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Banking and Finance Weekly: UK and EU updates on shipping force majeure, leasehold and PRS reforms, sustainability reporting, T+1, commodity derivatives, securitisation, and Russia sanctions-28 May 2026
In this issue Shipping finance Real estate finance Sustainable finance Debt capital markets Derivatives Structured products and securitisation Sanctions Daily and weekly news alerts New and updated content Useful information Shipping finance The armed conflict raging in Iran, together with the virtual halt of commercial movements through the Strait of Hormuz since early March 2026, has triggered an interruption to global shipping and energy trade with no clear precedent in the post-war period. This narrow corridor is a vital bottleneck in energy supply chains: around one-fifth of the world’s daily petroleum demand, and a similar share of traded liquefied natural gas, typically passes through it. Leading regional producers-including QatarEnergy, Kuwait Petroleum Corporation, Shell and Bapco-have already declared force majeure against their contract parties. The ripple effect is worldwide, leaving energy and...
NEWS
European Commission MiFID II review of commodity derivatives and emissions markets: no urgent reforms; potential targeted changes to data, ancillary activity exemption, position limits, management controls and reporting
The report covers: The European Commission has released the report it forwarded to the European Parliament and the Council, presenting its assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, under Article 90(5) of the Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2014/65), as updated in February 2024. It states that input from stakeholders, together with the Commission’s subsequent appraisal based on market trend analysis, did not indicate an immediate need for substantive revisions to the reviewed parts of the commodity derivatives framework, although certain targeted amendments might be contemplated in future... data aspects relating to commodity derivatives the ancillary activity exemption position limits, position management controls and position reporting Source: REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the Commission’s assessment of the markets for commodity...
NEWS
ESMA consults on revised CSDR Settlement Discipline guidelines: mandatory electronic, standardised allocations and confirmations for EU T+1 settlement
The European Securities and Markets Authority (ESMA) is consulting on revised guidelines for standardised processes and messaging protocols. This assessment forms part of ESMA’s efforts to help market participants get ready for the move to a T+1 settlement cycle. Submissions are requested by 7 July 2026. ESMA will subsequently review the input received and plans to release the final report, featuring updated guidelines, by October 2026......
NEWS
UK Supreme Court: Russia sanctions suspend letters of credit payments pending OFSI licence; SAMLA s 44 protects reasonable non-payment
UniCredit Bank GmbH, London Branch v Constitution Aircraft Leasing (Ireland) 3 Ltd and another; Unicredit Bank GmbH, London Branch v Celestial Aviation Services Ltd [2026] UKSC 10 What was the background? The appeal centred on a dispute between UniCredit Bank GmbH, London Branch (the Bank) and the aircraft lessors, Celestial Aviation Services Ltd and Constitution Aircraft Leasing (Ireland) (the Lessors). It arose from the Bank’s liabilities under twelve standby letters of credit (L/Cs) issued in support of aircraft leases entered into with Russian airlines (the Lessees). On 1 March 2022, in the wake of the Russian invasion of Ukraine the month before, the Regulations, SI 2019/855, reg 28(3)(c), were amended so that the standing prohibition on financial services or funds connected to military goods and military technology was broadened to restricted goods, including aircraft, and restricted technology. As a consequence, the Lessors...
Debt capital markets: Islamic finance—overview
This overview sets out a guide to the Banking & Finance content within the Islamic finance-Sukuk subtopic, and signposts the appropriate materials. The principal distinction between Sukuk and conventional bonds is that Sukuk investors acquire an indirect interest in a specified asset or pool of assets, while holders of a conventional bond merely hold financial indebtedness of the relevant issuer. In accordance with Shari'ah, Sukuk do not pay interest; instead, returns are generated by economic transactions, such as sharing or leasing of the underlying assets. In practice, though, Sukuk buyers undertake the same commercial analysis as bond investors-their decision rests on evaluating the risk linked to the creditworthiness of the underlying obligor. From the issuer/obligor’s standpoint, launching a Sukuk requires the added task of selecting a suitable asset, or combination of assets, to support the instrument. For further detail, see Practice Note: Key principles of Islamic finance.
Sukuk al Ijara
This is the most widely used structure, owing to its familiarity, simplicity and favourable treatment by Islamic scholars...
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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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