Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Pensions Regulator updates its trustee guidance where DB scheme employer in distress
United Kingdom | Publication | May 2023
The Regulator has updated its November 2020 guidance for trustees of schemes where the sponsoring employer is distressed. The original guidance focused on the economic impact of Covid-19, whereas the largely unchanged updated version notes the ongoing challenges currently faced by employers.
The Regulator’s expectations of trustees remain much the same. It expects trustees to have effective covenant monitoring in place as part of their integrated risk management regime and also urges them to read the updated guidance.
Examples of corporate activity which could lead to a worsening of the scheme’s position include a lender seeking security ahead of the scheme or the employer selling a valuable business.
The trustee checklist to reduce scheme risk in the face of employer distress include such actions as regular sponsor engagement and seeking specialist advice.
Please also see our earlier blog from January 2022 looking at trustee vigilance in times of economic uncertainty.
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Recent publications
Publication
Marine Money Week New York 2025
We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
Publication
The parallel imposition requirement in exclusive distribution systems: key takeaways from the CJEU’s ruling in Beevers Kaas
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
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