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Exemptions for Pensions and Intragroup Transactions Extended Under UK EMIR in Further Divergence from EU EMIR

Pension funds and entities with in-scope intragroup OTC derivative transactions will be able to continue to rely on the temporary exemptions from clearing and/or margining requirements under UK EMIR, following the publication...more

ISDA Digital Asset Derivatives Update

On 26 January 2023, the International Swaps and Derivatives Association, Inc. (ISDA) published new standard documentation for the trading of digital asset derivatives (the Digital Asset Definitions), and a whitepaper titled...more

High Court Rules that ISDA Bankruptcy-Related Events of Default Can Be Cured in Lehman Case

In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “Application”) made by the...more

EMIR 3 – An Overview of Key Proposals

On 7 December 2022, the European Commission (the Commission) published a proposal including amendments to EMIR (EMIR 3). The Commission identified various concerns, including around “excessive reliance of EU financial...more

The English High Court Provides Important Guidance on the Right of Appropriation

In this client alert we set out some of the key lessons from the recent judgment in ABT Auto Investments Ltd v Aapico Investment Pte Ltd [2022] EWHC 2839 (Comm), which considers the validity of appropriation as an enforcement...more

The Lifecycle of a Voluntary Carbon Credit

Introduction- The burgeoning voluntary carbon credit (“VCC”) market presents a clear opportunity for tackling carbon emissions by allowing individuals, countries, and corporates to purchase credits to offset their own...more

Margin Loans and Former SPACs: Rules 144 and 145 Impose Important Additional Requirements on Resales of Securities

This article focuses on complications arising under the Securities Act of 1933, as amended (“Securities Act”), relating to de-SPACed public companies that may restrict foreclosing lenders from selling shareholdings pledged...more

EMIR 2020-21 Update: REFIT, Benchmarks, Brexit, And Beyond

A recap of the key updates to the regime established by Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties, and trade repositories (the...more

New OFAC FAQs Clarifying And Broadening Sanctions On Chinese Military Companies

On December 28, 2020, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued five new frequently asked questions (“FAQs”) that clarify the scope of Executive Order (“E.O.”) 13959, the basis for OFAC’s...more

Structured Thoughts: News for the financial services community Volume 9, Issue 3

FINAL CANADIAN BAIL-IN RULES: IMPACT ON STRUCTURED NOTES OFFERED IN THE UNITED STATES - In March 2018, the Canadian government released its final regulations relating to “bail-in instruments” issued by Canadian...more

The Decision of the U.S. Court of Appeals Rules in Favour of LSTA in CLO Risk Retention Suit

This brief summary of the decision delivered on 9 February 2018 will be of interest to anyone involved in the CLO business in the United States....more

Banks Do Not Owe a Duty of Care to Customers in Relation to Interest Rate Hedging Products Review

The Court of Appeal has held that banks do not owe a duty of care in tort to their customers when carrying out a swaps misselling review required by the banks’ agreement with the Financial Conduct Authority (“FCA”). The...more

Recent Changes to the Beneficial Ownership Register Regime in the UK

Important reforms designed to increase the transparency of the ownership and control of UK companies and English law LLPs were introduced in the UK on 6 April 2016. Among the most significant of these was a requirement for UK...more

The Decision of the Moscow Arbitration Court in the Transneft vs. Sberbank Dispute Increases Litigation Risk in the Context of...

This brief summary of the decision that was published on 21 June 2017 will be of interest to anyone entering into derivative transactions that involve Russian counterparties....more

The Application of Mandatory Rules of Italian Law to Interest Rate Swaps Governed by an English Law ISDA Master Agreement: English...

Where parties to a contract choose English law to govern that contract, there are few rules that allow a foreign law to intervene. The recent decision of the Court of Appeal in Dexia Crediop SpA v Comune di Prato [2017] EWCA...more

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