Financial Law

Chair of Financial Law Committee

Sarah Smith – Baker & McKenzie LLP (Chair)
sarah.smith@bakermckenzie.com

• 25/04/2023 - Financial Law Committee - CLLS letter prospectus regime - 18 04 2023

  The CLLS Financial Law Committee wrote to the Economic Secretary to the Treasury and City Minister on the issue of the Financial Services and Markets Act 2000 (Public Offers and Admissions to Trading) Regulations 2023. The committee expressed concerns that the proposed changes brought within the scope of the new Public Offer prohibition many transactions wholly unsuited to the regime set out in the proposed Statutory Instrument, and suggested other routes by which the aims of the SI could be achieved.

  

• 25/01/2023 - Digital assets - CLLS Final Evidence to HL Committee on the Electronic Trade Documents Bill

  The Financial Law Committee of the CLLS considered and responded to the Law Commission's "Digital assets: Call for Evidence", its Consultation Paper on "Digital assets: electronic trade documents" and its subsequent Consultation Paper on Digital Assets. Following on from these submissions, the CLLS was invited to provide observations to the House of Lords Special Public Bill Committee regarding the Electronic Trade Documents Bill. The Chair of the Financial Law Committee of the CLLS, Dorothy Livingston, was asked by the CLLS to give oral evidence to the Committee. This paper was prepared for that hearing on 26th January 2023.

  

• 04/11/2022 - Securities -Response of the City of London Law Society Final

  Response of the City of London Law Society to UKJT Consultation Paper on the Issuance and Transfer of Digital Securities under English Private Law

  

• 04/11/2022 - Law Commission Consultation FINAL 4 November 2022

  Law Commission Consultation Paper on Digital Assets - Response of the City of London Law Society

  

• 04/11/2022 - Financial Law Committee - Financial collateral - concept of provision 04 11 22

  CLLS Financial Law Committee - draft Secured Transactions Code

  

• 26/10/2022 - CLLS and Law Society E-signatures paper - October 2022

  Note on the Execution of a Document Using an Electronic Signature - 2nd October 2022

  

• 26/10/2022 - Agenda item 6.1 Electronic Signatures Document - Comparison with 2016 document - 02 10 2022

  Note on the Execution of a Document Using an Electronic Signature - Comparison document with the Note on the Execution of a Document Using an Electronic Signature dated July 2016

  

• 17/05/2022 - CLLS statement on share security BEIS comments

  Response to the Company, Regulatory and Insolvency Committees of the CLLS by the Department for Business, Energy and Industrial Strategy ("BEIS") on the application of the NSI to the creation of an equitable charge over 25% or more of the shares in a company.

  

• 07/10/2021 - Response to Law Commission Consultation Paper - Digital assets: electronic trade documents

  

• 07/10/2021 - Response to the Law Commission Consultation on 14th Programme of Law Reform – proposal regarding deeds and variations of contracts

  

• 13/08/2021 - Digital Assets - The Limits of the Concept of Possession - 13 08 21

  Submission by the CLLS Financial Law Committee: Digital Assets: The Limits of the Concept of Possession

  

• 16/03/2021 - CLLS LIBOR Working group response to HMT Consultation Safe Harbour

  CLLS Financial Law Committee response to HMT Consultation - Supporting the wind-down of critical benchmarks: City of London Law Society Financial Law Committee Working Group on LIBOR

  

• 04/12/2020 - A Guide to the questions to be addressed when providing opinion letters on English law in financial transactions (December 2020)

  This replaces the version of the Guide issued in September 2017

  

• 26/03/2020 - DV Secured Transactions Code - Discussion draft (July 2016 - March 2020)

  Secured Transactions Code - Discussion draft from July 2016 - March 2020

  

• 26/03/2020 - Secured Transaction Code and Commentary (discussion draft March 2020)

  Secured Transactions Code & Commentary (Discussion Draft March 2020)

  

• 26/03/2020 - Secured Transactions Code (discussion draft March 2020)

  Secured Transactions Code (Discussion Draft March 2020)

  

• 26/03/2020 - Cover Note for CLLS Secured Transactions Code Documents

  Cover note for CLLS Secured Transactions Code Documents

  

• 25/03/2020 - CLLS Response Fifth Money Laundering Directive

  Fifth Money Laundering Directive- Trust Registration Service.

