What is happening to ISDA documentation?
|
|
- Elizabeth Carroll
- 5 years ago
- Views:
Transcription
1 What is happening to ISDA documentation? Aron Berket Dirk-Jan Gerrits Rezah Stegeman FMLUS - 17 May 2018
2 Programme 1. Recent developments 1. Benchmarks 2. Settled-to-market 3. MiFID2 4. VM Requirements FX Forwards 2. Upcoming developments 1. Extended moratorium periods 2. Phase 4/5 IM documentation 3. Brexit 1. Impact on trading relationships 2. Impact on the law governing ISDA documentation 1 /
3 Recent developments
4 Benchmarks Which Document? 2006 ISDA Definitions Fallback Supplement (new) What will be changed? Fallbacks already exist in Definitions Strengthening via a voluntary supplement to Definitions Identified fallbacks for IBOR trades will be incorporated into Definitions, spelling out alternative rates (RFRs + spread) Impact? Only applicable to trades after 1 Jan 2018 A number of fallbacks Final fallback: If no replacement, then no fault termination Protocol? Parties to agree on certain optionalities? 3 / B_LIVE_EMEA2: v1
5 Settled-to-market Which Document? What will be changed? ISDA/FOA Client Cleared OTC Derivatives Addendum Switch from Collateralised-to-market -> Settled-to-market Daily settlement rather than collateralisation Results in reduction of assets Impact? Economically no difference Beneficial impact on leverage ratio of clearing brokers Pricing benefit? Amendment to agreement 4 /
6 MiFID2 impact on clearing documentation Which Document? Clearing broker documentation (e.g. ISDA/FIA Addendum) Execution broker documentation (e.g. ISDA/FIA CDEA) What has changed? MiFID2/MiFIR RTSs 2017/589 (RTS 6), 2017/582 (RTS 26) and 2017/2155 (indirect clearing) Impact? 2017 CDEA and ISDA/FIA Model Provisions Annual performance review Agreement on limits Indirect clearing Straight-through-processing OTC or ETD 5 / B_LIVE_EMEA2: v1
7 VM Requirements FX Forwards Which Document? 1995/2016 English law Credit Support Annex (CSA) What has / will be changed? BCBS-IOSCO UMR Rules EMIR Margin RTS EMIR Refit Impact? Physically settled FX Forwards will (potentially) not be subject to the EMIR VM requirements Where neither counterparty is an investment firm FX Swaps remain subject to UMR Position AFM and DNB? 6 /
8 Upcoming developments
9 Commission reforms extend moratorium periods Which Document? ISDA Master Agreement ISDA Resolution Stay Protocols What will be changed? Pre resolution moratorium vs In resolution moratorium Suspension period of 5 working days CCP s and compensation schemes not to be affected Impact? Unclear suspension of payment obligations Mismatch in relation to cleared transactions Potential consequences for netting arrangements 8 / B_LIVE_EMEA2: v1
10 Next Generation of ISDA Regulatory Initial Margin Documentation Which Document? ISDA Credit Support Documentation Account Control Agreement Additional Security Documents What will be changed? Implementation EMIR Initial Margin Requirements for Phase 4 and Phase 5 are imminent (September 2019/2020) Credit Support Documentation to be aligned with needs of Phase 4 and Phase 5 entities Impact? Variety of additional credit support documentation (Possibly) extensive negotiations Issues under international private law 9 /
11 IM Documentation Architecture Phase I IM (English law / UK law) Phase IV/V IM (applicable law) Other custodians Euroclear/Clearstream Other custodians Phase 1 IM CSA/CSD ICSD Collateral Transfer Agreement Next Gen Collateral Transfer Agreement Account Control Agreement Belgium / Luxembourg Security Agreement Security Agreement Membership Documents Account Control Agreement Custody Agreement 10 / B_LIVE_EMEA2: v1
12 Brexit
13 Brexit impact on trading relationships Which Document? All (ISDA Master Agreement, Novation Agreement, ISDA 2016 VM CSA, CDEA and clearing agreement) Novation agreement (added) What will be changed? Impact? If crossborder licence for brokers, not much If non-recognition of UK CCPs, create access to EU CCPs If broker uses EU hub, relationship to be continued under new documentation (+ possibly novation) If broker uses EU hub and legacy trades; remain in UK, split book (lack of netting) novated to EU hub, converted to new trades that are subject to 2016 VM CSA (re)negotiation of all agreements if dealings with new EU hub 12 /
14 Brexit governing law of the ISDA Master Agreement Which Document? What will be changed? ISDA Master Agreement (English law) ISDA Credit Support Annex (English law) EU regulation may no longer be applicable, e.g.: Brussels I (Recast) Rome I BRRD Impact? Enforceability of foreign judgements and intervention measures require amendments to the ISDA Master Agreement ISDA prepares French and Irisch law governed ISDA Master Agreements as an alternative 13 / B_LIVE_EMEA2: v1
