Stock lending meaning

The Irish lender announced that it will repurchase its shares on the Euronext Dublin exchange and subsequently cancel them. A notice to the London Stock Exchange (LSE) stated the programme, scheduled and due to end by 18 December 2024 at the latest, will be executed by wealth manager J&E Davy Unlimited Co and UBS AG London Branch. Bank of Ireland, whose shares are listed on both the LSE and the Euronext Dublin, said that the initiative’s aim is to trim the group’s share capital. The lender did not name its legal counsel for the buyback plan under the programme...

In this issue: Lending Security Sustainable finance Debt capital markets Technology for banking lawyers Sanctions Daily and weekly news alerts Latest Q&A Useful information Lending Abcor Finance Securities Ltd v Binomia Ltd [2025] EWHC 2374 (Ch) The Chancery Division rejected a winding-up petition brought by Abcor Finance Securities Limited (the Petitioner) against Binomia Ltd (the Company). The court found the liability underlying the petition was genuinely and substantially contested and, as a result, it dismissed the petition. The court considered submissions about the Petitioner’s stock seizure and concluded there was a tenable case that this conduct directly increased the petition debt, thereby supporting refusal of the winding-up petition. Security Companies House issues new Register of Overseas Entities Rules 2025 Companies House has issued the Register of Overseas Entities Rules 2025, outlining compulsory processes for submitting documents and filings connected to the Register of Overseas Entities. The rules set out the necessary...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II EU MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies EBA publishes annual report on supervisory convergence for 2024 The European Banking Authority (EBA) has issued its 2024 annual report on the convergence of supervisory practices across the EU. The paper outlines EBA’s initiatives to enhance consistency of supervision among Member States, spanning all...

Except where an exemption or relief applies, payments of: annual interest (or amounts that tax rules treat as annual interest), and that have a UK source must be made under deduction, with the payer required to withhold and account to HMRC for UK income tax at the basic rate (20%) or, from 6 April 2027, at the savings basic rate (22%) (for more detail, see Practice Note: UK withholding tax on yearly interest). This Practice Note describes the duty to deduct (and account to HMRC for) UK income tax from UK‑source annual interest as a withholding tax, even though it is in substance a mechanism for collecting UK income tax from the UK‑based payer rather than from the recipient who: is the beneficial owner of the income, and is likely to be based outside the UK For more information on the requirement to deduct UK income tax from UK‑source annual interest, see Practice Note: Administration...

What are private placements? In this note, we use the term private placements to refer to placements of debt, arranged as loans or notes; private placements of other instruments, such as shares or securitisation products, fall outside the scope of this note. A defining feature is that the debt is not offered to the general public but placed with a limited circle of private investors, who are typically institutional in nature: Pension funds Insurance companies Asset managers Consequently, issuers and transactions benefit from relief from burdensome registration and disclosure obligations that would otherwise attach to a public debt issue. For example, no registration document is required in the US under the Securities Act of 1933, and, in the European context, no prospectus needs to be issued under the relevant UK or EU prospectus regulations. Private placements are accessible to a broader range of issuers than other financing routes. Issuers need not hold a credit rating (though some private placements...

The management of assets belonging to another person on a discretionary basis is a 'regulated activity' overseen by the Financial Conduct Authority (FCA). As a general position, trustees of occupational pension schemes (Trustees) are not typically authorised by the FCA, or under applicable legislation, to manage most categories of scheme assets. Consequently, Trustees must pass day-to-day investment decisions to an FCA-authorised party to implement investments on their behalf. A frequent approach is to appoint an investment manager (the Manager), which constitutes a delegation of their core investment responsibilities. When a Manager is engaged under a discretionary investment management agreement (an IMA), the Trustees confer their discretionary investment powers. The scheme employer may also join the IMA to meet requirements connected to recovering VAT—see Practice Note: VAT and pension scheme costs. In contrast to investment advisory mandates or non-discretionary management arrangements, the Manager is empowered to execute transactions for the Trustees. Accordingly, it is vitally important that the Trustees are clear about the scope...