Author Archives: Rebecca Jones
BUSINESS CONTRACT TERMS REGULATIONS RESURRECTED
The draft Business Contract Terms (Assignment of Receivables) Regulations, which appeared to have been scrapped in late 2017, have been resurrected with a revised draft laid before Parliament for approval. The Regulations make ineffective contract terms that prohibit or restrict the assignment of receivables. Their aim is to facilitate businesses raising finance against invoices. The draft has […]
GOVERNMENT SCRAPS NEW GOODS MORTGAGES BILL
HM Treasury has published the response to its September 2017 consultation on the proposed Goods Mortgages Bill and has announced that it is no longer planning to introduce new legislation on this subject at this time. This follows a review of the existing legislation governing creation of security over goods by individuals which began in 2014. In a 2016 report, the Law […]
NEW BUSINESS CONTRACT TERMS REGULATIONS WITHDRAWN
The draft Business Contract Terms (Assignment of Receivables) Regulations 2017, which had been laid before Parliament on 14 September 2017, have now been withdrawn The draft regulations had been the subject of criticism from the City of London Law Society and other commentators. It remains to be seen whether the government will seek to pass a revised form of […]
CITY OF LONDON LAW SOCIETY RESPONSE TO NEW BUSINESS CONTRACT TERMS REGULATIONS
The City of London Law Society has written to the Department for Business, Energy and Industrial Strategy outlining a number of concerns with the draft Contract Terms (Assignment of Receivables) Regulations 2017. The draft regulations will invalidate contract terms which prohibit the assignment of receivables. However, CLLS comment that the regulations “will create substantial uncertainty in a […]
REGULATIONS TO TACKLE CONTRACT TERMS PREVENTING ASSIGNMENT OF RECEIVABLES LAID BEFORE PARLIAMENT
A revised draft of the Business Contract Terms (Assignment of Receivables) Regulations 2017 has been laid before Parliament. The regulations provide that, save in respect of certain listed contracts, contractual terms prohibiting or restricting the assignment of a receivable or its enforcement by an assignee shall have no effect. The aim of the regulations is to remove barriers […]
Law Commission publishes draft Goods Mortgages Bill
Following a 2016 report in which the Law Commission concluded that the Bills of Sale Acts should be repealed and replaced with legislation less burdensome to lenders and more protective of borrowers, and its consultation over the summer on draft clauses for new legislation, the draft Goods Mortgages Bill has now been published. Currently governed […]
NEW TRADE BODY FOR FINANCE SECTOR
A new body is to launch later in 2017, designed to be the authoritative voice for the finance sector in the UK. The name and brand of the body is to be announced in summer 2017. Bob Wigley will oversee the appointment of the chief executive and the integration of the existing trade associations later […]
LMA responds to Treasury Committee’s call for evidence on EU exit and transitional arrangements
The Loan Market Association (LMA) has responded to the UK Treasury Committee’s call for evidence on EU exit and transitional arrangements, in preparation for the start of official negotiations upon the triggering of Article 50. The LMA response sets out the need for transitional arrangements for the loan market following the UK’s exit from the […]
INSOLVENCY RULES TO CHANGE IN APRIL 2017
The new rules which will guide insolvency practice are to come into force on 6 April 2017. The Insolvency Rules 2016 have been introduced to consolidate the Insolvency Rules 1986 and their numerous amendments into a single instrument, to update them in terms of their language and style of drafting, and to reflect modern business practice and […]
LMA responds to Treasury consultation on MLD4
The LMA has responded to HM Treasury’s consultation on the transposition of the Fourth Money Laundering Directive (MLD4) into national law. The LMA has said that there are certain instances where the obligation to disclose the beneficial ownership of legal entities needs to be clarified to avoid disruption to legitimate corporate activities which use beneficial […]
FCA publishes final report on corporate and investment banking
The FCA has published the final findings from its thematic review into corporate and investment banking. The study was designed to foster competition in the industry and has concluded that whilst many clients are well served by the sector, there are some areas where improvements could be made, especially for smaller clients. The report outlines a package of […]