The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
What a week this has been since the closure of Silicon Valley Bank. As noted in our Client Alert of last week, California State regulators shut down Silicon Valley Bank (SVB) on Friday, March 10, 2023, and appointed the...more
The closure of Silicon Valley Bank (SVB) and Signature Bank, and the subsequent receivership by the Federal Deposit Insurance Corporation (FDIC), has far-reaching effects, including to commercial real estate transactions in...more
The impact of the California Department of Financial Protection and Innovation taking possession of Silicon Valley Bank (SVB) and appointing the Federal Deposit Insurance Corporation as receiver for SVB is receiving thorough...more
While unexpected, the closure by California regulators of, and the appointment of the Federal Deposit Insurance Corporation (“FDIC”) as receiver for, Silicon Valley Bank (“SVB”) is an event that is contemplated by most...more
Sam Fowler-Holmes, Partner assisted by Jacqueline Cook, Of Counsel and Senior Knowledge Development Lawyer, presented our January webinar which looked at the second edition to A Practitioner’s Guide to Trade and Commodity...more
This alert is the first in a series addressing the issues affecting trade finance documentation and transactions in the current climate. Issues concerning documentation have been at the forefront of discussions in the...more
Letters of Credit (LOCs) have long been used to minimize the financial risk of international purchase agreements. Sellers and buyers may agree to use LOCs to ensure that goods are received and payment is remitted as intended....more
Sanctions enforcement continues to be a significant risk. With the focus on unraveling elaborate corporate ownership schemes, the risk of conducting business with sanctioned individuals or entities is increasing....more