Allen & Overy LLP

Luxembourg Supreme Court extends banks’ duty to individual guarantors

The Luxembourg Supreme Court has ruled on a bank’s obligations when taking a personal guarantee (cautionnement) from an individual to secure a loan of a third-party debtor. The ruling follows the current trend for a clear…more
| Business Organizations, Finance & Banking

Two important Italian rulings on right to withdraw from securities transactions

Two recent rulings establish important principles relating to a retail investor’s right of withdrawal from a securities transaction. In both cases an investor was seeking nullity of a loss-making (for the investor) transaction,…more
| Business Organizations, Finance & Banking, Securities Law

Bank must pay negative interest to client under a consumer mortgage loan

A recent binding advice of the Dutch Financial Services Complaints Tribunal (Tribunal) ordered a bank to pay negative interest to a client on the basis, inter alia, that there was no interest rate floor in the agreement. This…more
| Finance & Banking

Increasing litigation in Spain regarding abusive clauses in mortgage loans

There is a growing tendency in recent years for borrowers in Spain to file claims alleging that certain provisions included in their mortgage loans are abusive or unfair. In addition, there is a very strong trend in Spanish case…more
| Finance & Banking, Real Estate - Residential

English jurisdiction agreement in bond prospectus: does it bind a secondary market purchaser?

The Court of Justice of the European Union (CJEU) has considered the circumstances in which an English jurisdiction clause contained in a prospectus concerning the issue of bonds might be enforceable against a purchaser of those…more
| Civil Procedure, Finance & Banking, International Law & Trade

UK financial sanctions: bank cannot claim for subsidiary’s losses

Bank Mellat v HM Treasury [2016] EWCA Civ 452, 10 May 2016 - The Iranian bank, Bank Mellat, whilst having had recent success challenging EU sanctions before the Court of Justice for the European Union (CJEU), is having…more
| Civil Procedure, Finance & Banking, International Law & Trade

Slovak mortgage loan interest rate rise invalidated

A recent Slovak ruling and consultation means that banks are likely to become more restricted in how they can make unilateral changes to mortgage loans (for example, to raise an interest rate in a floating rate loan). Slovak…more
| Finance & Banking, Real Estate - Residential

Decentralized Autonomous Organizations

A Decentralized Autonomous Organization (DAO) is a computer program, running on a peer-to-peer network, incorporating governance and decision-making rules. DAOs can be programmed to operate autonomously, without human…more
| Business Organizations, Securities Law

Finding liquidity in late stage private markets

The environment for growth companies is changing. For a start, 2016 has seen a marked slowdown in the number of IPOs that have come to the market globally. ?Conditions including the European referendum, U.S. presidential…more
| Business Organizations, Finance & Banking

Lessons learned from "Health Tech Innovators" conference

Allen & Overy was delighted to be involved in the recent London Technology Week event called “Health Tech Innovators”. ?Organised by Tech London Advocates, MedCity and DigitalHealth.London, the event brought together…more
| Communications & Media Law, Health, Science, Computers, & Technology

Entry into force of the new Luxembourg regime for legal publication

On 1 June 2016 the act dated 27 May 2016 overhauling the Luxembourg legal publications’ regime applicable to companies and associations entered into force. The reform reduces the administrative burden and costs applicable to the…more
| Business Organizations, Science, Computers, & Technology

Update of the Luxembourg transparency rules

Luxembourg finally implements the Transparency Amending Directive. In line with the Directive, the Transparency Act 2008, amongst others: - reinforces rules on the disclosure of major shareholdings, including a new…more
| Business Organizations, Finance & Banking

Latest Keydata enforcement action sets out valuable lessons for compliance officers

In this decision report we consider the FCA's final notice issued to Peter Francis Johnson on 19 May 2016. ?Mr Johnson was formerly the compliance officer and money laundering reporting officer (MLRO) for Keydata Investment…more
| Business Organizations, Civil Procedure, Finance & Banking

Contract formation – prescribed mode of acceptance can be waived by conduct

In Reveille Independent LLC v Anotech International (UK) Ltd [2016] EWCA Civ 443 the Court of Appeal ruled that a binding contract can be made by the parties' conduct even when a written 'Deal Memo' stated that it was not…more
| Business Organizations, Civil Procedure, Commercial Law & Contracts

Challenging bonus discretion post-Braganza: two recent decisions

The case of Braganza v BP Shipping Ltd [2015] UKSC 17 established that courts may look into the process that is undertaken by employers when reaching decisions that involve the exercise of discretion. Prior to Braganza, when…more
| Civil Procedure, Commercial Law & Contracts
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