  

• 11/11/2019 - CLLS Response Intermediated Securities - 11 11 19

  Response of the Joint Working Party of the City of London Law Society Company Law, Financial Law and Regulatory Law Committees to the Law Commission’s Consultation on Intermediated Securities

  

• 31/07/2019 - CLLS response to BEIS consultation on Companies House 31 07 19

  CLLS response to BEIS consultation on Corporate Transparency and Register Reform

  

• 24/06/2019 - Financial Law Committee response to consultation by UK Jurisdiction Taskforce of the LawTech Delivery Panel

  This paper is in response to the consultation, dated 9 May 2019, by the UK Jurisdiction Taskforce of the LawTech Delivery Panel (the “Panel”) in relation to cryptoassets, distributed ledger technology and smart contracts.

  

• 23/11/2018 - Electronic Execution of documents - CLLS Financial and Company Law Committees joint response

  Joint response of CLLS Financial and Company Law Committees to the Law Commission's Consultation Paper on Electronic Execution of documents

  

• 17/10/2018 - Letter to National Security and Investment White Paper - October 2018

  

• 16/10/2018 - Law Society and CLLS response -National Security

  National Security and Investment - Consultation Law Society and City of London Law Society joint response

  

• 24/05/2018 - Proposed EU Regulation on law applicable to the third party effects of assignment of claims

  Proposed EU Regulation on law applicable to the third party effects of assignment of claims – why the UK should opt-out and work to get this proposal changed or scrapped

  

• 13/10/2017 - Submission on Business Contract Terms (Assignment of Receivables) Regulations 2017

  Letter by Finance Law Committee expressing concerns about the legal certainty and vires of the draft laid before Parliament and about the absence of consultation on the draft.

  

• 12/10/2017 - Response to HM Treasury Goods Mortgages Bill

  

• 29/06/2017 - EU Public consultation on conflict of laws rules

  EU Public consultation on the conflict of laws rules for third party effects of transactions in securities and claims

  

• 15/05/2017 - BEIS Call for Evidence on a Register of Beneficial Owners of Overseas Companies and Other Legal Entities that own UK Property

  

• 15/05/2017 - LMA Submission - BEIS Register of Beneficial Owners of Overseas Companies

  LMA Submission - BEIS Register of Beneficial Owners of Overseas Companies - to be read in association with CLLS Financial Law Committee response

  

• 26/07/2016 - Consultation - Draft Secured Transactions Code - 26 07 16

  Draft Secured Transactions Code issued by the Financial Law Committee of the City of London Law Society.

  

• 26/07/2016 - Secured Transactions Code and Commentary Discussion Draft July 2016

  Secured Transactions Code and Commentary Discussion Draft July 2016

  

• 26/07/2016 - MARK UP - Secured Transactions Code - Discussion draft (July 2016)

  Secured Transactions Code - Discussion draft (July 2016) with mark-up

  

• 26/07/2016 - Draft Secured Transaction Code - Commentary - Discussion draft - July 2016

  Draft Secured Transaction Code - Commentary - Discussion draft - July 2016

  

• 13/07/2016 - LSEW-CLLS-Joint-Working-Party-Note-on-the-Execution-of-a-Document-Using-an-Electronic-Signature - 13 07 2016

  Note on the Execution of a Document Using an Electronic Signature - July 2016

  

• 08/07/2016 - Response to the Review of the Corporate Insolvency Framework - A Consultation on Options for Reform

  

• 09/06/2016 - Response to Consultation Paper CP8/16 The Contractual Recognition of Bail-in and amendments to the PRA Rules

  

• 16/12/2015 - CLLS response to Law Commission Consultation Paper 225 on Bills of Sale (response form)

  

• 16/12/2015 - CLLS response to Law Commission Paper 225 on Bills of Sale (covering letter)

  

• 22/07/2015 - Secured Transaction Code consultation - Letter to consultiees

  

• 22/07/2015 - Secured Transaction Code - Discussion draft

  

• 22/07/2015 - Secured Transaction Code - User Guide

  

• 12/05/2015 - Response to EC Consultation on an EU framework for simple, transparent and standardised securitisation

  

• 09/02/2015 - Response to EBA/CP/2014/38 on Draft Regulatory Technical Standards on valuation under Directive 2014/59/EU

  

• 09/02/2015 - Response to EBA/CP/2014/39 on Draft Guidelines on the rate of conversion from debt to equity in bail-in

  

• 02/02/2015 - Response to DBIS on Nullification on Ban on Invoice Assignment Clauses

  

• 06/01/2015 - Response to PRA Consultation Paper 19/14 The Implementation of Ring-Fencing

  

• 08/10/2014 - Joint response of the Financial Law Committee and the Insolvency Law Committee of the CLLS and the Banking Reform Working Group of the Law Society of England & Wales to the HMT consultation paper on the transposition of the Bank Recovery and Resolution Directive.

