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April 6th, 2018 by Ingvar Ulpre

This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

March 28th, 2018 by Nick Railton-Edwards

Article 13 Inducements of the MiFID II Delegated Directive has created a wide diversity of reactions from puzzled head-scratching to fearful wailing from the equity analyst community. Readers will be aware that research must now be classified as paid-for and justified Research or essentially advertising that may be received for free. The Research to Marketing […]

March 22nd, 2018 by Nick Railton-Edwards

ESMA has published an opinion on the treatment of packaged trades under MiFIR’s Article 32 trading obligation. Article 28 mandates that derivatives subject to the trading obligation (TO) are traded regulated markets, OTFs, MTFs or third country equivalents. There has been widespread concern with regard to packaged trades, the elements of which are best traded […]

March 15th, 2018 by Nick Railton-Edwards

Although prefaced by the usual caveat that “the views contained in this speech are my own and do not represent the views of the CFTC”, Commissioner Brian Quintenz delivered the keynote address yesterday at the FIA Annual Meeting, eviscerating the EU’s plans to revise EMIR in respect of CCP oversight. The short speech is well-worth reading in full, […]

March 13th, 2018 by Nick Railton-Edwards

The European Commission has published a proposal for significant changes to the Prudential Regime for EU investment firms, amending the framework set out in the capital requirements directive and regulation (CRD IV/CRR) and in MiFID2/MiFIR. The proposal will impact the Prudential Requirements on individual firms and the categories to which they belong. A full review […]

March 9th, 2018 by Nick Railton-Edwards

The UK Government has amended the Building Societies Act to allow the societies and their subsidiaries to become clearing members. EMIR’s Category 4 clearing obligation will apply from 21 December 2018, comprising all 44 of the UK’s building societies, mandating the central clearing of prescribed derivatives. The amendment is made to section 9A (1)(c) of […]

March 5th, 2018 by Nick Railton-Edwards

On 2 March 2018, the Court of Appeal nailed down the coffin lid on the first LIBOR-related swaps miss-selling case- Property Alliance Group Ltd (“PAG”) v Royal Bank of Scotland plc (“RBS”) [2018] EWCA Civ 355. PAG’s leave to appeal was dismissed. Initial Case PAG’s mis-selling claim was articulated on three fronts- misstatement, misrepresentation and […]

March 2nd, 2018 by Nick Railton-Edwards

ISDA has released new model clauses and non-binding guidance in respect of Section 13 (a) and (b), dealing with choice of Governing Law and choice of court. The 15 page 2018 Choice of Court and Governing Law Guide (“the Guide”) contains the following: New exclusive jurisdiction model clauses. One in favour of the English courts, another […]

February 27th, 2018 by Nick Railton-Edwards

Although we are reluctant to contribute to the now well-established industry of Brexit crystal ball-gazing, there are a number of documentation issues in which there is at least enough certainty to formulate the questions; definitive answers will attend the daily twists and turns of politics. These issues include: the future status of trade lifecycle events, […]

February 21st, 2018 by Nick Railton-Edwards

Risk magazine reports that the Bulgarian Presidency of the Council of the EU[1] has suggested a reduction in the proposed “BRRD 2” pre-resolution stay period to two days, along with a recommendation that derivatives be included within the power’s scope. The Commission’s November 2017 proposal called for a pre-resolution power of moratorium, enabling national authorities to […]

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