Abstract: A remarkable transformation is taking place in our financial markets. The rise of machine learning algorithms and other artificial intelligence models has rapidly overtaken older methods of financial decisionmaking, and the consequences of the revolution are beginning to be felt across the capital markets ecosystem, from stock exchanges to derivatives markets to currency trading. These new technologies offer great promise, including more accurate prices, faster transactions and more efficient trading. But they also create risks. From flash crashes to insider trading algorithms to adversarial attacks, artificial intelligence presents a range of unique vulnerabilities that could lead to significant and wide-ranging harm to our financial system. Legal frameworks devised to structure and constrain financial institutions, in turn, are ill-equipped to deal with these harms because they were designed based on outdated assumptions about the structure of markets, as well as the nature of its primary actors. This Article offers the first comprehensive account of the economic, political and legal consequences of the rise of artificially intelligent markets. It demonstrates how the major driver of this shift has been the hedge fund industry, an opaque and lightly regulated sector of the financial ecosystem that has long been an early-adopter of financial technology. It concludes by proposing a series of escalating regulatory reforms that might better fit financial regulation to our new artificially intelligent markets.

William Magnuson is a professor at Texas A&M Law School, where he teaches corporate law. Prior to joining Texas A&M, he taught law at Harvard, worked as an associate in the mergers and acquisitions group of Sullivan & Cromwell, and served as a journalist in the Rome bureau of the Washington Post. He is the author of For Profit: A History of Corporations (Basic Books, 2022) and Blockchain Democracy: Technology, Law and the Rule of the Crowd (Cambridge University Press, 2020). His work has appeared in the Wall Street Journal, the Washington Post, the Financial Times, the L.A. Times, and Bloomberg. He holds a B.A. from Princeton University, a J.D. from Harvard Law School, and an M.A. from the University of Padua.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: The effectiveness of corporate restructuring plans largely relies on solutions shared as widely as possible among relevant stakeholders. This explains the worldwide spread of procedures that presuppose a negotiation phase and the attainment of genuine agreements among all stakeholders involved, or at least among the majority of them. However, following Directive (EU) 2019/1023, the widespread introduction of cross-class cram-down mechanisms and more flexible value-allocation rules (the Relative Priority Rule), has profoundly altered the incentives that structure these negotiations. Through a comparative analysis of the main European systems, the paper shows that these tools - originally conceived to prevent opportunistic holdouts - often weaken the search for genuinely consensual solutions and encourage the formation of narrow negotiating coalitions that ultimately impose their preferred outcomes on dissenting creditors. This paper seeks to highlight the modern paradox (the so-called “imposed bargain”) represented by the spread of imposed plans and to investigate the motivations that are likely driving the growing reliance on non-consensual tools for resolving corporate distress.

Luca Sicignano is a Postdoctoral Research Fellow in Business Law at the University of Campania “Luigi Vanvitelli” and a Lecturer in Business Law at the University of Naples “L’Orientale”. He graduated from Luiss “Guido Carli” University in Rome in 2017, where he currently serves as a Teaching Assistant. In 2022, he obtained a Ph.D. in Business Law and was admitted to the Italian Bar following a judicial clerkship at the Public Prosecutor's Office of the Court of Appeal of Rome. He has held visiting research positions at the University of Cambridge, the University of Vienna, and the Max Planck Institute Luxembourg, and has undertaken repeated research stays at the Institute for Comparative Law of Heidelberg University. During the academic year 2023–2024, he served as a Lecturer at Heidelberg University, teaching Introduction to Italian Company Law. His research focuses on Business Law, with particular emphasis on corporate, financial and insolvency law. He has authored over 25 publications in Italian and international journals and has presented his research at conferences in Dublin and Dubrovnik. He serves on the editorial board of Banca, Borsa e Titoli di Credito and is a member of the European Law Institute (ELI) and the Young Scholars section of the European Society for Banking and Financial Law (AEDBF).

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: Sustainability-oriented investors want to pay for impact, not compliance. We analyse the regulatory challenges and opportunities of impact investing. We find that advancing impact investing requires a departure from the EU Sustainable Finance Framework's (EUSFF) prevailing input-orientation and an adjustment of EU asset-management law towards an EU Impact Finance Framework.