  The consultation considered some of the key issues to be addressed in the transposition of the Bank Recovery and Resolution Directive, and sought views from industry and others potentially affected by the changes. The submission responded in detail to the consultation questions. It also urged the Government, once the current round of legislation is complete, to address as a priority the production of consolidated legislation in the fields of financial services and bank regulation, or, at least, the prioritisation of production of official consolidated texts for the statutes and key SIs

  

• 03/09/2014 - Summary of July 2014 stakeholder meeting on the Financial Law Committee’s Secured Transactions Reform Discussion Paper 2: Fixed and Floating Charges on Insolvency

  The Financial Law Committee recently produced a note which summarised the main issues discussed at a meeting held at Norton Rose Fulbright LLP on 15 July to discuss fixed and floating charges on insolvency. The meeting was held further to the Committee’s second discussion paper on secured transaction reform. As the summary stated, there were three key conclusions from the meeting: - “There is a problem with the existing law. It needs to be reformed." - “The first thing to do is to decide whether (and, if so, to what extent) there needs to be a levy on secured creditors to fund administrations.” - “If such a levy is required, it needs to be decided how to impose it in a way which is both fair and certain.“

  

• 21/08/2014 - Letter from FCA regarding implications of decision in matter of Fons HF (in liquidation) v Corporal Limited and Pillar Securitisation S a r l

  

• 19/08/2014 - Response to BIS consultation “International interests in mobile equipment convention: aircraft”

  The consultation sought stakeholders’ views on how the UK should implement the “Convention on International Interests in Mobile Equipment”, and the “Protocol on Matters Specific to Aircraft Equipment” to achieve the greatest economic benefit for the UK. The submission stated inter alia that the secondary legislation (which is being proposed to implement the Cape Town Convention into the laws of the UK) could be used to define clearly the boundary between the sphere of application of the Convention and existing law and, in so doing, it could help mitigate the Blue Sky problem.

  

• 10/06/2014 - Letter regarding implications of decision in matter of Fons HF (in liquidation) v Corporal Limited and Pillar Securitisation S a r l

  

• 22/05/2014 - Financial Law Committee and Insolvency Law Committee response to HMT Consultation on the implementation of Bail-in powers

  The Consultation paper invited comments on three draft secondary instruments related to bail-in powers, and several other issues. The Committees’ joint response commented in detail on a number of issues including the inter-relationship between the Financial Services (Banking Reform) Act 2013 ("BRA"), statutory instruments made under the BRA and the Bank Recovery and Resolution Directive ("BRRD"); creditor hierarchy on Bail-in; preferential creditors; netting, set-off and protected arrangements; and valuations, bail-in and compensation. The response also commented on the Compensation Regulations and the Restriction Order.

  

• 24/02/2014 - CLLS Financial Law Committee Secured Transactions Reform Discussion Paper 2: Fixed and Floating Charges on Insolvency

  A working party of the Financial Law Committee has published a second Discussion Paper on the issue of reform of the law of secured transactions in England. This second paper focusses on the requirement to draw a distinction between fixed and floating charges under insolvency legislation.

  

• 14/03/2013 - Financial Law Committee response to the Call for Evidence in relation to the Proposed changes to the European Regulation on Insolvency

  Financial Law Committee response to the Call for Evidence in relation to the Proposed changes to the European Regulation on Insolvency

  

• 04/02/2013 - Response of joint working party of CLLS Financial Law and Insolvency Law Committees to Euroclear UK & Ireland consultation “CREST Rule 13: settlement finality in respect of complex transactions”

  Response of joint working party of CLLS Financial Law and Insolvency Law Committees to Euroclear UK & Ireland consultation “CREST Rule 13: settlement finality in respect of complex transactions”.

  

• 22/11/2012 - CLLS Financial Law Committee discussion paper: Secured Transactions Reform

  CLLS Financial Law Committee discussion paper: Secured Transactions Reform.

  

• 05/10/2012 - Response to HMT consultation on Sanctions for the Directors of Failed Banks

  Response to HMT consultation on Sanctions for the Directors of Failed Banks.

  

• 28/09/2012 - Response to HMT consultation Financial sector resolution: broadening the regime (Cm 8419)

  Response to HMT consultation Financial sector resolution: broadening the regime (Cm 8419)

  

• 14/09/2012 - Response to HMT document “The Scotland Act 2012: a consultation on bond issuance by the Scottish Government”

  Response to HMT document “The Scotland Act 2012: a consultation on bond issuance by the Scottish Government”.

