Finance Focus – 2016 New Year Edition

Welcome to the 2016 New Year Edition of Finance Focus, the e-update from Thomas Cooper’s Finance Group, in which you can review the latest legal developments in your area of finance and keep up to date with Thomas Cooper’s news and events.

Receivables finance and the importance of contract due diligence (by Alex Monk)

For those with an interest in trade and commodity finance, the events and fallout of the Qingdao ports affair in China did much to raise the importance of thorough due diligence in the context of inventory finance…(read more)

Contractual Recognition of Bail-in and Letters of Credit (by Alex Monk and Felicia Zeller)

The PRA has recognised that the implementation of Article 55 of the Bank Recovery and Resolution Directive (“BRRD”) needs further consultation where its full implementation makes it impractical for financial institutions to comply… (read more)

Refund Guarantee or Performance Bond? (by Grant Eldred)

“I wish we could negotiate the Refund Guarantee with the Bank before we start discussions on the Contract terms with the Yard!” – An understandable refrain from a Buyer, which emphases the crucial role of the Refund Guarantee in any newbuilding contract… (read more)

“UK Branches of Foreign Banks– FCA Final Rules on Strengthening Accountability” (by Alexandra Shipulina)

On 9 November 2015 the Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015 came into force and formally extended the Senior Managers Regime (“SMR”), Certification Regime (“CR”) and Conduct Rules to cover UK branches of foreign banks (so called “incoming branches”)… (read more)

Marks and Spencer PLC v BNP Paribas Securities Trust Company (Jersey) Ltd – A windfall for landlords and pitfall for tenants (by Kate Harrison)

The judgment of the Supreme Court in Marks and Spencer PLC v BNP Paribas Securities Trust Company (Jersey) Ltd (“the M & S case”) demonstrates yet again how break clauses are a frequent cause of dispute between landlords and tenants… (read more)

Misuse of employer confidential information through employee personal email accounts (by Nick Humphreys and Edward White)

The concept of an employee breaching his or her contract of employment during the course of employment by taking the employer’s confidential/proprietary information is not a new one. It was considered in the financial sector case of Brandeaux (Advisers) UK Limited v Chadwick [2010] EWHC 3241…. (read more)

A New Financial List in the Commercial Courts – An International Benchmark? (by Alex Monk and Felicia Zeller)

In our Summer 2015 Finance Focus – The Commercial Court: A New Financial List we reported that a consultation for the establishment of a new Financial List in the Commercial Court was in process… (read more)

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Our Finance Team

New Joiners

Steffen Pedersen joined our Singapore office on 1 October 2015. He is a Hong Kong and English qualified lawyer who specialises in offshore and maritime law with a particular focus on China and North Asia. He has spent his entire career in Asia and speaks Mandarin. His experience and practice is broad being both contentious and non-contentious relating to shipbuilding, charters, financing of projects, arbitration/litigation/mediation. Click here to read Steffen’s full profile.

Alex Brooks also joined Thomas Cooper’s Employment team on 25 January 2016. Alex advises on the full range of contentious and non-contentious employment law and HR issues and acts for both employers and individuals on employment tribunal claims involving unfair dismissal, discrimination, breach of contract and whistleblowing. Click here to see Alex’s profile.. Click here to see Alex’s profile.