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The Potential Demise of LIBOR

The potential demise of LIBOR hit the headlines in July when the CEO of the UK’s Financial Conduct Authority (FCA) announced that the rate is no longer tenable (based on a lack of transaction based data) and that the FCA will...more

Step Aside, Payday Loans: There’s an Old Kid in Town

In recent years, there has been a dramatic increase in the use of bills of sale, a somewhat antiquated form of security, in relation to individuals raising finance secured against a car they own: the logbook loan. This...more

8/23/2017  /  Borrowers , Lenders , Payday Loans , UK

New German Law on Close-Out Netting in the Event of Insolvency

On 16 December 2016 an act amending the insolvency laws applicable to financial derivatives transactions passed the Bundesrat (the second chamber of the German legislature). The new law was finalised only six months after the...more

Reed Smith Prepares Enforceability Opinion for IECA New Master Netting Agreement

On October 7, 2016, Reed Smith assisted the International Energy Credit Association (“IECA”) in preparing an enforceability opinion for the release its Master Netting Agreement (the “MNA”) under both English and U.S. law....more

The Impact of Brexit on Debt Capital Markets

On 23 June 2016, the UK electorate voted in favour of exiting the European Union. Whilst the UK will not leave the EU in the immediate future, issuers of, and investors in, existing debt capital market transactions or those...more

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

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

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

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

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

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

“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

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

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

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

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

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

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