15 Questions? simmons-simmons.com elexica.com
16 Amsterdam Brussels Bristol Düsseldorf Frankfurt Lisbon * London Luxembourg Madrid Milan Munich Paris Doha Dubai Jeddah ** Riyadh ** Beijing Hong Kong Shanghai Singapore Tokyo *Sociedade Rebelo de Sousa in association with Simmons & Simmons LLP **Hammad & Al-Mehdar in alliance with Simmons & Simmons 15 /
17 simmons-simmons.com elexica.com This document is for general guidance only. It does not contain definitive advice. SIMMONS & SIMMONS and S&S are registered trade marks of Simmons & Simmons LLP. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name Simmons & Simmons or one or more of those practices as the context requires. The word partner refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP s affiliated practices. For further information on the international entities and practices, refer to simmonssimmons.com/legalresp. Simmons & Simmons LLP is a limited liability partnership registered in England & Wales with number OC and with its registered office at CityPoint, One Ropemaker Street, London EC2Y 9SS. It is authorised and regulated by the Solicitors Regulation Authority. A list of members and other partners together with their professional qualifications is available for inspection at the above address.
MiFID2: Documentation Updates
MiFID2: Documentation Updates Nick Colston Louise Tudor-Edwards FI & AMIF Autumn Legal Update 2017 Introduction what we ll cover today MiFID2 s impact on documentation Legal agreements Internal policies
More informationDerivatives Markets not Leaving the Regulatory Spotlight yet
Derivatives Markets not Leaving the Regulatory Spotlight yet Financial Markets Legal Update 18 May 2017 Rezah Stegeman Programme EMIR for a minute Trading obligation (MiFID2) Post-trade transparency for
More informationNew EU Regulation on securities financing transactions and collateral reuse (the SFTR)
New EU Regulation on securities financing transactions and collateral reuse (the SFTR) Updated 02 March 2016 simmons-simmons.com elexica.com The Regulation on Transparency of Securities Financing Transactions
More informationSingapore. Core Strengths. Financial Markets. Major Projects. Information, Communications & Technology. Corporate and Commercial
Singapore Sep 2016 Singapore Investment Funds Law Firm of the Year and Employment Law Firm of the Year Asian Legal Business Law Awards 2014 Our Singapore office provides a hub to support clients throughout
More informationEU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip
EU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip 20 September 2016 Adam Jacobs-Dean Global Head of Markets Regulation
More informationThe New Arbitration Law in Qatar and the UNCITRAL model law: Key differences
The New Arbitration Law in Qatar and the UNCITRAL model law: Key differences Philip Norman Simmons & Simmons Middle East LLP 20 March 2018 Contents Requirements for arbitrators Arbitrators liability Stay
More informationAutomatic Exchange of Information in Hong Kong
May 2017 simmons-simmons.com elexica.com Automatic Exchange of Information in Hong Kong Introduction In September 2014, Hong Kong indicated its support for implementing the international standard for automatic
More informationMiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs. 18 September 2017
MiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs 18 September 2017 Contents Introduction 1 Commonly asked questions 7 Managed account documents 8 Key contacts
More informationMiddle East Regulatory Update
Middle East Regulatory Update Muneer Khan Partner - Dubai Ahmed Butt Partner - Riyadh Ali Hassan Senior Representative Europe & North America DIFC Authority 7 & 8 October 2015 Agenda Introduction Saudi
More informationThe Simmons & Simmons Revised EuVECA and EuSEF
Revised EuVECA and EuSEF Regulations Legislative Tracker Last updated: 21 June 2018 simmons-simmons.com elexica.com The Simmons & Simmons Revised EuVECA and EuSEF Regulations Legislative Tracker This Legislative
More informationMiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs. 25 October 2017
MiFID2 Implementation: Expected amendments to fund and managed account documentation for UK AIFMs 25 October 2017 Contents Introduction 1 Commonly asked questions 7 Managed account documents 8 Key contacts
More informationOversight. Consultation Conclusions regarding the Hong Kong Position Limit Regime. April 2017 simmons-simmons.com elexica.com
Oversight April 2017 simmons-simmons.com elexica.com Consultation Conclusions regarding the Hong Kong Position Limit Regime On 21 March 2017, the Hong Kong Securities and Futures Commission (SFC) issued
More informationInternational Swaps and Derivatives Association, Inc.