In its current form, the EUSFF over-emphasises exclusion, using rule-based ex ante definitions of sustainable business (herein termed input). If a large share of global capital follows these rules, unsustainable firms’ capital costs will increase, furthering innovation of sustainable alternatives. However, the EUSFF alone cannot prevent global capital flows into unsustainable investments, and non-EU countries follow different approaches. Although the EUSFF encourages, in effect, the sale of unsustainable EU businesses to non-EU firms, its input orientation has not helped the planet: the same activities continue elsewhere, often under weaker environmental and social standards, leaving the planet worse off. Further, the EUSFF’s disregard for proven ex post impacts risks large-scale capital misallocation and “impact washing”. Worse, the input focus comes at the cost of investments paired with audited evidence of positive ESG impacts ex post.

We argue for shifting EU financial regulation from input to (proven) impact. Yet, rather than adding a new product category, we propose recognising positive impacts through five fine-tuned steps that simplify EU financial regulation, taking into account regulatory developments in the United Kingdom and Switzerland. These include abolishing the link between “do no significant harm” under the Taxonomy Regulation and the Sustainable Finance Disclosure Regulation, simplified reporting aligned with product materials and the emerging IFRS Disclosure Standards, introducing a new proportionality threshold for mid-sized AIFMs, and revising ESMA’s rules on fund names.

Professor Zetzsche is Professor of Financial Law at the University of Luxembourg where he has held the ADA Chair in Financial Law (inclusive finance) since March 2016 and functions as the Head of the Department of Law since 2024. He is also coordinator of the Faculty of Law, Economics and Finance's House of Sustainable Governance & Markets and Co-PI of the Future FinTech National Centre of Excellence in Research and Innovation.

Professor Zetzsche has published more than 400 publications on inclusive and sustainable finance, corporate governance, FinTech and RegTech, and collective investment schemes. He has spoken at most of the leading universities globally and has advised many of the major regulators, eg the FSB, the BIS, the Basel Committee, the European Commission, the European Parliament, ESMA, EBA, the ESRB and the US SEC. In February 2023, he made the case for financial inclusion at the United Nations Social Commission, and spoke on inclusive and sustainable finance at COP27, 28, 29 and 30.

Professor Zetzsche's paper Towards an EU Impact Investing Framework is available on SSRN.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: The increasing use of AI in finance is predicted to have mixed impact on financial stability: while AI can be used to help financial institutions and supervisors identify, manage, and monitor systemic risk, it can also increase the frequency and severity of crises by exacerbating existing vulnerability channels. Under the UK’s technology-agnostic approach to AI, algorithmic technologies are primarily governed through existing sectoral frameworks rather than bespoke regulation. I argue that this approach might be insufficient to mitigate their negative impact on financial stability. The features that separate AI from other technologies—opacity, autonomy, and adaptability—make existing regulatory frameworks and architectures a poor fit for tackling the financial systemic risk created by AI. Disclosure rules are undermined by ‘black box’ opacity and the unpredictability of autonomous algorithm-algorithm interactions, while ex-ante testing struggles to predict endogenous risks arising from those interactions and their systemic impact. Crucially, model risk management and operational resilience frameworks, often calibrated for acute disruptions and focused on individual firms, are ill-equipped to ensure systemic resilience when AI models drift in similar ways. The article concludes that mitigating the risks of AI for financial stability calls for a purposeful change towards specialised algorithmic governance rules, and a review of supervision and enforcement practices.

Dr Clara Martins Pereira is Associate Professor of Financial Law and Director for International Development at Durham Law School, Invited Professor at Católica Lisbon School of Law, and Global Associate Professor of Law at the University of Notre Dame. Her research focuses on financial law and regulation, technological innovation, and sustainable development. Clara holds a DPhil, MPhil, and Magister Juris from the University of Oxford, as well as an MSc in Law and Business and an LLB from Católica Lisbon. She has held academic roles at King’s College London, the University of Oxford, and the LSE, and served as a Visiting Scholar at Columbia Law School, Sapienza University of Rome, and the Max Planck Institute, among others. Formerly a capital markets lawyer at PLMJ, she has also acted as a consultant for organisations such as the World Bank and ICF.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Speakers:

• Junayed Ahmed CHOWDHURY, Vertex Chambers, Bangladesh
• Megumi HARA, Chuo University, Japan
• Parawee KASITINON, Thammasat University, Thailand
• Debanshu MUKHERJEE, Vidhi Centre for Legal Policy, India
• Huyen PHAM, International Finance Corporation, Vietnam
• Griselda (Gay) G. SANTOS, Financial Inclusion Advocate, Philippines
• Aria SUYUDI, Indonesia Jentera School of Law, Indonesia
• Lebing WANG, Law School of University of International Business and Economics, China

The edited volume of essays Secured Transactions Law in Asia: Principles, Perspectives and Reform (Hart Publishing, 2021) provided an in-depth exploration of secured transactions law in thirteen civil law and common law jurisdictions in Asia. A varied picture emerged. While the law in some jurisdictions had already been reformed to conform largely with the principles reflected in modern personal property security statutes and international codifications such as the UNCITRAL Model Law on Secured Transactions, there were jurisdictions that were in the process of undergoing secured transactions law reform, as well as those in which no particular attention was being paid to reforming the law.

