OPINION: This is the implication of the May 5th Court of Appeal decision on the regulation of cross-border financial services The October 2020 Commercial Court ruling in the case of Ham Enterprises & Others vs. DTB Uganda and DTB Kenya (High Court Civil Suit No. 43 of 2020) sent cold shivers down the spine of the financial services. The decision had a net effect of declaring syndicated lending by foreign funders illegal putting at risk both existing and potential multibillion-dollar portfolios. But following an appeal by the two banks, the Court of Appeal has dismissed the decision of Justice Henry Peter Adonyo and order a retrial by another judge. In this opinion, contact Blaisie. N. Paulsen, a partner at Byenkya, Kihika & Co. Advocates and a seasoned lawyer with over 25 years of experience in the field of banking and finance, shares her opinion on what the ruling means for cross-border lending to Ugandan based entities.