Allen & Overy LLP MEMORANDUM To Peter Werner Graham Bryant International Swaps and Derivatives Association, Inc. From Our ref Richard Tredgett RPT/0030047-0001105 ICM:27517080.4 Date 19 September, 2017
More informationMiFID2. Commodities. Jonathan Melrose Rosali Pretorius. October 2017
MiFID2 Commodities Jonathan Melrose Rosali Pretorius October 2017 Introduction Overview of change in commodities rules Rules that apply across the board Market infrastructure and reporting Investor protection
More informationEMIR update. Impact on Asian counterparties. Paul Browne Penny Miller Jason Valoti. 27 March 2014
EMIR update Impact on Asian counterparties Paul Browne Penny Miller Jason Valoti 27 March 2014 Key issues Risk mitigation techniques countdown to 30 April and significance for non-eu counterparties Reporting
More informationMiFID2 Documents and Policies Update for Asset Managers. September 2017
MiFID2 Documents and Policies Update for Asset Managers September 2017 Contents Background 1 Document and Policies Update Table 3 1 Legal Agreements 3 2 Compliance policies and procedures 7 Key contacts
More informationAIFMD vs UCITS vs MiFID2
AIFMD vs UCITS vs MiFID2 Nick Colston Darren Fox FI & AMIF Autumn Legal Update 2017 Overview: what we ll cover today When regulation makes headline news.. Part 1: overview of three regulatory regimes Part
More informationBrexit related reorganisations and transitions
Brexit related reorganisations and transitions Isabella Roberts David Parkes Khasruz Zaman FI & AMIF Autumn Legal Update 2017 Introduction As a result of Brexit: EU banks/other regulated entities passporting
More informationMiFID2 for asset managers headlines and roadmaps
MiFID2 for asset managers headlines and roadmaps Nick Colston Darren Fox Wednesday 05 & Thursday 06 October 2016 Introduction what we ll cover today 1. Re-cap and recent developments 2. L2 Directive: finalised
More informationMIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017
MIFID2 FOR ASIAN FINANCIAL INSTITUTIONS POSITION LIMITS: HARMONISATION, MONITORING AND REPORTING DECEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades
More informationDerivatives: trade execution
2016 MiFID II Derivatives: trade execution Key Points MiFID II requires certain standardised derivative contracts to be traded through a trading venue This obligation only applies to those classes of derivatives
More informationEuropean Legal Update for US Fund Managers
European Legal Update for US Fund Managers 30 March 2017 Welcome We are delighted to welcome you to the inaugural Simmons & Simmons European Legal Update for US Fund Managers. We offer you the chance
More informationOversight. Mutual Recognition of Funds between France and Hong Kong. Introduction. August 2017 simmons-simmons.com elexica.com
Oversight August 2017 simmons-simmons.com elexica.com Mutual Recognition of Funds between France and Hong Kong Introduction The Securities and Futures Commission of Hong Kong (SFC) and the Autorité des
More informationMIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017
MIFID2 ASIAN FINANCIAL INSTITUTIONS BEST EXECUTION SEPTEMBER 2017 IS MIFID2 RELEVANT TO ME? Trading on EU trading venues Using an EU affiliate to book trades Providing services to / trading with EU clients
More informationDerivatives Regulation
Derivatives Regulation Douglas Donahue Partner +1 212 506 2562 ddonahue@mayerbrown.com Jerome Roche Partner +1 202 263 3773 jroche@mayerbrown.com Ed Parker Partner +44 20 3130 3922 EParker@mayerbrown.com
More informationSea of Change Regulatory reforms charting a new course. EMIR: illustrative implementation timeline and expected developments January 2015
EMIR: illustrative implementation timeline and expected developments January 2015 Contents Introduction EMIR: illustrative implementation timeline EMIR: some expected developments Phase-in of the clearing
More informationNegotiating co-investment and side car arrangements
