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February 19th, 2018 by Torsten Krebs

Introduction The first article provided a high-level review of the parties, the agreement, accounts and assets involved in the most standard of custody relationships: namely a commercial bank providing global custody to local institutional investors and local market sub-custody to global custodians from other jurisdictions [= “you” in these articles]. It can be observed in […]

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February 16th, 2018 by Nick Railton-Edwards

The High Court has clarified when litigation privilege applies to documents created during an investigation. The decision is particularly relevant against the background of newly-empowered Regulators, emboldened both by political mandate and extended armouries of response. In Bilta (UK) Limited (In Liquidation) & Ors. (Claimant)(“Bilta”) and Royal Bank of Scotland & Anor. (Defendant) (“RBS”), the […]

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February 9th, 2018 by Nick Railton-Edwards

The FCA and the Information Commissioner’s Office (ICO) yesterday published a joint statement emphasising that non-compliance may result in both agencies knocking on the offending institution’s door. The update is short and worth reading in full; however, the main takeaways are summarised below for convenience: The GDPR does not conflict with the FCA Handbook GDPR […]

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February 9th, 2018 by Nick Railton-Edwards

Overshadowed by the MiFID 2 regulatory colossus, the start of the year also marked the coming into force of the EU’s Benchmark Regulation (BMR). As well as defining and categorising benchmarks, the BMR lays down obligations that affect both administrators and users, requiring firms to prepare written plans detailing their response to the cessation, material […]

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February 8th, 2018 by Nick Railton-Edwards

On 5 February the five US Prudential Regulators jointly issued a proposal to ensure that certain mandatory amendments to legacy contracts would not trigger their inclusion under the margin regime. The vast majority of jurisdictions contain anti-evasion measures in their margin rules, to the effect that material amendments to pre-margin, legacy trades will act to […]

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January 23rd, 2018 by Nick Railton-Edwards

On 18 January  the Supreme Court closed the curtain on the long-running Dexia Crediop SpA v Comune di Prato saga. The Court refused leave for the municipality (Prato) to appeal the 15 June 2017 Court of Appeal decision in Dexia’s favour. The case became something of a cause celebre when an earlier decision by the […]

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January 22nd, 2018 by Nick Railton-Edwards

We are pleased to welcome Torsten Krebs as an author on the DRS site. With over 27 years experience in international custody regulation, Torsten is DRS’ main expert in custody and related matters. He has just published the first in a short series of articles – Custody 101- aiming to give an introduction to the […]

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January 10th, 2018 by Nick Railton-Edwards

ESMA has published the official register for the Trading Obligation for derivatives under MiFIR.  Although not quite in time for the commencement of the obligation, the register lays out: the derivatives classes subject to the obligation, the applicable trading venues, jurisdictions for which equivalence has been granted and the start dates for Categories 1-4. The register will […]

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December 22nd, 2017 by Nick Railton-Edwards

Merry Christmas and a Happy New Year to all our readers! Early 2018 will bring DRS a shiny new website- instant insight, extensive training materials and more compelling content all round. We intend it to become the reference site for all derivatives documentation news and issues as well as a highly valuable resource for BAU […]

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December 20th, 2017 by Nick Railton-Edwards

ESMA has delivered a Christmas surprise in the shape of a six month forbearance period in respect of LEIs under MiFIR. Article 13(2) MiFIR prohibits an investment firm from transacting any reportable trade with a client, without first obtaining their LEI. The gift horse’s dentistry is not entirely flawless, the following condition must be met: […]

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