Issue 6 | April 2017 Disputes Digest 2 | Disputes Digest Corporate counsel’s guide to the key cases of 2016 (litigation) Corporate counsel’s guide to the key cases of 2016 (arbitration) Singapore targets effi ciency in investment arbitration proceedings Does the MasterCard class action mark the dawn of a new era in UK litigation?

In response to the economic crisis caused by the COVID-19 pandemic, lawmakers very quickly started working on improving the legal framework to enhance existing and develop new restructuring instruments. Contrary to expectations, not that many restructurings actually took place in 2020, likely because of support made available to businesses.

September 2016 CMS_LawTax_Negative_28-100.eps Enforcing Security over Real Estate and Shares across Europe 2 | Enforcing Security over Real Estate and Shares across Europe 3 Introduction 4 Albania 5 Austria 6 Belgium 7 Bulgaria 8 Czech Republic 9 England and Wales 10 France 11 Germany 12 Hungary 13 Italy 14 Luxembourg 15 Montenegro 16 Netherlands 17 Poland 18 Portugal 19 Romania 20 Russia 21 Scotland 22 Serbia 23 Slovakia 24 Slovenia 25 Spain 26 Turkey 27 Ukraine 28 Contacts Contents 19 practice and sector groups working across offices Ranked 2nd most global law firm in the Am Law 2015 Glob

The Hungarian National Bank (MNB) has issued its updated management circular for the treatment of outstanding loans affected by legislative moratoria.

In line with the European Banking Authority (EBA) position, the MNB states that it not necessary to automatically qualify a customer loan as being defaulted or restructured (and thus the creation of higher provisions is not necessary) if the loan fell under the Hungarian legislative moratoria for up to nine months prior to the expiry date of the second moratorium on 30 June 2021.

Proposed amendments to the Recovery and Restructuring of Credit Institutions and Investment Intermediaries Act, effective as of 14 August 2015 (“Recovery and Restructurings Act”) provide that stress tests should be carried out for insurers and reinsurers. If approved by the Parliament, the changes will necessitate the organising and performing of stress tests for insurers and reinsurers within a tight timeframe, by the end of 2016.

What are the new provisions?

Draft Law No. 3555 “On Financial Restructuring” (the “Restructuring Law”) aimed at creating effective mechanisms for voluntary financial restructuring of Ukrainian companies’ debts (the “Voluntary Restructuring”). The Restructuring Law is adopted as a temporary measure and will be in effect for three years. The Government expects that the Restructuring Law will result in reducing the amount of bad loans and restoring bank lending.

The main novelties of the Restructuring Law are as follows:

The English Court has, for the first time, handed down judgment on whether the liquidation stay prevents the Financial Conduct Authority (the "FCA") from issuing a Warning Notice under sections 92 and 126 of the Financial Services and Markets Act 2000 ("FSMA") without first seeking leave from the Court.

A recent Scottish Inner House decision provides an overview of the approach to be taken in Scotland to interpreting performance bonds. The decision notes that the degree of compliance required when making a call may be strict, or not so strict, depending on the construction of the bond. The court’s decision also refers to the commercial purpose of the bond being key and may suggest that a more lenient approach to performance bonds is to apply in Scotland.

The UK Government has issued secondary legislation extending the period of applicability of certain temporary provisions of the Corporate Insolvency and Governance Act 2020 (“CIGA”).