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NautaDutilh | Luxembourg | 15 Jun 2021

Applicability of law on financial collateral agreements to insolvency proceedings

The law of 5 August 2005 on financial collateral agreements, as amended (the 2005 law), provides an attractive legal framework for creditors. The Luxembourg Arrondissement Court recently ruled on whether the beneficiary or pledgee of a Luxembourg law pledge granted over a bank account could benefit from the protection granted by the 2005 law with respect to insolvency proceedings initiated......
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NautaDutilh | Luxembourg | 8 Jun 2021

Publication of bill to amend Securitisation Law

Bill of Law 7825, which aims to amend the Securitisation Law, was recently introduced to the Chamber of Deputies. The bill clarifies the existing legal framework for securitisations and adapts it in a flexible way to the requirements of the securitisation market. The bill demonstrates the Luxembourg financial sector's aim to allow securitisation transactions to be carried out under Luxembourg......
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AZB & Partners | India | 25 May 2021

FPI investment in debt instruments by REITs and InvITs

The Finance Ministry recently announced various amendments which aim to augment further funding for the infrastructure and real estate sectors by enabling infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) to easily avail debt financing from investors, including foreign portfolio investors (FPIs). While the intent is clear, the question remains whether FPI......
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Schima Mayer Starlinger | Austria | 27 Apr 2021

Multiple assignments of future receivables

The Supreme Court recently addressed the effects of an agreed sale of a plot of land on the security assignment of the future receivables under the lease agreement regarding such plot. It broadly upheld its previous jurisprudence and confirmed that in cases of security assignments of future receivables, where the agreement on the assignment has already been completed, the receivable will......
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Odi-se Avocats | France | 20 Apr 2021

Bank account pledges should be used with caution

Bank account pledges are often part of the security package in secured lending. To avoid the risk of the account being emptied prior to enforcement, practitioners have developed a blocking notice that may be delivered to the account holder where a default occurs. This aims to prevent the debtor from sweeping the account ahead of enforcement actions. However, following two recent court......
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 6 Apr 2021

New DLT law in practice: tokenisation of rights

In 2020 Parliament passed a law to incorporate crypto assets and digital ledger technologies into Swiss law. This article focuses on the practical implementation of the recent changes to the Code of Obligations which provide for the introduction of ledger-based securities. This new form of dematerialised security enables the digitalisation and tokenisation of rights and financial instruments......
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AZB & Partners | India | 23 Mar 2021

NCLAT allows creditor to invoke bank guarantee during moratorium

The National Company Law Appellate Tribunal (NCLAT) recently allowed the invocation of a bank guarantee during a moratorium period imposed under Section 14 of the Insolvency and Bankruptcy Code 2016 because of a retrospective amendment made to that section. The NCLAT decision is a welcome clarification of the issue of whether financial bank guarantees can be invoked during a moratorium period.
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Shearman & Sterling LLP | USA | 23 Mar 2021

Annual reports: SEC updates and other changes to consider for Form 20-F

In 2020 the Securities and Exchange Commission (SEC) issued new guidance and adopted amendments to its rules and forms, including Form 20-F, to modernise and simplify disclosure requirements. Registrants should consider the guidance on key performance indicators and management discussion and analysis disclosure, and the related amendments, when preparing Form 20-F. For companies with a......
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MLL Meyerlustenberger Lachenal Froriep Ltd | Switzerland | 16 Mar 2021

LIBOR transition challenges

The UK Financial Conduct Authority will stop supporting the London Interbank Offered Rate at the end of 2021. According to the National Working Group on Swiss Franc Reference Rates, the Swiss Average Rate Overnight is the proposed replacement standard. This article explores the challenges that the transition period poses for national and global market participants.
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Shearman & Sterling LLP | USA | 16 Mar 2021

Annual reports: developments and trends to consider for Form 20-F

It is time for foreign private issuers to prepare their annual reports on Form 20-F. For companies with a calendar year end, Form 20-F must be filed with the Securities and Exchange Commission (SEC) by 30 April 2021. This article discusses the developments, trends and topics that may be the SEC's areas of focus during the 2021 review process.
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