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Contents
- Preliminary Material
- Main Text
- Part A Introductory and Ground Level Matters
- Preliminary Material
- 1 Introductory Matters
- Preliminary Material
- 1.1 Preliminary Points
- 1.2 Contractual Issues
- 1.2.1
- 1.2.2 Some contractual prerequisites
- 1.2.3 Corporate entities and other legal persons
- 1.2.4 Intention to contract and certainty of agreement
- 1.2.5 Good faith and fairness
- 1.2.6 The parties to a contract: mistake
- 1.2.7 Mistake as to the subject matter of a contract
- 1.2.8 Privity of contract
- 1.2.9 The interpretation of a contract
- 1.2.10 Contractual discretions
- 1.2.11 Best endeavours and reasonable endeavours
- 1.3 Illegality
- 1.4 Frustration of Contract and Force Majeure Clauses
- 1.5 Enforcement and Recovery upon Breach of Contract
- 2 Banking Regulation
- Preliminary Material
- 2.1 Introduction
- 2.2 The Themes of Banking Regulation
- 2.3 The UK Requirement for Authorisation
- 2.4 Unauthorised Activities
- 2.5 The Regulation of Deposit Taking
- 2.6 The UK System of Authorisation and Supervision of Banks
- 2.7 The Basel, EU, and UK Requirements
- 2.8 Basel Accord and Capital Requirements Regulation: Capital Requirements
- 2.9 The Standardised Approach
- 2.10 The Internal Ratings Based Approach to the Assessment of Credit Risk
- 2.10.1
- 2.10.2 The IRB ‘use’ test
- 2.10.3 UL and EL
- 2.10.4 IRB evaluation methodologies
- 2.10.5 PD
- 2.10.6 LGD and EAD
- 2.10.7 M
- 2.10.8 CCF
- 2.10.9 Calculation of capital requirements
- 2.10.10 Classification of exposures
- 2.10.11 Corporate, bank, and sovereign exposures
- 2.10.12 Retail exposures
- 2.10.13 Specialised lending
- 2.10.14 Equity
- 2.10.15 Non-credit obligations and collective investment undertakings
- 2.10.16 Asset value correlation multiplier
- 2.11 Credit Risk Mitigation
- 2.11.1 Introduction
- 2.11.2 Common requirements applicable to funded and unfunded CRM
- 2.11.3 Funded CRM
- 2.11.4 Adjusting the risk-weight exposure to take account of eligible financial collateral
- 2.11.5 The financial collateral simple method
- 2.11.6 The financial collateral comprehensive method
- 2.11.7 Unfunded CRM
- 2.11.8 Eligibility
- 2.11.9 Recognition
- 2.11.10 Haircuts
- 2.12 Credit Risk Associated with Securitisations
- 2.13 Counterparty Credit Risk Associated with Derivative Instruments, Repo Transactions, Securities and Commodities Lending/Borrowing, Long Settlement, and Margin Lending
- 2.14 Counterparty Credit Risk to Central Counterparties
- 2.15 Capital Requirements for Position Risk, Foreign Exchange Risk, and Commodities Risk
- 2.16 Capital Requirements for Settlement Risk
- 2.17 Credit Valuation Adjustment (CVA)
- 2.18 Operational Risk
- 2.19 Large Exposures
- 2.20 Leverage Ratio
- 2.21 Liquidity Coverage Ratio
- 2.22 Net Stable Funding Ratio
- 2.23 Consolidated Supervision
- 3 Loan Facilities
- Preliminary Material
- 3.1 Introduction
- 3.2 Term Sheets
- 3.3 The Overall Structure and Contents of a Loan Facility Agreement
- 3.4 The Interpretative Provisions
- 3.5 The Description and Purpose of the Facility
- 3.6 The Financial and Operative Provisions
- 3.7 Borrowing under the Facility
- 3.8 A Wrongful Refusal to Lend
- 3.9 Conditions Precedent
- 3.10 Repayment
- 3.11 Interest
- 3.12 Penalties
- 3.13 Islamic Finance
- 3.14 Payments under a Loan Facility Agreement
- 3.15 Protecting the Lender’s Financial Position and its Rate of Return
