News & Analysis as of September 22, 2024

European Union › ISDA Master Agreement

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Arbitration clause triumphs over Russian court proceedings

A&O Shearman on 5/28/2024

In the latest anti-suit case relating to Russia, the English High Court has made permanent an anti-suit injunction (ASI) and anti-enforcement injunction (AEI) preventing a Russian bank from pursuing litigation in Russia in...more

Continuing or cured? The suspension of swap payments following an event of default may not be unlimited

Hogan Lovells on 11/9/2022

The High Court of England and Wales has recently provided welcome clarification around the nature of events of default under derivatives contracts governed by the ISDA Master Agreement, in particular in relation to whether an...more

French Brexit-Related Legislation—A Safe Harbor for ISDA Master Agreements

Jones Day on 4/4/2019

The Situation: In the event of a "hard Brexit," establishing a new contractual framework with EU-based clients will be a protracted and costly task for investment service providers based in London. The Result: The French...more

Brexit and derivatives: France issues measures in case of no deal

Hogan Lovells on 3/5/2019

On 23 June 2016, the UK voted to leave the EU. The exit procedure was triggered under Article 50 of European Union Treaty, with the departure date set to 29 mars 2019. After Brexit, the UK will become a third country...more

AFG Supports New ISDA French Law Documentation

Jones Day on 2/12/2019

The endorsement of Europe's largest asset management association should promote use of the new 2002 ISDA Master Agreement (French law) on the European OTC derivatives market....more

ISDA publishes benchmarks supplement

Eversheds Sutherland (US) LLP on 10/3/2018

On September 19, 2018, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA Benchmarks Supplement, which allows adhering entities to amend the contractual triggers and fallbacks of...more

Brexit for Derivatives? New Irish and French Law ISDA Master Agreements for the Derivatives Market

Dechert LLP on 8/10/2018

The International Swaps and Derivatives Association ("ISDA") has published two new ISDA Master Agreements in a Brexit prompted update for the European OTC Derivatives market. What has happened? On 28 June 2018, new...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 8/7/2018

Central Bank publishes twenty-third edition of UCITS Q&A - The Central Bank published the 23rd Edition of the Central Bank UCITS Q&A on 5 July 2018. A new question, ID 1002, in relation to UCITS investing in non-UCITS...more

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

A&O Shearman on 7/31/2018

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

French legal and regulatory update – June 2018

Hogan Lovells on 7/13/2018

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e - newsletter, which offers a legal and regulatory update covering France and Europe for June 2018. ...more

New ISDA Master Agreement (French Law) Brings Changes for EU OTC Derivatives Market

Jones Day on 7/2/2018

The Situation: English law-governed documents have largely dominated the European swaps and derivatives markets since the landmark ISDA Master Agreement was published in 1987. The Development: The International Swaps and...more

Continuity of Contracts and Business on a “Hard” Brexit: Human Rights and Reverse Solicitation to the Rescue!

A&O Shearman on 10/31/2017

Various industry bodies and regulators, including the Bank of England and Bafin, have recently raised fears that there will be a cliff edge on Brexit for certain types of financial contract, most notably derivatives and...more

English Court of Appeal Confirms Primacy of Choice of Governing Law Clause in ISDA Master Agreements

Cadwalader, Wickersham & Taft LLP on 6/29/2017

On 15 June 2017 the English Court of Appeal handed down a significant judgment in Dexia Crediop S.p.A. v Comune di Prato. The Court’s unanimous judgment confirmed that the nature of an agreement made pursuant to an ISDA...more

Will the CFTC Postpone the March 1, 2017 Variation Margin Deadline?

McGuireWoods LLP on 2/3/2017

Derivatives traders and lawyers are focused on March 1. Not for any basketball tournaments, but for the variation margin (VM) big bang. From March 1, 2017, swap dealers and financial end-users will be required to exchange VM...more

Lehman Brothers International (Europe) (In Administration) – Two Recent Judgments

Morrison & Foerster LLP on 10/14/2016

Last week, the High Court ruled on the meaning of “Default Rate” in the 1992 and 2002 ISDA Master Agreements (together, the “ISDA Master Agreements”). Whilst the decision addresses a multitude of issues, perhaps the most...more

Brexit's Impact on ISDA Documentation

K&L Gates LLP on 8/15/2016

As previously noted in the client alert “Brexit: A First Look at the Impact on Asset Managers That Trade Derivatives,” Brexit is not anticipated to have an immediate impact on ISDA Documentation or derivatives contracts. ...more

Brexit: Overview of Potential Impact on Derivatives

Morrison & Foerster LLP on 8/1/2016

The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Goofy Haircut

McGuireWoods LLP on 8/25/2015

Under the Margin Rules, swap dealers and major swap participants that do not have a prudential regulator (Covered Swap Entities, or CSEs) would be required to collect and post initial margin for uncleared swaps with financial...more

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European Union › ISDA Master Agreement

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