Tag: Financial Contracts
The implications of implied terms
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 […]
BRRD Transaction Reporting: Understanding Your Financial Contracts
Introduction On 7 June 2016, the EU Commission adopted a Delegated Regulation (and related Annex) specifying a minimum set of information on financial contracts that must be maintained by institutions and the circumstances in which the requirement should be imposed, as required by Article 71(7) of the Bank Recovery and Resolution Directive[1] (BRRD). If neither […]
Financial Contracts Data and the BRRD. A Lack of Resolve?
Introduction On 17 December 2015, the EBA published its “Draft Regulatory Technical Standards on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed” (the RTS) as required by Article 71(7) of the Bank Recovery and Resolution Direction […]
PRA Hold Buy-Side in Headlock Over Early Termination
Introduction On 26 May 2015, the Prudential Regulation Authority (PRA) published Consultation Paper CP 19/15, “Contractual stays in financial contracts governed by third-country law”. The consultation period closes on 26 August 2015 and seeks comment on two aspects of current regulation which impact on portfolios of trading documentation – contractual stays and data mining. Contractual […]
EBA Demands Insight into Financial Contracts
Introduction On 6 March 2015, the European Banking Authority (EBA) published a consultation paper containing a “Draft Regulatory Standard on a minimum set of the information on financial contracts that should be contained in the detailed records” required by the Bank Recovery and Resolution Directive[1](BRRD). The consultation period closes on 6 June 2015 so as […]
RRP: Shining a Light on Financial Contracts
Introduction As a firm, do you know the detailed contents of your portfolios of derivatives and securities financing contracts? The Bank of England[1] wants to know, and will soon have the power to compel you to provide this information. The Bank Recovery and Resolution Directive (“BRRD”) mandates competent authorities of Member States to require an […]