| Welcome to our latest Banking eBulletin. Change (or perhaps the lack of it) has been in the air with the UK election. As you will see we are highlighting below some changes in the field of English law and practice as well, such as those in the consumer credit field and the regulatory landscape.
The case relating to anti-money laundering summarised below has caused some industry comment. Another contribution highlights the possibility of adding value to property (such as property held as security) through use of the planning system. We are fortunate, and unusual, in having chartered planners as well as planning lawyers in our planning group.
There have been other developments as well. For example the LMA has published a revised version of its intercreditor agreement for use in its leveraged acquisition finance transactions and the second and extended edition of the book I edit on International Acquisition Finance: Law and Practice has been published by OUP.
In the field of trade finance, the International Chamber of Commerce has published its revised Uniform Rules for Demand Guarantees (URDG 758) which will be implemented on 1 July 2010. It is hoped that this revision will prove more popular than the previous one and that the rules will be incorporated in increasing numbers of guarantees issued by banks and other institutions.
For those involved with property finance, please note that the Land Registry has launched its third consultation on legislation needed to implement the e-conveyancing system. The consultation ends on 25 June 2010 and the proposals are due to be implemented in 2011.
The International Bar Association (IBA) has recently conducted a multi-jurisdictional survey as part of a study in achieving effective loan security. DMH Stallard completed the response to the survey titled 'Enforcement of Security Interests in Banking Transactions in England and Wales'. You can get more information about this survey by clicking here.
We have recently appointed Stuart Hills as a Finance Partner working in our London office. Stuart is working closely with Perry Noble, who having previously joined the firm as a consultant has now been appointed as a Partner. Perry and Stuart complement the firm’s existing banking and finance practice. They are focusing on acting for Corporate borrowers and lenders across targeted sectors on event driven financings and other special situations. Stuart and Perry have extensive experience in this field having both previously worked together at Freshfields where Perry was joint head of the firm’s finance practice.
I hope you will find something of interest in this issue. Please do not hesitate to contact me or any of my colleagues in our Banking and Finance Group if you have any queries on anything mentioned in this issue or if you would like us to cover a particular topic in future.
Kind regards
Gwen Godfrey
Partner and Head of Banking and Finance Group
01293 605551
gwen.godfrey@dmhstallard.com
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