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International Law

Bank Law Blog

An idiosyncratic selection of news in the world of English bank law.

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Last Entry: July 08, 2010 at 09:41:02

Capital Requirements Directive: amendment approved

Posted on July 08, 2010
The European Parliament have approved amendments to the Capital Requirements Directive, although the text is not yet available: see this press release from the Parliament issued on 7 July 2010. The release focuses on bonus rules but glances at stricter capital rules on bank trading activities and higher standards for re-scuritisations.

Lending Code ? review

Posted on June 21, 2010
The Lending Standards Board has announced a review of the Lending Code. The Code sets standards of good practice in relation to personal unsecured loans, credit cards and overdrafts and lending to microenterprises The review will be undertaken by Professor Lorne Crerar...

Mortgage Market Review ? update from FSA

Posted on June 21, 2010
What the FSA are doing in the Mortgage Market Review was covered in detail in a speech on 16 June 2010 by Lesley Titcomb, Director of Small Firms and Contact Centre at the FSA. She was addressing the Council of Mortgage Lenders’ annual mortgage regulation conference...

Investment banks ? market study by OFT

Posted on June 11, 2010
The Office of Fair Trading has announced its intention of undertaking a market study into the investment banking sector. The OFT has been focussing on financial services for some time. One wonders though what the relevance of a competition enquiry (hunting for price-fixing?) is in the context of highly specialised, very expensive underwriting of large [...

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Identity Documents Bill

Posted on June 11, 2010
A new Identity Documents Bill has been published. In the Queen?s Speech on 25 May, it was said, ?Legislation will be brought forward to restore freedoms and civil liberties through the abolition of identity cards and repeal of unnecessary laws.? The new Identity Documents Bill intends to scrap ID cards and to require the destruction of all [...

Winding up ? change to minimum debt?

Posted on June 11, 2010
The minimum debt that must be owed to a creditor before it may start insolvency proceedings has remained unchanged at £750 since 1986. This sum is now worth less than in 1986 and the Insolvency Service is reconsidering it after no action was taken on a previous consultation in 2006...

Brave new ?

Posted on June 08, 2010
The Department for Business, Innovation and Skills has announced its plan to reduce regulation that, it says, is stifling business growth. Points: A new ?Reducing Regulation Committee? will be formed, chaired by the Business Secretary, to plan how to reduce regulation...

Independent legal advice ? scope?

Posted on May 28, 2010
Investec v Zulman: this isn’t a case that was specifically about the requirement on bank standard forms for guarantors to take “Independent Legal Advice”. When it comes down to it, I don’t actually know if the Bank were using a pre-printed standard form...

Floating charge over cash not a financial collateral arrangement

Posted on May 27, 2010
What a shame no judgment will be published on this case that considered the Financial Collateral Arrangements (No 2) Regulations 2003. Bank Law Blogger has seen a short description of the case where the court decided the respondent held an unregistered floating charge, not a fixed charge, over monies in a bank account...

OFT challenges competitiveness of Special Resolution Regime

Posted on May 26, 2010
The OFT has begun a review of the retail banking market today that affects the whole of the UK. It will look at what prevents new entrants from entering the retail banking market and what factors discourage expansion and leaving the market. The OFT suggests the Special Resolution Regime (SRR) could be made more “competition-friendly”, perhaps heralding [...

The Coalition: proposals for banks

Posted on May 20, 2010
The Government have published “The Coalition: our programme for government” today (20 May 2010) giving some more, but not much, detail about the approach they will take to banking reform. (And other things.) Lending requirements They will underpin the requirement on banks to improve the flow of credit to SMEs (small and medium enterprises) with net lending [...

New money laundering guidance

Posted on May 10, 2010
The Joint Money Laundering Steering Group (JMLSG) has published a proposed new Part (III) to its guidance. The draft guidance is open for public consultation until 9 July 2010. It proposes to give guidance in the following areas: 1. Transparency in electronic payments (Wire Transfers) 2...

ACT Borrower?s Guide to the LMA Investment Grade Documents

Posted on May 10, 2010
In my March issue of the Heavyweight, I referred to the guide to the LMA Investment Grade Documents published by the Association of Corporate Treasurers for corporate borrowers and the fact that it has been updated. I mistakenly said the full text was only available to ACT members but in fact it is freely available to anyone...

Perpetuity periods in documents

Posted on May 05, 2010
Revised versions of the LMA Intercreditor Agreement were published by the LMA during April. It went through two iterations. In the first change to be published, the length of the perpetuity period at clause16.19 was updated to refer to a perpetuity period of 125 years to reflect the period stipulated by the Perpetuities and Accumulations Act [...

