Exchange Control in UK Law

Leading Cases
  • Swiss Bank Corporation v Lloyds Bank Ltd
    • House of Lords
    • 14 May 1981

    It might create an obligation to apply the loan portfolio to repayment of the loan and for no other purpose. Or it might create an obligation to repay the loan only out of the loan portfolio and not from any other fund unless authorised. Which of these it is to bear must depend upon the nature of the document in which the condition appears. In a commercial contract, between lender and borrower, the first meaning would be appropriate, possibly the more appropriate of the two.

  • Société Eram Shipping Company Ltd v Cie Internationale de Navigation
    • House of Lords
    • 12 Jun 2003

    In the present case (and in the UBS ag case), the third party debtor is a bank and the debt (or alleged debt) is one owing by the bank to its customer (the judgment debtor) at a branch in another country. This is an important fact because to make a garnishee or third party debt order requiring payment of the debt in this country (probably also translating it into sterling) is to impose on the bank an obligation which it has never assumed.

  • Empresa Exportadora de Azucar v Industria Azucarera Nacional S.A. (Marble Islands, Playa Larga)
    • Court of Appeal (Civil Division)
    • 02 Dec 1982

    We agree with the view of the learned judge, which by inference must have been that of the arbitrators, that the legislation was not so repugnant to British ideas of international and personal morality as to require the English courts to ignore its existence.

  • Regazzoni v K. C. Sethia (1944) Ltd
    • House of Lords
    • 21 Oct 1957

    Just as public policy avoids contracts which offend against our own law, so it will avoid at least some contracts which violate the laws of a foreign State, and it will do so because public policy demands that deference to international comity.

  • Nagle v Feilden
    • Court of Appeal
    • 22 Feb 1966

    The common law of England has for centuries recognised that a man has a right to work at his trade or profession without being unjustly excluded from it. He is not to be shut out from it at the whim of those having the governance of it. If they make a rule which enables them to reject his application arbitrarily or capriciously, not reasonably, that rule is bad.

    In such cases the question arises as to a man's right to work or, more precisely, his right not to be capriciously and unreasonably prevented from earning his living as he wills. Nor do 1 think they need ascribe any reasons for refusing to admit any candidate.

  • Saunders v Edwards
    • Court of Appeal (Civil Division)
    • 13 Mar 1987

    On the one hand it is unacceptable that any court of law should aid or lend its authority to a party seeking to pursue or enforce an object or agreement which the law prohibits. On the other hand, it is unacceptable that the court should, on the first indication of unlawfulness affecting any aspect of a transaction, draw up its skirts and refuse all assistance to the plaintiff, no matter how serious his loss nor how disproportionate his loss to the unlawfulness of his conduct.

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Legislation
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Books & Journal Articles
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Law Firm Commentaries
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    • JD Supra United Kingdom
    Changes to the UK's regime for the disclosure by companies of their significant controllers (the PSC regime) took effect on 26 June 2017. The changes ensure that UK legislation is compliant with th...
    ...... . Companies within scope:. . Until now, AIM (and NEX Exchange) traded companies have been excluded on the basis that they, like their Main Market counterparts, were already subject to the disclosure regime in ......
  • AIM companies and Scottish partnerships to be brought within the scope of the PSC register regime
    • JD Supra United Kingdom
    From 24 July 2017, UK companies whose shares are admitted to trade on the London Stock Exchange’s AIM market, and other companies listed on prescribed markets, will no longer be exempt from the req...
    ...... companies whose shares are admitted to trade on the London Stock Exchange’s AIM market, and other companies listed on prescribed markets, will no ... information at Companies House about the persons who ultimately control them. On 6 April 2016, the majority of companies and LLPs incorporated in ......
  • UK Implements Changes to Beneficial Ownership Register Regime
    • JD Supra United Kingdom
    On 26 June 2017 the Information about People with Significant Control (Amendment) Regulations 2017 (the "2017 Regulations") were brought into force. Key changes brought abo...
    .... On 26 June 2017 the Information about People with Significant Control (Amendment) Regulations 2017 (the "2017 Regulations") were brought into ... companies trading on the AIM market of the London Stock Exchange and other prescribed markets (such as the NEX Exchange Growth Market) are ......
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    • Mondaq UK
    ...... requirements tax favoured plans securities law issues exchange control issues The portal is not a substitute for professional advice ......
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