Banking and finance

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White & Case hires new partner from Morgan Stanley

White & Case has expanded its projects and finance practice in London by bringing in an in-house lawyer from Morgan Stanley. The US firm will add George Kazakov to its global project development and finance ranks. He joins from Morgan Stanley Infrastructure Partners, where he has spent seven years and served as global investment counsel. […]

Latham finance partner exits for Paul Hastings

Paul Hastings is to bring in a leveraged finance partner from Latham & Watkins’ City office, The Lawyer can reveal. Partner Adrian Chiodo has been a member of Latham’s finance department since 2011. He was previously a partner at Australian outfit Gilbert + Tobin, and prior to that an associate at Milbank and legacy Allens Arthur […]

White & Case

White & Case boosts high yield team with Cravath hire

White & Case is adding a new high yield partner to its German ranks, this time by taking on a specialist from Cravath Swaine & Moore. The US firm has picked up Yannick Adler, who is European counsel in Cravath’s London office. As part of the move, he will become partner in the firm’s Frankfurt […]

Jones Day partner moves over to Addleshaws

Addleshaw Goddard has brought in a Jones Day partner to boost its leveraged finance team, as the UK firm continues to add more lawyers in London. Ewen Scott joins the firm’s City practice after three years at Jones Day. Prior to this he spent seven years at Ashurst, making partner in 2016, having begun his […]

Lara Oyesanya

WorldRemit brings in GC from Contis

WorldRemit has recruited Contis’s general counsel Lara Oyesanya as its new GC. Oyesanya has been appointed group GC, company secretary and C-suite executive at digital payments service WorldRemit, after former GC Martin Cook returned to private practice at the beginning of the year. Cook, who spent a year in the role, is now head of […]

Analysis

The Formula for Success: EQ ≥ IQ

Why is a lawyer like a dentist? It’s not a trick question – both are professions where, in order to be successful, emotional intelligence is vital. A patient in need of root canal treatment will favour the dentist that welcomes them into the surgery and ensures they feel relaxed while the painful problem is treated. […]

Banking & Finance Briefings

Guernsey’s data protection regulator approves new EU standard contractual clauses

The Office of the Data Protection Authority (“ODPA”) in Guernsey has approved the European Commission’s new standard contractual clauses (“New SCCs”) for the international transfer of personal data to ‘third countries’ which have not yet adopted data protection legislation that is equivalent to the EU’s General Data Protection Regulation and so are not yet considered to have ‘adequacy’.

Individual accountability moves closer – what will it mean for me?

Individual accountability in the regulated financial services sector moved a step closer with this week’s publication of the heads of bill of the Central Bank (Individual Accountability Framework) Bill 2021. We now have much greater visibility of the additional obligations that will be imposed on firms and individuals under the individual accountability framework.

The sustainability of green financing

Maples Group acted for Xiaomi Corporation in connection with Xiaomi’s offering of US$800,000,000 2.875% Senior Bonds Due 2031 and US$400,000,000 4.100% Senior Green Bonds Due 2051 issued by Xiaomi Best Time International Limited, incorporated in Hong Kong and unconditionally and irrevocably guaranteed by Xiaomi Corporation, a company controlled through weighted voting rights and incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The green bonds offering marked Xiaomi’s initial foray into the world of green financing and more broadly Environmental, Social and Governance (ESG). The proceeds of the green bonds are earmarked for ‘Eligible Projects’ within Xiaomi’s finance framework aimed at positive environmental and social benefits. Their framework follows the green bonds and loan guidelines of the International Capital Markets Association.

Impact of FCA’s Business Plan on payments

As part of its 2021/22 Business Plan, published on 15 July, the FCA has stated that making payments safe and accessible is one of its four “consumer priorities” for the coming year.

Channel Islands Funds Quarterly Update: Q2 2021

1. Pan-Channel Islands developments 1.1 Economic substance regime now extended to partnerships 1.2 The International Stock Exchange reports a record number of Q1 listings 2. Jersey developments 2.1 Self-managed funds must satisfy the economic substance test – Taxation (Companies – Economic Substance) (Amendment No. 2) (Jersey) Law 2021 2.2 Changes made to Funds Business fee rates 2.3 Disclosure requirements for sustainable investment aim to combat greenwashing 2.4 Duty of supervisory body to use a risk-based approach 2.5 Investment in lawful cannabis industry is now permitted 2.6 First quarter fund statistics 3. Guernsey developments 3.1 Revisions to Private Investment Fund rules 3.2 Three new consultation papers on the Revision of Laws Project 3.3 De-regulation of Non-Guernsey Scheme regime 3.4 First quarter investment statistics 3.5 Finance sector code of corporate governance

New regime for consumer hire purchase, PCP finance and point of sale lending

The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 20211 was published on 23 June 2021. Once enacted later this year, the bill will extend the Irish retail credit licensing regime to any currently unregulated providers of consumer hire-purchase, consumer hire (e.g. PCP car finance) and consumer indirect credit provision, such as the emerging point of sale lending sector. It is important to note that non-consumer activity such as SME hire-purchase and certain forms of trade credit are not in the scope of the bill.

Fund Finance Update – Will Jersey’s new sustainable investment disclosure requirements aid ESG financing?

ESG. Unless you have been living under a rock these last 18 months (in hindsight probably not necessarily the worst place to have been) you will have heard these three letters over and over again. The hot topic of 2020 is carrying on full steam through the course of 2021 so far. While ESG investing has been gaining steady pace over the course of the last half decade, the use of ESG in financing arrangements has seen a recent proliferation.

Blockchain Webinar Series | Exploring decentralized finance: Understanding the latest trends and legal developments

For sophisticated investors looking for the next opportunity, decentralized finance (DeFi) offers a new way to invest in crypto assets in an on-demand digital world. However, before jumping in with both feet it’s critical to understand what DeFi is, how it works, its potential return on investment and its inherent risks. In this session we explore the burgeoning DeFi landscape, outline key legal considerations and highlight strategies that are currently being offered on various platforms.

Bermuda Economic Substance Amendment Act 2021

The Bermuda Economic Substance Amendment Act 2021 received Royal Assent on 30 June 2021. This Act amends Bermuda’s Economic Substance Act, 2018, to bring limited partnerships without separate legal personality and overseas partnerships into scope. Partnerships that are now in scope which are carrying out a specified relevant activity must be fully compliant with the economic substance requirements and associated regulations by 30 December 2021.