Bank Notes Summer 2019

How would proposed changes to the UK's airline insolvency regime affect aircraft financiers and lessors?

July 11, 2019

English law, including English insolvency law, is very pro-creditor. So pro-creditor that British Airways was able, in 2013, to raise over $900 million for aircraft purchases in the US capital markets via an EETC issue even before the UK had adopted the Cape Town Convention.

Syndicated lending and competition law – what are the key risks?

July 11, 2019

In April 2019, the European Commission (EC) published a report on "EU loan syndication and its impact on competition in credit markets" (Report) prepared by the EC's legal and economic consultants. The Report focuses on three segments of the syndicated lending market in six EU member states (France, Germany, the Netherlands, Poland, Spain and the UK).

The FCA's 2019/20 Business Plan summarised in two tables

July 11, 2019

In April 2019, the FCA published its 2019/20 Business Plan. The plan sets out the FCA's response to issues it has identified and covers supervisory priorities as well as market studies and policy work.

Are loyalty points schemes a form of electronic money?

July 11, 2019

A case currently before the German courts concerning Lufthansa's Miles & More loyalty points scheme raises the question of whether loyalty points schemes are now considered to be a form of electronic money. The outcome of the Lufthansa case may well set a precedent for regulatory treatment of loyalty points schemes in Germany and across the EEA.

Energy contracts exempted from the Assignment of Receivables Regulations

July 11, 2019

A party trading UK-linked energy derivatives or purchasing, or taking security over, receivables arising under UK-linked energy contracts may need to know whether the Business Contract Terms (Assignment of Receivables) Regulations 2018 (the Regulations) apply to its transaction.