The law relating to international banking / Andrew Haynes.
2010
KD1737.F67 H39 2010 (Map It)
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Details
Author
Title
The law relating to international banking / Andrew Haynes.
Published
Haywards Heath : Bloomsbury Professional, 2010.
Call Number
KD1737.F67 H39 2010
ISBN
9781847666796 (pbk.)
1847666795 (pbk.)
1847666795 (pbk.)
Description
xxxii, 526 pages : illustrations, forms ; 25 cm
System Control No.
(OCoLC)644653358
Summary
This title looks at the complex underlying principles of international banking law, in addition to providing an authoritative guide to the latest developments in this rapidly evolving area of law.
Note
This title looks at the complex underlying principles of international banking law, in addition to providing an authoritative guide to the latest developments in this rapidly evolving area of law.
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Table of Contents
Preface
v
Table of Cases
xv
Table of Statutes
xxv
Table of Statutory Instruments
xxvii
Table of Treaties and Conventions
xxix
Table of EU Legislation
xxxi
ch. 1
Governing Law
1
Introduction
1
Choice of law
1
Factor influencing the choice of law
2
Will an express choice of law be recognised?
3
The Rome Convention
4
The provisions of the Rome Convention
5
Rome I Regulation
15
Rome II Regulation
16
The common law approach
17
Alternative choice of law approaches
19
Freezing the proper law
20
Applicable law where no express choice is made
20
Is there an implied choice?
21
The closest and most real connection
21
Conclusion
22
What does the applicable law govern?
23
Those matters governed by the applicable law
23
Those matters not governed by the applicable law
25
Public international law
26
Sharia law
28
ch. 2
Jurisdiction
29
Introduction
29
Jurisdiction of the English courts in respect of actions in personam where the Brussels I Regulation does not apply
31
The traditional bases of jurisdiction
31
Bases of jurisdiction under the Brussels I Regulation and Lugano Conventions where no jurisdiction clause is included in the agreement
35
General jurisdiction
35
Special jurisdiction
36
Exclusive jurisdiction
37
Jurisdiction under the Brussels I Regulation
38
The wording of the clause
39
Submission before the courts of a contracting state
40
Legal restrictions on jurisdiction
41
Lis alibi lendens (dispute pending elsewhere)
42
Exclusive jurisdiction clauses
43
Floating jurisdiction clauses
44
Forum non conveniens
45
Arbitration
47
Enforcement of foreign judgments
47
Where judgment is obtained in a jurisdiction which is not party to the Regulation
48
Distinction between recognition and enforcement
48
New proceedings or enforcement of the foreign judgment
48
Requirements for recognition and enforcement
50
Where judgment is obtained from a court within a Member State under the Brussels 1 Regulation and a contracting state under the Lugano Conventions
52
The defendant need not be domiciled in the EU
52
Recognition
52
Enforcement by registration
52
Grounds for refusal
53
Conclusion
53
ch. 3
Sovereign Risk
55
Sovereign risk
55
Recognition of states
55
General UK position
55
Liability of one regime for debts of another: state continuity
57
Sovereign immunity
57
The common law
58
State Immunity Act 1978
58
Constituent territories of federal states
64
Forms of clause waiving immunity
64
Changes to the law of the state in question
65
Expropriations
66
Summary
70
Availability of procedural remedies
72
Changes made to the capacity of an organisation to be sued
72
Statutes of limitation
74
Exchange controls
74
ch. 4
International Term Loan Agreements
76
Introduction
76
The nature and mechanics of medium-term loan agreements
76
Some problems caused by the flexible structures
79
The structure of the loan agreement
80
The ̀drawdown' period
81
Restrictions on the use or purpose of the loan
82
Restrictions imposed upon the borrower within the terms of the loan documentation
83
Remedies for breach of covenant
105
Internal remedies
105
External remedies
108
Restructuring
109
Introduction
109
The restructuring process
110
Conclusion
116
Security
116
Guarantees in international term loans
120
Legal problems
121
Other considerations with guarantees
122
Comfort letters
123
ch. 5
Primary Syndication
124
Introduction
124
Arranging a syndicated loan
125
Arranging the loan mandate
126
Arranging the syndicate
126
Exclusion clauses
134
Fiduciary duties
135
Precautions to be taken by the arranging bank
135
Due diligence
137
Negotiating the loan documentation
139
The arranging bank
140
The agent bank
142
The functioning of the syndicate
144
ch. 6
Secondary Syndication - Loan Transfer
151
Introduction
151
Methods of sale
152
Novation
152
Funded participation (sub-participation)
156
Legal assignment
158
Equitable assignment
159
Risk participation (non-funded participation)
161
Trusts
162
English law considerations
162
Credit risk
163
Contractual restrictions
165
Confidentiality
166
Potential liability of seller to buyer
167
Rights and obligations of the buyer
169
Local law
171
Taxation
173
Stamp duty
173
Withholding tax
175
Expense or distribution?
