Mass Outreach and Repapering
The Project Office and Legal department of the London branch of a foreign bank.
Issues that we helped identify
Our client was undertaking a strategic transfer of its UK business into a UK subsidiary and required assistance with the management, preparation for and implementation of the transfer. In particular, the client needed:
- Quantitative and qualitative analysis of all executed documentation
- Automated drafting of novation agreement packs
- Negotiation of novation agreements
- Reporting on all relevant facets of the project
How did we help our client?
- Quantitative and qualitative analysis of all executed documentation: this ensured a complete historical inventory was maintained and that all relevant data for a novation exercise was available, including information as to consent requirements and client money
- Automated drafting of novation agreement packs: due to the volume of required novation agreements, an automated solution to production of novation agreement packs was required, designed to cater for a number of variables depending on individual client agreement data, regulatory and client money status
- Negotiation of novation agreements: negotiations were required to be completed within a short time scale and involved dealing with complex issues, such as those involving client money and security as well as negotiating amendment agreements and replacements of a variety of agreement types, such as terms of business, ISDA, securities financing agreements, guarantees and tri-party arrangements
- Reporting: the board, senior management and regulators required regular and updated information as to the progress of the transfer, in particular its impact on client assets
How did the project benefit our client?
- A full understanding of its documentation inventory
- A cost and time-efficient solution to production of a large volume of documents
- A clear, efficient and timely conclusion to the transfer to ensure a timetable agreed amongst board, senior management and regulators was achieved, allowing the successful launch of the new UK subsidiary
- Clear, transparent and timely reporting on all relevant issues
Project time and resource
We deployed ten consultants, including junior and senior consultants as well as project management resource, on-site for a period of eight months.