  

• 14/09/2012 - Response to HMT consultation “The Future of Building Societies”

  Response to HMT consultation “The Future of Building Societies”.

  

• 07/09/2012 - Response to HMT White Paper on 'Banking Reform - delivering stability and supporting a sustainable economy'

  Response to HMT White Paper on 'Banking Reform - delivering stability and supporting a sustainable economy'.

  

• 07/09/2012 - Law Society of England & Wales response to HMT White Paper on 'Banking Reform - delivering stability and supporting a sustainable economy' (referred to in CLLS response)

  Law Society of England & Wales response to HMT White Paper on 'Banking Reform - delivering stability and supporting a sustainable economy' (referred to in CLLS response).

  

• 20/06/2012 - Response to Scottish Government consultation on floating charges: Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007

  Response to Scottish Government consultation on floating charges: Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007.

  

• 23/04/2012 - CLLS Response to Working Document on Bail-In as a Debt Write Down Tool

  CLLS Response to Working Document on Bail-In as a Debt Write Down Tool.

  

• 16/09/2011 - Response to MoJ Consultation on draft European Asset Preservation Order Regulation (Financial Law Committee response)

  Response to MoJ Consultation on draft European Asset Preservation Order Regulation (Financial Law Committee response

  

• 13/05/2011 - Response to the Insolvency Service Consultation on Reforms to the Regulation of Insolvency Practitioners

  Response to the Insolvency Service Consultation on Reforms to the Regulation of Insolvency Practitioners.

  

• 15/04/2011 - Response to British Institute of International and Comparative Law "Cross-Border Assignment Questionnaire"

  Response to British Institute of International and Comparative Law "Cross-Border Assignment Questionnaire".

  

• 07/03/2011 - Response to EU consultation on technical details of a possible European crisis management framework

  Response to EU consultation on technical details of a possible European crisis management framework.

  

• 15/02/2011 - Financial Law Committee Response to MoJ Consultation "Revision of the Brussels 1 Regulation - How should the UK approach the negotiations?" See also the Litigation Committee response below.

  Financial Law Committee Response to MoJ Consultation "Revision of the Brussels 1 Regulation - How should the UK approach the negotiations?" See also the Litigation Committee response below.

  

• 11/02/2011 - Litigation Committee response to MoJ Consultation "Revision of the Brussels 1 Regulation - How should the UK approach the negotiations?" See also the Financial Law Committee response above.

  Litigation Committee response to MoJ Consultation "Revision of the Brussels 1 Regulation - How should the UK approach the negotiations?" See also the Financial Law Committee response above.

  

• 21/01/2011 - Response to European Commission consultation on legislation on legal certainty of securities holding and dispositions

  Response to European Commission consultation on legislation on legal certainty of securities holding and dispositions

  

• 16/11/2010 - Response to HMT Consultation on the Special Administration Regime for Investment Firms

  Response to HMT Consultation on the Special Administration Regime for Investment Firms

  

• 22/10/2010 - Response to HMT Consultation on Implementation of EU Directive 2009/44/EC on Settlement Finality and Financial Collateral Arrangements

  Response to HMT Consultation on Implementation of EU Directive 2009/44/EC on Settlement Finality and Financial Collateral Arrangements

  

• 21/10/2010 - Financial Law Committee response to Insolvency Service Consultation document on proposals for a restructuring moratorium

  Financial Law Committee response to Insolvency Service Consultation document on proposals for a restructuring moratorium

  

• 04/06/2010 - Response to BIS consultation on the registration of charges

  Response to BIS consultation on the registration of charges

  

• 01/06/2010 - Checking Constitutional Documents: Memorandum of the Financial Law Committee of the City of London Law Society

  Checking Constitutional Documents: Memorandum of the Financial Law Committee of the City of London Law Society

  

• 19/03/2010 - Response to HMT Consultation "Establishing Resolution Arrangements for Investment Banks"

  Response to HMT Consultation "Establishing Resolution Arrangements for Investment Banks"

  

• 12/03/2010 - Response to MOJ Discussion Paper European Commission Review of Article 14 - Assignment

  Response to MOJ Discussion Paper European Commission Review of Article 14 - Assignment

  

• 23/02/2010 - Updated note on execution of documents - February 2010

  Updated note on execution of documents - February 2010

  

