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From 1 April 2013, a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Bank of England is to have...

As from 6th April 2013, registration of security in the UK is set to become much simpler. Why? Because: (i) we will no longer have to complete long registration forms and will benefit from the ability to file electronically; (ii) charging documents will be available...

The Basel Committee on Banking Supervision ("BCBS") published the finalised Liquidity Coverage Ratio ("LCR") on 7 January 2013. The finalised LCR is less onerous than the original formulation published in December 2010 and should therefore...

When looking at a distressed credit, determining creditor priority becomes key. The focus is not just on realising value, but on who has control of that realisation process. In a recent case (Saltri III Ltd v MD Mezzanine SA Sicar & Ors [2012] EWHC...

The final report of the Wheatley Review on LIBOR has been published today (28 September 2012). The report concludes that LIBOR should be retained as a benchmark, but, as expected, recommends a comprehensive reform of LIBOR, which includes replacing the British...

As Eurozone concerns continue so does the market's focus on the role that loan documentation has to play in addressing potential redenomination risk. In this update to our earlier briefing The Eurozone Crisis and Loan Agreements (November 2011), we highlight...

An alternative approach for leveraged borrowers to deal with looming maturities under their existing facilities agreements without requiring all lenders to agree to an extension or a complete refinancing.

For many years managing corporate refinancing risk was relatively straightforward. However, that's no longer the case as the refinancing wall looms into view in already challenging market conditions. Customary options may not be readily available. Sponsors and...

The Eurozone crisis continues to dominate the global economic landscape. What was unthinkable last month – a discussion about the possibility of a Eurozone member departing from the currency union – has now been touched on publicly by leaders of European member...

Credit protection terms available to high-quality corporate borrowers seeking investment grade loans on the corporate syndicated loans market have remained at the same level as before the global financial crisis. Analysis carried out by Clifford Chance shows...