Lessons from a 12-year tax litigation journey

In the September 2025 edition of Trade Finance Insight, we are excited to bring you a fascinating selection of articles and resources that are sure to stimulate your thoughts and conversations. These include the following: 1. The continuing inviolability of standby letters of credit 2. Changes to the UK Arbitration Act – Governing law of arbitration clauses 3. A problem with the bill? Law Commission Consultation Paper on digital assets and (electronic) trade documents in private international law 4. BAFT Master Trade Loan Agreement moves with the times View or download Trade Finance Insight: September 2025 Edition here: https://lnkd.in/d7UntjTJ

In the September 2025 edition of Trade Finance Insight, we are excited to bring you a fascinating selection of articles and resources that are sure to stimulate your thoughts and conversations. These include the following: 1. The continuing inviolability of standby letters of credit 2. Changes to the UK Arbitration Act – Governing law of arbitration clauses 3. A problem with the bill? Law Commission Consultation Paper on digital assets and (electronic) trade documents in private international law 4. BAFT Master Trade Loan Agreement moves with the times View or download Trade Finance Insight: September 2025 Edition here: https://lnkd.in/eiT-Rnhc

We’re pleased to share that partner Walter Van Dorn has authored a chapter in the new edition of Practising Law Institute (PLI)’s Financial Product Fundamentals: Law, Business, Compliance (Second Edition). Walter’s chapter, “International Securities Offerings,” provides clear, expert guidance on navigating the evolving landscape of U.S. regulations affecting international securities offerings. Learn more: https://lnkd.in/ezQv7e3K #SecuritiesLaw #FinancialProducts #InvestmentLaw #Compliance #FinancialRegulation

My early scholarship in Competition Law includes a paper published in the Financial Regulation International Journal, which examined key intersections between competition policy and financial regulation. It is now available on SSRN. https://lnkd.in/dmFhKc4Q Abstract The 2007 global financial crisis exposed the fragility of financial markets and the dangers of excessive deregulation, blurred lines between banking sectors, and systemic concentration of power. This paper critically examines the interplay between competition law and financial markets, analysing how deregulation and liberalisation intensified risks while also reshaping competitive dynamics. It highlights the peculiarities of the banking sector—its oligopolistic tendencies, high entry barriers, and systemic vulnerability—that make unregulated competition insufficient to ensure stability. The study explores whether competition law can mitigate instability, addressing the “too big to fail” (TBTF) problem, moral hazard, and distortions created by bailouts and state aid. It argues that while competition promotes efficiency, innovation, and consumer welfare, it must be coupled with effective regulation to avoid excessive risk-taking and uneven playing fields. The paper evaluates policy tools such as merger control, divestiture, taxation of TBTF advantages, and international harmonisation of antitrust rules. Additionally, it assesses the role of credit rating agencies, whose oligopolistic structure and lack of effective competition exacerbated the crisis. Ultimately, the article concludes that competition law, when integrated with robust regulation and supervision, is vital for fostering stability, fairness, and resilience in financial markets, thereby preventing future systemic breakdowns

#WorldCorporateLawNews #CorporateLaw [New Column] World Corporate Law News is designed to inform you about the most significant global corporate, securities, competition, and banking law developments. 𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤’𝐬 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ‣ 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐋𝐚𝐰 • FCA Supports Tokenisation to Boost Efficiency and Innovation in Asset Management • ASIC updates guidance on communicating Audit Findings to Directors, Audit Committees and Senior Managers Explore the Full Column Now: https://lnkd.in/eR4eysT8 [2-Minute Read] Prepared by Taxmann’s Research & Editorial Team #TaxmannUpdates #FCA #ASIC

Delighted to have co-authored this article with Ahmed Abdel-Hakam on asymmetric/hybrid jurisdiction clauses, published in the Butterworths Journal of International Banking & Financial Law. This piece explores the nuances and practical implications of such clauses in cross-border finance and dispute resolution. Grateful to Ahmed for the collaboration and to the editors for featuring our work. 👉 Link in the comments of the original post.

