Alternative Investment Fund Managers Directive - update

Extension of the Approved Persons Rules

The Financial Services Authority (FSA) has extended the Approved Persons Rules beyond the directors of firms to include those "exercising significant influence". Firms have to apply for approval for such persons before 6th February 2010.

Looking to raise some cash? Against IP?

To the surprise of many, Morgan Stanley has just announced a new US$250 million intellectual property securitisation for Vertex Pharmaceuticals, a large US bio-tech company.

IP or no IP? Is that the question?

With asset values on the whole diminishing, a number of funders are revisiting their corporate loan portfolios to examine their security packages, both in relation to valuation and enforceability. Are lenders as secure as they thought?

Banking update: report and review on recent cases and issues

Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

Banking update: report and review on recent cases and issues

Charging orders and intervening bankruptcy, enforcement of undertakings, disclosure under the Proceeds of Crime Act, Wragge & Co's banking and finance experts bring you the latest on the cases and issues affecting the lending industry.

An A-Z of Islamic finance

Do you know your Maliki from your Muamalat? Or your Bai al ina from your Bay? Read a glossary of need-to-know terms from Wragge & Co's Islamic finance specialists.

Dealing with Madoff

The publicity surrounding the Madoff scandal is set to increase. With the Serious Fraud Office investigation now underway in the UK, it is increasingly likely that investors will seek to recover their losses from financial institutions.

Insolvent lenders and market disruption

We are in uncharted waters. Until very recently, few people have ever experienced or even thought about their bank going bust. Most loan documentation focuses on borrower rather than lender default.

Financial assistance from 1 October 2008

Few bankers and professions involved in leveraged finance, management buy-outs or management buy-ins will lament the passing of the prohibition on private companies giving financial assistance for the purchase of their holding company's shares.

Money laundering and terrorist financing

On 8 August 2008, the Joint Money Laundering Steering Group (JMSG) issued guidance on the meaning and importance of "equivalent jurisdictions". 

CC finds fault with PPI industry

On 5 June 2008, the Competition Commission (CC) published its provisional findings regarding competition in the Payment Protection Insurance (PPI) industry.

High Court ruling on bank charges

The High Court has handed down judgment in the first stage of the OFT's challenge to the legality and fairness of bank charges. For all you need to know on the judgment, read Wragge & Co's expert analysis.

Banking update: report and review on recent cases

The proposed new general pre-action protocol, traceability of payments, receivers and foreign debts, unfair relationships and the Consumer Credit Act and the Uniform Rules for Collection; Wragge & Co's Banking & Finance experts bring you the latest news.

Companies Act 2006 for banks: the latest on implementation

Are you aware that shortly before Christmas, the Government announced that a number of changes proposed for 1 October 2008 were to be postponed for a further year, until 1 October 2009? 

Seller beware!

The Court of Appeal has held that there's no inconsistency between a simple retention of title clause and an implied, or even express, right of a buyer to sell on the goods before paying the seller.

Banking Bulletin

Consumer Credit Act 2006: Post-contract information on arrears and default sums

HM Treasury consults further on amendments to the CIS border for property transactions

Consumer Credit Act 2006 - Post-contract information

VFS Financial Services (UK) Limited v Euro Auctions & Others Limited [2007] EWHC 1492

Volkswagen Financial Services (UK) Limited v George Ramage

Asset finance case update and news

Banking Bulletin

'Standard' PFI building contract terms are unlawful

Back to Basics

This briefing note will be of particular interest to all those involved in consumer credit transactions and is of general interest on the basic principles of contract law.