Mutuals and Building Societies
This experience enables us to take an informed and commercial view of situations and give advice to clients which combines legal accuracy and practical experience.
The practice has advised on a number of market firsts, including the creation of the UK's first 'super-mutual' under the Butterfill Act, the first acquisition under the Banking Act 2009, the first covered bond by a building society and the use by building societies of self-issued covered bonds to access central bank funding.
We have advised societies and other mutuals, and entities dealing with them, for many years and have considerable experience and expertise in advising on constitutional issues, directors' duties and corporate governance, regulatory matters (including regulatory investigations), defence issues and strategic transactions (including mergers and acquisitions).
In addition, we have advised on numerous building society covered bonds and securitisations. Other areas on which we regularly advise societies and finance arrangers include public senior and subordinated debt issues, medium term note (MTN) and commercial paper (CP) programmes, transfers of mortgage portfolios, commercial lending, project financing, housing association financing and other types of treasury transactions. We also advise societies on regulatory capital, liquidity, mortgage regulation, consumer credit, unfair contract terms, employment, pensions and incentives matters, tax, data protection, intellectual property, outsourcing, electronic communications and insurance.