Negotiating co-investment and side car arrangements Dale Gabbert Matthew Pitman James Cofer (Seward & Kissel) David Mulle (Seward & Kissel) Introduction What is co-investment? Typical structure Commercial
More informationMiFID II Information to clients on costs and charges
MiFID II Information to clients on costs and Key Points associated /ancillary services and financial instruments should be disclosed to clients. This encompasses a wider range of costs than were previously
More informationThe SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and Liquidity Providers
Briefing note October 2012 The SCA approves Regulations concerning Securities Lending and Borrowing, Short Selling, Market Making and The UAE Securities and Commodities Authority (the "SCA") has issued
More informationOur Private Bank Finance Practice
Our Private Bank Finance Practice 2018 Contents Firm at a glance... 2 Securities Finance & Margin Lending... 3 Real Estate Finance... 4 Corporate Jet Finance... 5 Funds Finance... 6 Key contacts... 7 Key
More informationMiFID II 31 December MiFID II. Derivatives: trade execution
MiFID II 31 December 2016 1 MiFID II Derivatives: trade execution December 2016 MiFID II 31 December 2016 1 Key Points MiFID II requires certain standardised derivative contracts to be traded through a
More informationRegulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution
Regulatory Capital the proposed revision of the Standardised Approach for credit risk and the automated FinTechsolution Diana Paredes Murat Abur Pascal di Prima 17.11.2015, London Agenda Introduction Current
More informationOut of the Shadows Limits on Exposures to Shadow Banking Entities
Out of the Shadows Limits on Exposures to Shadow Banking Entities Jochen Kindermann Pascal di Prima London, 22 June 2016 Agenda Introduction Background Definition range Exemptions Consequences 1 / L_LIVE_EMEA2:13469741v1
More informationMiFID II 31 December MiFID II. Third country access
MiFID II 31 December 2016 1 MiFID II Third country access December 2016 MiFID II 31 December 2016 1 Key Points MiFID II will allow third country (i.e. non-eu) firms to provide cross-border services in
More informationArticle 55 of the BRRD: contractual recognition of bail-in what you need to do
Article 55 of the BRRD: contractual recognition of bail-in what you need to do 1 Briefing note September 2015 Article 55 of the BRRD: contractual recognition of bail-in what you need to do Article 55 of
More informationConstruction Webinar: BIM
Construction Webinar: BIM Rob Horne rob.horne@simmons-simmons.com 28 April 2016 Section 1 BIM What is it? BIM The Basics What is Business Information Modelling (BIM)? A digital representation of physical
More informationPolicies and Procedures [Manual/Handbook]
Version 1 SAMPLE (27.2.2017) For EU Bank/Broker within a group (includes IM) [Name of Bank/Broker] Policies and Procedures [Manual/Handbook] for the margining of uncleared swaps under EMIR Contents No
More informationFirms will be required to appoint a single officer with specific responsibility for client assets
MiFID II Safeguarding of client assets Key Points Firms will be required to appoint a single officer with specific responsibility for client assets Title transfer collateral arrangements ("TTCAs") will
More informationUAE securities regulator creates regime for promotion and introduction to UAE investors
UAE securities regulator creates regime for promotion and introduction to UAE investors 1 Briefing note February 2017 UAE securities regulator creates regime for promotion and introduction to UAE investors
More informationMiFID II 31 December MiFID II. Information to clients on costs and charges
MiFID II 31 December 2016 1 MiFID II Information to clients on costs and December 2016 MiFID II 31 December 2016 1 Key Points All costs and associated investment/ancillary services and financial instruments
More informationA Series of Fortunate Events