- 3.16 The Monitoring and Minding Provisions in a Loan Facility Agreement
- 3.17 Representations and Warranties
- 3.18 Covenants and Undertakings
- 3.19 Events of Default and Acceleration
- Part B Conflict of Laws and Cross-Border Issues
- Preliminary Material
- 4 Conflict of Laws in Transactional Matters
- Preliminary Material
- 4.1 Introduction
- 4.2 The English Method of Classifying or Characterising Legal Issues, Ascertaining the Conflict of Laws Rules that are Relevant to those Issues, and Applying those Rules to Determine the Applicable or Governing Law
- 4.3 The Rules for Issues Concerning a Corporation
- 4.4 Principal and Agent
- 4.5 Contractual Matters
- 4.5.1 Introduction
- 4.5.2 The Rome I Regulation: introductory comments
- 4.5.3 The applicable law of a contract
- 4.5.4 Qualifications to the application of the governing law
- 4.5.4.1 Mandatory rules
- Article 7(2) of the Rome Convention: mandatory rules of the forum
- Article 7(2) of the Rome Convention: mandatory rules of a closely connected country
- Article 9 of the Rome I Regulation
- Definition of ‘overriding mandatory provisions’
- Article 9(2): mandatory provisions of the forum
- Article 9(3): mandatory provisions of the law of the place of performance
- 4.5.4.2 Public policy of the forum
- 4.5.4.1 Mandatory rules
- 4.5.5 Matters governed by the applicable law
- 4.5.5.1 Material validity
- 4.5.5.2 Formal validity
- 4.5.5.3 Article 10: the scope of the applicable law
- 4.5.5.4 Voluntary assignments, subrogation, contribution and set-off
- Article 12 of the Rome Convention: voluntary assignments
- Article 13 of the Rome Convention: subrogation
- Article 14 of the Rome I Regulation: voluntary assignments and contractual subrogation
- Article 15 of the Rome I Regulation: legal subrogation
- Article 16 of the Rome I Regulation: contribution
- Article 17 of the Rome I Regulation: set-off
- 4.5.6 Foreign currency obligations
- 4.5.7 Foreign money judgments in the English courts
- 4.6 Unlawfulness in the Intended Place for Performance of a Contract: the English Perspective
- 4.7 The Conflict of Laws Rules for Non-Contractual Obligations
- 4.7.1 Introduction
- 4.7.2 The Rome II Regulation
- 4.7.3 The rules prior to the Rome II Regulation
- 4.8 The Conflicts Rules for Proprietary Transactions
- 4.9 Trusts
- 4.10 The Public Policy Grounds on which an English Court may Refuse to Give Effect to a Foreign Law
- 4.11 Investment and Foreign Exchange Controls and Similar Legislation
- 5 Cross-border Insolvencies
- Preliminary Material
- 5.1 Introduction
- 5.2 Domestic Insolvency Proceedings
- 5.3 The Effect of Foreign Insolvency Proceedings in England
- 5.4 The EC Insolvency Regulation
- 5.4.1 Introduction
- 5.4.2 Jurisdiction and the concept of the debtor’s ‘centre of main interests’
- 5.4.3 The date of opening of proceedings
- 5.4.4 The main proceedings
- 5.4.5 Territorial and secondary proceedings
- 5.4.6 Recognition of proceedings
- 5.4.7 Lodgement of claims and information
- 5.4.8 Governing law
- 5.4.9 The law governing the insolvency proceedings
- 5.4.10 Rights in rem
- 5.4.11 Rights of set-off
- 5.4.12 Passing of title
- 5.4.13 Immovable property
- 5.4.14 Payment and settlement systems and financial markets
- 5.4.15 Rights subject to registration
- 5.4.16 Protection of third party purchasers
- 5.4.17 Community intellectual property rights
- 5.4.18 Pending lawsuits in divested assets and rights
