Clifford Chance Financial Markets Toolkit

On 18 February, the English court approved the interim restructuring plan proposed by Thames Water and supported by the Class A creditors (the "Plan"). The purpose of this interim restructuring plan is to extend Thames Water's liquidity runway by a further two years to provide it with a sufficiently stable platform to raise further capital in order to implement an adequate longer-term restructuring plan ("RP2"). The Plan faced significant opposition from its Class B creditors, subordinated creditor (Thames Water Ltd, of which the Plan Company is a wholly owned direct subsidiary), as well as Charlie Maynard MP who represented the public interest grounds. The court engaged its "cross class cram down" powers to bind the Class B creditors and subordinated creditor to the Plan notwithstanding their dissent. Read more ➡️ https://lnkd.in/e3Ay9kxk #Restructuring #ThamesWater

The focus of the UK FCA’s January consultation (CP25/2) is simplifying access to retail investors. It builds on last summer's consultation (CP24/12) on proposed UK prospectus regime FCA Handbook rules. What's new? • A single prospectus disclosure standard for both high- and low-denomination bonds • New "non-complex listed corporate bonds" – a 'simple' product, suitable for "mass retail" • Streamlined listing processes for further issuances Our briefing explores practical implications of CP25/2 (and is a companion piece to our August 2024 briefing on CP24/12). It also includes a flowchart to assist in navigating the proposed new UK POATR and UK CCI regimes. Read more 👉 https://lnkd.in/eScwxEY4 #UKPOATRs #CapitalMarkets #ProspectusRegime #RetailBonds #UKCCI

🌿Our Sustainability & ESG Trends 2025 report is out now. We look at what’s around the corner for sustainable finance and private capital M&A, the direction of travel for sustainability due diligence and reporting and managing ESG litigation risks, as well as the ways in which businesses may practically navigate regulatory uncertainties and increasingly diverging views on ESG. Read the report 👉https://lnkd.in/eDdBKxGe #ESG #Sustainability

📘In the third edition of the guide to #restructuring and #insolvency laws and procedures across key jurisdictions in the Asia Pacific region, we provide an updated overview of each jurisdiction’s applicable laws and regulations on key areas of concern. Restructuring and insolvency activity remains elevated across the region, following the COVID-19 pandemic and a period of higher interest rates. Local structural and other factors are driving activity in specific jurisdictions. Read the full guide 👉 https://lnkd.in/en6sNiEG #AsiaPacific

🔮We're forecasting the impacts of Trump's second administration on the energy sector. https://lnkd.in/ehka3jME This briefing provides an overview of how President-elect Donald Trump’s campaign promises may translate into policy reform, how potential policy reforms could impact energy subsectors, and how the market may progress despite policy changes. #Energy #EnergyPolicy

Where contracts do not contemplate LIBOR cessation, the market has been transitioning LIBOR-referenced contracts to newer risk-free rates by agreeing amendments to the documentation. But what if a counterparty will not transition? Should a term be implied or should the product be redeemed? That was the choice for the English Court in Standard Chartered PLC v Guaranty Nominees Limited and Ors [2024] EWHC 265, in an eagerly-awaited "test case". The Court implied a term - a decision that has been largely welcomed by the financial markets. But, as ever there is nuance. In this briefing we consider implications for other products, and how the facts of the case may have impacted the Court's decision in this instance. Read the full briefing ➡️https://lnkd.in/efzG_h2d #LIBOR

Global efforts to enhance anti-money laundering (#AML) measures to combat financial crime are increasing. In this extract from a recent Clifford Chance webinar, we look at the latest AML trends in the EU, US, UK and Singapore, what they mean for business and compliance processes and provide some practical suggestions for adapting to them. Read the full briefing 👉 https://lnkd.in/eJUMrBVK

In chasing down opportunities to invest in the energy transition, private capital is increasingly focused on unlocking the investment potential offered by alternative technologies such as carbon capture and storage (#CCS) and the associated value chain including carbon credits. This briefing provides an overview of CCS in #Australia, including the financial incentives available to facilitate investment in CCS technologies, the regulatory framework for CCS and some of the key issues to consider when investing in the sector. Read the full briefing ➡️https://lnkd.in/egHe2etE #EnergyTransition

On 12 September 2024, the #PRA published its Policy Statement PS9/24 Implementation of the #Basel 3.1 Standards, accompanied by a set of near-final rules and new and revised supervisory statements, and confirmed January 2026 as the UK implementation date. Taken together, these publications amount to a sizeable package of around 1000 pages and form the second of two instalments of the PRA's Basel 3.1 implementation package. In this briefing, we give our initial reactions on the top ten themes that we find most interesting, with a focus on some of the particular features of the PRA's implementation: how the PRA's approach has changed from its opening consultation position, and how it varies from the EU's CRR3 regime. Read the full briefing 👉 https://lnkd.in/ecjPJEfU

📃 Over the summer, the #FCA took a further step towards "filling in the blanks" of the replacement UK prospectus regime. Consultation Paper CP24/12, published by the FCA at the end of July, sets out the FCA's policy conclusions on the detail of the UK public offer and admission to trading (POATRs) regime. The 360-page paper also includes draft rules for the FCA Handbook and draft Annexes with proposed prospectus disclosure requirements. The deadline for comments on the FCA Consultation is not until mid-October. Moreover, the FCA has indicated that it is planning a separate consultation later this year on the UK retail debt market, likely in "late Q4".  Nonetheless, we have prepared a high-level briefing on CP24/12, outlining key aspects and their impact for debt issuance. In the briefing, we indicate some of the areas where we will be following up with the UK FCA with requests for further clarifications. Additionally, with the EU prospectus regime also in flux, we have highlighted not only how the FCA proposals differ from the current UK regime but, also, how they differ from current and future EU requirements. Read the full briefing 👉 https://lnkd.in/eeWcDsVr