175
Regulation of asset sales
175
Development of the market
176
Secondary market
176
Corporate investors
177
ch. 7
Primary Securitisation - Bond Issues
179
Introduction
179
Types of bond
181
International bonds
181
Bond issue by trust deed
182
Bond issue by fiscal agency arrangement
185
Documentation
186
The prospectus or offering circular
188
Subscription agreement
190
The trust deed
192
Paying agency agreement
193
Agent bank agreement
195
Note facilities
196
The note market
196
Revolving underwriting facilities
197
External risk factors
197
Information memoranda and other offering material
198
Misrepresentation and negligence
199
Commercial paper
200
The dealer agreement
200
Forms of commercial agreement
201
Negotiability
202
Discount/interest bearing
204
Currencies
204
Guarantees
205
The regulatory and legal framework
205
Negotiable/debenture
206
Taxation issues
206
Bonds and syndicated lending - a comparison
206
ch. 8
Secondary Securitisation
209
Introduction
209
History
210
Originating assets
213
The special purpose vehicle or entity
213
Special Purpose Vehicles (SPVs)
214
Special Purpose Entities (SPEs)
214
Multi-seller structures
215
Credit aspects
215
Liquidity aspects
216
The rating process
219
Introduction
219
Disclaimer of onerous property
220
Rescission of contracts
221
Transactions at an undervalue
221
Preferences
222
Defrauding creditors
223
The credit rating itself
223
Collateral and cash flow risk
224
Legal and third party risks
226
Structural risks
227
The ratings
227
Short-term debt ratings
227
Long-term debt ratings used by all major agencies
227
Why securitise?
228
Accounting issues
230
Transfers from the originator to the SPV
231
Transfers of equitable title
231
Mortgage-backed securities
232
Powers of attorney
233
How will the SPV sell bonds?
233
Other risk issues in the transfer of assets from the originator to the SPV
234
Charge or sale?
234
Conclusion
236
ch. 9
Derivatives
238
Introduction
238
Futures
239
Options
239
Contracts for differences
240
Currency swaps
240
Interest rate swaps
241
Commodity swaps
242
Credit swaps
242
Swapping out
244
Forward rate agreements (FRAs)
244
Issues arising
245
Usage
245
Capacity
247
Documentation and master agreements
250
Master agreements and insolvency issues
264
Netting
267
Payment netting
268
Netting by novation
268
Bilateral netting (or netting by close out)
268
Multilateral netting
268
Cross-product netting
268
Gaming, unenforceability and s 412 of the Financial Services and Markets Act 2000
269
Other relevant agreements
271
̀Floor/ceiling' agreements
271
Insurance law considerations
273
Documentation for ̀collar' agreements
275
ch. 10
Contract Guarantees and Standby Letters of Credit
276
Introduction
276
The bonds or guarantees which may be given under English law
277
Bid or tender bonds
277
Performance bonds
278
Advance payment bonds
279
Retention money bonds
279
First demand or conditional?
279
Conditional bonds
281
The documentary bond
282
Defences
283
Fraud
284
Forgery
289
Nullity
290
The relationships created by first demand bonds
290
Autonomy from the underlying transaction
292
The importance of private international law
292
Safeguarding the position of the issuing bank
294
Obtaining counter indemnities
294
Syndication
294
Two recourse obligations
294
The recourse obligation imposed on the seller/contractor
295
Other provisions in the syndicated bond agreement
295
Safeguarding the position of the seller/contractor
295
Insurance support and Export Credits Guarantee Department
296
Conclusion
298
ch. 11
Contractual Remedies and Issues Arising
300
Introduction
300
Clauses in the agreement
300
Events of default clause
300
Actual breach and anticipatory breach
302
Remedies on default
313
The internal remedies
313
Restructuring
314
Waiver
315
Acceleration
316
Default interest
316
General default indemnity
316
Set off
317
External remedies
317
ch. 12
Exchange Controls
319
Èxchange contracts'
321
Ìnvolve the currency of any Member'
322
̀Contracts shall be unenforceable'
323
Èxchange control regulations'
324
̀Consistently with this argument'
324
Overriding public policy?
325
Imposition of exchange controls
325
Types of exchange controls
325
Loan documentation and exchange controls
326
Specifying place and currency payment
326
Consents and conditions precedent
327
Currency transfer agreements
327
Warranties, convenants and events of default
328
The euro
329
ch. 13
Legal Opinions
331
Introduction
331
Conditions precedent
332
Opinions should cover matters of law only, not matters of fact
333
The jurisdiction in relation to which opinions should be obtained
333
From whom should the opinions be obtained
334
Liabilities of the lawyer
335
Structure of a legal opinion
337
Addresses and description of transaction
338
Assumptions
338