Number 973 18 January 2010 Client Alert Latham & Watkins Corporate Department Changes in Regulation of Derivatives and Repo Transactions in Russia The Amendments almost by accident spawned a more general
More informationVariation/initial margin and clearing
Variation/initial margin and clearing Lessons learned and looking ahead to the new derivatives market Jonathan Quie Jason Valoti Simon McKnight 15 March 2017 Variation/initial margin and clearing Considerations
More informationFinancing the next industrial revolution. Dan Marjanovic
Financing the next industrial revolution Dan Marjanovic dan.marjanovic@simmons-simmons.com 30 November 2017 The Next Industrial Revolution We stand on the brink of a technological revolution that will
More informationOTC derivatives: Reporting exemption for certain foreign entities in Australia
HKG-1- #1063339- v1-ella Cli ent_briefi ng_- _OTC _reporting_- _Class_wai ver_for_certain_foreig n_entities_- _Feb_2015-2/4/2015 4:01:56 PM OTC derivatives: Reporting exemption for certain foreign entities
More informationTHE EUROPEAN UNION (WITHDRAWAL) ACT CHRIS BATES
CHRIS BATES JULY 2018 OVERVIEW OF THE ACT Clifford Chance briefings: The European Union (Withdrawal) Act 2018: What it does, why and how Onshoring EU financial services legislation under the European Union
More informationABS New Markets Japan
ABS New Markets Japan 2 ABS New Markets Japan Fact pattern This scenario considers a UK RMBS master trust structure (a UK SPV Issuer, ultimately backed by a pool of UK collateral) admitted to trading on
More informationArticle 55 of the BRRD: contractual recognition of bail-in what you need to do
Article 55 of the BRRD: contractual recognition of bail-in what you need to do 1 Briefing note September 2015 Article 55 of the BRRD: contractual recognition of bail-in what you need to do Article 55 of
More informationChina extends foreign exchange cash pooling pilot programme to multinationals
China extends foreign exchange cash pooling pilot programme to multinationals nationwide 1 Briefing note May 2014 China extends foreign exchange cash pooling pilot programme to multinationals nationwide
More informationNew product documentation for Wiqayah Min Taqallub As'aar Assarf (Islamic Foreign Exchange Forwards)
New product documentation for Islamic Foreign Exchange Forwards 1 Briefing note 6 June 2016 New product documentation for Wiqayah Min Taqallub As'aar Assarf (Islamic Foreign Exchange Forwards) Today marks
More informationCPD Day 2016 Shanghai Stock Connect Margin Financing
CPD Day 2016 Shanghai Stock Connect Margin Financing Richard McKeown Joseph Lee 19 October 2016 Outline Taking security over listed shares Stock Connect - Shanghai (Nov 2014) / Shenzhen (Nov 2016) Common
More informationInformation Statement in accordance with Article 15 of the Securities Financing Transactions Regulation
Information Statement in accordance with Article 15 of the Securities Financing Transactions Regulation This Information Statement is provided for information purposes only and does not amend or supersede
More informationNavigating Trade Compliance. Jolyon Ellwood-Russell
Navigating Trade Compliance Jolyon Ellwood-Russell 26 April 2017 Agenda Xx x 1 / L_LIVE_APAC1:5642312v1 Supply Chain International Trade A Origin Custom Procedures Destination B Transport Chain Decomposition
More informationRecent developments in Structured Finance
Recent developments in Structured Finance Financial Markets Legal Update 18 May 2017 Jeroen Bos Marieke Driessen Introduction The Dutch Landscape Securitisation Covered Bonds Other structured finance issues
More informationFinancial Markets Legal Update Seminar
Financial Markets Legal Update Seminar Programme 18 May 2017 Stream 1 Capital Markets Stream 2 Banking / Restructuring & Insolvency Stream 3 Financial Services / Tax 12:30-13:00 Registration and sandwiches
More informationImpact of a break up of the Eurozone on Credit Derivatives Transactions
