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September 19th, 2017 by Matthew Nicholson

Introduction Ambiguity in contracts is not unheard of. In the recent case of Wood v Capita Insurance Services Limited[1], we found the opportunity to have a closer look at the Supreme Court’s guidance on contractual interpretation. The exercise was so instructive that we thought we would share it. We hope that you find this useful […]

August 16th, 2017 by Michael Beaton

  Introduction On 26 June 2017, the FCA published its consultation paper, “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms”.  The deadline for responses is 3 November 2017. In future, if they are to sleep easily, all Senior Managers will have to be able to prove that they have taken […]

August 10th, 2017 by Jessica Cousin

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

June 30th, 2017 by Michael Beaton

On 19 June 2017, ESMA published a consultation paper on the trading obligation for derivatives, as detailed in Articles 28 and 32 of MiFIR.[1]  The closing date for responses is 31 July 2017. By way of reminder, derivatives that are subject to the trading obligation under MiFIR may only be traded on: A Regulated Market; […]

April 27th, 2017 by Graham Reynolds

The Supreme Court’s recent decision in FCA v Macris is likely to have a significant effect on the way that enforcement bodies draft, publish and craft their warnings and final enforcement notices. To begin, please consider the following scenarios: Scenario A: A notice is drafted that places blame with a particular set of individuals. The […]

March 22nd, 2017 by Abigail Heaps

Implied contract terms-Where are we? When considering the terms that may be implied into contracts it is always important to note that courts are in no way inclined to ‘rewrite’ legal documents. There are very few situations where a term is deemed to be ‘implied’ under English Law. Indeed many of the relevant authorities on […]

March 13th, 2017 by Michael Beaton

What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

February 13th, 2017 by Michael Beaton

Introduction With VM CSA repapering in full swing over at DRS, this article took a while longer to write than first anticipated.  It has now been two weeks since ISDA published another two supplemental rules exhibits further amending the ISDA 2016 Variation Margin Protocol (the “Protocol”) on 27 January 2017: Supplemental Rules Exhibit for Non-Netting […]

December 24th, 2016 by Michael Beaton

On 20 December 2016, ISDA published template clauses which allow market participants to include “Independent Amounts” within their Variation Margin CSAs.  The purpose of the amendments is to allow counterparties to create a single CSA which covers both regulatory variation margin and non-regulatory Independent Amounts. The new provisions work by amending the definitions of “Delivery […]

December 20th, 2016 by Nick Railton-Edwards

DRS is in the happy position of conducting variation margin negotiations for a number of large banks and asset managers, and well-placed to assess the current state of play. We are now 71 days from phase 2 VM “Big Bang”, with an intervening holiday period and year end code freeze. Full compliance by this date […]

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Derivatives Risk Solutions LLP