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A recent High Court judgment in a case where NatWest won a claim against CMIS arising under derivative transactions raises several issues of law with practical implications for the structuring of complex finance deals.
Notably, the case looked at the distinction between a contact of guarantee and a contract of indemnity and also analysed the question of when a payment is “due".
On the 9th of December, the UK’s Chancellor, Jeremy Hunt, set out a “collection of announcements” aimed at reforming the UK’s financial services ecosystem to maximise its position outside the EU while aligning still with those European regulatory requirements and processes that make sense given the UK’s status as a third country that needs to do business in the EU.
On 12 December 2022, the three European Supervisory Authorities (EBA, EIOPA and ESMA) published a joint advice on the review of the securitisation prudential framework.