Allen & Overy LLP MEMORANDUM To From Our ref Kirsty Taylor David Benton Shruti Ajitsaria Edward Morphett DMB/SA/0010023-0016956 ICM:21318534.7 Date 30 March 2015 Subject Impact of a break up of the Eurozone
More informationMiFID II Best execution and client order handling
2015 MiFID II Best execution and client order handling Key Points The definition of trading venue will include the new MiFID II concept of an organised trading facility A firm's obligation to take steps
More informationDispute Avoidance: Navigating Complex Infrastructure Projects
Dispute Avoidance: Navigating Complex Infrastructure Projects with a specific focus on airport developments Andrew Mackenzie 18 February 2016 Simmons & Simmons LLP 2013. Simmons & Simmons is an international
More informationCHANGES TO THE UK NUCLEAR LIABILITY REGIME: IMPLICATIONS FOR THE INDUSTRY
CHANGES TO THE UK NUCLEAR LIABILITY REGIME: IMPLICATIONS FOR THE INDUSTRY Introduction A number of changes to the liability regime for damage as a result of nuclear incidents in the UK are likely to come
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 21 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 21 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationThe EU regulation on reporting and transparency of securities financing transactions another piece in the jigsaw of shadow banking regulation
of shadow banking regulation 1 Briefing note February 2014 The EU regulation on reporting and transparency of securities financing transactions another piece in the jigsaw of shadow banking regulation
More informationIMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES -
IMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES - January 2017 update On 4 January 2017 new EU regulatory technical standards under EMIR 1 came into force that in the next two months
More informationSession 4, Stream 6. Global regulation of lending. John Paul Zammit. 07 & 08 October 2015
Session 4, Stream 6 Global regulation of lending John Paul Zammit 07 & 08 October 2015 This document sets out a high level summary only of the information received from local counsel for the purposes of
More informationCapital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity. Allen & Overy Client Briefing Paper 1 January 2014
Capital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity Allen & Overy Client Briefing Paper 1 January 2014 2 CRD IV Framework: Introduction to Regulatory Capital and
More informationProduct Governance and Funds. What is changing on the way to MiFID2. Mahrie Webb, Partner. Romeo Battigaglia, Partner. Caroline Hunter-Yeats, Partner
Product Governance and Funds What is changing on the way to MiFID2 Mahrie Webb, Partner Romeo Battigaglia, Partner Caroline Hunter-Yeats, Partner October 2015 Agenda Summary of the key Product Governance
More informationStructuring Investments into Africa: Tax and BITs Aspects
Structuring Investments into Africa: Tax and BITs Aspects February 2015 Structuring Investments into Africa Tax is, of course, only one of many elements to consider when planning cross-border investments.
More informationCapital Requirements Directive IV Framework Unfunded Credit Risk Mitigation in the Banking Book: Guarantees and Credit Derivatives
Capital Requirements Directive IV Framework Unfunded Credit Risk Mitigation in the Banking Book: Guarantees and Credit Derivatives Allen & Overy Client Briefing Paper 6 January 2014 2 CRD IV Framework:
More informationRationalising legal entities and moving operations
Rationalising legal entities and moving operations Isabella Roberts Ania Rontaler Hatice Ismail 25 January 2017 Introduction Rationalising legal entities Moving operations From a corporate and tax perspective
More informationPaul Browne, Partner, London Yongmei Cai, Partner, Beijing Jay Lee, Partner, Hong Kong
One Belt One Road and RMB internationalisation: a look at how recent PRC regulatory developments provide significant opportunities for market participants in the Financial Markets in the UK and Europe
More informationUCITS V: Who needs to do what by when?
