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As part of our sector-focused series, we have curated the key resources and points you need to know from the last quarter’s legal updates. Understand the key news stories, practice notes, timelines and webinars specific to the Banking & Finance sector.

BEIS starts to bite—a look at the first NSIA prohibition and BEIS’ new NSIA guidance

On 20 July 2022, the Secretary of State for Business, Energy and Industrial Strategy issued the first prohibition under the National Security and Investment Act 2021 (NSIA 2021). In this article, Marc Israel and Kate Kelliher of White and Case LLP consider the lessons learned from this milestone and BEIS' new guidance on markets and energy transactions.

The NSIA 2021—the story so far

In addition, there is now generally greater clarity about how the system works. Some of the key practical points, based on recent Department of Business, Energy and Industrial Strategy (BEIS) decisions, guidance and events are discussed by Adrian Magnus, Michael Dean, Christopher Graf and Rebecca Owen-Jones of Dentons LLP who co-author this analysis. 

Terminating a guarantee and indemnity (Euler Hermes v Mackays Stores Group)

This article considers the case of Euler Hermes v Mackays Stores Group in which the court held that the exposure of a party offering a guarantee to another party does not end upon notice of termination of such guarantee, but the effect of termination of any guarantee is dependent on the wording and construction in each case. This clarifies an important issue in the field of commercial and contract law as Philip Marshall QC distinguished the guarantees in cases cited by counsel for the defendants, stating that these judgments are specific to the facts.

The Levelling-up and Regeneration Bill 2022–23: Watch this (vacant high street) space…

In this article, Ayesha Khalique of Browne Jacobson asks if the Levelling-up and Regeneration Bill 2022–23 could help bring the sinking high street back to buoyancy.

Resolving remaining coronavirus (COVID-19) commercial rent debts—key decisions so far

We have begun to see the first published arbitration decisions under the Commercial Rent (Coronavirus) Act 2022. These decisions provide a useful insight as to how the coronavirus (COVID-19) lockdown regulations introduced in 2020 and 2021 will be retrospectively interpreted for the purposes of the Act and are considered in this article written by Victoria Hills, Alexander Watt, Roger Schofield, Costa Tthrasyvoulou and Lydia Kent-Smith of Freshfields Bruckhaus Deringer LLP.

A review of the new UK Financial Services and Markets Bill

The Financial Services and Markets Bill (FSMB) overhauls the UK's financial regulatory architecture and contains provisions affecting a broad range of areas including the UK Markets in Financial Instruments Directive (MiFID) critical third parties, the financial promotions regime, the Designated Activities Regime and stablecoins used as payments. In this article, Tim Cant, partner, David Capps, senior consultant, and Bisola Williams, legal expertise manager from Ashurst, with contributions from Adam Jamieson, partner, review the UK’s FSMB.

Update on UK public procurement reforms (September 2022)

In this article, Andrew Dean, director of public law at Clifford Chance LLP, provides an update on the Procurement Bill (the Bill) as it continues its passage through Parliament and an outline of the key changes proposed by the Bill.

LMA details sustainable finance plans and priorities for 2022–23

In this article, we interview Gemma Lawrence-Pardew, director at the Loan Market Association (LMA), on the LMA’s current plans and priorities for sustainable finance for the rest of the year and beyond.

Case round-up

For the key Banking & Finance cases over the last quarter, see our Banking & Finance—July to September 2022 case round-up.

Keeping up to date

Key dates you need to know, publications and announcements relating to legal issues in Banking & Finance.

Click to view trackers and practice notes in the following topic areas:

• Hot Topics for Banking & Finance lawyers
• Banking & Finance case tracker
• Conflict in Ukraine—UK sanctions tracker

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Useful resources

• Financial services regulation for banking and finance lawyers—an introductory guide
• Sustainable finance—Introductory guide for banking and finance lawyers
• The register of overseas entities and its impact on loan transactions (Economic Crime (Transparency and Enforcement) Act 2022)
• Banking & Finance – new starter guide
• Banking & Finance—checklists and flowcharts
• Banking & Finance cross border resources (, , and )
• Banking & Finance resources in Lexis®Library
• Banking & Finance—Meet the Experts

Industry body trackers

• LMA – latest news on documentation
• ISDA – latest news on documentation
• ICMA – latest news on documentation

Content specific to in-house lawyers

In Banking & Finance, we have a dedicated topic for in-house banking & finance lawyers, helping you to navigate the intricacies of working in-house.  Useful resources include:

• A series of high-level guides on overviews of areas such as confidentiality, competition and privilege.
• A series of “tips and traps” guides to help negotiating documents such as engagement letters or key issues you may face when working on lending transactions.
• Regulatory resources for in-house lawyers, which gives an overview of the key regulations and the legislative framework applicable to in-house banking and finance lawyers.

Checklists

In Banking & Finance, we recognise that in-house lawyers juggling multiple matters often benefit from checklists to ensure that the important points have been covered off.  To that end, in LexisPSL we have checklists covering an array of issues, including, for example:

• Amending a facility agreement – checklist

A full list of our checklists can be found here.

Webinars

Sign-up to upcoming and view on demand:

This year we have released webinars on a variety of issues including sustainability-linked loans, the latest on the ISDA interest rate derivatives definitions and enforcement trends in financial services.

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