- 5.5 Insolvent Credit Institutions
- 5.6 Adoption in Great Britain of the UNCITRAL Model Law on Cross-border Insolvency
- 6 Jurisdiction and the Resolution of Disputes
- Preliminary Material
- 6.1 Introduction
- 6.2 Court Jurisdiction
- 6.3 The EC Regulation on Jurisdiction and Judgments and the Brussels and Lugano Conventions
- 6.3.1 Introduction
- 6.3.2 Scope of application
- 6.3.3 Mandatory effect
- 6.3.4 The standard of proof
- 6.3.5 Jurisdiction founded on the defendant’s domicile
- 6.3.6 Alternative bases of jurisdiction
- 6.3.7 Article 7: jurisdiction based on a close connection with the dispute
- 6.3.8 Related claims
- 6.3.9 Exclusive jurisdiction under Article 24
- 6.3.10 Jurisdiction by agreement
- 6.3.11 Jurisdiction by agreement in a trust instrument
- 6.3.12 Jurisdiction by appearance
- 6.3.13 Concurrent proceedings
- 6.4 The Residual Jurisdiction of the High Court under English Law
- 6.5 Situations where the High Court may Decline to Hear a Case or may Grant an Anti-suit Injunction to Restrain a Party from Continuing Foreign Proceedings
- 6.5.1 Introduction
- 6.5.2 Stays of English proceedings and refusals to grant leave to serve out of the jurisdiction
- 6.5.3 Jurisdiction agreements
- 6.5.4 Stays of English proceedings when an agreement confers exclusive jurisdiction upon a foreign court
- 6.5.5 Anti-suit injunctions directed against the continuance of foreign proceedings
- 6.5.6 Arbitration agreements
- 6.6 Arbitration
- 6.6.1 Introduction
- 6.6.2 The Arbitration Act 1996
- 6.6.3 Part I of the Arbitration Act 1996
- 6.6.4 The governing law of an arbitration agreement
- 6.6.5 The existence and validity of an arbitration agreement
- 6.6.6 Stays of proceedings and challenges to the validity of an arbitration agreement
- 6.6.7 The arbitral tribunal: determinations, powers, remedies, and challenges
- 6.6.8 Enforcement of awards
- 6.7 The Recognition and Enforcement of Foreign Arbitral Awards
- 7 Sovereign Immunity, International Organisations, and State Insolvency
- Preliminary Material
- 7.1 Introduction
- 7.2 Sovereign Immunity
- 7.2.1 Introduction
- 7.2.2 Act of State and judicial restraint
- 7.2.3 The State Immunity Act 1978
- 7.2.3.1
- 7.2.3.2
- 7.2.3.3 States, heads of State, and separate entities
- 7.2.3.4 The adjudicative jurisdiction under the State Immunity Act 1978
- 7.2.3.5 The enforcement jurisdiction under the State Immunity Act
- 7.2.3.5.1
- 7.2.3.5.2
- Enforcement action against States
- The scheme of section 13
- Consent to relief or enforcement
- Commercial assets
- Property
- Enforcement against a separate entity, central bank, or monetary authority
- Separate entities
- Central banks and monetary authorities
- A central bank’s property
- Foreign judgments
- 7.3 The Immunities of International Organisations
- 7.4 State Insolvency
- 7.4.1 Introduction
- 7.4.2 The SDRM proposal
- 7.4.3 Why was the SDRM proposed?
- 7.4.4 Single series collective action clauses
- 7.4.5 Euro area aggregated collective action clauses
- 7.4.6 The impact of Greece’s sovereign debt restructuring and ongoing litigation in Argentina
- 7.4.7 ICMA model clauses for use in English law and New York law governed sovereign bonds
- 8 Legal Opinions
- Preliminary Material
- 8.1 Introduction
- 8.2 The Beneficiaries of a Legal Opinion
- 8.3 The Legal Opinions that should be Given in a Transaction
- 8.4 Who Should Give the Opinions?
