The Court of Appeal found a confirming bank to be in breach of contract by declining to make payment under a confirmation to a letter of credit on the basis that a sanctions prohibition applied....more
11/30/2023
/ Appeals ,
Banking Sector ,
Banks ,
Breach of Contract ,
Dubai ,
EU ,
Financial Institutions ,
JPMorgan Chase ,
Letter of Credit ,
Sanction Violations ,
Sanctions ,
Singapore
In Ethoz Capital Ltd v Im8ex Pe Ltd (2023), the Singapore Court of Appeal held that a "make whole" payment of interest clause was an unenforceable penalty as, among other things, the requirement to immediately pay on default...more
The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA). It has also recently...more
The Reserve Bank of India (RBI) has announced a series of policy changes, which include (i) the relaxation of its External Commercial Borrowing (ECB) framework and (ii) the withdrawal of certain restrictions on investment by...more