In this webinar, the editors of the volume, Professor Louise Gullifer and Associate Professor Dora Neo, bring together some of its contributors for an update of significant developments in secured transactions law that have taken place since its publication. Jurisdictions that are discussed include China, Indonesia, Japan, the Philippines, Thailand, Vietnam, Bangladesh and India.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: Despite the influence of the Global North in many insolvency laws and practices in the Global South, this article shows that the Global South has innovated in many aspects of insolvency law. In some cases, these innovations consist of solutions that, with certain adjustments, have been imported from the Global North. In others, they are really ‘autochthonous innovations’ from the Global South. This article identifies both types of innovations, providing examples from jurisdictions such as Brazil, Chile, China, Colombia, Dominican Republic, India, Malaysia, Mexico, Myanmar, Peru, Philippines, Thailand and Uruguay. More importantly, it will be shown how those innovations from the Global South can help mitigate certain problems existing in many insolvency systems in the Global North, such as the excessive power of DIP lenders often observed in the United States, the lengthy and inefficient insolvency proceedings found in many European countries, the unattractive insolvency regime for debtors existing in countries like Australia and New Zealand, and the stigma of insolvency still observed in most jurisdictions around the world, including advanced economies with sophisticated insolvency frameworks such as Singapore. Therefore, whether it is for the much-needed purpose of improving the design of insolvency law in the Global South, or at least for expanding the universe of ideas that can help improve many insolvency systems in the Global North, the Global South – and the Global South beyond India and China – needs to be more actively included in the study of insolvency law. Otherwise, we will be missing the opportunity to learn from many ideas and innovative solutions that can contribute to the improvement and understanding of insolvency systems around the world.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Even in the context of the future EU Omnibus Package and the EU Directive n°2025/794 of 14 April 2025 'Stop-the-Clock', Companies and there directors must face an increasing climate litigation and this change cannot go back 20 years of progress in Sustainable Corporate Governance which is on the way on both sides of the Atlantic Ocean and in Asia. Indeed, the European Commission has been releasing innovative and often complex regulations at a breakneck speed since 2018 (CSRD, CS3D, Taxonomy, to name a few) and it would be inconceivable to come back to 2001 at the time of the first European Recommendation on CSR and to ignore the EU Green Deal of 2019.

Directors have to take into account negatives externalities and stringent obligations such as the Transition Plans. Even if the the next generation of sustainable board directors is well aware of Climate risks, several questions may arise : is there a need to reshape the board despite the EU Directive WoB Women in board of 23 November 2022? What about the pressure of the Stakeholders and the pressure of the Sustainable Strategy ? In France, in the wake of the Due Diligence Law of 27 March 2017, climate litigation is also increasing (for example TotalEnergies, CA Paris, 18 June 2024) and France was the first State Member for having implemented the CSRD in December 2023. Didn't all this happen too quickly ? Can we stop European time when tackling Climate change is rather a race against time? La Fontaine famous fable " the Hare and the Tortoise" is full of wisdom.

Biography: Catherine Malecki is Professor of Private Law Rennes 2 University France and Member of the IUF (Institut universitaire de France) Fundamental Chair.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

This presentation explores the external dimension of directors’ duties—whether directors can and should address climate impacts and other externalities even absent financial benefits to the company’s shareholders—in contrast to the shareholder value maximisation focus. Its significance stems from universal investors, the EU due diligence regime, and high emitting SOEs. I examine three arguments: UK nature clauses are constrained by shareholder primacy; US shareholder preference claims are undermined by financially driven activism; and SOE directors’ duties can align with state ownership (as shown in China).