UCITS V: Who needs to do what by when? Andrea Finn Viviane de Moreau Neil Simmonds Mahrie Webb 07 & 08 October Agenda Summary of changes being introduced under UCITS V Impact on remuneration structures
More informationRegulatory Capital. Allen & Overy Briefing Paper No. 8 The Trading Book. CS indd 3 8/5/09 10:57:02
Regulatory Capital Allen & Overy Briefing Paper No. 8 The Trading Book CS807185.indd 3 8/5/09 10:57:02 Untitled-2 1 12/3/09 14:23:14 THE TRADING BOOK This briefing paper is part of a series of briefings
More informationDUTCH BILL IMPLEMENTING REVISED SHAREHOLDERS' RIGHTS DIRECTIVE SENT TO PARLIAMENT
SHAREHOLDERS' RIGHTS DIRECTIVE SENT On 16 October 2018, a Bill implementing the revised shareholders' directive was sent to Parliament. The objective of the revised shareholders' rights directive is to
More informationUK covered bonds a head start on the key considerations and possible implications
Brexit legal consequences for commercial parties UK covered bonds a head start on the key considerations and possible implications Specialist paper No. 5 February 2016 Issue in focus Since the first UK
More informationCapital Requirements Directive IV Framework Liquidity Requirements. Allen & Overy Client Briefing Paper 15 January
Capital Requirements Directive IV Framework Liquidity Requirements Allen & Overy Client Briefing Paper 15 January 2014 2 CRD IV Framework: Liquidity Requirements January 2014 CRD IV Framework: Liquidity
More informationThe gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons
The gig economy: The workplace changed forever? Dr Anne Sammon, Simmons & Simmons 18 May 2017 Overview The gig economy Employment status The gig economy under attack Conclusion 1 / B_LIVE_EMEA1:4375456v1
More informationVAT, Asset Management & Pensions
VAT, Asset Management & Pensions Nick Skerrett Heather Rowlands Crystal Randles-Mills FI & AMIF Autumn Legal Update 2017 Introduction Update on the case law concerning the VAT liability of investment management
More informationThe NEC3. The Unknowns
The NEC3 The Unknowns The Gaps Between the Express Terms; Is Clause 10.1 the Answer? First, a few unknowns in the NEC 1. What happens when the Accepted Programme is not accepted? 2. What happens when a
More informationEmployment law and HR implications of Brexit. Olly Jones Peter Lockwood. 13 July 2016
Employment law and HR implications of Brexit Olly Jones Peter Lockwood 13 July 2016 Brexit What has happened so far - UK voted on 23 June 2016 52:48 in favour of the UK leaving the EU The referendum outcome
More informationHot topics in international employment law - Belgium
Hot topics in international employment law - Belgium Wage moderation - Indexation Marie-Hélène Jacquemin 01 October 2015 Background Wage moderation Maximum margin for 2015-2016 Obligations Sanctions Future
More informationNDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China
1 Briefing note September 2015 NDRC replaces approval regime with filing regime for foreign debt control and other legal updates from China Recent legal updates from China demonstrate a shift in the government's
More informationLIBOR CROSS PRODUCT REVIEW
LIBOR CROSS PRODUCT REVIEW DECEMBER 2018 Following an announcement by Andrew Bailey, Chief Executive of the UK s Financial Conduct Authority (FCA) on 27 July 2017, it became evident that market participants
More informationTHE FUTURE OF BANK FINANCE NEW EU RULES FOR LOSS ABSORBENCY, SUBORDINATION AND HOLDING COMPANIES
THE FUTURE OF BANK FINANCE NEW EU RULES FOR LOSS ABSORBENCY, SUBORDINATION AND HOLDING COMPANIES APRIL 2017 THE FUTURE OF BANK FINANCE NEW EU RULES FOR LOSS ABSORBENCY, SUBORDINATION AND HOLDING COMPANIES
More informationCapital Requirements Directive IV Framework Credit Valuation Adjustment (CVA) Allen & Overy Client Briefing Paper 10 January
Capital Requirements Directive IV Framework Credit Valuation Adjustment (CVA) Allen & Overy Client Briefing Paper 10 January 2014 www.allenovery.com 2 CRD IV Framework: Credit Valuation Adjustment (CVA)
More informationMiFID II 31 December MiFID II. Commodity derivatives
MiFID II 31 December 2016 1 MiFID II Commodity derivatives December 2016 MiFID II 31 December 2016 1 Key Points An expanded range of commodity derivatives will be brought within the scope of regulation.
More informationTHE REGULATORY LANDSCAPE OF BREXIT FOR CLOs: WHERE TO FROM HERE?