- 8.5 The Form of a Legal Opinion
- 8.6 The Responsibilities that may Arise in Giving a Legal Opinion
- Appendix 1 English Law Legal Opinion
- Appendix 2 Foreign Law Opinion As To Foreign Borrower
- Appendix 3 Foreign Law Opinion As To Foreign Security
- Part C Composite and Specialised Financing Transactions
- Preliminary Material
- 9 Syndicated Lending
- Preliminary Material
- 9.1 Introduction
- 9.2 The Obligations and Rights of the Lenders and the Relationship Between Them
- 9.3 Arrangement of the Facility by the Arranger
- 9.4 Areas of Risk to the Arranger
- 9.4.1 A claim by the borrower
- 9.4.2 Claims by the syndicate members
- 9.4.3 A claim in the tort of negligence
- 9.4.4 The position of the arranger in an action in negligence
- 9.4.5 A claim in the tort of deceit
- 9.4.6 A claim under section 2(1) of the Misrepresentation Act 1967
- 9.4.7 A claim under section 2(2) of the Misrepresentation Act 1967
- 9.4.8 A claim for breach of fiduciary duty
- 9.4.9 Contributory negligence
- 9.5 Protecting the Arranger
- 9.5.1
- 9.5.2 The means of protection
- 9.5.3 Construction of the provisions
- 9.5.4 Legislative limitations upon exclusions or restrictions of liability or for damages
- 9.5.5 The Unfair Contract Terms Act 1977
- 9.5.6 Section 3 of the Misrepresentation Act 1967
- 9.6 The Agent
- 10 Bond Issues
- Preliminary Material
- 10.1 Introduction
- 10.2 A Comparative Analysis by Reference to Loans and Other Transactions
- 10.3 Trading in Bonds
- 10.4 Bonds as Negotiable Instruments
- 10.5 The Modern System of Recording and Dealing in Securities
- 10.6 The Process of a Bond Issue
- 10.7 Regulatory Matters
- 10.7.1
- 10.7.2 Prospectus requirements
- 10.7.3 MiFID
- 10.7.4 Stabilisation
- 10.7.5 Listing Particulars
- 10.7.6 Deposit taking
- 10.7.7 US restrictions
- 10.8 The Documentation
- 10.8.1
- 10.8.2 Governing law and jurisdiction clauses
- 10.8.3 The bonds
- 10.8.4 The terms and conditions of the bonds
- 10.8.5 The initial subscription
- 10.8.6 The difference between an issue with a trustee and an issue without
- 10.8.7 The Fiscal Agency Agreement
- 10.8.8 The Paying Agency Agreement
- 10.8.9 The Trust Deed
- 10.9 The Duties and Discretions of the Trustee and the Protections Afforded to it
- 10.9.1
- 10.9.1.1
- 10.9.1.2
- 10.9.2 The duty of care and skill
- 10.9.3 The equitable fiduciary duty of a trustee
- 10.9.4 Modification or exclusion of a trustee’s duties
- 10.9.5 Statutory restrictions on limitations or exclusions of liability
- 10.9.6 The considerations that are relevant to the exercise by the trustee of its powers and discretions
- 11 Derivative Transactions
- Preliminary Material
- 11.1 Introduction
- 11.2 Basic Commercial Aspects of Derivative Transactions
- 11.3 Documentation of Derivative Transactions
- 11.4 Regulation of Derivative Transactions
- 11.5 Legal Issues Arising in Relation to Derivative Transactions
- 11.6 Capacity and Authority
- 11.7 Liabilities Arising from Trading
- 11.7.1 Misselling claims
- 11.7.2 FCA Review
- 11.7.3 Rights of redress under general law
- 11.7.4 No general obligation of disclosure
- 11.7.5 A limited obligation of disclosure?
- 11.7.6 Misrepresentation under the Misrepresentation Act 1967
- 11.7.7 Negligence
- 11.7.8 Contractual estoppel, ‘basis clauses’, and exclusion clauses
- 11.8 Gambling, Wagering, and Gaming
- 11.9 Insurance Law and Regulation
- 11.10 Effect of Default and Insolvency
- 11.11 Credit Risk Mitigation under the 2002 ISDA Master Agreement
- 11.12 Post-insolvency Enforceability of Close-out Provisions
- 12 Loan Transfers, Securitisation, and Structured Finance
- Preliminary Material
- 12.1 Introduction
- 12.2 Conflict of Laws Issues
- 12.3 The Banker’s Obligation of Confidence
- 12.4 The Methods of Transfer under English Law
- 12.5 Assignment
- 12.6 Declaration of Trust
- 12.7 Novation
- 12.8 Sub-participation
- 12.9 Common Issues Concerning Assignments
- 12.9.1
- 12.9.2 Rights v obligations
- 12.9.3 Rights that are personal to the assignor
- 12.9.4 Contractual restrictions upon dealing
