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On 13 December 2016, the England’s Court of Appeal dismissed the case[1] brought by a group of Portuguese public sector transport companies against Santander Totta SA (“Santander Portugal”) in connection with nine interest rate swaps down to the tune of €1.3 billion[2]. The High Court on 24 March 2016 regarded as legal, valid and binding […]

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September 28th, 2016 by Simon Lafrance

The EFTA EEA arrangement, also known as the “Norway option”[1], is generally viewed as the least disruptive alternative to full EU membership, as it grants near-total access to the EU internal market[2]. All other existing forms of access are sectoral and individually negotiated, and consequently more limited. The quid pro quo for access to the […]

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September 28th, 2016 by Simon Lafrance

The EU EEA passporting right to provide regulated services is hardwired into financial regulations and constitutes a key feature of the single market, available across both EU member states and EEA EFTA states[1] (“EU EEA firms”). In principle, availability is simultaneous between any EU EEA state and any other EU EEA state[2] In contrast, third-country […]

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May 24th, 2016 by Simon Lafrance Tags:

On 3 May 2016, ISDA published the Resolution Stay Jurisdictional Modular Protocol, following the release of the Universal Resolution Stay Protocol in 2015 and the Resolution Protocol in 2014 – jointly supported by the Financial Stability Board (“FSB”) to uphold in a cross-border context the stay of early termination rights and related rights against important financial […]

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May 9th, 2016 by Simon Lafrance

The transposition of the international BCBS/IOSCO Margin requirements for non-centrally cleared derivatives[1] into national rules is well under way. A number of jurisdictions have already finalised their rules, as others are still wrapping up their consultation ahead of the September 2016 initial deadline. Market participants with the largest exposure in uncleared derivatives will be required to […]

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Introduction   On 4 March 2016, the High Court[1] rendered judgment on the first case tried under the Financial List, a special process introduced in the United Kingdom to handle complex claims related to financial markets. In order to be included on the list and be heard by specialist judges, a claim must be for […]

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February 29th, 2016 by Simon Lafrance Tags: , ,

Introduction   A recent judgment[1] handed by the High Court added a brick to the mis-selling wall. Thornbridge Limited (“Thornbridge”) claimed damages suffered as a result of entering into a fixed rate interest rate swap in 2008 with Barclays Bank PLC (“Barclays”). The five-year swap ran to maturity, but at an increasing cost to Thornbridge […]

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January 14th, 2016 by Simon Lafrance Tags: , ,

On 2 December 2015, the Supreme Court[1] rendered a landmark judgment on implied terms in contracts governed by English law, and authoritatively set aside the previous leading – but equivocal – decision from the Privy Council[2] as it could be interpreted as a dilution of the traditional requirements. Implied terms – as opposed to express […]

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Introduction On 25 June 2015, the High Court[1] rendered a decision in the matter opposing Dexia Crediop S.p.A. (“Dexia”) to Comune di Prato (“Prato”), an Italian local authority. Although this case is also a classic case about capacity, it is mostly a case about a mandatory Italian rule rendering a swap governed by English law […]

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Introduction On 12 May 2015, the High Court[1] rendered a decision centred on the application of the “Loss” payment measure in the 1992 ISDA Master Agreement, following two earlier decisions[2] on different issues on the same matter. Fondazione Enasarco (“Enasarco”)[3], an Italian pension fund, claimed from Lehman Brothers Finance S.A. (“LBF”) an amount of US […]

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