Banking and Finance eBulletin, December 2011

Banking and Finance eBulletin December 2011

In this issue:

•	LMA Update on the Euro
•	High Court Ruling on Letters of Credit
•	Unreasonable Withholding of Consent: The Principles to be Applied
•	CLLS Guide to Legal Opinions in Financial Transactions
•	Proposed Changes to Registering Security in England and Wales

Welcome to our latest Banking and Finance eBulletin. It is a brief year end round up of some topical issues in the finance field.

The LMA’s note on the Euro was produced at a particularly crucial moment in the history of the EU. The reports on cases on letters of credit and the principles used to determine whether a consent has been unreasonably withheld may not seem so topical, but they are of importance to those involved in trade finance and finance documentation respectively.

For those of us who give, or receive, formal legal opinions, The City of London Law Society Guidance will be of interest. Looking to the future, we also mention the proposals to alter the way in which security is registered in England and Wales.

If you have any comments or queries on any of the items please do not hesitate to contact me or any of my colleagues with whom you usually deal.

It only remains for me, on behalf of my colleagues in our Banking & Finance Group, to thank all our clients and the friends of our firm for your support in 2011.

With Seasons Greetings and every good wish for the New Year,

Gwen Godfrey
Partner and Head of Banking and Finance Group
DMH Stallard LLP
01293 605551
gwen.godfrey@dmhstallard.com

Find out more about our Banking and Finance Group

LMA Update on the Euro

Many of us will recall the debates on the implications of the introduction of the Euro on loan documentation. Now we are looking at, potentially, the reverse situation. The Loan Market Association (LMA) has recently...

High Court Ruling on Letters of Credit

The ICC Uniforms Custom and Practice for Documentary Credits (currently UCP 600) is a set of contractual rules frequently included by express agreement into a documentary credit transaction. One particular point of interest to banks is Article...

Unreasonable Withholding of Consent: The Principles to be Applied

Negotiations on loan and security documents often result in consent provisions being qualified so that consent cannot be “unreasonably withheld”. In the recent case of Porton Capital Technology Funds...

CLLS Guide to Legal Opinions in Financial Transactions

On 22 November 2011 The City of London Law Society (the ‘CLLS’) published a guide on considerations law firms should take into account when providing legal opinions in financial transactions. The guide focuses on opinion letters...

Proposed Changes to Registering Security in England and Wales

In August 2011 the government put forward proposals to revise the procedure for registration of charges under the Companies Act 2006. Following on from this the Department for Business, Innovation and Skills (‘BIS’) circulated an...