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
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
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
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
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
BROKER-DEALER - FINRA Releases 2018 Regulatory and Examination Priority Letter - On January 8, the Financial Industry Regulatory Authority (FINRA) released its annual Regulatory and Examination Priority Letter detailing...more
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
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
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