Volcanoes, documentary credits and delay

Posted on April 23, 2010
The International Chamber of Commerce have published a statement on the volcanic eruption delaying delivery of documents . The delays in air traffic have prevented courier companies from delivering packages to their published schedules. This has caused problems for banks where they were delivering documents that needed to be presented by beneficiaries and banks in transactions [...

Set off: recent banking complaints

Posted on March 24, 2010
The Financial Ombudsman has included a piece in its recent newsletter on trends in complaints about set off and comments that the complaints tend to centre on whether the bank acted fairly in the way it used the right of set off. It comments on the application in retail banking since 1 November 2009 of the [...

Single Customer View

Posted on March 08, 2010
Since last year, the Financial Services Compensation Scheme have proposed that deposit takers put systems in place to enable them to produce a single customer view, so that they will be able to report on request the aggregate balance held by each eligible depositor...

Tahawwut (Hedging) Master Agreement

Posted on March 03, 2010
The International Islamic Financial Market (IIFM) and the International Swaps and Derivatives Association (ISDA) have launched a Tahawwut (Hedging) Master Agreement that is the first standard contract documentation for transactions in Islamic derivatives, commodity murabaha-based profit-rate and currency swaps...

Problems for banks in Land Registry?s early completion policy

Posted on March 03, 2010
An interesting problem of priority for banks as new lenders taking mortgages has arisen out of the Land Registry’s early completion policy. This policy means that where an application is made to register a sale of land subject to a charge, the land registry will complete the registration even if it does not receive a [...

List of measures to rescue banks across the EU

Posted on March 02, 2010
The European Commission has updated its table, now dated 26 February 2010 that summarises the rescue measures for named banks, including guarantees and recapitalisation measures which have been put in place by Member States at a national level to cope with the global financial and economic crisis...

Bank complaints data

Posted on February 26, 2010
The Financial Ombudsman Service has published its complaints data for the last six months on the number of complaints received about named banks and insurance companies. The data includes the percentage of complaints upheld by the Ombudsman Service in favour of consumers and shows the product areas to which the complaints relate...

Contracts ? new guidance on Rome 1

Posted on February 26, 2010
The Ministry of Justice has published guidance on Rome I to summarise the most important provisions. Rome 1 is the informal name for Council Regulation (EC) No 593/2008 on the law applicable to contractual obligations that came into force on 17 December 2009 and applies to contracts agreed from that date...

Power of sale and residential property

Posted on January 04, 2010
The Ministry of Justice has issued a consultation paper seeking views on proposals to oblige mortgage lenders to obtain a court order, or the consent of a borrower, before repossessing and selling residential owner-occupied homes. Comments are requested by March 28, 2010 Readers of Bank Law Blog might recall the Private Members? Bill, the Home Repossession [...

Greetings

Posted on December 24, 2009
Wishing all you wonderful readers of the Bank Law Blog, a peaceful Christmas and a very happy new year. Look out for some new colours for the Blog in 2010 … Bank Law Blogger

Enviroco ? share charges and subsidiaries

Posted on December 24, 2009
A case that considered whether a particular company was a subsidiary that fell within the scope of an indemnity and whilst considering that, looked at the impact of registration of a bank as the owner of the shares charged to it by that company, found that registration by the bank as holder of the shares [...

Cheques ? or passing cows?

Posted on December 21, 2009
“Cows” – a hat tip to my old colleagues, Graham and Clive, who commented on the sad news about cheques on Linked In. Clive: ”I guess you can always use the side of a passing cow, in extremis…”. And what explains Graham’s turning to AP Herbert (also author of “The Water Gipsies”)? Well, hey, it’s Christmas: take [...

Derivatives markets: House of Lords enquire

Posted on December 21, 2009
The House of Lords is conducting an inquiry into the European Commission?s “communications on ensuring efficient, safe and sound derivatives markets”. The Lords are inviting written evidence by 1 February 2010. The EC communications outline proposals to reform the regulation and supervision of derivatives markets in the European Union...

Cheques ? end of an era?

Posted on December 16, 2009
The UK Payments Council decided in a meeting today, 16 December, to set a target end date of 31 October 2018 to close the central cheque clearing in Great Britain and Northern Ireland. Because there is concern that viable alternatives to cheques have not yet been identified, a major review of the decison will be held [...

Asset Protection Scheme

Posted on December 15, 2009
RBS shareholders are voting in Edinburgh today on the Bank’s entry to the Asset Protection Scheme, although the meeting is likely to range across a broader range of subjects than just the APS. The APS protects RBS against losses above a certain level if particular “credit events” (eg, failure to repay, insolvency or restructuring of [...

Second reading of Financial Services Bill

Posted on December 02, 2009
The Financial Services Bill was presented for its second reading in Parliament on Monday, 30 November. Hansard reports that the Chancellor, Alistair Darling was questioned on the absence of consumer protection provisions in the Bill, particularly as regards pre-payment of goods...

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