Claude Brown

Claude Brown

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Contractual Close-Out Netting Ineffective in the Event of Insolvency

In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial...more

6/20/2016 - Choice-of-Law Commercial Bankruptcy Derivatives EU EU Directive Exceptions Germany Insolvency Lehman Brothers Stock Options

PRA publishes consultation paper on ‘bail-in’ provisions

On 15 March 2016, the Prudential Regulation Authority (PRA) issued a consultation paper on its proposed amendments to the contractual recognition of bail-in provisions in the PRA Handbook. This amendment follows the temporary...more

3/24/2016 - Bank of England Banking Sector BRRD Consultation Periods Contract Terms Derivatives EU European Banking Authority European Commission Phase II Prudential Regulation Authority RTS UK

Germany’s Maple Bank Indemnification: Implications for Creditors

On 12 February 2016, the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin) declared Maple Bank GmbH (“Maple”) as an indemnification case, meaning that the German deposit...more

2/16/2016 - Balance Sheets Banking Sector Commercial Bankruptcy Creditors Deposit Insurance Financial Statements Germany Indemnification Insolvency

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

1/27/2016 - Bailout Banking Sector BRRD Consumer Financial Contracts EEA EU Financial Institutions Hedging Shareholders UK

Green Bonds – how to unlock its full potential?

The green bond market is presently one of the fastest growing fixed-income segments, with issuances tripling between 2013 and 2014. There is a sense of excitement and optimism surrounding the market; initially led and...more

12/16/2015 - Bonds Capital Markets China Climate Change Corporate Bonds EU Go Green Bonds Intended Nationally Determined Contributions (INDC) Paris Agreement

A guide to the impact of negative interest rates on commodity derivatives and collateral transactions

Introduction - As the Financial Times notes, “falls in European interest rates into negative territory could profoundly affect the workings of the financial system …”. However, this is not just a problem for Euro...more

4/2/2015

FCA issues guidance on how firms should use social media for financial promotions

The UK’s Financial Conduct Authority (FCA) has published its guidance on using social media for financial promotions. In the guidance, the FCA made it clear that they understand the power of social media as a...more

3/18/2015 - Consumer Financial Products Financial Conduct Authority (FCA) Financial Promotions New Guidance Social Networks UK

“FCA enforcement up 20%”: But what does this tell us?

During 2014, the UK’s Financial Conduct Authority (FCA) opened around 20% more investigations than in 2013, according to today’s Financial Times (subscription required). This is in line with the stricter new regime supposedly...more

2/25/2015 - Financial Conduct Authority (FCA) Financial Institutions UK

Changes to the UKs Client Asset Source Book (CASS) –Harder, Better, Faster, Stronger

The collapse of Lehmans Brothers and MF Global outlined commercial challenges in respect of client assets and client money, including the role of regulated investment firms, the regulator, administrators and external auditors...more

10/31/2014 - Financial Conduct Authority (FCA) Investment Firms Regulatory Standards UK

Business Across Borders - Smoothing the path: the challenges of operating internationally

The third in our Business Across Borders report series, written by The Economist Intelligence Unit, and launched today, delves into the challenges faced by companies doing business across markets. The report and video...more

8/5/2013 - Cross-Border Cross-Border Transactions International Finance

Derivatives Transaction Reporting: What do Singapore’s proposals mean for firms regulated elsewhere?

The Monetary Authority of Singapore (MAS) has recently published a consultation paper setting out its proposals for transaction reporting requirements (the Securities and Futures (Reporting of Derivatives Contracts)...more

7/10/2013 - Compliance Derivatives Dodd-Frank EMIR Monetary Authority of Singapore Notifications

EMIR – Summary of Key Requirements

The European Markets Infrastructure Regulation (EMIR) introduces requirements aimed at improving transparency and the reduction of risks associated with the derivatives market. EMIR also establishes organisational, conduct of...more

6/17/2013 - EEA EMIR European Securities and Markets Authority (ESMA) Investment Portfolios Mandatory Clearing Requirements OTC Reporting Requirements Risk Mitigation

Issues Arising in Commodity Inventory Finance

Introduction - The knock-on effects of the global economic crisis have influenced the financing of the commodities trading industry. Changes in the regulatory landscape in Europe and the United States have likewise...more

5/3/2013 - Commodities Contract Drafting CTA Financing Intermediaries Risk Assessment

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