Biography

Richard Salter QC is a practising barrister, whose chambers are at 3 Verulam Buildings in Gray's Inn.   Richard was called to the Bar in 1975, and was elected as a Bencher of the Inner Temple in 1991.  He took silk in 1995, and was appointed a Recorder of the Crown Court in 2000.  He was Chairman of the Inner Temple Scholarships Committee from 2002 to 2009, Chairman of the London Common Law & Commercial Bar Association from 2004-5, a member of the Bar Council from 2004 to 2013, and Chairman of the Bar Council Legal Services Committee from 2010 to 2013.

Richard is a commercial lawyer, specialising in banking and financial law.  He has appeared in many of the leading English cases in this area, including the Bank Charges litigation (which ended in the House of Lords), Belmont v BNY Corporate Trustee Services and Goldman Sachs International v Novo Banco SA (both of which ended in the Supreme Court) and Central Bank of Ecuador v Conticorp (which ended in the Privy Council).  He has also appeared before courts and arbitral tribunals in many other common-law jurisdictions.  He was Chambers & Partners Banking and Finance Silk of the Year in 2012.

Richard also sits as a Deputy High Court Judge in the Queen's Bench Division and in the Commercial Court, and as an arbitrator under ICC and LCIA rules.

Richard has been the consulting editor for the All England Commercial Cases since the series began.  He is a trustee of English Touring Opera, a trustee and chairman of the Comité d'Honneur of Les Azuriales Opera, and honorary counsel to the Worshipful Company of Musicians.   From 2011-2017 he was a trustee of the Oxford Law Foundation.

Publications

Recent additions

  • J Benjamin, E McKendrick, R Salter and A Televantos (eds), Financial Law (2nd edn Oxford University Press 2022) (forthcoming)
    A new and completely revised edition of Joanna Benjamin's seminal work on financial law.
  • R Salter, 'Preserving guarantor liability: an update' (2021) Journal of International Banking and Financial Law (2021) 11 JIBFL 747
    An update to my 2017 article on the “purview doctrine”, which offered practical pointers to those called upon to document variations in syndicated lending transactions secured by a guarantee. ● There are now two first-instance decisions to the effect that the rule in Holme v Brunskill does not apply to contracts which are properly characterised as indemnities rather than guarantees. It is therefore now more than ever prudent for those drafting guarantee documentation to include a separate provision that is clearly drafted as and stated to be an independent indemnity obligation. ● Recent academic writings have considered the doctrinal basis of the “purview doctrine”, and have illustrated that it is built on uncertain foundations, both as a matter of precedent and as a matter of principle, and is ripe for consideration by the Supreme Court. ● Unfortunately, there has been no clarification of the doctrine's scope, or practical guidance to those called upon to document amendments to guaranteed facilities.
  • R Salter, 'The key banking and finance cases from the last decade: Part 1' (2020) Journal of International Banking & Financial Law 3
    A personal list of the ten cases which have had the greatest impact on the law and practice of banking and finance in the decade from 1 January 2010 to the present. (Part 1)

Edited Book (4)

J Benjamin, E McKendrick, R Salter and A Televantos (eds), Financial Law (2nd edn Oxford University Press 2022) (forthcoming)
A new and completely revised edition of Joanna Benjamin's seminal work on financial law.
R Salter, Odgers, Baylis and Gibaud (eds), Legal Decision Affecting Bankers Vol 14 (Butterworths 2001)
R Salter, Odgers, Baylis and Gibaud (eds), Legal Decisions Affecting Bankers Vol 12 (Butterworths 2000)
R Salter, Odgers, Baylis and Gibaud (eds), Legal Decisions Affecting Bankers Vol 13 (Butterworths 2000)

Journal Article (11)

R Salter, 'Preserving guarantor liability: an update' (2021) Journal of International Banking and Financial Law (2021) 11 JIBFL 747
An update to my 2017 article on the “purview doctrine”, which offered practical pointers to those called upon to document variations in syndicated lending transactions secured by a guarantee. ● There are now two first-instance decisions to the effect that the rule in Holme v Brunskill does not apply to contracts which are properly characterised as indemnities rather than guarantees. It is therefore now more than ever prudent for those drafting guarantee documentation to include a separate provision that is clearly drafted as and stated to be an independent indemnity obligation. ● Recent academic writings have considered the doctrinal basis of the “purview doctrine”, and have illustrated that it is built on uncertain foundations, both as a matter of precedent and as a matter of principle, and is ripe for consideration by the Supreme Court. ● Unfortunately, there has been no clarification of the doctrine's scope, or practical guidance to those called upon to document amendments to guaranteed facilities.
R Salter, 'Securities lending: does a “right of use” prevent the existence of a trust?' (2020) Journal of International Banking & Financial Law 738
Considers the decision of the Supreme Court in Lehtimäki & Others v Cooper [2020] UKSC 33, where the company's constitution permitted the members to benefit personally from the trust assets, and considers whether the “right of use” under a prime brokerage agreement precludes the existence of a trust.
R Salter, 'The key banking and finance cases from the last decade: Part 1' (2020) Journal of International Banking & Financial Law 3
A personal list of the ten cases which have had the greatest impact on the law and practice of banking and finance in the decade from 1 January 2010 to the present. (Part 1)
R Salter, 'Misrepresentation claims against the issuer by buyers in the secondary market: a cautionary tale' (2017) Journal of International Banking and Financial Law 130
Considers the implications for issuers and other market participants of the Court of Appeal's recent decision in Taberna Europe CDO II Plc v Selskabet AF 1.September 2008 in Bankruptcy (formerly known as Roskilde Bank A/S) [2016] EWCA Civ 1262 and reflects on how English financial law so often gives primacy to the “small print” over the practical reality.
R Salter, ''Intermediated securities and the rights of the ultimate investor' ' (2016) Journal of International Banking & Financial Law 153
Considers the lengths to which it was necessary to go in the case of Re Public Joint Stock Company Commercial Bank (Privatbank) [2015] EWHC 3299 (Ch) in order to confer rights on the ultimate investors in two series of intermediated securities: and reflects on how investors in such securities do not really “own” the securities which they buy.

Chapter (5)

R Salter, 'Enforcing Debt Securities' in Louise Gullifer, Jennifer Payne (ed), Intermediation and Beyond (Hart Publishing 2019)
DOI: ISBN: 9781509919932
ISBN: ISBN: 9781509919901
R Salter, 'Guarantees' in McKnight, Paterson and Zakrzewski (eds), Law of International Finance (OUP 2017)
DOI: ISBN: 9780191835377
ISBN: ISBN: 9780198725251
R Salter, 'Banks and Risk: Home Lending' in Cranston (ed), Banks, Liability & Risk (Lloyd's of London Press Ltd 2001)
R Salter, 'EC Remedies And English Law Remedies ' in Blair (ed), Banks and Remedies (Informa Law 1999)
R Salter, 'Guarantee and Indemnity' in (ed), Halsbury’'s Laws of England (Butterworths 1993)

Research projects