- 12.9.5 Negative pledges and anti-disposal provisions in third party contracts
- 12.9.6 The debtor’s rights of set-off
- 12.9.7 Priorities
- 12.9.8 The risk of re-characterisation
- 12.10 Securitisation and Structured Finance
- 12.11 A True Sale Securitisation
- 12.11.1
- 12.11.2 The originator’s objectives in a true sale securitisation
- 12.11.3 The safety of the transaction
- 12.11.4 The portfolio
- 12.11.5 The SPV’s acquisition of the portfolio
- 12.11.6 Upsetting the transfer
- 12.11.7 The risk of the SPV’s insolvency
- 12.12 Regulatory Matters
- 13 Project Finance
- Preliminary Material
- 13.1 Introduction
- 13.2 The Sponsors and the Project Vehicle
- 13.3 The Licence
- 13.4 The Contractual Elements of a Project
- 13.5 The Assessment of Risks in Financing a Project
- 13.6 Insurance Arrangements
- 13.7 The Financing of a Project
- 13.7.1
- 13.7.2 Sources of finance
- 13.7.3 Co-ordination and fair treatment
- 13.7.4 Limited or non-recourse elements
- 13.7.5 The loan facility agreement
- 13.8 Security
- 13.9 Step-in Rights and Direct Agreements
- Part D Secured Transactions, Equipment Finance, and Guarantees
- Preliminary Material
- 14 Secured Transactions
- Preliminary Material
- 14.1 Introduction and Preliminary Matters
- 14.1.1 The nature of security
- 14.1.2 The equitable right to redeem
- 14.1.3 The reasons for taking security
- 14.1.4 The liabilities that may be covered by security
- 14.1.5 Non-recourse security
- 14.1.6 Third party security
- 14.1.7 Security held by a trustee
- 14.1.8 Security granted to a person who is neither a creditor nor a trustee.
- 14.1.9 Intention to create security
- 14.1.10 Contractual impediments to the creation of security
- 14.1.11 Conflict of laws and cross-border issues
- 14.2 Concepts of Property, Interests in Property, and Dealings in Property: An Introduction
- 14.3 The Concepts of Future Property and Attachment
- 14.4 An Asset, Fruits of and Substitutions for the Asset, and the Proceeds of Sale of the Asset
- 14.5 Forms of Security
- 14.6 Floating Charges
- 14.6.1 Introduction
- 14.6.2 The importance of the distinction between fixed security and floating charges
- 14.6.3 The nature of a floating charge
- 14.6.4 The essential characteristic of a floating charge
- 14.6.5 The liberty to deal
- 14.6.6 Fixed v floating security in the context of particular transactions
- 14.6.6.1
- 14.6.6.2 Book debts (receivables)
- 14.6.6.3 Other assets
- 14.6.6.4 Plant and equipment
- 14.6.6.5 Equipment leases or hire purchase transactions and rental payable under them
- 14.6.6.6 Insurance policies
- 14.6.6.7 Shares in a company
- 14.6.6.8 Contractual rights
- 14.6.6.9 Intellectual property
- 14.6.6.10 Real property
- 14.6.7 Crystallisation
- 14.6.8 Priorities
- 14.7 Taking Security over Shares and Other Financial Securities
- 14.7.1
- 14.7.1.1
- 14.7.1.2
- 14.7.1.3
- 14.7.2 Equitable interests in shares
- 14.7.3 Certificated securities and physical instruments
- 14.7.4 Uncertificated securities
- 14.7.5 Intermediated securities
- 14.7.6 The Financial Collateral Arrangements (No 2) Regulations 2003
- 14.8 Taking Security over Intellectual Property
- 14.9 Taking Security over Receivables and Other Contractual Obligations
- 14.10 Taking Security over Obligations Owed by a Creditor
- 14.11 Set-off
- 14.12 Quistclose Trusts
- 14.12.1 The Quistclose case
- 14.12.2 Judicial analysis of Quistclose
- 14.12.3 Quistclose applied to payments other than loans
- 14.12.4 The type of trust
- 14.12.5 The questionable need for protection
- 14.12.6 Sufficient intention or purpose
- 14.12.7 Acceptance of the principle
- 14.12.8 Money received when the recipient has stopped trading
- 14.13 Company Registration Requirements
- 14.13.1
- 14.13.1.1
- 14.13.1.2
- 14.13.2 Registrable charges
- 14.13.3 The process of registration
- 14.13.4 The consequences of a failure to register
- 14.13.5 Other entries on the register
- 14.13.6 Late registration
- 14.13.7 The power to make secondary legislation
- 14.13.8 Security given by a registered overseas company
