FCA Consultation Paper on the Proposed Changes to the UK Listing Rules
Duane Morris Banking and Finance Law Blog
by Natalie A. Stewart
2d ago
By Natalie Stewart and Tobias Clapp On 3 May 2023, the Financial Conduct Authority (“FCA”) released a Consultation Paper which detailed proposed changes to the Listing Rules for companies listed on the London Stock Exchange Main Market and AIM. The consultation period will run until 28 June 2023. The FCA also intends to publish a ..read more
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FCA Consultation Paper on the Proposed Changes to the UK Listing Rules
Duane Morris Banking and Finance Law Blog
by Natalie A. Stewart
2d ago
By Natalie Stewart and Tobias Clapp On 3 May 2023, the Financial Conduct Authority (“FCA”) released a Consultation Paper which detailed proposed changes to the Listing Rules for companies listed on the London Stock Exchange Main Market and AIM. The consultation period will run until 28 June 2023. The FCA also intends to publish a ..read more
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UK Retail Disclosure Update
Duane Morris Banking and Finance Law Blog
by Drew D. Salvest
1w ago
Background The Financial Conduct Authority (“FCA”) is seeking to overhaul the current retail investor disclosure regime that is based on EU rules and is no longer viewed as fit for purpose in the UK. The FCA published a discussion paper in December 2022 seeking feedback on new disclosure rules to ensure retail investors are able ..read more
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The Fed Creates New Program to Make Sure Banks Can Fufil Depositors’ Needs
Duane Morris Banking and Finance Law Blog
by Duane Morris
2M ago
In the wake of the failures of Silicon Valley Bank and Signature Bank, on March 12, 2023, the Federal Reserve Board announced that it will make available additional funding to eligible depository institutions to help assure that banks have the ability to meet the needs of all their depositors. The new lending program, called the Bank Term Funding ..read more
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Acceptance and Benefits of International Arbitration Rising in the Banking and Finance Industries
Duane Morris Banking and Finance Law Blog
by Duane Morris
3M ago
The banking and finance industries have historically chosen litigation as their preferred dispute resolution, generally in the New York or London courts. Due to increased globalization and participation from emerging markets (e.g., Africa and Asia), international arbitration of banking and finance disputes is rising in popularity. To read the full text of this post by Duane ..read more
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LIBOR Transition: Thanksgiving Surprise Consultation on Synthetic LIBOR
Duane Morris Banking and Finance Law Blog
by Roger S. Chari
6M ago
in case you thought it was safe to go away for Thanksgiving and not worry about LIBOR transition, think again. The Financial Conduct Authority, the regulator of US dollar LIBOR across the pond, reminded us that we are all still dependent upon them until the complete switch is made to SOFR or another rate. On ..read more
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In Recent Case, California Court of Appeal Invalidates Default Interest Provision on Nonconsumer Loan
Duane Morris Banking and Finance Law Blog
by Duane Morris
7M ago
The California Court of Appeal recently held that default interest and late fee charges are unlawful when they are assessed against the full outstanding principal balance on a partially matured note, regardless of whether the loan is a consumer or nonconsumer loan. At present, lenders operating in California should be prepared for borrowers to challenge ..read more
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The UK Recovery Loan Scheme
Duane Morris Banking and Finance Law Blog
by Natalie A. Stewart
9M ago
The British Business Bank’s (“BBB”) Coronavirus Business Interruption Loan Scheme (“CBILS”) was first introduced in April 2021. The new iteration of the Scheme, the Recovery Loan Scheme (“RLS”) launched in August 2022 and will run until 2024. Following on from our previous article regarding the CBILS, our follow-up article provides updated guidance regarding the new ..read more
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CFPB Consent Order Could Upend Bank Garnishment Practices
Duane Morris Banking and Finance Law Blog
by Duane Morris
1y ago
On May 4, 2022, the Consumer Financial Protection Bureau published a consent order concerning Bank of America’s garnishment practices whereby Bank of America agreed to: Refund at least $592,000 to its customers for garnishment fees that were improperly assessed; Pay a civil penalty of $10 million; and Submit a compliance plan for redressing unfair and deceptive acts in ..read more
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With ESG Focus, Sustainability Linked Loans Offer Benefits to Both Borrowers and Lenders
Duane Morris Banking and Finance Law Blog
by Louise Melchor
1y ago
As environmental, social, and governance (“ESG”) initiatives are increasingly implemented by borrowers and lenders, sustainability linked loans provide opportunities for both. What are Sustainability Linked Loans? Sustainability linked loans (“SLLs”) are based on the Sustainability Linked Loan Principles developed by the LMA, APLMA and LSTA.  In SLLs, a borrower, together with its lender group, determine ..read more
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