Justice Premium in Markets: Why Judicial Integrity Drives Market Confidence Drawing on the recent analysis by AINVEST HOLDINGS INC., the message is clear: judicial credibility has become a market variable — a core pricing input for long-term capital, directly shaping the #ruleoflaw and #marketconfidence. ⚖️ When courts are perceived as independent and consistent, investors stay. When politics seeps into legal outcomes, capital quietly leaves. Judicial independence anchors predictable enforcement and protects property rights. Weak systems raise #investmentrisk and distort #capitalmarkets, while even minor political influence can rattle confidence. Strong institutional quality in #emergingmarkets consistently aligns with higher #FDI and greater innovation. 🧭 What to do in practice • Embed judicial risk into due diligence: evaluate not just regulatory frameworks but also judicial track records – judge appointment processes, backlog transparency, and reversal rates – as part of effective #duediligence and #creditrisk management. • Design governance covenants around legal regimes: build triggers, safe harbors, or exit mechanisms linked to judicial performance metrics, reinforcing resilient #governance frameworks. • Price the path to cash: focus on enforcement rather than awards by modeling attachment options, procedural delays, and public policy carve-outs to strengthen outcomes in #arbitration and #enforcement settings. • Blend legal with geopolitics: integrate sanctions exposure and political factors into dispute playbooks, run “court capture” scenarios, and diversify jurisdictions to mitigate #sanctions and #riskmanagement pressures tied to #politicalrisk. • Leverage external capital: engage funders and insurers early so timelines, success fees, and ATE or PRI coverage align with recovery horizons – improving the sustainability of #litigationfinance and strategic #insurance partnerships. • Support reform through engagement: investors, DFIs, and trade bodies can promote judicial capacity, independence, and transparency as part of broader #ESG and governance commitments. In today’s markets, the integrity of a country’s judiciary is no longer a compliance footnote – it is a structural determinant of credibility, valuation, and capital mobility. Full article by Cyrus Cole: https://lnkd.in/dnUSm8gV #JudicialIntegrity #InvestmentRisk #LegalRisk #AInvest #Practiclaim

M&A dealmaking thrives despite uncertainty as lawyers modernize contracts with adaptive, data-driven terms to manage regulatory, tariff, tax, and geopolitical risks. #MandA #ContractLaw #BusinessStrategy #LegalInnovation #InformaConnectAcademy

Rarely does the issue of a letter of request gain ultimate appellate court consideration. The letter here requested assistance in gaining evidence, and was sent by one court to another court. These things are usually sorted out in the trial courts. Appeals would be rare. But leave to appeal was granted by the Hong Kong Court of Appeal recently, and the ultimate HK court (HKCFA) has heard the matter and given judgment. The matter probably has some importance in commerce. Inability to obtain audit working papers, held by a PwC entity in Shanghai that assisted in an audit, in the context of litigation against the HK auditor in HK, would tend to reduce acceptance of mainland work. This would impact marketability of securities subject to mainland audit components. In the end, it was found that the Hong Kong Court of First Instance had power to send such a letter of request. Some mainland requirements for approval did not seem insoluble, but seemed rather to be a matter of mainland law to be sorted out by the mainland court. More importantly, there is now some clarification of the basis, more generally, for issue of such a letter of request. While an outgoing letter is probably an exercise of inherent or implied jurisdiction, actioning an incoming letter would be subject to legislation, including legislation giving effect to one of the conventions. The relationship between the mainland and Hong Kong is not inter-State, so this has been dealt with synthetically so as to give the same effect to the Hague convention as if it had been a request between two States. NB – the foreign judge is Sir William Young, a former New Zealand Supreme Court judge. See: TENWOW INTERNATIONAL HOLDINGS LIMITED (IN LIQUIDATION) v PRICEWATERHOUSECOOPERS ZHONG TIAN LLP [2025] HKCFA 17. Link in comments. -0- Pic of the day – from the Auckland Art Gallery’s international permanent collection.

In the September 2025 edition of Trade Finance Insight, we are excited to bring you a fascinating selection of articles and resources from our global trade finance team (including a couple penned by me). These include the following: 1. The continuing inviolability of standby letters of credit 2. Changes to the UK Arbitration Act – Governing law of arbitration clauses 3. A problem with the bill? Law Commission Consultation Paper on digital assets and (electronic) trade documents in private international law 4. BAFT Master Trade Loan Agreement moves with the times View or download Trade Finance Insight: September 2025 Edition here: https://lnkd.in/e8M6bu9D