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NEWS
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...
EU and UK regulatory issues—structured products and securitisation—overview
EU and UK regulatory issues-structured products and securitisations
This overview serves as a guide to the Banking & Finance materials within the EU and UK regulatory issues-structured products and securitisations subtopic, directing you to relevant resources. It outlines the key regimes that regulate structured products and securitisation across the EU and UK. A structured product is a hybrid investment, which may vary in complexity, combining two or more distinct components, such as debt securities and derivatives (including swaps, futures and options). For each constituent of a structured product, the general regulatory obligations applicable to stand-alone transactions of that nature should be assessed. Alongside these, there are rules that specifically address structured products. The main regulatory frameworks with particular relevance to structured products and securitisations in the EU and UK are identified below. For concise guidance on EU and UK rules governing structured products and securitisation, see Practice Note: EU and UK regulation of structured products and securitisation-one minute guide. In addition:
- for all structured products that involve debt securities, see Practice Note: EU and UK regulation of the debt capital markets-one minute guide
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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 ...
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