• 21/07/2009 - Response to HMT consultation on Developing Effective Resolution Arrangements for Investment Banks

  Response to HMT consultation on Developing Effective Resolution Arrangements for Investment Banks

  

• 29/06/2009 - Response to Brussels 1 - European Commission's Report on its Review of the Regulation & Accompanying Green Paper

  Response to Brussels 1 - European Commission's Report on its Review of the Regulation & Accompanying Green Paper

  

• 22/06/2009 - Response to the Consultation on the Overseas Companies (Company Contracts and Registration of Charges) Regulations 2009

  Response to the Consultation on the Overseas Companies (Company Contracts and Registration of Charges) Regulations 2009

  

• 22/06/2009 - Response Paper on Consultation on the Overseas Companies (Company Contracts and Registration of Charges) Regulations 2009

  Response Paper on Consultation on the Overseas Companies (Company Contracts and Registration of Charges) Regulations 2009

  

• 19/01/2009 - Supplemental note on amendments recommended by the City of London Law Society to clause 48(1) of the Banking Bill 2009

  Supplemental note on amendments recommended by the City of London Law Society to clause 48(1) of the Banking Bill 2009

  

• 12/01/2009 - Joint Working Party submission re efficacy of planned subsidiary legislation related to the Banking Bill

  Joint Working Party submission re efficacy of planned subsidiary legislation related to the Banking Bill

  

• 12/01/2009 - Joint Working Party Response to Consultation on proposed subsidiary legislation under the Banking Bill

  Joint Working Party Response to Consultation on proposed subsidiary legislation under the Banking Bill.

  

• 11/01/2009 - Response regarding Banking Bill: Impact on Cash Management Systems for Corporate Customers

  Response regarding Banking Bill: Impact on Cash Management Systems for Corporate Customers

  

• 22/12/2008 - Amendments recommended by the City of London Law Society to clause 48(1) of the Banking Bill 2008

  Amendments recommended by the City of London Law Society to clause 48(1) of the Banking Bill 2008

  

• 22/10/2008 - Financial Law Committee - Proposed Business Plan 2008/9

  Financial Law Committee - Proposed Business Plan 2008/9

  

• 20/10/2008 - Modernising the Insolvency Protections for the Operation of Financial Markets

  Modernising the Insolvency Protections for the Operation of Financial Markets - Proposal to Reform Part 7 of the Companies Act 1989

  

• 13/10/2008 - Financial stability and depositor protection - Special resolution regime

  Financial stability and depositor protection - Special resolution regime

  

• 22/07/2008 - Response to EC Proposal for Amendments to the Settlement Finality Directive

  Response to EC Proposal for Amendments to the Settlement Finality Directive and Financial Collateral Arrangements Directive

  

• 25/06/2008 - Response to the Ministry of Justice Consultation on Rome 1 - Should the UK

  Response to the Ministry of Justice Consultation on Rome 1 - Should the UK opt in?

  

• 28/04/2008 - Response to HM Treasury Consultation on Financial Stability and Depositor

  Response to HM Treasury Consultation on Financial Stability and Depositor Protection: Strengthening the Framework

  

• 27/04/2008 - HM Treasury Response - Appendix 1

  HM Treasury Response - Appendix 1

  

• 26/04/2008 - HM Treasury Response - Appendix 2

  HM Treasury Response - Appendix 2

  

• 25/04/2008 - HM Treasury Response - Appendix 3

  HM Treasury Response - Appendix 3

  

• 19/02/2008 - Comments on European High Yield Association Proposals

  Comments on European High Yield Association Proposals

  

• 06/12/2007 - Response to Banking Reform Consultation on Protecting Depositors

  Response to Banking Reform Consultation on Protecting Depositors

  

• 29/10/2007 - Response to Consultation on Implementation of the Financial Collateral Arrangeme

  Response to Consultation on Implementation of the Financial Collateral Arrangement Directive

  

• 23/10/2007 - Response to Consultation on Proposed Amendments to the Insolvency Rules 1986.

  Response to Consultation on Proposed Amendments to the Insolvency Rules 1986, following insertion of Section 176ZA

  

• 22/10/2007 - Response to Consultation on UK Recognised Covered Bonds Framework

  Response to Consultation on UK Recognised Covered Bonds Framework

  

• 03/10/2007 - Financial Law Comments on Rome I

  Financial Law Comments on Rome I

  

• 27/09/2007 - Response to Hague Questionnaire on International Private Finance

  Finance Law Committee's Response to Part I of the Hague Questionnaire