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

With the advancement of technology, delivery of financial services, such as payment services, can be achieved almost instantaneously. In the area of trade finance, however, banks have been less quick to harness technology for trade digitalisation. An important reason is that trade financing has historically been heavily dependent on the use of paper. While digitisation of trade documents is easily done, the digitalisation of trade finance requires a supportive legal framework to ensure that concepts like possession, which were developed in relation to tangible documents, can operate in the digital world. In the UK, this framework is now provided by the Electronic Trade Documents Act 2023 which has been described to be "one of the most important bills you have never heard of". Singapore instituted a similar framework by amending its Electronic Transactions Act in 2021. These legislative developments were based on the UNCITRAL Model Law on Electronic Transferable Records (MLETR), which has gained increasing global influence since its adoption in 2017. This seminar discusses how the landscape of trade financing affects the use of technology, analyses recent legal developments relating to electronic trade documents, and identifies remaining challenges for trade digitalisation.

Biography: Dora Neo is an Associate Professor at the Faculty of Law, National University of Singapore. She was the founding Director of the Faculty’s Centre for Banking & Finance Law, which she led for some ten years from 2013. Her areas of focus include the modernisation of trade finance law, global developments in secured transactions law, consumer protection in the finance industry and contract law. Her publications include Trade Finance: Technology, Innovation and Documentary Credits (co-edited with C Hare, Oxford University Press); The Law and Practice of Documentary Letters of Credit (co-authored with E P Ellinger, Hart Publishing);Secured Transactions Law in Asia: Principles, Perspectives and Reform (co-edited with L Gullifer, Hart Publishing) and Studies in the Contract Laws of Asia V: Ending and Changing Contracts (co-edited with M Chen-Wishart and S Vogenauer, Oxford University Press, forthcoming). In Michaelmas Term 2025, she is an academic visitor at the Cambridge Law Faculty under the sponsorship of the Centre for Corporate and Commercial Law (3CL), and a Visiting Fellow at Wolfson College.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

This presentation, based on Professor Steinberg’s June 2025 Oxford University Press book Corporate Director and Officer Liability — “Discretionaries” Not Fiduciaries, posits that corporate directors and officers are not fiduciaries. In fact, the liability standards that normally apply are too lenient to be identified as fiduciary. This mischaracterization is detrimental to the rule of law, contravenes reasonable investor expectations, and impairs the integrity of the financial markets. Therefore, Professor Steinberg calls for the removal of fiduciary status replaced with the adoption of a new and neutral term that conveys an accurate description: corporate directors and officers are “discretionaries”. This term accurately portrays the status of corporate directors and officers who held to varying standards of liability depending on the applicable facts and circumstances. From this perspective, Professor Steinberg’s presentation will address a broad range of important issues, including the duty of care, the business judgment rule, exculpation statutes, the duty of good faith, and the duty of loyalty. To date, this book has received excellent reviews and is generating thoughtful discussion on the propriety of continuing to view corporate directors and officers as fiduciaries.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

This lecture focuses on the development and project financing of large international infrastructure projects, and covers –

• What is “project finance” and what is not? How does a “project financing” differ from other types of financing?
• Why is project finance used on large infrastructure projects? What is “leverage,” and why is that important?
• What legal structures and documents are commonly used in project financings?
• Who are the participants in a project financing? What are their roles?
• What is the role of the lawyer? Why should a new lawyer be familiar with project finance?

In discussing these issues, the speaker draws on his experience representing clients on projects in Europe, Asia, Africa and the Middle East.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: Reliance on agency-theoretic reasoning has led to substantial theoretical and empirical advances in company law scholarship, but the narrow focus on board-level actors and phenomena has disconnected the analysis of the company from the reality of the economic organisation it is meant to enable and support. We follow Oliver Williamson’s call for a ‘law, economics, and organization’ approach, and build on Elinor Ostrom’s ‘institutional analysis and development’ framework to propose a narrative model of the company in terms of nested levels of governance. We argue that our model works as a positive description of the law as it is, and puts us in a stronger position to evaluate the likely consequences of certain normative interventions, which we illustrate with some observations about ongoing debates in corporate governance.

The paper is jointly written by David Gindis and Eva Micheler and can be found at Taylor and Francis Online.