THE REGULATORY LANDSCAPE OF BREXIT FOR CLOs: WHERE TO FROM HERE? The UK's vote to leave the EU has raised questions across the financial markets and answers are only beginning to trickle through. For CLO
More informationOur Financial Services Regulatory practice
Our Financial Services Regulatory practice 2017 2 Our Financial Services Regulatory practice 2017 Allen & Overy LLP 2017 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious
More informationMiFID II 31 December MiFID II
MiFID II 31 December 2016 2 MiFID II Safeguarding of client assets December 2016 MiFID II 31 December 2016 1 Key Points Firms will be required to appoint a single officer with specific responsibility for
More informationCompliance in Germany - Tax Compliance
Compliance in Germany - Tax Compliance Sascha Kuhn Bernulph von Crailsheim April 21, 2015 Overview I. Why Compliance should care about taxes II. Organisational aspects III. Tax law bear traps IV. Tax correction./.
More informationCapital Requirements Directive IV Framework Collateral: Funded Credit Risk Mitigation in the Banking Book
Capital Requirements Directive IV Framework Collateral: Funded Credit Risk Mitigation in the Banking Book Allen & Overy Client Briefing Paper 5 January 2014 2 CRD IV Framework: Collateral: Funded Credit
More informationThe Consumer Rights Act 2015: getting your business ready. Mark Dewar Robert Allen
The Consumer Rights Act 2015: getting your business ready Mark Dewar Robert Allen 14 May 2015 The Consumer Rights Act 2015 What New rules - new challenges New risks - new threats When 01 October 2015 1
More informationSession 7: Introduction to Supply Chain Finance and Receivables Purchasing
Session 7: Introduction to Supply Chain Finance and Receivables Purchasing Jolyon Ellwood-Russell Richard McKeown 30 October 2015 09:00 10:00 Agenda Overview of Receivables Risks and credit quality Specific
More informationThe ECB single supervisory mechanism and judicial review in the EU courts
The ECB single supervisory mechanism and judicial review in the EU courts Enrico Leone Koen Platteau Wednesday 05 & Thursday 06 October 2016 Introduction Introduction Functioning and decisions of the SSM
More informationISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere
2nd April 2013 Practice Group(s): Finance Investment Management ISDA 2013 EMIR NFC Representation Protocol: Factors to consider in deciding whether to adhere By Stephen Moller On 8 March 2013, The International
More informationOur Capital Markets practice in Germany. allenovery.com
Our Capital Markets practice in Germany 2017 2 Our Capital Markets practice in Germany The team maintains a high standard of advice across debt and equity capital markets, with particularly strong recognition
More informationShareholders' Rights in a Russian Joint-Stock Company
Shareholders' Rights in a Russian Joint-Stock Company Further information If you would like further information on any aspect of the issues described in this note please contact a person mentioned below
More informationResponding to Commercial Bribery Investigations What to Do When the Chinese Administration for Industry and Commerce (AIC) Arrives At Your Door
Responding to Commercial Bribery Investigations What to Do When the Chinese Administration for Industry and Commerce (AIC) Arrives At Your Door Eugene Chen Counsel, Hogan Lovells International LLP September
More informationRestructuring Across Borders
August 2017 Restructuring Across Borders Hungary: corporate restructuring and insolvency procedures Contents Introduction 2 Bankruptcy (csődeljárás) 2 Liquidation (felszámolási eljárás) 3 Adapted proceedings
More informationNovember 9, 2018 DERIVATIVES SUBJECT TO MARGIN RULES (INITIAL AND VARIATION MARGIN)
DERIVATIVES SUBJECT TO MARGIN RULES (INITIAL AND VARIATION MARGIN) DISCLAIMER: These charts provide summary information and are intended as an information resource only; they do not contain legal advice
More informationThe German Netting Decision
The German Netting Decision The Enforceability of Contractual Netting in light of the Decision of the German Federal Supreme Court (BGH) dated 9 June 2016 Pascal di Prima Partner, Frankfurt Regina Rath
More informationIntroduction to Islamic Financial Risk Management Products
Introduction to Islamic Financial Risk Management Products 1 Client briefing Summer 2013 Introduction to Islamic Financial Risk Management Products Introduction: the main features of Islamic finance 1
More informationTAXING CAPITAL GAINS MADE BY NON- RESIDENTS DISPOSING OF UK COMMERCIAL AND RESIDENTIAL PROPERTY FROM APRIL A BOMBSHELL
Changes at a glance The Government has announced that from April 2019 tax will be charged on gains made by non-residents on the disposal of all types of UK real estate, extending existing charges that
More information