets Act 2000 (UK), Markets in Cryptoassets Regulation (EU)
Second Circuit Confirms That Bond Issuers Can Restructure Out-of-Court Via Consent Solicitations

On January 17, 2017, the U.S. Court of Appeals for the Second Circuit issued an opinion in Marblegate Asset Management v. Education Management Corp., 15-2124-cv(L), 15-2141cv(CON) (2nd Cir. Jan. 17, 2017), overturning a broad interpretation of the Trust Indenture Act (TIA) by the U.S.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Bond (finance), Second Circuit
Recent Rulings Underscore Importance of Careful Drafting of Make-Whole Payment Provisions

Under long-established common law, loans must be paid only upon maturity, not before. This "perfect tender in time" rule is the default rule in a number of jurisdictions. Many indentures and credit agreements therefore either bar prepayments altogether with "no call" provisions or permit prepayments with "make whole" provisions that require the payment of a specified premium to make up for the loss of future income.

USA, Delaware, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, Debtor, Maturity (finance)