Eva Micheler studied law at the University of Vienna and at the University of Oxford before joining LSE Law School in 2001. She is a Professor of Law at the London School of Economics. Professor Micheler is also on the management committee of the Systemic Risk Centre at LSE. She was a TMR fellow at the Faculty of Law of the University of Oxford and teaches regularly at the University of Vienna and the Bucerius Law School in Hamburg.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

In 1933, in the depths of the Great Depression, the Yale Law School and Harvard Business School launched an innovative joint program: the “Law-Business Course”. The program’s principal architect was Yale law professor William O. Douglas, best remembered today as the longest serving member of the US Supreme Court and one of the most provocative. For a short time, this remarkable academic initiative brought together professional schools at America’s two foremost universities, foreshadowing the interdisciplinary approach to law and business education that animate modern JD/MBA programs. The creation and short life of this unique academic collaboration provide a fascinating glimpse into the intellectual dynamism of early twentieth century business law education and the politics and practical exigencies facing academic pioneers of that important era. The story of this forward-thinking interdisciplinary perspective also offers important insights into current approaches to business law and, in particular, the pivotal role of modern finance theory in the development of the study, practice, and theory of corporate law today.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Governance of companies has always involved some uncertainty and technology related challenges similarly add to the risks and challenges involved. Yet, corporate governance – both the legal and non-legal aspects – finds ways to address risks and so it will be with tech-related issues. This paper argues that effective corporate governance should now include a focus on ‘digital governance’ which I define as governance of technology and data related challenges. It will include questions of the role of AI and other technologies in making boards more effective, the governance of risks associated with the use of technology at all levels of the firm including considerations of fairness and bias when AI is used in some contexts, and data privacy and cybersecurity risks. While the paper does not call for a change in the core legal duties of directors, it proposes that soft law nudge companies to address tech-related risks. An obvious starting point is to encourage companies to appoint directors with tech expertise and constitute a tech committee where relevant. However, drawing from literature on independent directors and board diversity, the chapter notes that alterations to board composition is not a silver bullet. It must be part of a mindset where the risks posed by technology are treated seriously enough to necessitate strategies and practices beyond mere compliance with existing laws.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

http://www.3cl.law.cam.ac.uk/

Chair: Felix Steffek (University of Cambridge)

Abstract: The notion of stock-market-driven short-termism relentlessly whittling away at the American economy’s foundations is widely accepted and highly salient. Presidential candidates state as much. Senators introduce bills assuming as much. Corporate interests argue as much to the Securities and Exchange Commission and the corporate law courts. Yet the academic evidence as to the problem’s severity is no more than mixed. What explains this gap between widespread belief and weak evidence?

Bio: Mark J. Roe is a professor at Harvard Law School, where he teaches corporate law and corporate bankruptcy. His research interests cover bankruptcy (corporate bankruptcy and reorganization), corporate law and corporate finance. He wrote Strong Managers, Weak Owners: The Political Roots of American Corporate Finance (Princeton, 1994), Political Determinants of Corporate Governance (Oxford, 2003), and Bankruptcy and Corporate Reorganization (Foundation, 2014). Academic articles include: Stock-Market Short-Termism’s Economy-Wide Impact (forthcoming); Containing Systemic Risk by Taxing Banks Properly, 35 Yale Journal on Regulation 181 (2018), Financial Markets and the Political Center of Gravity, 2 J. Law, Finance, and Accounting 125 (2017) (with Travis Coan); Bankruptcy’s Three Ages, 7 Harvard Business Law Review 187 (2017); Corporate Structural Degradation Due to Too-Big-to-Fail Finance, 162 University of Pennsylvania Law Review 1419 (2014); Corporate Short-Termism — In the Boardroom and in the Courtroom, 68 Business Lawyer 977 (2013); and Breaking Bankruptcy Priority: How Rent-Seeking Upends the Creditors’ Bargain, 99 Virginia Law Review 1235 (2013) (with Frederick Tung).

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Cambridge 3CL invites you to a seminar on the responsible investment strategies of Norges Bank Investment Management (NBIM), the entity responsible for managing Norway's government pension fund, valued at over 1 trillion US dollars. Operating in over 70 countries, NBIM is at the forefront of shaping sustainable and fair market practices globally. This session will delve into NBIM’s role in policy-making and standard setting, highlighting its commitment to responsible stewardship.

The focus will be on NBIM's active investment approach across various levels - from market-wide initiatives to individual company engagements. NBIM works to ensure long-term growth in its investments while minimizing environmental and societal harm, through direct company engagement, goal setting, and strategic voting at shareholder meetings. Key topics like climate change action, responsible AI practices, and CEO compensation will be discussed, showcasing NBIM's dedication to guiding global investments towards ethical and sustainable outcomes.

Leading this session is Elisa Cencig, Senior ESG Policy Advisor at NBIM. Her expertise will provide a comprehensive view into how a major global investor like NBIM navigates the complexities of responsible investment.