- 14.13.9 Re-characterisation
- 14.14 Priorities
- 14.15 Subordination
- 14.15.1 Introduction
- 14.15.2 Types of subordination arrangement
- 14.15.3 Legal issues that arise in connection with subordination
- 14.15.3.1 Pari passu distribution in a winding up of the debtor
- 14.15.3.2 Insolvency set-off as between the insolvent debtor and the junior creditor
- 14.15.3.3 Participation of the junior creditor in the prescribed part of floating charge property
- 14.15.3.4 Subordination trusts by way of security
- 14.15.3.5 The pari passu principle in the insolvency of the junior creditor
- 14.15.3.6 Disclaimer of a subordination arrangement as an unprofitable contract in the insolvency of the junior creditor
- 14.15.3.7 Administration of the junior creditor
- 14.15.3.8 The junior creditor as a surety
- 14.16 Upsetting Prior Transactions Entered into by an Obligor
- 14.17 Enforcement of Security
- 14.17.1 Determining whether to enforce and the position before enforcement
- 14.17.2 Foreclosure
- 14.17.3 Appropriation of financial collateral
- 14.17.4 Application of cash balances
- 14.17.5 Taking possession
- 14.17.6 The power of sale
- 14.17.7 Appointment of an administrator
- 14.17.8 Appointment of a receiver
- 14.17.9 Administrative receivers
- 15 Equipment Finance
- Preliminary Material
- 15.1 Introduction
- 15.2 Acquisition by the Financier of Title in the Equipment
- 15.3 Conditional Sale Agreements
- 15.4 Hire Purchase Agreements
- 15.5 Finance Leases
- 15.6 The Financier’s Statutory Responsibility for the Equipment
- 15.6.1
- 15.6.1.1
- 15.6.1.2 The legislation
- 15.6.2 Implied terms as to title, freedom from encumbrance, and quiet possession: conditional sale and hire purchase agreements
- 15.6.3 Implied terms as to possession, freedom from encumbrance and quiet possession: lease agreements
- 15.6.4 Implied terms as to satisfactory quality and fitness for purpose
- 15.6.5 Satisfactory quality
- 15.6.6 Fitness for a particular purpose
- 15.7 Exclusion or Limitation of a Financier’s Liability Concerning the Equipment
- 15.7.1
- 15.7.2
- 15.7.3 Cross-border and conflict of laws considerations
- 15.7.4 Section 3 of the UCTA: liability arising in contract
- 15.7.5 Section 6 of the UCTA: the statutorily implied terms under a conditional sale or hire purchase agreement
- 15.7.6 Section 7 of the UCTA: the statutorily implied terms under a lease agreement
- 15.7.7 Section 13 of the UCTA: alternative means of escaping from liability
- 15.7.8 Section 11 of the UCTA: the requirement of reasonableness
- 15.8 The Right of the Financier to Terminate Due to the Customer’s Default
- 15.9 The Customer’s Protection: To Seek Relief Against Forfeiture
- 15.10 Administration and Making Proposals for a Voluntary Arrangement of the Customer
- 15.11 The Financier’s Rights Against Third Parties
- 15.12 Insurance Arrangements
- 16 Guarantees
- Preliminary Material
- 16.1 Introduction
- 16.2 The Nature of a Guarantee
- 16.3 The Nature of First Demand Instruments and Indemnities
- 16.4 Consideration and the Intention to Contract
- 16.5 Other Preliminary Issues in Taking a Guarantee
- 16.6 State Guarantees
- 16.7 The Types of Guarantee
- 16.8 UKEF Cover
- 16.9 Rights of the Guarantor as a Surety
- 16.10 Discharge of the Guarantor
- 16.11 Equitable Grounds for Discharge of a Guarantor
- 16.12 Saving Provisions
- 17 The Reform of the English Law of Secured Transactions
- Preliminary Material
- 17.1 Introduction
- 17.2 Examining the Case for Reform
- 17.3 The Multiplicity of Interests and Forms of Transaction under English Law
- 17.4 Fixed v Floating Charges
- 17.5 Security v Other Transactions, the Risk of Re-characterisation, and the Difficulties with Rights and Remedies
- 17.6 Registration of Security
- 17.7 Priorities
- 17.8 A Typical Personal Property Securities Act Scheme
- 17.9 Reform of Secured Transactions Law Around the World
- 17.10 Reform Initiatives in the UK
- 17.11 Concluding Remarks
- Part A Introductory and Ground Level Matters
- Further Material