Hogan Lovells Corporate Insurance Newsletter June 2014 UK  PRA publishes PS5/14: PRA Rulebook  PRA publishes statement of policy on the financial stability information power  The PRA’s approach document to insurance supervision updated  PRA publishes SS7/14: Reports by skilled persons  PRA publishes statement of policy on the use of PRA powers to address serious failings in the culture of firms  PRA publishes its annual report and accounts 2014  FCA publishes a market study into retirement income: revised terms of reference  FCA publishes FG14/6 - Annuity comparison websites: financ

ISDA is pleased at how the industry infrastructure for CDS worked in the context of the Lehman default and settlement. It also pointed out the misperceptions about the role of CDS in the financial crisis.

Preferred maritime liens can raise challenging issues during maritime disputes—especially during bankruptcy. Creditors may encounter problems when filing for seizure due to their unique nature, with venue is becoming a determining factor.

Stefan Ingves has spoken on the Basel Committee’s priorities for the next year. He focused on:

 FSA has set out its standards for “key attributes” of effective resolution regimes. The standards require each jurisdiction to:

The Committee on Payment and Settlement Systems within Basel has published a report looking at how clearing and settlement arrangements for repos work and have worked during the economic crisis. It looks at issues that may affect resilience of repo markets and suggests ideas for strengthening them.

Summary

On 1 July 2009, UNCITRAL adopted the Practice Guide on Cross-Border Insolvency Cooperation. The Practice Guide provides a useful reference source on some practical aspects of cooperation and communication to deal with many of the conflicts and tensions between stakeholders and jurisdictions inevitable in cross-border cases. To ease these tensions, it is often essential for creditors and, importantly, the courts concerned to reach agreement about how the process will be handled.

International context

1 Advantages to aircraft financiers

For an aircraft financier, the virtues of the Cape Town Convention and its Aircraft Equipment Protocol (together Cape Town) are that it aims to:  

High Court orders the liquidation of CBL Insurance

Last month the Insolvency Working Group released its second and final report, dealing with voidable transactions and Ponzi schemes.  The Group's first report was released in July 2016 and dealt with regulation of insolvency practitioners and voluntary liquidations.  In the second report, the Working Group make a number of recommendations on the voidable transaction regime and regarding protection from Ponzi schemes.  In relation to voidable transactions, the primary recommendations were repealing the "gave value" part of the defence available to creditors with a view to incre