During the presentation, we discussed the current legal status regarding the possibility of selling receivables under corporate loans, focusing on the main transactional, regulatory and tax risks and we considered how to reduce these risks at the stage of structuring a transaction. We also outlined what changes (including changes in the tax legislation) should be introduced to facilitate this form of investment (looking from the side of the buyer of corporate debt) or debt restructuring (looking from the side of the seller of corporate debt).
Warsaw Perspectives Series: Restructuring of debt secured by guarantees of Bank Gospodarstwa Krajowego (the Polish development bank) from its Crisis/Liquidity Guarantees Fund (April 2023)
During the meeting, we looked at the conditions, that have to be fulfilled, prior to amending agreements secured by BGK aid guarantees. We focused on the issues to watch for when making such amendments and we shared our experience in these areas.
Warsaw Perspectives Series: Trends and current problems in the area of personal data protection and information security and their influence on the activity of financial institutions (March 2023)
In this session we discussed current trends including upcoming regulations at the European level in the area of personal data protection in the context of their impact on the activities of financial institutions. We took a look at the activities of data protection authorities in various EU countries in matters relevant to the financial sector. Our discussion covered, among other issues, the transfer of personal data outside the EEA in the context of new legal environment. We also focused on the new information security regulations.
Warsaw Perspectives Series: Trends and current problems in the area of green loans and sustainability linked loans (March 2023)
During the meeting, we took a look at trends in the market for green loans and sustainability-linked loans. We discussed practical issues faced by market participants and try to answer questions that arise in the course of transactions. We looked at the issues presented both from the perspective of the financing institutions and from the point of view of the borrowers.
Warsaw Perspectives Series: Offshore wind farms – realities and risks of the first phase of procuring financing for Polish offshore projects (February 2023)
During our meeting, experts presented the main factors that in our opinion are and will be important in the first phase of financing the construction of offshore projects, primarily from a regulatory, transactional and financial perspective. Experts discussed the main issues related to the financing of offshore projects in the holdco financing structure. Experts also described experiences with similar challenges from other European jurisdictions and how they can provide guidance for the Polish market.
Warsaw Perspectives Series: Digital Operational Resilience (DORA) – further legal and regulatory challenges for the financial sector (January 2023)
In May 2022, the Council Presidency and the European Parliament reached a provisional agreement on the Digital Operational Resilience Act (DORA). It lays down uniform requirements for the security of network and IT systems of companies and institutions operating in the financial sector, as well as key external providers of ICT-related services, such as cloud platforms or data analysis services. During the meeting, we looked at the legal and operational challenges that DORA poses to the financial sector.
Warsaw Perspectives Series: Innovations in derivative trading markets: ESG and crypto assets (December 2022)
The derivatives market has always been one of the most innovative financial markets. They present numerous regulatory and documentation challenges. During the first part of the seminar, we looked at derivatives linked to sustainable development, environmental issues or the state of the natural environment. During the second part, we talked about new types of instruments linked to digital assets (e.g. cryptocurrencies).
Warsaw Perspectives Series: “Not all that glitters is green.” Current and future challenges connected with ESG (November 2022)
During the meeting, clifford chance experts looked at, among other things, the phenomenon of greenwashing and the role of whistleblowers in the transparency of business entities. We described how the ESG trend is sometimes misused by the market and what risks this entails. We also took a look at doubts regarding the verifiability of criteria in the broadly understood domain of ESG investing.
Warsaw Perspectives Series: Private Credit – characteristics and application of products and current trends (October 2022)
Experts from Clifford Chance and PwC jointly looked at the characteristics and practical application of financing in the ever-growing popular private credit formula. The speakers presented a legal and financial perspective on issues related to this form of financing.
Warsaw Perspectives Series: The impact of the war in Ukraine on contracts and credit documentation (September 2022)
The war in Ukraine and the related economic sanctions have created new problems in the investment process and its financing and refinancing. During this webinar, we answered questions about when war constitutes force majeure in project contracts and what impact this has on the financing and refinancing of investments. We discussed the effectiveness of sanction clauses in loan agreements, the impact of Russian countermeasures on LMA loan agreements and the requirements for the effective application of the material adverse effect concept in loan documentation. We also presented areas that form the basis for a dispute in the context of war.