On the EMIR Compromise: Reflections and preliminary considerations
The Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") is currently undergoing a significant review which will result in material changes to make the key regulation of OTC derivatives in the European Union ("EU") more efficient and less onerous. To date, these proposed changes have been reflected in the compromise text which we analyse.
Lehman Brothers Special Financing Inc v National Power Corporation and another [2018] EWHC 487 (Comm) (12 March 2018): Can calculation statements under the 2002 ISDA Master Agreement be withdrawn and replaced once served?
This article describes the recent case in which the Commercial Court considered, in particular, whether the Determining Party of an Early Termination Amount under a 2002 ISDA Master Agreement could make a replacement determination once the original determination had been served on the counterparty.
Brexit update
Following publication of the draft 'colour coded' withdrawal agreement by the European Commission, we provide a snapshot update of where the negotiations currently stand and, in particular, look at some of the issues (based on the current wording of the withdrawal agreement) surrounding cross-border recognition and enforcement of English law judgments across the EU in a post-Brexit world. We also take a look at the newly published '2018 ISDA Choice of Court and Governing Law Guide' which offers new model jurisdiction clauses for inclusion in the 1992 and 2002 Master Agreements.
Variation margin requirements for physically settled FX forwards — EMIR update
On 24 November 2017, the European Supervisory Authorities ("ESAs") issued a statement as to the challenges faced by certain counterparties with regard to the exchange of variation margin for physically-settled FX forwards. The ESAs stated that until the Margin Rules are amended, they would expect competent authorities to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in a proportionate manner. This article reviews the current status of this issue.
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