Biography: Elisa is Senior ESG Policy Advisor at Norges Bank Investment Management, where she is responsible for the fund’s engagement with international organisations, standard-setters and policymakers on sustainability, responsible investment and corporate governance. Prior to that, she worked at the UK Financial Authority, first on EU Withdrawal Policy and Strategy and more recently leading the FCA’s engagement at the Financial Stability Board. Earlier in her career, she worked at the Association of Financial Markets in Europe’s Brussels office on prudential and resolution policy and advocacy. She is an alumna of the Sant’Anna School of Advanced Studies in Pisa (Italy) and the College of Europe (Belgium) and holds a PhD in Political Science from the London School of Economics.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website:

http://www.3cl.law.cam.ac.uk/

Abstract: This lecture will focus on the development and project financing of large international infrastructure projects, and will cover –

- What is “project finance” and what is not? How does a “project financing” differ from other types of financing?

- Why is project finance used on large infrastructure projects? What is “leverage,” and why is that important?

- What legal structures and documents are commonly used in project financings?

- Who are the participants in a project financing? What are their roles?

- What is the role of the lawyer? Why should a new lawyer be familiar with project finance?

In discussing these issues, the speaker will draw on his experience representing clients on projects in Europe, Asia, Africa and the Middle East.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information:

https://www.3cl.law.cam.ac.uk/

The presentation will look at why England and Wales has, historically, been a 'good forum to shop in' for commercial dispute resolution. It will then consider four challenges to its ability to maintain that position, before turning to practical steps that could and, perhaps should, be taken to enable it to remain a forum of choice for commercial disputes.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information:

https://www.3cl.law.cam.ac.uk/

Abstract: The Structured Finance seminar is intended to be a primer on understanding key concepts of these complex financial instruments and their benefits/limitations. The seminar will cover securitisation trades (both traditional (or cash) securitisations and synthetics) as well as covered bonds. The presentation will further explain what different types of those trades are used for as well as provide examples of typical structures. In the discussion part, the seminar can dive deeper into topics of interest for the audience such as ABS securities, CLN notes and covered bonds.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website at:

http://www.3cl.law.cam.ac.uk/

Abstract: According to a widely received concept coined by Hansmann/Kraakman, “asset partitioning” denotes a bundle of doctrines surrounding the relationship of business owners as well as their business and private creditors, so-called entity shielding and owner shielding. Often, this configuration is associated with a legal entity, e.g., providing the “corporate veil” which allegedly protects owners’ assets from business creditors. Contrary to this intuition, it will be shown that legal personality, while offering a metaphorical framework for asset partitioning, is no institutionally indispensable prerequisite for it. To support this claim, we will look at historical and contemporary comparative evidence from continental-European as well as Middle- and South-American legal orders. This allows us to compare asset partitioning with and without legal personality and evaluate the policy implications of each.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/

For further details on ‘Principles of Corporate Finance Law’, please see the OUP website at https://global.oup.com/academic/product/principles-of-corporate-finance-law-9780198854074

The Centre for Corporate and Commercial Law (3CL) runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics and high-profile practitioners. This seminar was presented in cooperation with SMU School of Law who joined via Zoom.

For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/

Abstract: This presentation, based on Professor Steinberg’s recent Oxford University Press book Rethinking Securities Law, which was awarded Winner — Best Law Book of 2021 by the American Book Fest Awards, focuses on the need to “rethink” the U.S. securities laws — with particular emphasis on the Securities Act of 1933 and the Securities Exchange Act of 1934 (and as amended). In both transactional and litigation settings, with frequency, U.S. securities law mandates apply that are erratic and antithetical to sound public policy. The objective of this book — and the presentation — is to highlight the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. The book has received widespread favorable reviews from both practitioners and academicians. Professor Steinberg will focus on several key subjects that are addressed in the book.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

For more information see the Centre for Corporate and Commercial Law website at http://www.3cl.law.cam.ac.uk/

Biography: Wolfgang Wurmnest is a full professor of law at the University of Hamburg since 2021. Previously he served as a full professor at the Universities of Augsburg (2013–2021) and Hanover (2009–2013), and as a Senior Research Fellow at the Max Planck Institute of Private International and Comparative Law, Hamburg (2004–2008). He was a visiting scholar in Foggia, Lyon, Hanoi and (from September 2022 onwards) Cambridge. His main fields of research are comparative and international tort and competition law.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners. The Cambridge Private Law Centre acknowledges with gratitude the generous financial support of Freshfields Bruckhaus Deringer LLP and of South Square: https://www.3cl.law.cam.ac.uk/centre-activities

For more information about CELS see: https://www.cels.law.cam.ac.uk/weekly-seminar-series