It seems ISDA has started work on master agreements having French and Irish governing laws. If Brexit occurs without mutual recognition of judgments, this would provide an answer of sorts, although reliance on the Hague Choice of Court Convention is another alternative. Would market participants prefer the problem or this solution?
On 13 December 2017, the FCA published the second Consultation Paper on the extension of the Senior Managers and Certification Regime (“SMCR”) to all FCA regulated firms. The Consultation Paper sets out the proposed transitioning procedures that will apply to Limited Scope, Core and Enhanced firms. The FCA proposes to ensure that the transition for […]
As we all know from the FT (and even the Daily Mail!) the High Court reconfirmed last week that unlawfulness under foreign law is, with two exceptions, irrelevant to an English law agreement. Dana Gas v Dana Gas Sukuk Ltd, Deutsche Trustee Company Ltd, and others, 17th November 2017 does not create new law, but […]
On 15 December 2017, the FCA published a Feedback Statement summarising the responses to its Discussion Paper on Distributed Ledger Technology (DLT) and setting out its views on recent developments. The Feedback Statement is divided into six sections, each relating to a specific risk or application of DLT. There is a particular focus on the […]
The Law Commission announced its upcoming programme yesterday. Amongst must-read topics such as “A Modern Framework for Disposing of the Dead”, old favourites like reforming trust law and liability for chancel repairs, and the modern issues raised by electronic signatures and smart contracts, it intends looking at intermediated securities, seemingly inspired by the recent CA […]
The Risk Transformation Regulations 2017 create a new category of legal entity, the “protected cell company” or “PCC”: the next step in a process that began in 2016 with a Government consultation on insurance-linked securities (so-called “cat bonds”). A cat bond has a similar structure to a credit-linked note: both are written down if the […]
The EBA’s 24th November 2017 “Risk Assessment of the European Banking System” identifies familiar risks (see page 17) about: amending, refinancing or even fulfilling pre-Brexit derivatives and loans the position of the UK CCPs the lapse of automatic recognition and enforcement of judgments So, just another routine “warning” about the dire prospects for the post-Brexit […]
Eh bien, pas exactement…the newly-issued English translation of the “Legal High Committee for Financial Markets of Paris” 3rd May paper has 41 proposals for setting up courts to use English language and law. A Brexit with no agreement on reciprocal enforcement – seemingly unlikely – might provide some needed traction of course; that aside, it […]