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LIBOR Summer Update: Regulatory Scrutiny Heats Up on Transition Preparedness

With fewer than 18 months until the expected cessation of the London Interbank Offered Rate (LIBOR), regulators have developed a keen interest on how financial institutions are preparing to transition from what has been...more

UK Corporate Insolvency and Governance Act 2020

On 26 June 2020, the Corporate Insolvency and Governance Act 2020 (the “Act”) introduced the biggest reforms in a generation of U.K. insolvency law. It also implemented several temporary changes to both insolvency and company...more

Navigating Systemic Risk: Protecting Financial Institutions form Avoidable Losses

COVID-19 has acted as an accelerator, bringing into play scenarios which were previously only contingencies and making contingencies of (and requiring planning for) situations which were previously barely imaginable. The debt...more

COVID-19 Changes Announced to UK Insolvency Law and for AGMs

On 28 March 2020, the Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced key measures to protect companies and businesses facing major funding and operational difficulties in the current COVID-19...more

New York Department of Financial Services Publishes Letter On LIBOR Cessation Readiness

At the end of December, the New York Department of Financial Services (the NYDFS) published an industry letter to regulated institutions regarding LIBOR cessation. The NYDFS is requiring that each “regulated institution”...more

SOFR: LIBOR: P/TOMO and No QE

Federal Reserve Chairman Jerome Powell gave a speech on Tuesday, October 8, that touched upon recent events in the repo market. We discuss below certain aspects of this speech in the context of the market discussion regarding...more

SOFR Surge Event: What Just Happened?!

SOFR – the secured overnight funding rate in USD – is a rate published by the New York federal reserve based upon secured overnight transactions in the repo market. It is of increasing importance, since it has been regarded...more

Latest Developments in the Transition from the LIBOR Lending Benchmark

Following a recent breakfast briefing, partner Patrick Clancy (London-Finance) highlights the following four key points to be aware of regarding the latest developments in the transition from the LIBOR lending benchmark...more

ISDA Proposes Amendments to the 2014 ISDA Credit Derivatives Definitions Relating to Narrowly Tailored Credit Events

On March 6, 2019, the International Swaps and Derivatives Association (ISDA) published proposed amendments to the 2014 ISDA Credit Derivatives Definitions relating to so-called narrowly tailored credit events (NTCEs). ISDA...more

New ISDA Documentation On Brexit: Will English Law Remain Even If The UK Does Not?

Some have expressed concern that Brexit will reduce the use of English law derivatives documentation. Any such concern is in our view unfounded, as this note explains....more

CFTC Adopts Final Rules Regarding the Cross-Border Application of Its Swap Margin Requirements

On May 24, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) adopted a final rule defining the cross border application of its margin requirements for uncleared swaps. The final rule covers all swap dealers and...more

Update on Third Country Equivalence Under EMIR

The European Commission has adopted an “equivalence” decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States. This follows the decisions adopted in November 2015 for Canada,...more

EU Clearing Obligation for Interest Rate Swaps Set for June 2016

The obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation will apply from June 2016. A Delegated Regulation that imposes a mandatory clearing obligation for interest rate swap...more

Update on Third Country Equivalence Under EMIR

The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Canada, Mexico, Republic of Korea, South Africa and Switzerland. This follows the decisions...more

EU Clearing Obligation for Interest Rate Swaps Looms

Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more

Update On Third-Country Equivalence Under EMIR

The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions...more

Bank Recovery and Resolution Directive – Implications for Repo and Derivative Counterparties

The Bank Recovery and Resolution Directive (BRRD) introduces an EU-wide regime for recovery and resolution planning for, and for resolution action to be taken in respect of, banks and large investment firms (typically the...more

Scotland: The Succession Event Question

In this note we analyse some of the consequences for sovereign CDS resulting from a vote for Scottish independence. Scotland: The Succession Event Question - A vote for an independent Scotland will have many...more

9/16/2014  /  CDS , Scotland , UK

Scotland: Legal Issues on Proposed Independence

On 18 September 2014, the referendum on Scottish independence will take place. Opinion polls suggest that the outcome is too close to call. This note highlights various legal issues related to the referendum and Scottish...more

Timing and Scope of EU Clearing Obligation for Derivatives

The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more

Don’t Cry for Me Argentine Bondholders: Argentina and Exchange Bondholders File Certiorari Petitions

On February 18, both Argentina and the Exchange Bondholders Group filed petitions for writs of certiorari with the Supreme Court, seeking review of the Second Circuit’s rulings in the pari passu litigation. We discuss below...more

2/26/2014  /  Bonds , Certiorari , SCOTUS

Initial Swap Trading Requirements Come into Effect—Limited Relief for Packaged Trades and Some EU Facilities

The Commodity Futures Trading Commission has imposed for the first time a requirement that certain swaps be traded on a regulated market. Beginning February 15, 2014, certain cleared interest rate swaps and index credit...more

Actions Required For Hedge Funds Under Derivatives Reforms – Europe Update

The European Market Infrastructure Regulation (EMIR1) imposes new reporting, clearing, collateral and conduct of business requirements on all derivatives market participants which are based in the EU or deal with EU...more

ESMA Advice on Third-Country Equivalence Under EMIR, II

On 3 September, ESMA published its technical advice to the European Commission on the equivalence of the US and Japanese derivatives frameworks to the EU rules. On 2 October, ESMA supplemented its technical advice with...more

Don’t Cry for Me Argentine Bondholders: Avoiding Supreme (Court) Confusion

Argentina is in hot pursuit of multiple audiences before the Supreme Court: two petitions for writs of certiorari filed by Argentina are pending in the NML v. Argentina cases, and another is almost certainly on the way. In...more

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